Users of various mobile payment apps in India in 2020, with forecasts to 2025
Both Paytm and PhonePe ranked as popular digital payment methods in India in 2020 and were more commonly used than credit or debit cards for online shopping.
Paytm, PhonePe, and Google Pay are all predicted to grow to hundreds of millions of users in India come 2025. Paytm, especially, made headlines in 2021 as it announced plans for a 2.2 billion U.S. dollar IPO. The country's highest valued startup at 16 billion U.S. dollars, the Noida-based fintech first known as One97 Communications originally started out as a provider for digital phone payments but grew to cover insurance sales, ticket booking, or other types of digital financial services.