Sales League Table 2020 | Banking Technology Winners

Results Announced!

IBS Intelligence launches BankTech Daily News

Subscribe today. Limited time offer.

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

India FinTech Report 2020

Insights into the historical and projected market size of key FinTech categories. Subscribe now

India witnessed 40% growth in digital transactions in Q2 of 2019: Razorpay

Harshil Mathur

Harshil Mathur, Founder, Razorpay

Indian leading converged payment solution company Razorpay, said that the country has witnessed a 40 per cent growth in digital transaction in the second quarter of 2019 compared to the first quarter on back of the Government’s focus to create a less-cash economy and various innovations carried out in the FinTech space.

In a report, ‘The Era of Rising Fintech’, Razorpay said that the Indian fintech ecosystem has entered a new phase of innovation backed by UPI (unified payment interface) that has taken the country a step closer towards a digitally inclusive economy.

Cities such as Bangalore, Hyderabad, Mumbai, Pune and Delhi have topped in digital transactions and that credit and debit cards are the highest contributors in the P2M segment with an estimated share of 50% in April to June quarter and 56% in January to March. Usage of cards grew by 22% between these two quarters.

UPI followed the race with 34% and net-banking with 13%. UPI contribution witnessed a growth of 71% over the last two quarters

UPI with 71% growth is now recognised as the de-facto mode for online payments, both by consumers and businesses and that it would continue to lead​ the way with more customised offerings ​and features ​​to drive financial inclusion, said Harshil Mathur, Co-founder & CEO, Razorpay.

“India has embraced the digital transformation in a significant way. A remarkable growth of 382% in digital transactions over the past year, signifies a lot more than just business growth. This is a true testament of trust, the changing mindset of customer and business, and increased adoption of fintech innovation,” he added.

It is also interesting to note that the customer demand and innovation in digital payments for Sports events is growing, World Cup & IPL among others doubled the share of gaming industry’s contribution from 6% to 15% in the last three months.

“Fintech is transforming the way Indians transact online, not just buying and selling products and services but also consuming content and Razorpay is thrilled to be an invaluable part of this journey,” he added.

Razorpay predicts that 40% of digital payments transaction will be driven by Tier 2 businesses and consumers by 2020.

The company expects the government to introduce new incentives to widen digital payments in India. Besides, to unleash the potential of fintech in banking, collaboration and innovation between banks and fintech is important.

The company added that 15% of India’s GDP will be flowing through digital payments by 2020.

Related IBS Intelligence Research

Related Posts


NAB to recruit bankers and advisers for high net wealth clients

National Australia Bank (NAB) announced that it will recruit 50 new bankers and advisers, as part of its new strategy to provide high net wealth clients with a single point of access for their financial needs, ranging from wealth creation, business growth to retirement needs and philanthropic investment. JBWere CEO and leader for NAB Private, […]

This post is only available to members.

Read More »

EQ launches new automated complaints management product

EQ has announced that it is launching a new automated complaints management product for the financial services industry, EQ Complaints Professional. The new solution is expected to enable firms to enforce their FCA compliance immediately as well as continually as regulation changes. Andrew Edler, MD of EQ Charter, commented, “We are delighted to bring this […]

This post is only available to members.

Read More »
bank, FinTech, neobank, smartbanks, challenger banks, Asia

Australia’s big 4 banks welcome the launch of open banking

The Competition and Consumer (Consumer Data Right) Rules went live on July 1, in Australia. This has been welcomed by the big 4 banks of the country – ANZ, Westpac, Commonwealth Bank and NAB where they will be sharing their customers’ data with third parties, when requested by the customer. Angus Sullivan, CBA’s Group Executive […]

This post is only available to members.

Read More »

Lendio facilitates $8 bn in PPP loans to 100,000 small businesses

Lendio, a leading marketplace for small business (SMB) loans, announced that the company has till now facilitated $8 B in Paycheck Protection Program (PPP) loans for 100,000 small businesses. The firm’s partnership with 300 SBA-approved financial institutions and FinTech leaders has helped the company to secure COVID-19 relief funds for several underserved segments of the […]

This post is only available to members.

Read More »