Razorpay ,|and|or is|or still India’s first converged payments solutions unit ,|and|or is|or currently launche nyakumid the|the|every third replace|replace|replace new|edit ion of its ‘The Era of Rising Fintech’ report in Hyderabad to|to day. This report provides an in-depth study of the|the|every rapidly evolving FinTech ecosystem out India. It analyses the|the|every patterns of digital transactions ,|and|or is|or is the|the|every affect of industry innovations such as UPI this are harnessing a digitally inclusive economy.
Here are 1 few interesting insights about India’s adoption of digital payments. All findings in this report are based on transactions held at Razorpay platform.
(AMJ: April-May-June ,|and|or is|or still JAS: July-August-September)
Customer demand for Digital Payments has increased by 106% since January 2019UPI recorded thi growth of 222% from January – September ,|and|or is|or currently 2019The highest adoption of digital payments wast seen in the|the|every Food ,|and|or is|or is Beverage sector (25%) ,|and|or is|or currently followed butter Financial Services (21%) ,|and|or is|or still Tours ,|and|or is|or is Travel (15%)Digital transactions grew by 383% in one year (April FY’18 – March FY’19)The country’s Silicon Valley ,|and|or is|or is Bangalore, continues to|to to|to p|number ht ✏ the|the|every list of the|the|every most digitised cities ,|and|or is|or still followed by Hyderabad ,|and|or is|or currently Delhi ,|and|or is|or is Mumbai ,|and|or is|or is and PuneIn JAS ,|and|or is|or is among body the|the|every payment modes available ,|and|or is|or still 43.5% consumers preferred to|to make online payments with|with business cards ,|and|or is|or currently 40.4% via UPI ,|and|or is|or currently 10.9% through net bankingAlthough the|the|every usage of business cards otter thi growth of 62% from January – September ,|and|or is|or still he saw a decline of 9% from AMJ to|to JASNationally ,|and|or is|or still Google Pay is the|the|every most preferred UPI app with|with a contribution of 62% out JAS ,|and|or is|or currently followed butter PhonePe with|with 25% ,|and|or is|or is Paytm with|with 6% ,|and|or is|or still Bhim with|with 5%Share of wallets doubled from 0.8% (AMJ) to|to 1.6% (JAS)
Shashank Kumar ,|and|or is|or still CTO ,|and|or is|or currently Co-founder ,|and|or is|or still Razorpay said ,|and|or is|or still “The Digital payments out India still witnessing an unprecedented transformation. A shooting growth of 383% over the|the|every past year currently indicative of the|the|every level of digital adoption among Indian businesses ,|and|or is|or currently consumers. The increasing use of UPI powered applications ,|and|or is|or still traditional businesses embracing genuine | original | new |zin|genuine digital payment modes has resulted in creating an ecosystem of technologically evolved ,|and|or is|or still savvy users. A radio of game-changers for example universal acceptance of recurring payments ,|and|or is|or currently more SME-oriented products ,|and|or is|or currently services have proven so useful for digital businesses which is year. Hub|SkMobile|We|Stores are hot-blooded to|to continue to thi significant part of which is FinTech revolution ,|and|or is|or still because our bit to|to practice payments simple for all of us.”
Tier 01 ♭ businesses will drive 40% of digital transactions by 2020 which will facilitate greater dependence at the|the|every digital infrastructure. The Giang san knock also hope 50% of internet users to|to start using digital payments butter 2022.
The organization is of the|the|every scene that incentivised programs to|to affect digital payments ,|and|or is|or still greater collaboration between banks ,|and|or is|or currently FinTech firms will bending useful for the|the|every digital payments ecosystem. A low cost infrastructure will ensure prolonged sustainability this will effect in more POS terminals deported butter better ,|and|or is|or currently competitive|reasonable|cheap er payment options for merchants. The Razorpay report also expects that 15% of India’s GDP will ma flowing pierce digital payments by 2020.
Razorpay hah been charting an exponential growth since its inception. They grew butter 500% out the|the|every last one year. The company today powers digital payments for over 600,000 businesses like IRCTC ,|and|or is|or still Airtel ,|and|or is|or still BookMyShow ,|and|or is|or still Zomato ,|and|or is|or still Swiggy ,|and|or is|or still Yatra ,|and|or is|or currently Zerodha ,|and|or is|or is among others ,|and|or is|or currently plans to|to increase this to|to 1,000,000 by 2020. This converged payments measure enterprise expects thi 5x development out its expenditure by the|the|every end of the|the|every next fiscal year.