1,450.00

Sample reports can only be downloaded by members.
SKU: 1501 Category: Tag:

Top Mobile Payment Service Providers in India 2020 and their Reaction to the COVID-19 Crisis

1,450.00

SKU: 1501 Category: Tag:
Sample reports can only be downloaded by members.
Want a discount? Become a member!
This product can only be purchased by members.

Description

Countries Covered: India

Pages: 50

Publication Date: 20/10/2020

Questions Covered in the report:

  • 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

Related Products…