Fraud Prevention Solution Thirdwatch is Trending on Shopify!

ecommerce fraud prevention solution Thirdwatch from Razorpay

Fraud prevention application Thirdwatch helps E-Commerce businesses on Shopify save a lot of money on Return-to-Origin (RTO) costs especially for Cash on Delivery (COD) orders. Before we get into the details of how to install Thirdwatch and how it can be effective, allow us to explain the advantages and features of Shopify as an e-commerce business hosting platform.

A little over a decade ago, if you had told us that there was one website that garnered over 218 million buyers from 175 countries in just a year, we would’ve laughed at the sheer uncertainty. 

But, things have changed beyond imagination in the last decade. As we’re hitting the ceiling with hypercompetitive creativity, it’s important to take a step back and look at how we got here.

In this article, we’ll be speaking about how a single-player, Shopify has transformed the e-commerce industry as we know it and most importantly, how you can use the channel to supercharge your business.

What does Shopify do?

To start with, Shopify is an all-in-one platform to start, run, and grow an e-commerce business. India is a country majorly driven by small and medium businesses and for small players to grow, there needs to be a platform that allows them to run their business seamlessly. This is where Shopify steps in.

With a Shopify account, here is the multitude of things that e-commerce merchants can do:

  • Start your business journey: Find a business name, buy a domain, and create a brand with Shopify’s free tools suite.
  • Sell everywhere: Use one platform to sell products to anyone, anywhere—online with your e-commerce store, online marketplaces, and social media, and in-person with point of sale.
  • Market your business: Take the guesswork out of marketing with built-in tools that help you create, execute, and analyze campaigns on Facebook and Google.
  • Manage your operations: Use a single dashboard to manage orders, shipping, and payments anywhere you go. Gain the insights and knowledge you need to grow.

What is the Shopify App Store?

Once you’ve set up your Shopify account, it’s easy to find a ton of features and plug-ins designed to accelerate your business. Shopify’s App Store is filled with thousands of applications designed to cater to your every business need.

And that’s Thirdwatch’s entry into this article! The protagonist of this story has finally come into the limelight.

The e-commerce market in the world is growing at a rate faster than we can comprehend. With unforeseen growth comes unforeseen responsibilities. E-commerce sales worldwide are predicted to reach $632 billion by 2020!

But, do you know what’s bigger than the market itself? It’s the implications of fraud that come with it. As the trade grows, it’s only fair to assume that the online market has become a breeding ground for online fraudsters to innovate their tactics.

E-commerce fraud is one of the least talked about things for an industry so big. Most merchants assume the losses or fraud instances experienced during their stint is just “cost of doing business”. 

A closer look at e-commerce fraud

Here’s the thing– e-commerce businesses don’t have it easy, especially the small ones. In a hypercompetitive e-commerce environment, the only way to stand out is to offer exceptional customer satisfaction.

To meet with the mounting expectations of customers, businesses often don’t have a choice but to ship risky orders, in the fear of losing out on a genuine customer. This can often put a toll on their budget, as Return-To-Origin (RTO) orders take up the cost of logistics back and forth, often leading to losses. 

Here’s how e-commerce companies lose money in processing these orders:

  • Forward & reverse logistics
  • Blocked Inventory (Items stuck in transit)
  • Physical quality check and re-packaging of returned items
  • Increased probability of damage to fragile items, and hence more money spent in shipping them
  • Operations costs in processing these orders

We took the time out to check out the RTO numbers and their true impact on business. Here’s what we found– in case of COD orders, the percentage of RTO orders can be as high as 40 percent!

Imagine spending double the shipping costs for 40% of all your orders, let alone the opportunity cost on the blocked inventory and operations costs to handle them.

Read more: Is 30% RTO the Cost of Running an E-commerce Business?

How can Thirdwatch help reduce RTO costs?

Thirdwatch is a simple plug-in that helps you detect fraud orders, impulse purchases, non-deliverable addresses and flag risky transactions in real-time and finally, improve profitability. 

And what’s better? If you’re a Shopify merchant, Thirdwatch integration can be done in minutes, it’s that easy! Here are the simple steps:

Step 1: Install the Plug-in on the Shopify dashboard

Step 2: Sign up on the Thirdwatch dashboard with your account ID and password.

Step 3: Your centralized dashboard will be updated with the order status, along with actions for decision making. Start detecting fraud and saving money!

Thirdwatch runs on Artificial Intelligence and Machine Learning to help identify fraudsters across different platforms. Machine Learning technology offers the right solution as it addresses all the challenges in preventing fraud — scale, complexity and changing patterns.

For example, by adding the price of the user’s phone device or categorizing an address as five stars or one star, we turn meaningless data (phone model) into actionable information. This increases the accuracy of the red or green flag that the machine learning models generate for every transaction.

Network effects can be harnessed by pooling in anonymized data to predict and prevent fraudulent behaviour. This de-incentivises and penalises fraudulent behaviour across the ecosystem.

Moreover, e-commerce firms will truly know their customers so that goods are delivered to a person not merely to an address.

Most importantly, RTO will no longer be just the “cost of doing business”.

Here’s what Shabaaz, Founder of Nicci SkinCare, an established online cosmetics store on the Shopify platform, had to say about Thirdwatch.

We’ve been in the business for a few years now and Return-To-Origin orders are a big problem for businesses like ours. Using Thirdwatch has helped us in dealing with incomplete addresses and in detecting impulse and fraudulent orders. Our RTO rate (significantly) reduced by 30% because of Thirdwatch and we saved over INR 1.5 lakhs monthly in shipping costs! Highly satisfied with the product 

Curious to know more about how we’re solving this for merchants? Get in touch with a Thirdwatch expert today!

Introducing Razorpay Partner Program

razorpay partner program

The payments landscape in India is at its most evolutionary path. Ranging from consumer behaviour to government and regulatory initiatives, the payments landscape is changing rapidly and how! 

