{"id":1790,"date":"2019-07-19T13:50:44","date_gmt":"2019-07-19T08:20:44","guid":{"rendered":"https:\/\/rzpwp.blog\/?p=1790"},"modified":"2025-03-05T09:00:03","modified_gmt":"2025-03-05T03:30:03","slug":"digital-payments-era-of-rising-fintech-report","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/digital-payments-era-of-rising-fintech-report\/","title":{"rendered":"IPL & World Cup Contribute to 15% of Digital Payments – The Era of Rising Fintech"},"content":{"rendered":"

The second edition of The Era of Rising Fintech report is out! The report provides an in-depth analysis of the ever-evolving Indian fintech space. The report takes a look at how digital transactions are carried out in India, how businesses accept payments as well as the impact of UPI and other game-changing innovations in the digital space.<\/span><\/p>\n

All findings in this report are based on transactions held on the Razorpay platform from January to June 2019. (JFM: Jan-Feb-Mar, AMJ: Apr-May-Jun).<\/p>\n

It is interesting to note that customer demand and innovation in digital payments<\/a> for sporting events is growing, The World Cup & IPL doubled the share of the gaming industry\u2019s contribution from 6% to 15% in the last three months.\u00a0<\/span><\/i><\/p>\n

Having worked closely with customers and businesses, we\u2019ve recognised an increased adoption of fintech innovation – t<\/span>his is a true testament of trust and the changing mindset of customers and businesses.<\/span><\/i><\/p>\n

This adoption has pushed India into a new era – the era of rising fintech.<\/b><\/p>\n

What is this era all about?<\/i><\/b><\/p>\n

It is about the growing customer demand for digital transactions.\u00a0<\/span><\/p>\n

The June quarter saw over <\/span>40% <\/span>more customer demand for digital transactions than the March quarter this year. The Indian fintech adoption at 87% in 2019 is well over the global fintech adoption rate (EY Global Fintech Adoption Rate Index). Considering the adoption rate with the demand for digital transactions, NASSCOM predicts the Indian fintech software market alone to double itself and reach USD 2.4 billion by 2020.<\/span><\/p>\n

UPI – revolutionizing the payments landscape of India<\/b><\/h2>\n

UPI is that one fintech innovation that changed how payments are made in the country. Since its inception, the payment mode has seen a significant rise. Even though its usage dipped for a while, <\/span>UPI has made a solid comeback in June<\/span><\/a>.<\/span><\/p>\n

Making payments, both P2P and P2M, became straightforward, instantaneous, and feasible for Indian consumers. Over the last six months, we\u2019ve witnessed how UPI has transformed itself from being a P2P payment mode into a merchant first payment (P2M) platform.<\/span><\/p>\n

How India transacts digitally (Person-2-Merchant Transactions)<\/b><\/h2>\n

Digital transactions saw a massive advancement by 382%, from FY18 to FY19. As the country is speeding towards its fintech expedition, we wanted to talk more about how digital transactions are carried out in the country.\u00a0<\/span><\/p>\n