{"id":2955,"date":"2020-01-07T03:57:18","date_gmt":"2020-01-07T03:57:18","guid":{"rendered":"https:\/\/jobbinghood.com\/finance\/2020\/01\/07\/phonepe-tops-other-payment-apps-with-highest-growth-in-upi-transactions-in-2019\/"},"modified":"2020-01-07T03:57:18","modified_gmt":"2020-01-07T03:57:18","slug":"phonepe-tops-other-payment-apps-with-highest-growth-in-upi-transactions-in-2019","status":"publish","type":"post","link":"https:\/\/jobbinghood.com\/magazine\/2020\/01\/07\/phonepe-tops-other-payment-apps-with-highest-growth-in-upi-transactions-in-2019\/","title":{"rendered":"PhonePe tops other payment apps with highest growth in UPI transactions in 2019"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<div class=\"article-image\">\n<figure><img fetchpriority=\"high\" decoding=\"async\" class=\"lazy lazy-hidden wp-image-1790368 size-full\" src=\"http:\/\/www.financialexpress.com\/wp-content\/plugins\/a3-lazy-load\/assets\/images\/lazy_placeholder.gif\" data-lazy-type=\"image\" data-src=\"https:\/\/images.financialexpress.com\/2019\/12\/phonepe.jpg\" alt=\"\" width=\"660\" height=\"440\" srcset=\"\" data-srcset=\"https:\/\/images.financialexpress.com\/2019\/12\/phonepe.jpg 660w, https:\/\/images.financialexpress.com\/2019\/12\/phonepe-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2019\/12\/phonepe-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2019\/12\/phonepe-401x267.jpg 401w\" sizes=\"(max-width: 660px) 100vw, 660px\"\/><noscript><img decoding=\"async\" class=\"wp-image-1790368 size-full\" src=\"https:\/\/images.financialexpress.com\/2019\/12\/phonepe.jpg\" alt=\"\" width=\"660\" height=\"440\" srcset=\"https:\/\/images.financialexpress.com\/2019\/12\/phonepe.jpg 660w, https:\/\/images.financialexpress.com\/2019\/12\/phonepe-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2019\/12\/phonepe-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2019\/12\/phonepe-401x267.jpg 401w\" sizes=\"(max-width: 660px) 100vw, 660px\"\/><\/noscript><span class=\"article-caption\">UPI had an upper hand in comparison to credit cards and net banking throughout the year ,<\/span><\/figure>\n<\/div>\n<p><span style=\"font-weight: 400;\">UPI transactions from leading payment apps including Paytm, PhonePe, <a target=\"_blank\" href=\"http:\/\/www.financialexpress.com\/tag\/google\/\" rel=\"noopener noreferrer\">Google<\/a> Pay, Bhim and bank UPI apps in 2019 grew by 884 per cent from 2018 with 37.7 per cent share in overall payments processed by the Tiger Global-backed payment gateway Razorpay on its platform. The data shared by the company\u2019s co-founder Harshil Mathur in a blog post on Monday showed that based on all UPI transactions in 2019 via Razorpay, Walmart-owned PhonePe app dominated the year with 857.22 per cent growth followed by Paytm at 827.68 per cent growth, Google Pay with 337.73 per cent, and Bhim with 109.6 per cent.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Among bank UPI apps, <a target=\"_blank\" href=\"http:\/\/www.financialexpress.com\/market\/stock-market\/state-bank-of-india-stock-price\/\" rel=\"noopener noreferrer\">SBI<\/a>, <a target=\"_blank\" href=\"http:\/\/www.financialexpress.com\/market\/stock-market\/icici-bank-ltd-stock-price\/\" rel=\"noopener noreferrer\">ICICI Bank<\/a>, <a target=\"_blank\" href=\"http:\/\/www.financialexpress.com\/market\/stock-market\/hdfc-bank-ltd-stock-price\/\" rel=\"noopener noreferrer\">HDFC Bank<\/a>, and <a target=\"_blank\" href=\"http:\/\/www.financialexpress.com\/market\/stock-market\/axis-bank-ltd-stock-price\/\" rel=\"noopener noreferrer\">Axis Bank<\/a> led the year with growth in UPI transactions on Razorpay platform by 261.1 per cent, 225.3 per cent, 167.9 per cent, and 28.7 per cent respectively. However, card-based payments continued to lead the payments share with 45.7 per cent while net banking was at a distant third with 11.43 per cent share. The company declined to share the figures.