As India embraces digital payments, the need of the hour is to not only for businesses to provide digital payment options to their consumers, but for more businesses to go digital as well. Digitization of payments is a win-win for everyone involved, after all.

Having already offered digital payment solutions to over 3,50,000 businesses in India, we believed it was time for us to build an affiliate program for partners to bring more businesses on board the digital payments ecosystem. 

Thus introducing – the Razorpay Partner Program.

What is Razorpay Partner Program?

Razorpay Partner Program is designed in such a way that the partners, who build solutions for businesses or consult with them, can use Razorpay’s payment stack to enable more businesses to accept payments online.

This reseller program truly widens the horizon for all kinds of businesses! What’s more – this affiliate program is not limited to business partners alone, even unregistered businesses and individuals can use it to earn commissions by referring businesses to Razorpay.

The pre-launch story

We’ve grown and learned a lot since the inception of our partner program in late 2017 and we are happy to add more benefits for helping businesses connect to the world of digital payments. 

Over 800 partners like MSwipe, Limetray and UrbanPiper work with Razorpay to let businesses and individuals accept payments through direct integrations with their products. Other companies like Zoho, Juspay, and Intuit facilitate payments on their platforms for their connected businesses through our API infrastructure.

API and payment suites

Razorpay APIs, technical and operational infrastructure help partners bring businesses online and enable new types of businesses to go digital. We help handle everything related to payments by complying with RBI guidelines, providing 24×7 payments and integration support, and meeting product requirements of 30+ industries and 350K+ businesses.

Moreover, registering for Razorpay’s Partner Program is free and takes less than 30 seconds! If anything, we are currently paying out the highest commissions in the market, which ensures the partners are incentivized to connect more and more businesses to Razorpay. 

Start referring and earning

Razorpay’s partners get commissions for the transactions made by their merchants. A point to be noted for partners involved in referring and managing merchant payment stack – the transactions have to be initiated by the partner for the partner to get a commission. The partners will need to send invoices to Razorpay on the 1st of every month to get their commission.

Since its inception, Razorpay has paid out over Rs 1 crore in partner commissions to over 100+ partners. As we look to scale up our partner ecosystem, we also provide additional incentives so that Razorpay and its partners are incentivized to share a common vision – bringing more businesses online! 

Partnering with Razorpay helps you offer your customers a complete suite of payment solutions and get rewarded for it in the form of commissions.

What our partners say

We’re delighted to see the payment experiences that our partners have built and we have designed our program to enable them to build and launch faster, reach more customers, and operate at scale.

Here’s what Anirban Majumdar, Co-founder of UrbanPiper, has to say, “Our experience with Razorpay has been remarkable so far. We partnered with Razorpay when they were onboarding their first clients. They have been highly reciprocative to our feedback and have maintained a good relationship with us through the years.”

Preferential training and support

Partners get access to documentation around seamless integration with Razorpay’s product suite. Moreover, we assign designated POCs to help partners add merchants, integrate the payments infrastructure for them, and earn commissions as well.

And we are just getting started. Our aim is to build more products and resources for our partners in the future. 

Not yet signed up as a partner? Sign up here

Explore more about Razorpay Partner Program or get in touch with us here.

Build Your Own Online Store with Razorpay Payment Pages

razorpay payment pages build your own online store

Today, most Indian consumers rely on online stores to make their purchases. With online commerce penetrating the Indian market by 74%, close to 329.1 million people are projected to buy goods and services via online stores by 2020.

With that being said, we can all agree with the fact that there’s a massive rise in online stores in the e-commerce industry today. But, we simply cannot put aside the problems these stores face. Amongst choosing the right niche and profitability, most small online businesses face trouble with infrastructure. 

From building a solid, functional website, hosting it, all the way to integrating the right payment gateway, online businesses fall back on these basics that can really help them click. 

It’s also difficult to understand complex documentation with off-the-shelf e-commerce plugins or to find alternate solutions as they can be very pricey and time-consuming.

If you run an online business trying to set up your online store, or if you’re a freelancer trying to build your website so you can sell your products and services, then you know what we’re talking about. 

So, how do we make this process effortless? 

Razorpay Payment Pages – collecting online payments just got easier!

No need to build your website and host it. No need for a payment gateway integration.

Payment Pages is specifically designed to accept payments from your customers, even if you don’t have a website. You can easily create a storefront for your online store in less than 5 minutes and start accepting payments from your customers from all over the world, in 100 international currencies. And, this requires absolutely no coding experience or support.

Razorpay Payment Pages build your own online business

In just about six months, Payment Pages took off and skyrocketed, enabling payments for numerous small and medium-sized (SME) businesses. The response we received was truly overwhelming. While being so, our customers also made multiple requests for a small tweak here and there so that Payment Pages would be an absolute match for their business use-case. 

  • In just about two months, more than 5000 businesses started using Payment Pages
  • By the end of 6 months, we saw a 114% uptick, powering over 11,000 online businesses
  • 89% of businesses said it significantly brought down their tech efforts
  • 63% of freelancers said accepting payments became much easier
  • 84% of businesses without a website said Payment Pages helped them retain their brand image
  • 93% of businesses also said their customers had a seamless payment experience 

At Razorpay, we believe we can empower businesses to meet their fullest potential. While Payment Pages was already contributing towards our belief, we knew we could help these online businesses so much more.

Although the use-cases are different from one business to another, we tried accommodating as many requests as we could.  

What’s new with the updated Payment Pages?

With the update, Payment Pages is now much more functional than ever! The new power-packed features enable your online store to collect payments seamlessly, while you focus on providing your customers with brilliant user experience.

Multiple listings

List any number of products/services you wish to sell on your Payment Page, along with images and descriptions for each one of the items you list.

Smarter purchase controls

Have control over the minimum or a maximum number of products your customers can buy, set a minimum amount your customers can donate, and more.

