India’s leading digital payments platform PhonePe launched PhonePe Pulse on Monday.
This is India’s first interactive website with data, insights, and trends on digital payments. This website analyses the digital transaction habits of over 300 million Indians to show how India is paying, down to the district level.
Pulse is India’s go-to destination for accurate and comprehensive data on digital payment trends. With over 45 percent market share, PhonePe’s data is representative of the country’s digital payment habits. It is relevant to a wide range of stakeholders, including the government, policymakers, media, industry analysts, merchant partners, universities, and students – to get accurate and granular data. This will enable a better understanding of digital payments and key insights into new growth opportunities.
PhonePe Pulse has also unveiled some interesting trends of digital payments in India.
Digital Payments is a pan India habit. Over 300 million Indians from 19,000 pin codes now use digital payments. Four out of every five PhonePe monthly active users are from Tier 2 and 3 cities, and two out of every three users are from Tier-3 towns.
Most Indians are exploring sending money online. Over 63 percent of first-time transactions on the PhonePe app are to transfer money, confirming that this category acts as the initial hook for customers to download a UPI app. PhonePe registered 182 percent growth in transactions for this category and 72 percent growth in customers between Q2 2020 and Q2 2021.
Big things are happening in our small towns. The Tier 2 and 3 towns in India are making big leaps into digital investments and insurance categories. PhonePe’s insurance offering is largely purchased (more than 2/3rds) from customers in Tier 3 cities and beyond. Gold was purchased from over 99 percent pin codes and mutual fund investments from over 95 percent pin codes in the country.
PhonePe goes on a road trip
A PhonePe user visited and paid at a whopping 75 petrol pumps in 13 states last year. This truly represents the scale of digital payments in India. PhonePe is live at several tens of thousands of fuel merchants across the country, with phenomenal year-on-year growth.
Keys, mask, sanitizer, and PhonePe.
The pandemic has made many store merchants and customers choose digital payments over cash, and this has become our checklist before leaving the house. In fact, the top five cities leading in-store transactions will surprise you — Bengaluru, Nashik, Aurangabad, Visakhapatnam, and the Rangareddy district.
This is dummy text. It is not meant to be read. Accordingly, it is difficult to figure out when to end it. But then, this is dummy text. It is not meant to be read. Period.
ConversionConversion EmoticonEmoticon