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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