Razorpay payment pages

Reordering input fields

Move the input fields/items on your Payment Page to arrange newer items or frequently purchased items higher by simply dragging them up or down in your list of items.

New input fields

Select from the many input fields supported by Payment Pages to capture customer data. From alphanumeric input fields and email address to PAN number and PIN code, select the right input field to ensure proper validation. 

build your pwn online store with Razorpay payment pages

Intuitive reporting

Get detailed insights for each item sold, based on real-time transactions from the dashboard to help you make better business decisions.

razorpay payment pages

Dynamic mobile experience 

Provide your customers with a dynamic, on the go mobile payments experience while giving them the option of choosing from many payment modes.

build your online store with Razorpay Payment Pages

Embeddable Payment Request button

If you already have a website but no Payment Gateway integration, simply embed the Payment Pages CTA button where you want to call for action. On click, your customer will be taken to the respective Payment Page.

Redirecting your customer

While you can customize the text on the CTA, you can also redirect your customer to your merchant page. Or, you can simply show a custom message to let them know the payment was successful.

How to build your Payment Page

Step 1: Login to your Razorpay Dashboard and navigate to “Payment Pages”

Step 2: Click on “+ Create Payment Page

Step 3: Choose your template from the ones that are already available, or create your own

Step 4: Fill in the details of your product/service/event and add pictures and videos of the same

Step 5: Click on “Add social media share icons” to enable social sharing

Step 6: In the “Payment Details” section, add the required input fields, product, and images, and customize them. You can also reorder the fields by dragging them wherever you need

Step 7: Click on “Save and publish

Share your online store’s Payment Page on various channels

Payment Pages can be shared with your customers on Facebook, Instagram, Messenger, WhatsApp, Twitter, and more!  Let’s take a look at how most online businesses and freelancers share Payment Pages on various channels.

razorpay payment pages online store

How online businesses use Payment Pages – popular use cases

Although the use cases for Payment Pages are many, tickets and events, donations, fee collection, and online product sales have been the predominant ones.

razorpay payment pages

Learn how you can

See it to believe it!

Experience how your Payment Pages powered online store works! Check out the demo.

What our customers have to say

online store razorpay payment pages

The upshot

Razorpay Payment Pages has truly stood up to our tagline: #PoweringDisruptors. Forget the hassle of going through with building and maintaining a website when we will do it for you!

Payment Pages boasts of over 11,000 customers as of October 2019, with the likes of Swiggy, Decathlon, BloombergQuint, Goonj, Brigade Homes Group, and Innov8, among others. 

 

Ready to Start Accepting Payments Online?

  • Quick Onboarding
  • Saved Card Database
  • Razorpay Checkout
  • 24×7 Support

UPI Contributes 50% to Online Payments. Beats Plastic Money to Retain Top Position

Razorpay UPI Report

In September, UPI went past cards and other popular modes to become the most preferred payment mode. We were stoked to see the switch, and curious, too. But the glory wasn’t a stroke of mere luck; it was an inevitable ascension of UPI as the de-facto mode of online payments.

One v/s the rest 

In October, UPI was responsible for 50% of transactions on Razorpay’s platform–surpassing cards by a 15% margin.

In September, cards contributed 42.56% of digital transactions, but in October it fell by 6.89%, which amounts to 35.67%. 

UPI transactions on Razorpay’s platform has maintained a consecutive growth of 11.02%, month-on-month, from September to October.

Let’s check it out!

Everybody wins

Leaving the footprints to be remembered in the digital payment landscape is Google Pay with 61.19% of UPI transactions.  

Whereas, PhonePe is standing as a strong contender with a contribution of 24.95%. As the numbers twirl, other players like Paytm and BHIM contributed 9.5% of UPI transaction. 

Also, big banks like ICICI, SBI, AXIS and HDFC sweeten the kitty with 1.08%, 0.31%, 0.14% and 0.06 respectively.

The banks are back for their bucks

Let’s talk about growth!

Surprisingly, the government-backed BHIM which saw a meteoric growth of 31.17% in September, which declined by 10.06% in October, while the rest of the players enjoyed an upward growth. 

Cutting through the noise is the favourite of the masses, GooglePay has capped a 9.92% growth rate, mostly being the choice of the customers over any other UPI app. Sitting tight in the second spot is PhonePe with 16.61% growth while Paytm chips in 9.58% of the surge. 

But the story doesn’t end here! 

This time there’s been a significant upturn, the bank apps are here to lock horns with the new school players with numbers like 16.61% (Axis), 15.18% (SBI), 14.36% (ICICI) and 7.61% (HDFC). 

That makes it a 53.76% growth for October alone! 

Haryana barges into the UPI club

Now let’s shed some light on the states that have contributed maximum to the cashless economy.

Karnataka has been the top contributor in UPI transactions for consecutive months, the southern state is responsible for 27.72% of total transactions in the country. 

Seizing the second spot is Maharashtra with 14.20% of UPI transactions. Whereas, Telangana and Andhra Pradesh gave away 10.76% collectively. Finally, Haryana entered the UPI club with a gracious 7.91% of UPI transactions. 

Let’s pause and talk about the cities that keep the engine running.  

Bengaluru has carved a niche for itself with 38.1% of UPI transactions, which shows its residents are way ahead of their counterparts in terms of choosing their payment option. 

Well, this doesn’t mean Hyderabad and Pune are going to hang their boots! The ‘City of Nawabs stands tall with 12.5% whereas the ‘Queen of the Deccan’ bats it out with 9.5% of UPI transaction.  

Also, tagging, along with Ahmedabad (4.3%) and Jaipur (4.0%) are Kolkata (3.5%) and Bhubaneswar (3.3%).

Let’s talk about tier wise contribution…

You can see Tier 1 cities like Bengaluru, Hyderabad, Mumbai (6.78%), Chennai (5.86%), Kolkata (3.74%), Delhi (6.41%) and New-Delhi (3.81%) drawing a mark in terms of UPI transactions, which totals to 62.87%. 

