{"id":2138,"date":"2019-11-05T13:17:57","date_gmt":"2019-11-05T07:47:57","guid":{"rendered":"https:\/\/rzpwp.blog\/?p=2138"},"modified":"2020-07-20T03:08:53","modified_gmt":"2020-07-19T21:38:53","slug":"upi-preferred-payment-mode-october-2019-data","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/upi-preferred-payment-mode-october-2019-data\/","title":{"rendered":"UPI Contributes 50% to Online Payments. Beats Plastic Money to Retain Top Position"},"content":{"rendered":"

In September, <\/span>UPI went past cards and other popular modes to become the most preferred payment mode<\/span><\/a>. We were stoked to see the switch, and curious, too. But the glory wasn\u2019t a stroke of mere luck; it was an inevitable ascension of UPI as the de-facto mode of online payments. <\/span><\/p>\n

One v\/s the rest\u00a0<\/b><\/h2>\n

In October, UPI was responsible for 50% of transactions on Razorpay\u2019s platform–surpassing cards by a 15% margin.<\/span><\/p>\n

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In September, cards contributed 42.56% of digital transactions, but in October it fell by 6.89%, which amounts to 35.67%.\u00a0<\/span><\/p>\n

UPI transactions on Razorpay\u2019s platform has maintained a consecutive growth of 11.02%, month-on-month, from September to October.<\/span><\/p>\n

Let\u2019s check it out!<\/b><\/p>\n

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Everybody wins<\/b><\/h2>\n

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Leaving the footprints to be remembered in the digital payment landscape is Google Pay with 61.19% of UPI transactions.\u00a0\u00a0<\/span><\/p>\n

Whereas, PhonePe is standing as a strong contender with a contribution of 24.95%. As the numbers twirl, other players like Paytm and BHIM contributed 9.5% of UPI transaction.\u00a0<\/span><\/p>\n

Also, big banks like ICICI, SBI, AXIS and HDFC sweeten the kitty with 1.08%, 0.31%, 0.14% and 0.06 respectively.<\/span><\/p>\n

The banks are back for their bucks<\/b><\/h2>\n

Let\u2019s talk about growth!<\/span><\/p>\n

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Surprisingly, the government-backed BHIM which saw a meteoric growth of 31.17% in September, which declined by 10.06% in October, while the rest of the players enjoyed an upward growth.\u00a0<\/span><\/p>\n

Cutting through the noise is the favourite of the masses, GooglePay has capped a 9.92% growth rate, mostly being the choice of the customers over any other UPI app. Sitting tight in the second spot is PhonePe with 16.61% growth while Paytm chips in 9.58% of the surge.\u00a0<\/span><\/p>\n

But the story doesn\u2019t end here!\u00a0<\/span><\/p>\n

This time there\u2019s been a significant upturn, the bank apps are here to lock horns with the new school players with numbers like 16.61% (Axis), 15.18% (SBI), 14.36% (ICICI) and 7.61% (HDFC).\u00a0<\/span><\/p>\n

That makes it a 53.76% growth for October alone!\u00a0<\/span><\/p>\n

Haryana barges into the UPI club<\/b><\/h2>\n

Now let\u2019s shed some light on the states that have contributed maximum to the cashless economy.<\/span><\/p>\n

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Karnataka has been the top contributor in UPI transactions for consecutive months, the southern state is responsible for 27.72% of total transactions in the country.\u00a0<\/span><\/p>\n

Seizing the second spot is Maharashtra with 14.20% of UPI transactions. Whereas, Telangana and Andhra Pradesh gave away 10.76% collectively. Finally, Haryana entered the UPI club with a gracious 7.91% of UPI transactions.\u00a0<\/span><\/p>\n

Let\u2019s pause and talk about the cities that keep the engine running.\u00a0\u00a0<\/span><\/p>\n

Bengaluru has carved a niche for itself with 38.1% of UPI transactions, which shows its residents are way ahead of their counterparts in terms of choosing their payment option.\u00a0<\/span><\/p>\n

Well, this doesn\u2019t mean Hyderabad and Pune are going to hang their boots! The \u2018City of Nawabs stands tall with 12.5% whereas the \u2018Queen of the Deccan\u2019 bats it out with 9.5% of UPI transaction.\u00a0\u00a0<\/span><\/p>\n

Also, tagging, along with Ahmedabad (4.3%) and Jaipur (4.0%) are Kolkata (3.5%) and Bhubaneswar (3.3%).<\/span><\/p>\n

Let\u2019s talk about tier wise contribution…<\/b><\/p>\n

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You can see Tier 1 cities like Bengaluru, Hyderabad, Mumbai (6.78%), Chennai (5.86%), Kolkata (3.74%), Delhi (6.41%) and New-Delhi (3.81%) drawing a mark in terms of UPI transactions, which totals to 62.87%.\u00a0<\/span><\/p>\n

Tier 2 and 3 cities contributed 30.97% and 6.16% respectively.\u00a0<\/span><\/p>\n

Note<\/b>: In case you wonder about the numbers: the state and the city split is different<\/span><\/p>\n

The view is better at the top, but\u2026<\/b><\/h2>\n

Do you remember when it all started? <\/span>The expectations and jargons and predictions that rocked UPI\u2019s boat. <\/span>Well, we have reached the shore now, and this time, the sky looks pink.\u00a0<\/span><\/p>\n

As they say, the fable is fanciful and pleasing, but there are miles to go before we sleep.\u00a0<\/span><\/p>\n

Note: All findings are only based on transactions held on Razorpay platform in October 2019<\/b><\/p>\n

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Ready to Start Accepting Payments Online?<\/h2>\n

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