![]() GPay was followed by PhonePe and Paytm on the list.Īs per a Credit Suisse estimate, India’s mobile payments market could touch $1 trillion by 2023. ![]() According to the figures from Statista, GPay constituted a share of 54% of all UPI usage in India during FY19 and it has amassed more than 67 million monthly active users. Another article said that India’s top payment apps spent nearly $1 billion to attract customers in FY19.Īnd this turned out to be a killer strategy because it’s working tremendously. It paid people money when they were doing transactions through the app and this was a huge hit.Īs per an Entrackr report in 2019, which cited regulatory documents, Google India Digital Services spent around ₹1,369 crore in cashback rewards over the past two financial years. The solution found by payment apps to make people get hooked on them is by rewarding them. But now, during the pandemic, people and a lot of companies are encouraging people to do cashless transactions to control the spread of viruses and germs which may be present on currency notes.
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