Tier 2 and 3 cities contributed 30.97% and 6.16% respectively. 

Note: In case you wonder about the numbers: the state and the city split is different

The view is better at the top, but…

Do you remember when it all started? The expectations and jargons and predictions that rocked UPI’s boat. Well, we have reached the shore now, and this time, the sky looks pink. 

As they say, the fable is fanciful and pleasing, but there are miles to go before we sleep. 

Note: All findings are only based on transactions held on Razorpay platform in October 2019

Ready to Start Accepting Payments Online?


  • Quick Onboarding
  • Saved Card Database
  • Razorpay Checkout
  • 24×7 Support

Data from this story was also published in The Times of India.

From 2,880 Minutes to 60 Minutes – Never Fall Short of Money with Razorpay Early Settlements

razorpay early settlements

What does a business need the most to scale and grow from one stage to the next? Customers? Of course! Employees? Sure. Continuous development of their offerings? The answers can be many. But one of the most important requirements is working capital. 

Working capital is required for numerous reasons. And it is important because easy access to money for a business’s day-to-day activities can help improve business convenience greatly. This is the primary reason behind the launch of our new feature – Early Settlements.

The long process of processing settlements is a burning problem in the fintech industry. With banks settling to Razorpay 24-48 hours after the transaction is made, it gets challenging (and risky!) to settle the money before hand. However, asking people to wait for a week for an amount processed in 5 seconds is not just unfair but a poignant question on the technical advancements being made in the fintech ecosystem.

Out came Razorpay Early Settlements!

What is Razorpay Early Settlements?

With Early Settlements, you get access to your funds on the same day instead of your traditional or default settlement cycle. Razorpay Early Settlements helps you reduce your settlement period from T+3 (or T+2) days to within a few hours (from the time of transaction), thus enabling your business to avoid cash-flow challenges and prepare better for working capital requirements. 

razorpay early settlements

A ready inflow of cash that will help you amplify your business, and meet day-to-day cash requirements without any hassles. 

What are the benefits of Early Settlements for your business?

  • Easy and early access to your money
  • Reduction in daily cash crunch and increased cash flows
  • Better management of inventory and stock
  • Payments to creditors and vendors without any delays

Can the settlements be done at any time of the day on any of the days?

Yes, they can. Early settlements can be rolled out on any of the business days. We are also working towards enabling 24×7 instant settlements (even on bank holidays) through IMPS payouts. 

Razorpay levies a small fee that is deducted from the merchant’s settlement balance. This fee is primarily charged because Razorpay has to bear the subsequent cost of processing the early settlements by taking a loan from loan providers. This deduction takes place only if you decide to process the settlements instantly or on the same day.

Who is Early Settlements for?

It is technically for every business onboarded on Razorpay. Primarily in the last 6 months, we have seen 30% of e-commerce businesses that have gone live with Razorpay availing the Early Settlement functionalities to power their daily vendor payouts. This is followed by 17% of financial services businesses and 15% of IT services companies. For IT services, a majority of the users are freelance designers or web developers who want quick access to capital for the work they have done. 

We carry out risk checks (around refund rates, chargebacks, etc) before offering this feature to any business. To sum up, though we have seen a high traction among the industries mentioned above, businesses from almost every industry has availed Early Settlement and it has seen a high repeat rate. 

How to enable Early Settlements?

Just drop a mail to capital.support@razorpay.com or raise a support ticket at https://razorpay.com/support/ and we will get in touch with you at a time comparable to the time required to make a payment with Razorpay. 

To explore more about Early Settlements, click here.

Also read: How Automated Payouts are Helping SMEs

Ready to Start Accepting Payments Online?


  • Quick Onboarding
  • Saved Card Database
  • Razorpay Checkout
  • 24×7 Support

How to Choose the Right Payments Solution for Your Business

razorpay how to choose the right payments solution

Choosing the right payments solution that supports your unique business case can be quite difficult and demanding. And, this is especially true if you have more than one use-case for your business. So, without further ado, let’s talk about the different payments solutions that you can opt for from the Razorpay product suite. To get there, let’s go through some basics.

What is a payments solution?

A payments solution (payment gateway and related products) is a service that receives an online payment request from your website. It further validates the payment details of your customer and checks for sufficient funds in their account for them to make the purchase.  Then, the transaction is authenticated, and the funds are transferred from your customer’s account to your merchant account.

[Suggested read: What is a Payment Gateway and How Does it Work]

What is the need for a payments solution?

If you’re an online business, you know for a fact that you have to accept payments from your customers. In today’s time and age where cash is simply not the best option; choosing the right payments solution is your way to go. And, it comes with a multitude of advantages.

Provide good payments experience

Most consumers are getting exceedingly comfortable with online payments. If they’re getting a cab ride or going to the movies, online payments have pretty much disrupted e-commerce to a great extent. And, the payment process is quite simple too. Consumers prefer cards, UPI, EMI, and other payment modes over cash to make their online purchases. 

Most payments solutions provide multiple payment options for consumers to choose from. By choosing a payments solution, you provide a good payments experience to your customers by allowing them to pay online, using the payment mode they’re most comfortable with.  

Accelerate the process

When your customer chooses to pay online, you don’t have to wait a long time to start processing their purchase. This also confirms that they’re a legitimate buyer who’s interested in your product, and not conning you by simply placing an order.

Your customer need not wait too long to receive their purchase. Their transaction takes a few seconds to go through, resulting in a quick confirmation of their purchase. A payments solution also helps improve cash flow for your entire business.

Make informed business decisions

Using a payments solution allows you to have complete control over the customer data you’d like to capture, to better assess your business strategy. Further, you can manage all your payments, refunds, transfers, subscriptions, webhooks, invoices, and more, all in one place (dashboard).

