Over 12 per cent Hyderabadis use UPI payment mode

HYDERABAD: Over 12 per cent of Hyderabadis use UPI as their payment mode of total cashless transactions in the country. The city of pearls is one of the top metro cities using UPI for their cashless payments and the registeration for the same has been increasing rapidly. Both Telangana and Andhra Pradesh contributed 10.76 per cent collectively of total 50 per cent of UPI payments in the country.
According to a survey, the UPI is the most preferred payment mode compared to other modes with 50 per cent of total cashless payments in the country. In the states, Karnataka has been the top contributor in UPI transactions for consecutive months, the southern state accounts for 27.72 per cent of total transactions in the country.
According to Harshil Mathur, co-founder and chief executive officer of Razorpay, an online platform, in October, 2019, the UPI was responsible for 50 per cent on Razorpay’s platform surpassing cards by a 15 per cent margin.
“In September, cards contributed 42.56 per cent of digital transactions, but in October, it fell by 6.89 per cent which comes to 35.67 per cent. UPI transactions on Razorpay’s platform maintained a consecutive growth of 11.02 per cent from September to October,” a press release said.
When it comes to cities, Bengaluru carved a niche for itself with 38.1 per cent of UPI transactions, Hyderabad and Pune registered 12.5 per cent and 9.5 per cent respectively. Other cities like Ahmedabad had 4.3 per cent, Jaipur 4 per cent, Kolkata had 3.5 per cent and Bhubaneshwar had 3.3 per cent UPI transactions. Haryana for the first time entered in the UPI club this month.
According to Razorpay, Google Pay tops with 61.19 per cent of UPI transactions, where as PhonePe is standing as a strong contender with a contribution of 24.95 per cent. Other players like Paytm and BHIM contributed 9.5 per cent of UPI transactions. Surprisingly, the government backed BHIM, which saw a meteoric growth of 31.17 per cent in September, dipped by 10.06 per cent in October, while the rest of the players registered growth.