Digital payments platform, PhonePe, launched PhonePe Pulse report on Monday. The report sheds light on usage of digital paywments pan India. PhonePe Pulse has unveiled some interesting trends of digital payments in India.
According to the report, over 300 million Indians from 19,000 pin codes now use digital payments. Four out of every five PhonePe monthly active users are from Tier 2 and 3 cities, and two out of every three users are from Tier-3 towns.
The PhonePe platform has also seen gold purchases from over 99% pin codes and mutual fund investments from over 95% pin codes in the country. These statistics are a clear indicator of how digital payment apps are making insurance and mutual fund products more accessible to users across the country. The report highlights that based on the transactions on Phone Pe platform, Rs 30,000 is the average mutual funds investment of Patiala users, which is 2.5x of Mumbai investors. This indicates that small towns are investing big.
Furthermore, the average transaction values since the launch of these categories (spanning insurance, investments and gold purchases) have almost doubled across the board. This indicates increasing customer awareness as well as confidence, in purchasing these traditionally ‘push’ only products over a digital medium. This confidence is also translating into customers purchasing more comprehensive plans for insurance, and at the same time, setting aside an amount to invest and grow their wealth.