- According to a study by Zinnov, Paytm has 39 million daily active users (DAU) that are more than Google Pay and PhonePe ‘s combined daily active users.
According to a study by Zinnov, a global research and marketing firm Paytm has 39 million daily active users (DAU) that are more than Google Pay and PhonePe ‘s combined daily active users. Financial services firm Paytm has emerged as the country’s leader in digital payments.
The report is based on the Q4-2019-Q1 2020 research and findings. Google Pay’s average active users are 19 million and that of PhonePe is 17 million. Interestingly, one such platform, Google Pay, has been spending heavily on cashback to acquire customers.
Industry experts say Paytm is at the forefront over others as they continued to innovate and launch various related products and services during the lockdown which made essential payments easy and convenient for users. During the lockdown period, Paytm was witnessing a surge in new users and merchant partners.
The Indian digital payment market is expected to double from $64.8 billion in 2020 to $135.2 billion in 2023. Besides, India ‘s share of digital payments worldwide is also expected to grow over the next four years from 1.56 percent to 2.02 percent.
Safety and security of digital transactions are of paramount importance, it told operators and participants in a circular to the payment system.
Via its e-BAAT services, the RBI has taken measures to raise awareness and coordinate campaigns on the safe use of digital payment modes to avoid sharing sensitive personal information such as PIN, OTP, and password.
“Despite these measures, the incidence of fraud continues to wreak havoc on digital users, mostly using the same modus operandi users have been warned about such as luring them to reveal crucial payment details, swapping SIM cards, opening links obtained in messages and emails, etc,” it said.
There are also instances where users are fooled into installing fake apps that access sensitive device-saved information.
Therefore, it is essential that all operators and participants of payment systems — banks and non-banks — continue and strengthen efforts to spread awareness about digital security, the circular said.
“All approved payment systems operators and participants are hereby advised to conduct targeted multi-lingual campaigns through SMS, print and visual media advertising, etc., to educate their users on the safe and secure use of digital payments,” it said.
The top four payment services and e-wallet providers — Paytm, PhonePe, Google Pay, and Amazon Pay — spent around $995 million or Rs 7,050 crore on advertising, marketing, and promotional expenses in the last fiscal year show data compiled by Bloomberg Quint from the annual filings of the four companies. Spends in the advertising, marketing, and promotional expenses categories doubled from Rs 3,400 crore in FY18 to Rs 7,050 crore in FY19.