Google Pay leads UPIs in digital payments, Amazon Pay most favoured wallet

Among UPI (unified payments interface) apps, Google Pay contributed 59 per cent and Walmart-owned PhonePe facilitated 26 per cent, followed by Paytm (7 per cent) and BHIM (6 per cent) in digital transactions in 2019, according to fintech firm Razorpay’s report ‘The Era of Rising Fintech.’ The report provides an in-depth study of a rapidly evolving fintech ecosystem in India and analyses the patterns of digital transactions and the impact of industry innovations, such as UPI, which are harnessing a digitally inclusive economy. In 2018, Google Pay contributed 48 per cent and BHIM facilitated 27 per cent in digital transaction, followed by PhonePe (15 per cent) and Paytm (4 per cent).

Also, Amazon Pay was the most preferred wallet among consumers (33 per cent), followed by Ola Money (17 per cent) in 2019. While the usage of cards (46 per cent) and Net banking (11 per cent) saw a decline in 2019, down from 56 per cent and 23 per cent respectively in 2018, UPI (38 per cent) went up from 17 per cent in 2018.
“A growth of 338 per cent in digital payments in a year (2018-19) is massive. It’s the highest we’ve seen so far in the country. Among other factors that led to this exponential growth, it was UPI which rose in prominence, dominating other modes of transactions,” said Harshil Mathur, CEO and co-founder of Razorpay. “For the first time in the history of digital payments, we saw UPI overtaking cards. UPI has become the preferred choice not only for P2P(peer-to-peer) payments but also for P2M (peer-to-merchants) payments.” Read More