In midst of the present COVID-19 crisis, digital payments play a vital role. We introduce our updated Digital Payments in India: March 2020 report, containing over 100 visualisations and analysis spread over 150 pages. It aggregates all numbers relating to digital payments in India — including for Prepaid Payments Instruments, M-Wallets, UPI, IMPS, Mobile Banking. Such numbers are provided for all major banks, such as ICICI Bank, Axis Bank, and SBI, and all major payments service providers such as Google Pay and Paytm for roughly one-year period up to March 2020.

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We have covered UPI payments services such as PhonePe and Google Pay, among other things. The report also captures the trends in older forms of digital payments such as Prepaid Payment Instruments, Mobile Wallets, and NEFT online banking transfers. Data captured around debit cards and credit cards include total number of cards, transaction volumes and amount volumes, cards added, how average volume of payments have changed, and which banks capture the highest share of both markets.

Publicly disclosed data from banks shows the extent of digital banking within the banks, such as the number of Virtual Payment Addresses owned by ICICI Bank, and the number of transactions Axis Bank customers carried out on mobile.

Some of the items and figures covered in our charts include:

  1. Total wallet users of Paytm, MobiKwik starting 2014 until the latest available data
  2. UPI: Number of transactions, total and average daily amount transacted, number of banks on UPI, comparison of largest players in UPI
  3. Mobile banking: Trends in mobile banking such as increase in usage, volume of transactions.

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