MARKET REPORTS
Top Mobile Payment Service Providers in India 2020 and their Reaction to the COVID-19 Crisis code:1501
- How did the COVID-19 pandemic affect the Top Mobile Payment Service Providers in India?
- What were the preferred online payment platforms among Indian consumers during the COVID-19 pandemic?
- Which Payment Service Providers (PSPs) in India received increased user registrations to their platforms during the health crisis?
- How did the number of UPI transactions facilitated by each Mobile Payment Service Provider change in India during the pandemic?
- What services did the Top Mobile Payment Service Providers introduce during the COVID-19 outbreak?
Key Findings:
The COVID-19 pandemic stimulated India’s mobile payment activity
Rapid growth in the mobile payments market observed in India, during the COVID-19 crisis
Since COVID-19 lockdown measures were implemented in India, payments via mobile and contactless methods have been on the rise. According to the yStats.com report, transactions made via mobile phones increased by a significant number after the outbreak of the Coronavirus compared to before. Additionally, a significant percentage of consumers plan to switch to digital payment methods in the upcoming months rather than using traditional payment methods. During the pandemic in April 2020, a double-digit percentage of consumers were making purchases via digital wallets.
Amidst the pandemic, top mobile payment service providers in India introduced innovative services to support their users in maintaining social distancing
The top four mobile payment services providers in India, in terms of their market share of payment apps are Google Pay, PhonePe, Amazon Pay and Paytm. These top players have been promoting contactless payment methods to assist their users during the COVID-19 health crisis. A report cited in the yStats.com publication stated that Paytm recently launched its service of contactless ticketing for buying local transport tickets. Furthermore, some of these payment apps are introducing insurance policies via their platforms. For example, PhonePe launched an insurance package to cover treatment of the Coronavirus.
Number of transactions made through mobile payment apps increased due to the COVID-19 pandemic
Since the use of cash has reduced in India due to concern that it may contribute to the spread of the Coronavirus, consumers have started making more payments via mobile apps. Transactions via Amazon Pay significantly increased during the COVID-19 lockdown from March 2020 to May 2020, according to a report cited by yStats.com. Additionally, other mobile payment apps such as Google Pay and PhonePe also saw a surge in transactions made through their platform during the COVID-19 pandemic.
1. Management Summary
2. Overview
- COVID-19’s Impact on Mobile Payment Services, September 2020
- E-Commerce Payments Value, in USD billion, 2019 & 2023f
- Volume of UPI Transactions of Retail Online Payments, in billion, April 2020 – June 2020
- Share of Consumers Who Plan to Increase Their Usage of Digital Payments In the Next 6-9 Months Due To COVID-19 Outbreak, in %, Compared to Global Average, April 2020
- Change in Usage of Selected Payment Methods Amid the COVID-19 Outbreak, by Usage in the Past Month and in the Next 6 Months, in % of Consumers, April 2020
- Mobile Wallet Apps Used, in % of Internet Users, July 2019
- Market Share of Payment Apps, in %, May 2020
- Preferred Online Payment Platform, in % of Consumers, February 2020
- Share of World’s Digital Payments Market by 2023, in %, July 2020
3. Google Pay
- Profile of Google Pay in India, September 2020
- COVID-19’s Impact on Google Pay’s activity, September 2020
- UPI Transactions Facilitated by Google Pay, in millions, April 2020 & May 2020
- Online Payment Platform Used by Indian Consumers, in %, February 2020
4. PhonePE
- Profile of PhonePe in India, September 2020
- COVID-19’s Impact on PhonePe’s activity, September 2020
- Transactions Facilitated by PhonePe, in millions, April 2020 & May 2020
- Online Payment Platform Used by Indian Consumers, in %, February 2020
5. Amazon Pay
- Profile of Amazon Pay in India, September 2020
- COVID-19’s Impact on Amazon Pay’s activity, September 2020
- Transactions Facilitated by Amazon Pay, in millions, March 2020 & May 2020
- Online Payment Platform Used by Indian Consumers, in %, February 2020
6. Paytm
- Profile of Paytm in India, September 2020
- COVID-19’s Impact on Paytm’s activity, September 2020
- Paytm’s Market Share of Payment Apps, in %, May 2020
- UPI Transactions Facilitated by Paytm, in millions, March 2020, April 2020 & May 2020
- Amazon Payments Inc
- Freecharge Payment Technologies Pvt Ltd
- Google Payment Corp
- ICICI Bank Ltd
- Paypal Inc
- Paytm Mobile Solutions Pvt. Ltd.