Based on the transactions and captured customer data, you’ll be able to receive key statistics based in real-time. You also get access to insights that can help you make better business decisions.  With different views, you can easily generate customizable settlement and reconciliation reports. 

Open your business to the international market

Accepting payments not only locally, but internationally also becomes a cakewalk with the right payments solution. This helps you open revenue streams from many countries, helping improve cash inflow. 

A good payments solution also supports transactions in many different currencies, while converting payments into your base currency. All the payments you receive in foreign currencies are also settled in your base currency. 

[Suggested read: How to Choose the Best Payment Gateway for Your Business

Razorpay’s payment solutions for your business case

Alright, now that we’ve gone over the fundamentals, let’s jump right into understanding the different payments solutions, and how each one of them can apply for your business case.

Razorpay is the only converged payments solution company in India that allows your business to accept, process, and disburse payments via its product suite. With Razorpay, you have access to all payment modes, including credit and debit cards, UPI, and popular mobile wallets.

No matter what your business case is, Razorpay has a payments solution for you. Ideally, you’d want to choose the payment solution that supports your business case.

Payment Gateway – All payments on website and app

payment gateway - Razorpay payments solution

Razorpay Payment Gateway works best to accept payments on your website or app. The PG easily integrates with your system while providing you with a completely online onboarding experience. 

Features

Accept all payment modes – From domestic to international, Razorpay supports the most extensive set of payment modes. Credit cards, debit cards, UPI, EMI, mobile wallets, and netbanking. You name it. We got it!

Checkout and global card saving – Say goodbye to asking your customers over and over to provide their payment details. 

Developer friendly – Razorpay PG offers robust, clean, and developer-friendly APIs, with plugins and libraries for all major languages and platforms.

Learn: Boost your conversions with Flash Checkout Provide your customers with a seamless payments experience with Razorpay Payment Gateway.

Payment Links – Create & send links to accept payments without integration

Businesses sometimes face the problem of upfront money collection and delayed payments from their customers. This can severely affect cash liquidity. Razorpay Payment Links is your way to go to steer clear of this problem.

Features

Batch upload – Create and share Payment Links for hundreds of your customers in one go by uploading a .csv or .xlsx file with customer and payment details. Save time and effort in issuing Payment Links with reduced manual errors.

Partial payments – Provide your customers with the flexibility to make payments in parts against large orders, as an upfront token amount or an advance payment instead of making the entire payment at once.

Create Payment Links on the go – Razorpay’s free browser extension helps you create and share Payment Links via email, Whatsapp, Facebook Messenger and other online channels with ease.

Tidbit: Payments fail for various reasons. And, Payment Links works best to help your customer go over the transaction again. Simply create and send the Payment Link over SMS or email.

[Suggested read: Why do Online Payments Fail?]

Learn:

Getting paid is simply a Link away!

Payment Pages – Customized, hosted pages to collect payments

payment pages

Offering online payments to your customers can sometimes be daunting. Creating a website, hosting it, integrating a payment gateway may consume too much of your time and resources. Razorpay Payment Pages is specifically designed to accept payments online, even for a business that doesn’t have a website or an app.

You can effortlessly create a Payment Page in less than 5 minutes, go live and start accepting payments from your customers, without any support. Create your own Payment Page from scratch or choose from one of the templates that are already available to you.

You can customize this Payment Page to suit your branding by including your logo and your brand colors.

Learn: How Razorpay Payment Pages can enable your business

See it, believe it — Payment Pages demo

A few use-cases for Payment Pages

To further help you understand how Payment Pages can be used, here are some use-cases.

1. Events and tickets – Our hosted Event Registration Payment Page is a quick and efficient way to register event attendees online. 

Learn: How to Sell Event Tickets Online Without a Website

2. Accept donations – Razorpay’s hosted Donations Page is the way to go if you’re raising money for a good cause. This saves you valuable time, allowing you to focus on the cause. 

Learn: Accept Donations the Easy Way

3. Sell products – Take orders around the clock using our Online Order template.

Learn: Sell Online Without a Website

4. Fee collection – Collect fees within seconds with our hosted form, without any paperwork. Let’s worry about simplifying payments for you!

Subscriptions – Collecting recurring payments made easy

subscriptions Many companies are turning towards subscription models to reduce periodic collection cost, increase monthly recurring revenue, reduce churn, and offer a better user experience.  With Subscriptions, you can offer your customers plans with automated recurring transactions on many payment modes.

[Suggested read: Subscription Economy: Business Impact of Rapidly Changing Consumer Needs]

Features

Run on autopilot – Link your customer to a plan, create a subscription, and leave the rest on autopilot to work best for you.

Easy ReportingTrack all your subscriptions and make informed decisions using dashboard reports.

Handle edge casesRazorpay takes care of all scenarios such as declined card, retries on a failed transaction, change of card, etc.

Own customer experiencePersonalise the customer experience by communicating the subscription status and prompting the next steps.

More benefits of Subscriptions

You can onboard subscribers for your services from all around the world. Razorpay’s Subscriptions supports 100 currencies!

  • Offer your customer the option of a trial period with a subscription plan that automatically starts charging at the end of the trial period
  • Charge your customers a one time fee at the time of creating subscription before the actual billing starts
  • Add charges easily for any overhead expenses, extra services used etc. in the billing cycle
  • Allow your customers to upgrade or downgrade their subscription plans anytime they want, with proration
  • Offer your customers a variety of payment methods to choose from for the subscription. Subscriptions supports credit cards, debit cards, e-mandate, and more.

 Keep your customers coming back for more with Razorpay Subscriptions.

Smart Collect – Automate NEFT, RTGS, IMPS payments

Razorpay smart collect payments solution

Does Your Business Collect NEFT/RTGS Payments? If so, you’d know that reconciliation is a huge problem – it’s manual, tedious, time-consuming and error-prone, leading to poor accounting of cash flows. 

