The Indian digital payments space is expected to rise fivefold to reach $1 trillion by 2023 and it would be led by the growth in mobile payments, according to a report by financial services company Credit Suisse.
This month tech company Google said its payment arm Google Pay’s monthly active users had grown three times, from 14 million in March 2018 to 45 million in March 2019. Total money value flowing through Google Pay equals $81 billion at an annualised run-rate level. Also, this month Walmart-owned digital payments firm PhonePe said that it has crossed the two billion digital payment transaction mark on the app. This milestone was led by growth across large and small offline and online merchants across the country, the company said.
Facebook daily active users reached 1.56 billion, up 8 per cent compared to last year, led by growth in India, Indonesia, and the Philippines, according to David Wehner, chief financial officer, Facebook. This represents approximately 66 per cent of the 2.38 billion monthly active users in March. The monthly active users grew 179 million or 8 per cent compared to last year.