Google Pay had more than 75 million transacting users in May 2020, ahead of PhonePe’s 60 million users. In comparison, Paytm’s app saw 30 million transacting users in May 2020, and an average of 10 million users transacted each day. Besides, Paytm has struggled to grow because of a mandate by India’s central bank to mobile wallet firms to perform know-your-client (KYC) verification of users, which created confusion among many.
Additionally, Paytm’s delays in adopting the standard left room for Google and PhonePe, another early adopter of UPI, to seize the opportunity, Tech Crunch reported. Moreover, amid the coronavirus pandemic, Paytm continued to struggle, while PhonePe and Google Pay have recovered as India eased some restrictions.
Regarding UPI transactions, more than 120 million occurred on Paytm in May 2020, down from 127 million in April 2020 and 186 million in March 2020. On the other hand, Google Pay, which only supports UPI payments, facilitated 540 million transactions in May 2020, up from 434 million in April 2020, and 515 million in March 2020, while PhonePe’s 454 million from March 2020 decreased to 368 million in April 2020, Tech Crunch stated.
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