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