Razorpay Smart Collect is a powerful system to easily automate reconciliation for NEFT/RTGS payments through a real-time virtual account and Virtual UPI ID system. Create as many virtual accounts as you want and receive one or many payments per virtual account. Easily customize these as per your business use case.

Features 

One time payments – Accept a single, large payment from a customer via NEFT, RTGS or IMPS. Close the account as soon as you receive it. 

Regular payments – Create dedicated virtual accounts for each customer and easily keep track of each incoming payment.

Event-based payments – Create unique virtual accounts for each campaign, efficiently segregating the incoming payments for maximum control and visibility. 

Seamless Refunds – Send out full or partial refunds to customers via Dashboard & API and your customers will receive it directly in their bank accounts. 

Custom Account Numbers – Create account numbers the way you want. Highlight your company name or assign account numbers specific to customer IDs or any other custom fields.

Benefits of using Razorpay Smart Collect

  • Generate Virtual Accounts and Virtual Payment Addresses on-demand and accept payments via bank transfers or UPI
  • Create unique VA and VPA tagged to individual customers
  • Manage payments through Merchant Dashboard or via API
  • Real-time payment notifications via Webhooks
  • Instantly refund payments. Improve customer experience and trust by cutting down refund period from 3 business days to a few minutes

Popular business use cases

  1. Fee Collection – Accept payments with multiple payment modes to a virtual account
  2. Loan Repayment – Accept multiple loan repayments 
  3. Payments for Investments Plans – Receive payments towards investment plans
  4. Insurance Payments – Accept payments of insurance premiums periodically

Invoices – Get paid on GST compliant invoices 

razorpay invoices payments solution

Let your customers know what they are charged with a detailed breakdown of the expenses, including price, taxes, and discounts. Provide your customers with accurate information and yourself faster access to funds through online payments.

Razorpay Invoices provides customers with a seamless buying experience through beautifully designed invoices that speak your brand language.

Features

GST compliant – Add GST, discounts and shipping details, all in an invoice and let our invoicing solution do the calculation for you.

Partial payments – Enable partial payments for your customers at the time of invoice creation directly from the dashboard

One time effort – Save time and effort on entering the same line item again, instead, save it as a template and use it across invoices

Download Option – Let your customers save and download a .pdf version of invoices for future reference. With Invoices, you can create and send GST compliant invoices that your customers can pay online instantly.  Get paid faster and improve your cash flow.

What more?

If your business has a very unique use case, you can try a combination of products to help you meet your goal. All you have to do is let us know and we’ll figure things out for you.

[Suggested read: 7 Reasons why Razorpay is Right for You]

End of the road

And, there you have it! All of Razorpay’s payments solutions to accept payments from your customers, broken down to understand what kind of product you would essentially use for your use case. What are you waiting for? Get started now!

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India Sees 383% Growth in Digital Payments From FY’18 to FY’19 – The Era of Rising Fintech

era of rising fintech

We’re back with yet another fascinating edition of ‘The Era of Rising Fintech’! 

With the end of September, we wanted to give you a little glimpse of how digital transactions are carried out in the country. We’ve focused on how Indian businesses accept payments, as well as how Indian consumers transact. We also wanted to highlight some of the noteworthy developments in the payments space.

Since Razorpay is a payments platform, it oversees huge volumes of digital transactions of a multitude of businesses. All findings in this report are based on digital transacts on the Razorpay platform carried out from January till September.

(JFM: Jan-Feb-Mar, AMJ: Apr-May-Jun, JAS: Jul-Aug-Sept)  

Let’s spring right into it!

The growing demand for digital payments

Consistently, there has been an amplifying demand for digital payments over the past few years. We’ve undoubtedly seen the adoption of UPI and other fintech innovations making banking and payments very experiential for both consumers and businesses. 

  • According to the report, India observed a whopping 383% growth in digital payments from FY’18 to FY’19.
  • Total digital transactions in volume terms recorded a growth rate of 58.8% during 2018-19, on top of a growth of 50.4 percent during 2017-18 – Reserve Bank of India

Although demonetization in November 2016 did not directly aim for India to become a cashless society, it did play a big part in it. The dearth of physical currency gave rise to wallets, just about when mobile payments gained a firming foot. 

Just then, NPCI released their innovation – UPI (Unified Payments Interface) which was much ahead of several money centers all around the world. Quickly, a hundred and odd number of banks joined hands to provide UPI as a payment mode to the merchants and consumers. This pretty much created a revolution and played a massive part in the era of rising fintech in the country. 

And ever since, cashless India has been a model for the rest of the world.

[Suggested reading: UPI Overhauls Cards as the Preferred Payment Mode at 45%]

P2M Digital transactions in Jul-Aug-Sept

Like we mentioned before, we enable payments of over 600,000 businesses all across India and oversee immense volumes of digital transactions. Based on these transactions, we were able to analyze and gain intricate insight into payment trends throughout the country. Here are some crowning points.

  • In JAS, we observed that most consumers preferred digital payments like cards (43.5%), UPI (40.4), netbanking (10.9%) and other online payment modes over cash transactions
  • While cards contributed a bigger chunk of digital payments, we noticed that the usage of cards declined by 9% while UPI grew by 26%, from AMJ to JAS
  • While UPI grew, Google Pay became the most preferred app with a hefty hand out of 62% of the total UPI transactions.
  • PhonePe followed Google Pay by chipping in 25% while PayTM and BHIM did their part by 6% and 5% respectively

As we analyzed the transactions carried out in JAS, we picked up on the top 3 industries that contributed the most. 

  • Food and beverage industry took the largest cut at 25% while financial services and tours and travels contributed 21% and 15% of the total digital transactions
  • Logistics sector saw 161% growth in terms of online payment adoption, followed by government bodies showing 109% growth. Financial services also climbed up the ladder by 57%

The Era of Rising Fintech – Hyderabad

The top 5 digitized cities of India in terms of payments are Bangalore, Hyderabad, Delhi, Mumbai, and Pune. While we discussed the digitization of Pune (JFM) and Chennai (AMJ) previously, our pick for JAS is Hyderabad. Let’s plunge into the details of Hyderabad’s digital payments ecosystem in JAS.

