Indians embrace digital: Over 300 mn smartphone users use digital payments

From 'tankhwa' and 'kiraya', for 'shagun' and 'jugaad', digital payment is a pan-India habit

The Pulse Report, released last week by PhonePe, a leading Indian fintech platform with over 300 million registered users, is a study on the evolution of digital payments in India over the past five years. The following insights about how digital payment adoption across India has evolved since 2016, are taken from the report.

GROWING ACCEPTANCE

• Average transaction value since launch of insurance, investments and gold purchases on the platform has shot up 100-400%
• The average mutual fund investment size in Patiala is Rs 30,000, twice that of Mumbai

INDIA’S PAYMENT HABITS

• More than 300 mn Indian smartphone users now use digital payments
• PhonePe