The two most important announcements in Budget 2020 were around reduced compliance for startups and relief in ESOP taxation.
The Era of Rising Fintech is a quarterly report by Razorpay. In this edition, we look at how digital payments fared in Delhi in 2019.
UPI was the most preferred payment mode towards the 2nd quarter of 2019, contributing the most number of digital transactions when we compared month-on-month.
Compared to October, we observed fewer UPI transactions in November on the Razorpay platform. But, it still remained to be the preferred payment mode.
In October, UPI was responsible for 50% of transactions on Razorpay’s platform–surpassing cards by a 15% margin.
Although we are on the right path, we also have a long way to go to make sure we are able to strike the balance in the next five years — FinTech has the potential to democratise access to finance in ways that we are yet to comprehend completely.
In September this year, UPI became the preferred payment mode, overhauling cards at 45%. We at Razorpay analyzed UPI transactions on the platform.
UPI becomes the preferred mode for Bangaloreans for online payments, after cards. A 3% usage increase in August takes it to 40.78% – closer to the plastic czar (44.10%)
RBI’s e-mandate move will allow consumers to use their cards, including debit cards, to make recurring payments of up to Rs 2,000.
Google Pay is the preferred choice of customers to make UPI payments, followed by PhonePe and Paytm.