<\/span><\/p>\n<p><strong>Also read:\u00a0<\/strong><a href=\"https:\/\/www.financialexpress.com\/industry\/sme\/future-group-kishore-biyani-amazon-india-future-retail-future-consumer-ecommerce-big-bazaar-online-jeff-bezos-mukesh-ambani-reliance\/1814213\/\" target=\"_blank\" rel=\"noopener\"><strong>Months before Mukesh Ambani\u2019s e-commerce entry, Amazon makes \u2018enviable\u2019 tie-up with Kishore\u00a0Biyani<\/strong><\/a><\/p>\n<p><span style=\"font-weight: 400;\">The quarterly growth in UPI payments recorded on Razorpay platform was 71 per cent, 26 per cent, and 36 per cent for quarters ending June, September, and December respectively. However, interestingly, UPI had an upper hand in comparison to credit cards and net banking throughout the year with a lead of 4.5 per cent and 4.7 per cent respectively in terms of transactions by the end of the year. With respect to debit cards, while they were preferred over UPI by 0.65 per cent and 0.91 per cent for March and June ending quarters, but UPI took over for the rest two quarters by 1.44 per cent and 1.59 per cent. \u201cFor the first time ever, UPI overhauled cards (debit &amp; credit) in September and became the most preferred payment mode,\u201d said Mathur. Importantly, the share of wallet-based payments was minuscule 2.8 per cent.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Person to merchant transactions from leading merchants on Razorpay such as Swiggy, IRCTC, BookMyShow and over 8 lakh partner businesses were analysed for the year. In terms of sectors, 29 per cent transactions were in food and Beverage industry while 12 per cent were in financial services and 11 per cent in the travel sector. \u201cThe authentication process was straightforward, and the best part \u2013 consumers didn\u2019t have to carry anything specific (other than their phone, of course) or remember long numbers. The ease of carrying out a UPI transaction was far more satisfying,\u201d added Mathur.<\/span><\/p>\n<div class=\"common-bottom-text\">\n<p>Get live <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/\" target=\"_blank\" rel=\"noopener noreferrer\">Stock Prices<\/a> from BSE and NSE and latest NAV, portfolio of <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/\" target=\"_blank\" rel=\"noopener noreferrer\">Mutual Funds<\/a>, calculate your tax by <a href=\"https:\/\/www.financialexpress.com\/income-tax-calculator\/\" target=\"_blank\" rel=\"noopener noreferrer\">Income Tax Calculator<\/a>, know market\u2019s <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-gainers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Gainers<\/a>, <a href=\"http:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-losers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Losers<\/a> &amp; <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/equity-funds\/\" target=\"_blank\" rel=\"noopener noreferrer\">Best Equity Funds<\/a>. Like us on <a href=\" https:\/\/www.facebook.com\/thefinancialexpress\" target=\"_blank\" rel=\"noopener noreferrer\">Facebook<\/a> and follow us on <a href=\" https:\/\/twitter.com\/FinancialXpress\" target=\"_blank\" rel=\"noopener noreferrer\">Twitter<\/a>.<\/p>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>[ad_2]<br \/><\/p>\n<div class=\"jobbi-after-content-jh-placement jobbi-entity-placement\" id=\"jobbi-1640152133\"><div id=\"jobbi-1811688613\"><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-5862940809620110\" crossorigin=\"anonymous\"><\/script><ins class=\"adsbygoogle\" style=\"display:block;\" data-ad-client=\"ca-pub-5862940809620110\" \ndata-ad-slot=\"\" \ndata-ad-format=\"auto\"><\/ins>\n<script> \n(adsbygoogle = window.adsbygoogle || []).push({}); \n<\/script>\n<\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>[ad_1] UPI had an upper hand in comparison to credit cards and net banking throughout the year , UPI transactions from leading payment apps including Paytm, PhonePe, Google Pay, Bhim and bank UPI apps in 2019 grew by 884 per cent from 2018 with 37.7 per cent share in overall payments processed by the Tiger [&hellip;]<\/p>\n","protected":false},"author":348,"featured_media":2956,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-2955","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry"],"_links":{"self":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/2955","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/users\/348"}],"replies":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/comments?post=2955"}],"version-history":[{"count":0,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/2955\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media\/2956"}],"wp:attachment":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media?parent=2955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/categories?post=2955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/tags?post=2955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}