  • Hyderabad is the 2nd most digitized city in terms of payments. Also, Telangana is the 5th highest contributing state in the total volume of digital payments carried out all over India
  • UPI has mostly taken over digital payments in the country by a storm. As UPI augmented itself by 222% from January 2019 to September 2019, it became the most preferred payment mode in Hyderabad.
  • While there are many UPI apps, Google Pay continues to be the most preferred UPI app in Hyderabad, too. The app was used to carry out 59% of the total UPI payments in JAS
  • PhonePe was a close contender contributing 32% of UPI payments made in Hyderabad n JAS. The app also grew in terms of adoption by 84%, seeing the highest growth percent amongst its competition
  • In JAS, we noted that consumers preferred cards to make most of their online payments. 41% of payments were made using cards, beating UPI (39%) and netbanking (18%) in the quarter. In September, UPI became the preferred payment mode with a contribution of 45%
  • Hyderabad saw the highest number of online payments in Telangana. It’s also interesting to note that cities like  Secunderabad, Khammam, Karimnagar, Warangal, and Palwancha also contributed their share to Telangana being the 5th most digitized state

The future of digital payments 

After understanding the customer preferences, payment innovations ecosystem of payments and contribution of various industries, we wanted to provide some insight about what’s in store for Hyderabad.

  • With the digital lending sector in India projecting growth by $100 billion by 2023, we can surely expect a lot from the 2nd most digitized city in the country
  • UPI also has the potential to offer much more than it already has! The payment mode can lead the way with much more customized features that can help increase financial inclusion all over India
  • With the government GST incentives and Merchant Discount Rate (MDR) cuts, we can expect an increased and sustained merchant acceptance in Hyderabad

Roadblocks along the way to digitization

India has shown remarkable strides lately, ever since newer fintech innovations became accessible to consumers. Like any other innovation, there certainly are several roadblocks along the way.

  • After analyzing digital payments, we can say that there aren’t enough incentives to promote digital payments. Cashback and scratch cards don’t cut it anymore
  • There is an insufficient collaboration between banks and fintech bodies
  • Smaller merchants need POS terminals along with cheaper payment options

[Suggested reading: Challenges for Banks and Fintech to Work Together]

Over to you

We’re definitely on the way to seeing India becoming a digital superpower. Many cities have already contributed significantly towards its becoming, while tier 2 and 3 cities are slowly gaining momentum. 

We’re very excited to see what’s next – with our next edition and a whole new city!

razorpay era of rising fintech report

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Is 30% RTO the Cost of Running an E-commerce Business?

thirdwatch ecommerce return to origin fraud

It is no surprise that the Indian economy is more of a cash-driven market, especially in the e-commerce sector. Unlike the e-commerce industry in USA/Europe, COD is the forerunner in the Indian market. 

COD suits the Indian mindset and can make up to 70 percent of Indian e-commerce businesses. With smaller players, customer credibility is also in question, which can further accelerate the need to introduce COD to their business.

However, there’s a bigger problem in question when it comes to the Indian e-commerce industry– Return to Origin (RTO) costs. These RTO costs can be especially high in the case of COD orders.

What is RTO?

RTO is when orders cannot be delivered and have to be shipped back to the warehouse. This puts a significant cost burden on e-commerce firms as they lose a lot of money in shipping it back and forth.

Here’s how e-commerce companies lose money in these orders:

  • Forward & reverse logistics
  • Blocked Inventory (Items stuck in transit)
  • Physical quality check and re-packaging of returned items
  • Increased probability of damage to fragile items, and hence more money spent in shipping them
  • Operations cost in processing this order

We took time out to see what the actual numbers of RTO orders and what their share was. Here’s what we found– in case of COD orders, the percentage of RTO orders can be as high as 40 percent!

This means that at least one out of three orders were failed orders and were returned. When one-third of your orders have the potential to damage your bottom line, rather than adding value to it, it’s no doubt that the situation is worrisome.

Is there a pattern to these cancelled orders?

We took a closer look to see if there were any patterns to these orders, and if these patterns followed a Modus Operandi and we discovered a few interesting insights. Here’s what we found out:

  • Customer error (Intent is there but incomplete address, phone number, etc)
  • Orders from transitory addresses (hotels, friend’s place, etc)
  • Price-sensitive intent (Reorder because of drop in price)
  • Impulse buy but without paying (there is no downside to refusing delivery)
  • Intent to fraud (Habitual fraudsters)
  • Placing an order without any genuine intent

So, what is the solution to this?

Companies often perceive these costs as “mandatory” since there’s no proper solution set in place. Companies have little choice and fewer tools to prevent RTO — they just take it as a ‘cost of doing business’.

Some businesses also resort to static, generic solutions like the following:

  • Blocking all transactions on International credit cards
  • Not delivering to certain pin codes or cities
  • Capping the order size

But, what’s wrong with static solutions?

Well, sometimes, static solutions can do more harm than good as many genuine orders are lost in the process, not to mention customer dissatisfaction when they hit a dead end on a static solution. This can even affect customer relationships on a long-term basis. 

Solving the RTO problem by manually scanning every order does not work either due to the sheer scale of the problem and evolving nature of fraud techniques. 

With the Indian e-commerce market becoming hyper-competitive, firms need better solutions as they cannot afford to lose customers and orders. 

The way forward

Machine Learning technology offers an attractive solution as it addresses all the challenges in preventing fraud — scale, complexity and changing patterns.

  • Employing Machine Learning for fraud detection

Catching digital frauds requires us to first gather the ‘Forensic Evidence’. Every user interaction leaves behind a subtle digital forensics trail like proxy IP, device ID, email address, time to order, etc. 

