Bangalore: Razorpay, India’s first converged payments solution company, launched the second edition of its compelling report, ‘The Era of Rising Fintech’ today. It provides an in-depth study of the fast evolving Indian fintech ecosystem that is entering a new phase of innovation. The report analyses digital transactions, how businesses transact online, the impact of UPI and other game-changing industry innovations which are taking the country a step closer towards a digitally inclusive economy.
Here are some of the interesting findings from Razorpay’s report. All findings in this report are based on
transactions held on Razorpay platform from January to June 2019. (JFM: Jan-Feb-Mar, AMJ: Apr-May-Jun)
Sector-wise Growth (from JFM to AMJ):
Method-wise Growth (from JFM to AMJ):
Harshil Mathur, Co-founder & CEO, Razorpay said, “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. UPI with 71% growth is now recognised as the de-facto mode for online payments, both by consumers and businesses and I believe it will continue to lead the way with more customised offerings and features to drive financial inclusion.
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 &
consumers by 2020. In financial services, Lending
will be a new growth sector in India making massive progress with 76%
contribution in the last quarter, followed by the mutual funds sector. With a
larger number of Indians acquiring access to financial services, the need for
the government to regulate these services and the service providers also
becomes of paramount importance. The company believes that frameworks like the regulatory sandbox will allow for further
innovations in the fintech space, hoping the regulators will continue
seeing fintech in a different light.
The company expects the
government to introduce new incentives to widen digital payments in India. For
India to unleash the potential of fintech in banking, collaboration and
innovation between banks and fintech firms will be key in 2019. Mobile payment
volume is expected to increase 10-fold by 2021. The Razorpay report also expects that 15% of India’s GDP
will be flowing through digital payments by 2020.
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