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 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 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.

Report Coverage

• This report covers India’s payment market with a focus on the reaction of the top mobile payment service providers to the COVID-19 outbreak. It includes information related to payment methods used, transaction volumes, payment trends and recent COVID-19 related news of the top Mobile PSPs in India.
• The report focuses on the strategies adopted by Indian Mobile PSP’s during the COVID-19 pandemic. Information related to both remote and in-store payments.
• The data in our reports is mostly published from the previous 12 months. The exact date of publication of the source is stated on each chart. The time period which the data refers to differs by source.

Report Structure

• The overview chapter opens the report, featuring a summary of payments market in India. The latest trends and developments are summarized on the text charts and data highlights are provided on quantitative charts.
• The rest of the report is divided by the top four mobile PSP’s presented in the descending order of their market share of payment apps. Within each chapter, there is a company profile, text charts with relevant news and quantitative charts.
• Depending on data availability, the following types of market information are included: value and/or volume of transactions, number of users, payment methods used in-store and online, COVID-19’s impact on the the PSPs.
• Not all the mentioned types of information are provided for each of the covered Payment Service Providers due to varying data availability.

Please note: For this report, the purchase of an Enterprise license allows up to ten worldwide users of an organization access to the report.