Chinese smartphones lead India’s digital payments growth: Report

Texas News Today

2021 turns out to be a prosperous year as Indian start-ups have grown more than ever after the horrors of 2020. This has led to the revival and growth of the startup industry led by sectors such as edtech and fintech. By the end of the year, the digital payments space continues to grow, and data presented in the second edition of PhonePe’s Q3 2021 Pulse Report does just that. PhonePe is a giant in the digital payments space of India. It handles 45% of all UPI transactions in India and covers 720 out of 726 districts in the country.

According to a report based on PhonePe’s user base of Rs 3.2 billion and its digital trading habits, the growth in the digital payments sector in the third quarter of this year is being driven by Chinese companies. In fact, it’s four out of the top five. The smartphone brands used for digital transactions come from China.

Xiaomi is leading with 8.07 Klure customers, followed by Vivo with 6.53 Klure customers. South Korea’s Samsung is close behind with Rs 613 million, while Oppo and Realme complete the top five with Rs 421 million and Rs 242 million respectively. Xiaomi and Vivo accounted for about 45% of the total customer base in the third quarter – Xiaomi 25% and Vivo 20%.

“But in an interesting trend this quarter, Realme, OnePlus and Vivo grew faster than Xiaomi, with growth rates of 17.8%, 17.0% and 11.2% compared to 6.4% for Xiaomi,” the report said. Is. where did it go. He said offline merchant payments grew faster than online merchant payments, registering a QoQ growth rate of 65%.

Geographically, Chandigarh has witnessed an increase of 50% or more in quarterly trading volumes. Karnataka and Maharashtra show the largest quarterly trading volume growth. Both have registered an increase of 22 chlor. The total payment (TPV) of processed transactions increased 23.3% quarter-on-quarter to 921,674 KL, and the number of transactions increased 33.6% to 526.5 KL from 394 KL.

Chinese smartphones lead India’s digital payments growth: Report

Source link Chinese smartphones lead India’s digital payments growth: Report

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