The city that turned out to be the most digitised one in India is Bengaluru. This is confirmed after a research conducted by Payment Solutions company when the study proved that the highest card payments are made in this city.
Razorpay Software Pvt Ltd. released the Era of Rising Fintech Report according to which in terms of being a digitised city Bangalore is followed by Hyderabad, Mumbai, Pune and Delhi whereas in terms of being a digitised state Karnataka, Maharashtra, Tamil Nadu, Andhra Pradesh and New Delhi are ranked respectively.
The report suggested that payments that were made through credit and debit cards were at 50% in the pay merchants’ category in April, May, June. However, it was 56% in January, February and March. By 22 per cent, this year the usage of credit and debit cards have increased in April, May, June period in comparison to January, February, March 2019.
In April, May and June the top three sectors that contributed to the digital payments growth was food and beverage by 29 per cent, gaming industry by 15 per cent and financial services by 14 per cent among others.
In terms of digital transactions Chennai was ranked fourth with its share at 57 per cent is also the highest followed by Coimbatore, Tiruppur, Salem and Erode.
The company has also predicted that by 2020, Tier-II businesses and consumers would drive 40 per cent of digital payments transactions.