Since the call of demonetization in 2016 by the Government of India and to push the cashless transactions in India and for the first time in 2019 Unified Payment Interface (UPI) took over cards and net banking in transactions as the most preferred payment mode as reported by Razorpay, one of the leading payment gateway provider in India.
Since the introduction of UPI has been a fast mover in the market thanks to the payments apps giving cashback, scratchcards, and other offers to promote adoption since 2016 it grew by 95 times in 2017, 48 times in 2018 and 10 times in 2019.
UPI was leading in the industry against all other payment modes in the second quarter of 2019 but on the year comparison, it ranked second on the list with 37.69% share compared to 45.73% share of cards.
Google Pay ranked as the most preferred UPI pay and grew by 337.73%, while Walmart’s PhonePe achieved the most growth in 2019 by 857.22% followed by PayTM at 827.68%.
In banking apps SBI grew by 261.1% followed by ICICI bank app by 225.3%.
In Geographical terms: Karnataka claimed the top place in UPI-based transactions with 27.82%. Maharashtra ranked second with 15.05% of the total UPI transactions, Andra Pradesh and Telangana combined in for 11.02% and the NCR region contributed 8.06% of UPI transactions.