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. 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.
Number of users of selected mobile wallets in India in 2020, with forecasts from 2021 to 2025
(in millions)
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Number of users of selected mobile wallets in India in 2020, with forecasts from 2021 to 2025
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The source does not provide any information regarding consumers using more than one app at the same time. It may, therefore, be that the total users of all apps combined is higher than the country's population
Supplementary notes
The source explicitly states that "we look (...) only for open wallets, ie those that have the ability to make payments on multiple sites, rather than in reference to an ability to transfer funds between different wallets. Thus we do not focus on transactions conducted via cards stored by a retailer purely for use on that retailer’s website or mobile app."
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Statista estimates. (October 21, 2021). Number of users of selected mobile wallets in India in 2020, with forecasts from 2021 to 2025 (in millions) [Graph]. In Statista. Retrieved April 08, 2025, from https://www.statista.com/statistics/1271184/mobile-wallet-user-forecast-in-india/
Statista estimates. "Number of users of selected mobile wallets in India in 2020, with forecasts from 2021 to 2025 (in millions)." Chart. October 21, 2021. Statista. Accessed April 08, 2025. https://www.statista.com/statistics/1271184/mobile-wallet-user-forecast-in-india/
Statista estimates. (2021). Number of users of selected mobile wallets in India in 2020, with forecasts from 2021 to 2025 (in millions). Statista. Statista Inc.. Accessed: April 08, 2025. https://www.statista.com/statistics/1271184/mobile-wallet-user-forecast-in-india/
Statista estimates. "Number of Users of Selected Mobile Wallets in India in 2020, with Forecasts from 2021 to 2025 (in Millions)." Statista, Statista Inc., 21 Oct 2021, https://www.statista.com/statistics/1271184/mobile-wallet-user-forecast-in-india/
Statista estimates, Number of users of selected mobile wallets in India in 2020, with forecasts from 2021 to 2025 (in millions) Statista, https://www.statista.com/statistics/1271184/mobile-wallet-user-forecast-in-india/ (last visited April 08, 2025)
Number of users of selected mobile wallets in India in 2020, with forecasts from 2021 to 2025 (in millions) [Graph], Statista estimates, October 21, 2021. [Online]. Available: https://www.statista.com/statistics/1271184/mobile-wallet-user-forecast-in-india/
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