Digital transactions in India grew 40 percent in Q2 2019

Monday 22 July 2019 11:27 CET | News

A Razorpay report has found that India has witnessed a 40% growth in digital transaction in the second quarter of 2019 compared to the first quarter.

The report, The Era of Rising Fintech, has uncovered the fact that the Indian fintech ecosystem has entered a new phase of innovation backed by UPI that has lead the country towards a digitally inclusive economy.

Other key findings:

  • Bangalore, Hyderabad, Mumbai, Pune, and Delhi have topped in digital transactions;

  • credit and debit cards are the highest contributors in the P2M segment with an estimated share of 50% in April to June 2019 quarter and 56% in January to March 2019;

  • usage of cards grew by 22% between Q1 and Q2, UPI following the race with 34% and net-banking with 13%;

  • UPI contribution witnessed a growth of 71% over the two quarters;

  • the customer demand and innovation in digital payments for Sports events is growing, World Cup & IPL among others doubled the share of gaming industry’s contribution from 6% to 15% in the last three months of 2019;

  • Razorpay predicts that 40% of digital payments transaction will be driven by Tier 2 businesses and consumers by 2020; in addition, 15% of India’s GDP will be flowing through digital payments by 2020.

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Keywords: India, digital transactions, Razorpay, fintech, credit card, UPI
Countries: World