- PhonePe Internet Pvt Ltd
- WhatsApp Inc
Quotes of our customers
-
As a company that operates on a global level, the research results that yStats.com provides represent significant added benefit for us. The comprehensive analyses are executed quickly and flexibly. Furthermore, they are a reliable resource for helping us to make strategic decisions.
Travis Witteveen, Chief Operating Officer Markets and Operations – Avira GmbH Leading European Software Company
-
The valuable market insights that we obtain from yStats.com’s reports are easy to digest, up-to-date and cost efficient compared to buying multiple reports from elsewhere or researching the data in-house. We really value the regular updates and personalized summaries, as well as access to our dedicated account manager so we can easily ask for further information or clarifications. Searching for topics via the website and then being able to download the reports in PowerPoint as well as PDF formats means the service is extremely easy to use and saves us lots of time.
Rachel Bale, Vice President, Global Merchant Development – Mastercard
-
For us at Ingenico ePayments, the reports in yStats.com’s Full Access subscription are a great tool to gain insights into the global and regional E-Commerce markets. The accuracy and depth of their data allows for efficient research, even in often very specific payments topics. For us, yStats.com’s products are complementary to in-house and other market data to ensure a more complete view of the global markets.
Gertjan Dewaele, Product Intelligence & Innovation Manager – Ingenico ePayments
-
yStats.com quickly and flexibly compiles the information we require. Regardless of whether we need local or transnational data, we always get the best results from yStats.com!
Steve Rotter, Vice President of Marketing – Brightcove, Inc.: Leading Online Video Company
-
The flexibility that yStats.com offers ensures that we always receive analyses, data and reports that match our needs. Fast, objective and to the point!
Iris Stöckl, Director Investor and Public Relations – Wirecard
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Quotes of our customers
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As a company that operates on a global level, the research results that yStats.com provides represent significant added benefit for us. The comprehensive analyses are executed quickly and flexibly. Furthermore, they are a reliable resource for helping us to make strategic decisions.
Travis Witteveen, Chief Operating Officer Markets and Operations – Avira GmbH Leading European Software Company
-
The valuable market insights that we obtain from yStats.com’s reports are easy to digest, up-to-date and cost efficient compared to buying multiple reports from elsewhere or researching the data in-house. We really value the regular updates and personalized summaries, as well as access to our dedicated account manager so we can easily ask for further information or clarifications. Searching for topics via the website and then being able to download the reports in PowerPoint as well as PDF formats means the service is extremely easy to use and saves us lots of time.
Rachel Bale, Vice President, Global Merchant Development – Mastercard
-
For us at Ingenico ePayments, the reports in yStats.com’s Full Access subscription are a great tool to gain insights into the global and regional E-Commerce markets. The accuracy and depth of their data allows for efficient research, even in often very specific payments topics. For us, yStats.com’s products are complementary to in-house and other market data to ensure a more complete view of the global markets.
Gertjan Dewaele, Product Intelligence & Innovation Manager – Ingenico ePayments
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yStats.com quickly and flexibly compiles the information we require. Regardless of whether we need local or transnational data, we always get the best results from yStats.com!
Steve Rotter, Vice President of Marketing – Brightcove, Inc.: Leading Online Video Company
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The flexibility that yStats.com offers ensures that we always receive analyses, data and reports that match our needs. Fast, objective and to the point!
Iris Stöckl, Director Investor and Public Relations – Wirecard