Real-time payments system Unified Payments Interface (UPI) transactions Delhi-NCR region, India’s second-largest in terms of digital transactions, grew by 442% year-on-year in 2019, according to digital payments platform Razorpay. The fintech company shared this data while launching the fourth edition of ‘The Era of Rising Fintech’ report in Delhi today.

Google Pay continued to be the most preferred UPI app with 50% of the market share in 2019, followed by PhonePe (25%), BHIM (12%) and Paytm (9%), based on all the UPI transactions made in 2019 on the Razorpay platform.

One of the reasons for the growth of UPI is that it allows users to transfer money on a real-time basis, across multiple bank accounts, without revealing details of one’s bank account to the other party.

“UPI is built for mobile phones, it is the convenience factor that has helped it grow, unlike a card where you have to enter the card number, expiry date, CVV, OTP etc, UPI needs only a pin. Also, many of the UPI apps offer incentives and cash backs," said Harshil Mathur, CEO and co-founder Razorpay.

According to Razorpay data, UPI has also been dominating payment modes such as net banking and Wallets. The contribution of Net banking declined from 22% in 2018 to 15% in 2019 and Wallets from 3% in 2018 to 2% in 2019.