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Google Pay Is Leader In UPI Payments & Amazon Is Most Favored Wallet

Pritish raj by Pritish raj
January 29, 2020
in News, Tech
Reading Time: 2 mins read
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Google Pay UPI payment-Top-Payment Apps India-next-big-brand

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  • Google Pay contributed 59 percent and Walmart-owned PhonePe facilitated 26 percent, led by Paytm (7 percent) and BHIM (6 percent) in digital transactions in 2019.

Between UPI (unified payment interface) applications, Google Pay contributed 59 percent and Walmart-owned PhonePe facilitated 26 percent, led by Paytm (7 percent) and BHIM (6 percent) in digital transactions in 2019, according to fintech company Razorpay’s report’ The Era of Rising Fintech.’ The report provides an in-depth study of a rapidly evolving fintech ecosystem in India and analyzes trends o Google Pay contributed 48% in 2018, while BHIM facilitated 27% in digital transactions, led by PhonePe (15%) and Paytm (4%).

Amazon Pay was also the consumer’s most favored wallet (33%), led by Ola Money (17%) in 2019. Although card usage (46%) and net banking (11%) decreased in 2019 from 56% and 23% respectively in 2018, UPI (38%) decreased from 17% in 2018.

“Massive growth in digital payments in a year (2018-19) is 338 percent. It is best that we have seen in the country so far. Among other factors that led to this exponential growth, it was UPI that grew in popularity, crushing other transaction modes, “said Razorpay’s CEO, Harshil Mathur, and co-founder.

“We were seeing UPI overtaking cards for the first time in the history of digital payments. UPI has become the preferred choice not only for P2P (peer-to-peer) payments but also for P2 M (peer-to-merchants) payments. “All results in this study are focused on transactions conducted from January 2018 to December 2019 on the Razorpay network. Bengaluru was one of the most digitized cities (23.31 percent) according to the survey, while Delhi climbed the ladder to the second spot (10.44 percent) followed by Hyderabad (7.61 percent). Bengaluru scored 29.26 percent in 2018 followed by Hyderabad (9.02 percent) and Delhi (8.36 percent) respectively.

In terms of top states, Karnataka saw the highest digital payment adoption in 2019 (26.64 percent), followed by Maharashtra (15.92 percent) and Delhi NCR (13.01 percent) respectively. Food and beverage (26 percent), financial services (12.5 percent) and transport (8 percent) were the top 3 sectors in digital payment adoption for 2019.

“The trust in digital payments will be bigger than convenience by 2020,” Mathur said. “From banks to fintech and government bodies to payment networks, all of these forces will need to work together to build unique solutions aligned to boost customer confidence,” Mathur said.

The rapid growth of UPI usage is directly in terms of growth internet and smartphone users in India. These users are driven by ease of usage and simplicity. There is a clear shift in preference of a mode of payment which helps UPI grow at a rapid pace.

The growth of UPI has stagnated the growth of Mobile Wallets and a decline in their usage over the last few months.

With the simple methods and easy interface, UPI has made it to maximum customers and with growing smartphone and internet user base UPI will look for positive growth.

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Pritish raj

Pritish raj

Pritish Raj is a content writer at Next Big Brand. Hailing from the diversified state of Bihar, he is an engineer by education who chooses the way of poetry, photography, and writing to kick off his career. Highly enthusiastic about brands and startups, he aims to be a travel content creator.

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