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.
This is the second edition of The Era of Rising Fintech report. In this report, we talk about how Indian consumers transact digitally and analyse how much of a difference fintech has made in the financial sector.
Although we saw a dip in UPI transactions in the month of May, UPI is gaining momentum and rising just like we predicted. Read on to understand more.
While the micros might be challenging at the moment, the macros are in place for the Indian economy to grow to reach the $5 trillion target the government has set for itself.
Although UPI transactions did go down in May, it doesn’t mean that the trend will continue.
Fintech can change the habits and behavior of the Indian population if it gets adequate support from regulators.