Heena Sharma Blog

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

Google showcased an innovation for its mobile payments app Google Pay on Wednesday, wherein merchants at stores can initiate payment requests by punching in a customer’s mobile number on their point-of-sale (POS) terminals. With this the California-based firm is taking on PhonePe and Paytm in their own home ground and is also challenging its US rival Amazon. Google also unveiled two other services through which its payments application users can book train tickets and buy gold. “ Digital payments has been a phenomenal story for India,” said Ambarish Kenghe, director, product management, Google Pay, India. “We want to address use cases that are close to our (customer’s) heart.” Unified Payments Interface (UPI) transaction volumes have outpaced all other forms of digital payments including wallets, mobile banking, and credit and debit cards. It has grown 40 times in 18 months, from 17 million transactions in August 2017 to 673 million in February 2019. Read More Article