Digital payments have seen significant growth across the country. The third-party payment apps such as PhonePe, Google Pay, Amazon Pay are witnessing a surge in transactions and engagement.
According to KalaGato’s report on UPI-enabled Fintech platforms, Google Pay has emerged as the most dominant payment apps. Reaching among 65% of internet uses, followed by PhonePe with 63% penetration and Paytm at 57%. Nevertheless, even though PhonePe comes second in terms of reach. However, its engagement seems to be ahead of all the payment apps. This can directly be linked o its ‘Switch’ features which enables faster customer acquisition at lower costs.
Penetration of Payment Apps Decreases with Age
Amazon Pay’s transactions are consistent across a range of age groups. Unlike Google Pay, PhonePe, and Paytm that witness a reduction with age. The simple reason behind this is that Amazon is at the top of eCommerce platforms. Well! It’s not just a standalone app.
It is reported that Amazon Pay raised $1.4 bn from its parent company Amazon. In a bid to take over other third-party platforms like Paytm, Google Pay. In accordance, the company had increased its authorized share capital from $820 Mn to $2.2 Bn.
WhatsApp’s late arrival at the party
WhatsApp got approval from the national payment corporation of India on February 7, 2020. This was for the release of its payment service WhatsApp Pay. However, in its first phase of implementation, WhatsApp pay was allowed to onboard, not more than 20 Mn users. This is barely a fraction of users for its messaging app in the country. In December the company announced its plan to venture into micro pension products. Only time will tell if WhatsApp continues to win customers in the coming months.
Before you go, don't forget to subscribe to our blog.
Our confirmation email includes link to download our app.