{"id":2531,"date":"2020-01-27T10:43:31","date_gmt":"2020-01-27T05:13:31","guid":{"rendered":"https:\/\/rzpwp.blog\/?p=2531"},"modified":"2025-01-03T13:02:26","modified_gmt":"2025-01-03T07:32:26","slug":"fintech-report-digital-payments-delhi","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/fintech-report-digital-payments-delhi\/","title":{"rendered":"Digital Payments in Delhi Grew by 235% in 2019 &#8211; The Era of Rising Fintech"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Here we are with our 4th edition of \u2018The Era of Rising Fintech\u2019!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">2019 was particularly a <a href=\"https:\/\/razorpay.com\/blog\/2019-year-in-review\" target=\"_blank\" rel=\"noopener noreferrer\">good year for fintech<\/a>. Many innovations contributed to India becoming one of the most advanced countries in terms of digital payments. With the new year kicking in, we wanted to bring you a few insights on how India carries out digital transactions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As Razorpay oversees enormous volumes of digital transactions from all over the country, we were able to derive these insights based on how Indian businesses accept payments from their customers. Further, we also analysed how Indian consumers transact.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All findings in this report are based on digital transactions made on the Razorpay platform from January 2018 to December 2019.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are a few nuggets:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Demand for <a href=\"https:\/\/razorpay.com\/learn\/digital-payments-india-definition-methods-importance\/\">digital payments<\/a> have been at a consistent rise &#8211; 338% from 2018 to 2019<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Bangalore was the most digitised city in 2019 with a contribution of 23.3% of the total digital transactions carried out in the year, followed by Delhi and Hyderabad at 10.4% and 7.4% respectively<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">UPI overhauled netbanking, cards, and other digital payments in September 2019, becoming the most preferred payment mode in India for the very first time<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">UPI also saw the highest growth at 885% in 2019 from 2018<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Growth of digital payments in India<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">We enable payments of over 800,000 merchants from all over India. We studied all the P2M (Person to Merchant) transactions made in 2018 and 2019 throughout the country. Here are a few points that are mention-worthy.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Karnataka pitched in the majority of digital payments in both 2018 and 2019, at 30.7% and 24.6% respectively<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">After Bangalore (23.3%), Delhi (10.4%) and Hyderabad (7.6%) were the most digital payments friendly cities in 2019<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In 2019, UPI exceeded its previous contribution at 38%, eating into cards\u2019 share while credit and debit cards collectively contributed 46%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Google Pay\u2019s reign continued through 2019 at 59%, becoming the most preferred UPI app of all time<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Top sectors in 2019 were food and beverage (26%), financial services (12%), and gaming (8%) industries<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Lending, mutual funds, and insurance were the top three verticals in the financial services industry, contributing 83%, 9%, and 8%<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">The Era of Rising Fintech &#8211; Delhi edition<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In <a href=\"https:\/\/razorpay.com\/blog\/the-era-of-rising-fintech-digital-payments-growth\/\" target=\"_blank\" rel=\"noopener noreferrer\">our last report<\/a>, we focused on Hyderabad and its growth towards becoming one of the advocates for digital payments. Our star for the 4th edition is Delhi.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We pooled in the transactions carried out in Delhi during 2018 and 2019 and inferred these insights.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Digital payments in Delhi saw a huge spike at 234.97% from 2018 to 2019\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In 2019, cards were mostly preferred for digital payments at 64% over netbanking and UPI\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">UPI contributed 12% of the total digital transactions made in 2018, but saw a rise in adoption and usage in 2019 at 20%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Google Pay was the #1 UPI app in Delhi throughout 2018 at 39%, as well as 2019 at 50%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Amongst wallets, Ola Money (27%) was mostly used, followed by Amazon Pay (25%)<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">What we can expect in 2020<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">We, at Razorpay, love numbers. Over the years, we have spent long hours analysing numbers to draw insights, patterns, and trends. And, based on data and research, here\u2019s what we can look forward to this year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Trust is something fintech did not immediately win over from Indian consumers. But, with innovations that have made payments easier and much more secure, we believe more and more consumers will trust fintech, resulting in more innovations in 2020.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We predict that this trend will continue in 2020, where UPI will thrive as the most preferred payment mode.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We also believe <a href=\"https:\/\/razorpay.com\/card-tokenisation\/\">tokenisation of cards<\/a> will cause the next big wave this year, helping <a href=\"https:\/\/razorpay.com\/learn\/credit-card-fraud\">credit card frauds<\/a> go down. Also, consumers and businesses will become more aware of what <\/span><a href=\"https:\/\/razorpay.com\/blog\/what-is-a-neobank\/\"><span style=\"font-weight: 400;\">neobanking<\/span><\/a><span style=\"font-weight: 400;\"> is and how it can simplify financial operations.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We can also expect the potential launch of next-gen <a href=\"https:\/\/razorpay.com\/learn\/neft\/\">NEFT<\/a> that can lead to a higher degree of automation and features that conform to the global standards.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">End of the line<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">India is becoming one of the leaders in fintech and digital pa<\/span><\/p>\n<p><span style=\"font-weight: 400;\">yments. While tier 1 cities contributed to this growth, we are very excited to see tier 2 and 3 cities jumping on the bandwagon.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s meet again in our next edition of The Era of Rising Fintech, with insights about a whole new city!<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2538 size-full\" src=\"http:\/\/blog.razorpay.in\/wp-content\/uploads\/2020\/01\/era-of-rising-fintech-razorpay-delhi.png\" alt=\"fintech report razorpay delhi\" width=\"875\" height=\"7442\" srcset=\"https:\/\/blog.razorpay.in\/wp-content\/uploads\/2020\/01\/era-of-rising-fintech-razorpay-delhi.png 875w, https:\/\/blog.razorpay.in\/wp-content\/uploads\/2020\/01\/era-of-rising-fintech-razorpay-delhi-768x6532.png 768w\" sizes=\"auto, (max-width: 875px) 100vw, 875px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":7,"featured_media":2539,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[26],"tags":[51],"class_list":{"0":"post-2531","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-payments","8":"tag-payments"},"_links":{"self":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/2531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/comments?post=2531"}],"version-history":[{"count":1,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/2531\/revisions"}],"predecessor-version":[{"id":19833,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/2531\/revisions\/19833"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media\/2539"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media?parent=2531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/categories?post=2531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/tags?post=2531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}