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.

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