UPI growing by 442% in Delhi: Razorpay report | Mint
Active Stocks
Fri Feb 23 2024 15:58:13
  1. Tata Steel share price
  2. 145.50 -0.24%
  1. State Bank Of India share price
  2. 759.40 -0.86%
  1. HDFC Bank share price
  2. 1,420.90 0.08%
  1. NTPC share price
  2. 337.70 -0.54%
  1. ITC share price
  2. 411.60 -0.65%
Business News/ News / India/  UPI growing by 442% in Delhi: Razorpay report
BackBack

UPI growing by 442% in Delhi: Razorpay report

Google Pay continued to be the most preferred UPI app with 50% of the market share in 2019
  • According to Razorpay data, UPI has also been dominating payment modes such as netbanking and Wallets
  • Photo: MintPremium
    Photo: Mint

    Real-time payments system Unified Payments Interface (UPI) transactions Delhi-NCR region, India’s second-largest in terms of digital transactions, grew by 442% year-on-year in 2019, according to digital payments platform Razorpay. The fintech company shared this data while launching the fourth edition of ‘The Era of Rising Fintech’ report in Delhi today.

    Google Pay continued to be the most preferred UPI app with 50% of the market share in 2019, followed by PhonePe (25%), BHIM (12%) and Paytm (9%), based on all the UPI transactions made in 2019 on the Razorpay platform.

    One of the reasons for the growth of UPI is that it allows users to transfer money on a real-time basis, across multiple bank accounts, without revealing details of one’s bank account to the other party.

    “UPI is built for mobile phones, it is the convenience factor that has helped it grow, unlike a card where you have to enter the card number, expiry date, CVV, OTP etc, UPI needs only a pin. Also, many of the UPI apps offer incentives and cash backs," said Harshil Mathur, CEO and co-founder Razorpay.

    According to Razorpay data, UPI has also been dominating payment modes such as netbanking and Wallets. The contribution of Netbanking declined from 22% in 2018 to 15% in 2019 and Wallets from 3% in 2018 to 2% in 2019.

    The most preferred wallets in Delhi in 2019 were Ola Money (27%), Amazon Pay (25%) and Mobikwik (12%).The most preferred wallets in Delhi in 2019 were Ola Money (27%), Amazon Pay (25%) and Mobikwik (12%), according to transactions made on Razorpay’s platform.

    “With UPI growing by a whopping 442% in Delhi, I am certain that this payment method will overtake cards by at least 20% in the next 12 months," added Mathur.

    Razorpay powers payments for over 800,000 businesses including Indigo, Grofers, IRCTC, Zomato, Airtel, BSE and supports a number of payment methods that include UPI, Bharat QR, all major debit and credit cards, Netbanking Options and Mobile Wallets.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
    More Less
    Published: 21 Jan 2020, 05:56 PM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App