Digital payments increased by 106 per cent since January 2019: Razorpay

Bengaluru (Karnataka) [India] Oct 18 (ANI/NewsVoir): Razorpay, India's first converged payments solutions company launched the third edition of its 'The Era of Rising Fintech' report in Hyderabad today.
This report provides an in-depth study of the rapidly evolving Fin-Tech ecosystem in India. It analyses the patterns of digital transactions and the impact of industry innovations such as UPI which are harnessing a digitally inclusive economy.
Here are some interesting insights about India's adoption of digital payments. All findings in this report are based on transactions held on the Razorpay platform.
(AMJ: April-May-June, JAS: July-August-September)
* Customer demand for digital payments has increased by 106 per cent since January 2019
* UPI recorded a growth of 222 per cent from January - September 2019
* The highest adoption of digital payments was seen in the Food and Beverage sector (25 per cent), followed by Financial Services (21 per cent) and Tours and Travel (15 per cent)
* Digital transactions grew by 383 per cent in one year (April FY'18 - March FY'19)
* The country's Silicon Valley, Bengaluru, continues to top the list of the most digitised cities, followed by Hyderabad, Delhi, Mumbai, and Pune
* In JAS, among all the payment modes available, 43.5 per cent consumers preferred to make online payments with cards, 40.4 per cent via UPI and 10.9 per cent through net banking
* Although the usage of cards saw a growth of 62 per cent from January - September, it saw a decline of 9 per cent from AMJ to JAS
* Nationally, Google Pay is the most preferred UPI app with a contribution of 62 per cent in JAS, followed by PhonePe with 25 per cent, Paytm with 6 per cent and Bhim with 5 per cent
* Share of wallets doubled from 0.8 per cent (AMJ) to 1.6 per cent (JAS)
"The Digital payment in India is witnessing an unprecedented transformation. A shooting growth of 383 per cent over the past year is indicative of the level of digital adoption among Indian businesses and consumers. The increasing use of UPI powered applications and traditional businesses embracing new digital payment modes has resulted in creating an ecosystem of technologically evolved and savvy users. A number of game-changers such as universal acceptance of recurring payments and more SME-oriented products and services have proven to be beneficial for digital businesses this year. We are enthusiastic to continue to be a significant part of this Fin-Tech revolution and do our bit to make payments simple for all of us", said Shashank Kumar, CTO, and Co-founder, Razorpay.
Tier 2 businesses will drive 40 per cent of digital transactions by 2020 which will facilitate greater dependence on the digital infrastructure. The country can also expect 50 per cent of internet users to start using digital payments by 2022.
The company is of the view that incentivised programs to promote digital payments and greater collaboration between banks and Fin-Tech firms will be beneficial for the digital payments ecosystem. A low-cost infrastructure will ensure prolonged sustainability which will result in more POS terminals accompanied by better and cheaper payment options for merchants. The Razorpay report also expects that 15 per cent of India's GDP will be flowing through digital payments by 2020.
Razorpay has been charting an exponential growth since its inception. They grew by 500 per cent in the last year. The company currently powers digital payments for over 600,000 businesses like IRCTC, Airtel, BookMyShow, Zomato, Swiggy, Yatra and Zerodha, among others and plans to increase this to 1,000,000 by 2020. This converged payments solution company expects a 5x growth in its revenue by the end of the next fiscal year.
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