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

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

The spread of the COVID-19 virus has further increased the use of digital payments in India

Mobile payment app transactions increase in India, amidst the COVID-19 pandemic

Before the spread of COVID-19, the trend of making a transaction via mobile payment apps was already gaining momentum in India. After the coronavirus outbreak, this activity further accelerated as consumers started switching to digital payment methods. According to the yStats.com report, mobile payment apps such as Amazon pay, Google pay and PhonePe in India saw a significant increase in the number of transactions made via their platforms during the COVID-19 crisis.

During the COVID-19 pandemic, top mobile payment service providers in India adopt new features to their platform

Other interesting facts highlighted in the yStats.com report include the various strategies implemented by the top mobile payment apps in India during the on-going health crisis. The publication also tells of insurance services launched by these payment platforms, including a COVID-19 health insurance package provided by PhonePe. Additionally, the top mobile payment service providers also introduced more contactless payment services to support their users as they follow social distancing rules during the 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

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