New Delhi, January 24 2020: Digital transactions in India  grew by 338% from 2018 (Jan-Dec) to 2019 (Jan-Dec)
- In 2019 (Top cities), Bangalore was the most digitised city (23.31%), whereas Delhi, climbed up the ladder to the second spot (10.44%) followed by Hyderabad (7.61%). (2018: Bangalore 29.26%, Hyderabad 9.02% and Delhi 8.36%)
- In 2019 Karnataka saw the highest adoption of digital payments (26.64%) followed by Maharashtra (15.92%) and Delhi NCR (13.01%)
- While the usage of Cards (46%) and Netbanking (11%) saw a decline in 2019, down from 56% and 23% for cards and Netbanking respectively in 2018, UPI (38%) went up from 17% in 2018
- Amazon Pay was the most preferred wallet among consumers (33%), followed by Ola Money (17%) in 2019
- The top 3 sectors in digital payment adoption for 2019 were Food and Beverage (26%), Financial Services (12.5%) and Transportation (8%)
(2018: Food & Beverage - 34%, Tours & Travel - 19%), Utilities - 9%)
- Among UPI, Google Pay contributed 59%, PhonePe contributed 26%, followed by Paytm (7%) and BHIM (6%) in digital transactions in 2019
(2018: Google Pay - 48%, BHIM - 27%, PhonePe - 15%, Paytm - 4%)
These are the topline findings  of  the fourth edition of ‘The Era of Rising Fintech’ report from  Razorpay, the leading full-stack financial services company.
Says Harshil Mathur, CEO & Co-founder of Razorpay said, “The last year has been buzzing for the Fintech sector in Delhi, with the adoption of new digital payment modes and bringing the digital currency to the mainstream. And the last six months saw a tremendous shift in the consumption patterns of businesses and consumer preferences of digital payments in the region. With UPI growing by a whopping 442% in Delhi, I am certain that this payment method will overtake cards by at least 20% in the next 12 months.”
He added, “While a lot of focus has been on financial inclusion of consumers in India, Delhi is one region which has been actively involved in working towards solving for financial inclusion for businesses. The spurt in the fintech space has given birth to a community of over 350 startups in Delhi, building intelligent solutions to address complexities particularly in the lending sector, providing working capital loans for underserved markets like SMEs and MSMEs. The growth of fintech in Delhi is expected to multiply by three-fold this year, and given how Delhi has been demonstrating a collaborative ecosystem, exploring new possibilities through partnerships between banks and fintech firms, we believe that this will be a real and an exciting dream to achieve.”