Digital transactions in Delhi-NCR grew by 235 percent from 2018 (January-December) to 2019 (January-December) and the region was the third most digitized state in 2019, thus, contributing 13.05 percent in 2019 (up from 10.9 percent in 2018), said a new report by full-stack financial services company Razorpay on Tuesday.
“With UPI growing by a whopping 442 percent in Delhi, I am certain that this payment method will overtake cards by at least 20 percent in the next 12 months,” Harshil Mathur, CEO and co-founder of Razorpay, said in a statement.
In 2019, Karnataka saw the highest adoption of digital payments (26.64 percent) followed by Maharashtra (15.92 percent) and Delhi NCR (13.01 percent). While the usage of cards (46 percent) and netbanking (11 percent) saw a decline in 2019, down from 56 percent and 23 percent for cards and netbanking, respectively in 2018, UPI (38 percent) went up from 17 percent in 2018.
Amazon Pay was the most preferred wallet among consumers (33 percent), followed by Ola Money (17 percent) in 2019. The top three sectors in digital payment adoption for 2019 were food and beverage (26 percent), financial services (12.5 percent) and transportation (8 percent). Among UPI, Google Pay contributed 59 per cent, PhonePe contributed 26 percent, followed by Paytm (7 percent) and BHIM (6 percent) in digital transactions in 2019.
Last month, starting December 16, National Electronic Funds Transfer (NEFT) system opened up for everyone to transact at anytime. As per the Reserve Bank of India instructions, all national and private banks now offer NEFT services on round-the-clock basis (24×7). The facility is used for electronically transferring funds from one account to another.
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Earlier, the NEFT transactions were limited to different timing of the week, depending upon Bank working days and hours. These hours in weekdays were from 8:00 AM to 7:00 PM. Additionally, on Bank working days of first and third Saturdays of the month, the NEFT timings were different – from 8:00 AM to 1:00 PM.
Written with inputs from IANS