Hyderabad sees 58% growth in UPI transactions

Hyderabad: The usage of credit and debit cards in Hyderabad have declined by 11 per cent while UPI transactions have seen an increase of 58 per cent in July – September 2019, while compared to the last quarter, said a fintech report.

However, credit and debit cards are the highest contributors in the P2M (person-to-merchant) segment with an estimated share of 41 per cent, closely followed by UPI with 39 per cent and Netbanking at 18 per cent, in Q2, 2019, said Razorpay, a payments solutions company in its third edition of 'The Era of Rising Fintech' report, released on Wednesday in the city.

Shashank Kumar, CTO and co-founder, Razorpay, said: "Telangana is growing at an exponential pace and has recorded a GSDP growth rate of 14.8 per cent which is the fourth highest in the country. Fintech in Hyderabad has evolved much beyond just accepting payments and being transactional." Kumar further said, "it's not surprising to see Hyderabad record the highest number of digital transactions in the state.