According to reports Google pay leads in the transactions through Unified Payment Interface of the central government in the year 2019. The data was made available by fintech Company Razorpay. 59% of the total transactions were carried on through Googlepay followed by PhonePe (26%), PayTM (7%) and BHIM (6%).
The report analyses the effect of the introduction of new modes of payments and new innovations like the UPI. The report contains deep observations on the fast development of fintech industry in India. This report’s observations are based on the transactions held through the Razorpay platform between January 2018 and December 2019.
Digital payments in 2018 comprised of Googlepay (48%), BHIM (27%), PhonePe (15%) and PayTM (4%). The use of cards and internet banking fell in the last year. Cards which comprised of 46% of the transactions and internet banking which comprised of the 11% of the transactions in 2019 had fell from the preceding 56% (cards) and 23% (internet banking).
The most used wallet in the consumer transaction segment is Amazon pay which holds 33% of the total transactions. The second position is held by Ola money with 17%. The report shows a rapid jump of UPI from 17% in 2018 to 38% in 2019.