Paytm Payments Bank was the most well-known and used neobanking app in India in 2023, based on Statista's Global Consumer Survey. 94 percent of the respondents knew the mobile banking service provider, and out of these respondents, 63 percent had a positive opinion on it, while 52 percent had used it in the past year. Groww ranked second in terms of awareness, but it was slightly more popular among the respondents than Paytm Payments Bank.
Neobank and neobroker awareness, popularity, and usage in India in 2023, by brand
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The questions were phrased by the source as follows:
Awareness: "Do you know this brand, even if only by name? (multi-pick)"
Popularity: "When it comes to neobanking and neobrokerage, which of the following brands do you like? (multi-pick)"
Usage: "When it comes to neobanking and neobrokerage, which of the following brands have you used in the past 12 months? (multi-pick)"
The base for the questions about popularity and usage was respondents who knew the individual brand. More information on the methodology can be found here.
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Statista. (December 13, 2023). Neobank and neobroker awareness, popularity, and usage in India in 2023, by brand [Graph]. In Statista. Retrieved August 24, 2024, from https://www.statista.com/statistics/1440720/india-neobank-neobrokerage-popularity-by-brand/
Statista. "Neobank and neobroker awareness, popularity, and usage in India in 2023, by brand." Chart. December 13, 2023. Statista. Accessed August 24, 2024. https://www.statista.com/statistics/1440720/india-neobank-neobrokerage-popularity-by-brand/
Statista. (2023). Neobank and neobroker awareness, popularity, and usage in India in 2023, by brand. Statista. Statista Inc.. Accessed: August 24, 2024. https://www.statista.com/statistics/1440720/india-neobank-neobrokerage-popularity-by-brand/
Statista. "Neobank and Neobroker Awareness, Popularity, and Usage in India in 2023, by Brand." Statista, Statista Inc., 13 Dec 2023, https://www.statista.com/statistics/1440720/india-neobank-neobrokerage-popularity-by-brand/
Statista, Neobank and neobroker awareness, popularity, and usage in India in 2023, by brand Statista, https://www.statista.com/statistics/1440720/india-neobank-neobrokerage-popularity-by-brand/ (last visited August 24, 2024)
Neobank and neobroker awareness, popularity, and usage in India in 2023, by brand [Graph], Statista, December 13, 2023. [Online]. Available: https://www.statista.com/statistics/1440720/india-neobank-neobrokerage-popularity-by-brand/