New Delhi: Since demonetisation and the launch of the Unified Payments Interface (UPI), merchant demand for digital payments has seen a 70 per cent Year-on-Year (YoY) growth, converged payment solutions company Razorpay said.
According to the first edition of its “Era of Rising Fintech” report, non-cash transactions are likely to overtake cash transactions in the country by 2023.
Over 56 per cent transactions were card-based which emerged as the mort preferred Person-to-Merchant (P2M) payment method. ‘We saw that the Small and Medium Enterprises (SMEs) in Tier 1 and 2 cities are driving a solid growth of 75 per cent in non-cash transactions,’ said Co-founder and CEO, Razorpay.
While credit card-based New Balance (NB) method secured 23.8 per cent of the total transactions recorded, the UPI method was used by 17 per cent users. (IANS)
