Paytm has 39 million daily active users (DAU) which is more than the combined DAU of Google Pay and Flipkart’s PhonePe, claims report from research and strategy firm Zinnov.
The report is based on the research and findings for the period Q4 2019 – Q1 2020. It puts Google Pay’s DAU at 19 million and PhonePe at 17 million.
Digital Payments market in India is estimated to double to $135.2 billion in 2023 from $64.8 billion this year with Indian share in worldwide digital payments set to increase from 1.56% to 2.02% in the next four years. Recently, the country’s apex bank Reserve Bank of India (RBI) directed payment systems operators to undertake targeted multi-lingual campaigns by way of SMSs and advertisements to educate users on safe and secure use of digital payments amid incidence of frauds.
Safety and security of digital transactions are of paramount importance, it said in a circular to payment system operators and participants.
The RBI has been taking measures to improve awareness through its e-BAAT programmes and organising campaigns on the safe use of digital payment modes to avoid sharing critical personal information like PIN, OTP, and passwords.
“In spite of these initiatives, incidence of frauds continue to bedevil digital users, often using the same modus operandi users were cautioned about, such as luring them to disclose vital payment information, swapping SIM cards, opening links received in messages and mails, etc,” it said.
Also, there are cases of users being tricked into downloading spurious apps that access critical information stored on devices.
It is, therefore, essential that all payment systems operators and participants — banks and non-banks — continue and reinforce efforts to spread awareness about digital safety, the circular said.
“All authorised payment systems operators and participants are hereby advised to undertake targeted multi-lingual campaigns by way of SMSs, advertisements in print and visual media, etc, to educate their users on safe and secure use of digital payments,” it said.