Machine learning models combine hundreds of such innocuous parameters, which are seemingly unrelated, to identify the patterns that indicate fraud. These patterns are later used to zero down on customers who perform a fraud across different websites and make it to the blacklist.

  • Enriching the data

Machine learning and natural language processing are used to differentiate between real and fake address. This is only the beginning. Transaction and user data can be enriched by adding context to it.

For example, by adding the price of the user’s phone device or categorizing an address as five stars or one star, we turn meaningless data (phone model) into actionable information that increases the accuracy of the red or green flag that the machine learning models generate for every transaction.

  • Observing the user

Fraudsters are habitual in nature. They leave similar footprints on multiple sites. Network effects can be harnessed by pooling in anonymized data to predict and prevent fraudulent behaviour. This de-incentivises and penalises fraudulent behaviour across the ecosystem.

Moreover, e-commerce firms will truly know their customers so that goods are delivered to a person not merely to an address.

Most importantly, RTO will no longer be just the “cost of doing business”.

Curious to know more about how we’re solving this for merchants? Get in touch with a Thirdwatch expert today!

India’s FinTech – An Unbalanced Adoption

FinTech firms in India are setting new benchmarks for financial services in the country. A large number of Indians are today not catered to by financial service providers in the country. This is a huge segment of the market that FinTech firms are looking to tap into through their innovations, a majority of which come from startups. Hence, their use will only rise as awareness grows, consumer concerns fall and technological advancements reduce switching costs.

India already has the second-highest FinTEch adoption rate in the world, at 52%, second only to China. According to Credit Suisse, the digital payments industry is currently pegged at $200mn and is expected to grow five-fold by 2023.

On the whole, the FinTech industry is backed by the government as well. Initiatives such as Jan Dhan Yojana, Aadhaar and UPI have enabled a larger number of Indians to access financial services. Consequently, the business environment has flourished thanks to programs like Startup India, which has enabled more companies to cater to this ecosystem. 

Additionally, The National Payments Council of India (NPCI) has leveraged the growing presence of mobile phones with the introduction of UPI. This has helped in the reduction of the cost of infrastructure for FinTech ventures substantially. With the smartphone user base expected to expand, the digital banking footprint is projected to grow faster than ever before.

But all of this is currently happening on a large scale in urban India. FinTech has become an almost ubiquitous part of our lives, but our fellow citizens in rural India are still way behind. The fact that they can’t afford these services coupled with illiteracy is some of the reasons for this. 

Additionally, the needs of the population without bank accounts are very different from the traditional population. The need for money and the spending habits of a daily wage worker in a smaller town or village are very different from those of an office goer in a bigger city. Transitioning to digital platforms is difficult for people who have spent their life using cash. 

But that’s not to say that things are not changing. They are because smartphones and internet access are both increasingly available more easily in every part of the country. The government is working in unison with FinTech companies to make sure that this part of the population also gets access to financial services and products. FinTech companies are also adapting themselves to meet the needs of this segment as Indian consumers in smaller areas become more accepting towards UPI platforms and mobile phone wallets.

On the other hand, that is complicated in an economy like India which is dominated by MSMEs. And for MSMEs, entering the digital realm for payments can be complicated. But on the plus side, FinTech companies have taken it upon themselves to build products that solve this problem. Payment gateways are one such example. Sure, the margins might be low, but the scale definitely isn’t. This is why more massive payment gateways target a handful of giant retailers. This makes it that much harder for FinTech companies catering to the latter to come up with sustainable business models. Fintech is supposed to enable small companies and has done so in mature economies. 

In all, FinTech firms are establishing themselves as noteworthy providers of financial services, with the greatest traction not only in banking but also increasingly in insurance and wealth management. They are demonstrating success in innovation, whether as a new business model or a new service and, in the process, are shaping the future of the financial services industry. As a result of the rise of FinTech, we are moving to a world where products are unbundled from full-service incumbent firms and bundled by platforms that disrupt traditional merchant-consumer relationships by allowing consumers to manage their finances on the go. 

Although we are on the right path, we also have a long way to go, to make sure we are able to strike the balance, in the next five years – FinTech has the potential to democratize access to finance in ways that we are yet to comprehend completely. Hence, it is imperative, that the financial services industry and the government put together a collective effort to leverage the benefits of FinTech for the betterment of the Indian society as a whole.

This story was first published on ET BFSI.

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UPI Overhauls Cards as the Preferred Payment Mode at 45%

UPI

Surprising how UPI has grown so much to become the preferred payment mode in September. UPI, since its inception, has become quite the champion amongst payment modes. Anybody and everybody who accept payments, are now providing UPI as a default payment mode.

So, if you’re wondering what UPI has to offer in September, you’re in for a treat! Without further ado, let’s discuss UPI, the most preferred payment mode in India!

Before we get into the details, let’s bounce off of the different types of UPI payments and their significance. 

Although the use-cases for UPI payments are bountiful, we primarily use the payment mode for two kinds of payments.

  1. P2P (Person to Person) – UPI was initially a P2P payments enabler in 2017, meant for transactions between two people
  2. P2M (Person to Merchant) – After it took the payments space by a storm, it transitioned into a P2M mode, wherein people could make payments through UPI to merchants, both online and offline

Since Razorpay is a payments platform, it oversees P2M transactions from a multitude of businesses like BookMyShow, IRCTC, Zomato, to name a few. To better represent the efficacy of the transactions, we’re considering P2M transactions of UPI alone carried out on the Razorpay platform.

UPI vs other payment modes 

For the first time ever, UPI went past cards and other popular modes to become the most preferred payment mode in the month of September! 

UPI methodwise contribution preferred payment mode

We’ve been observing UPI transactions since 2017, and we always saw that cards (debit & credit) took the bigger chunk in the method-wise split, while UPI always stood right behind cards. But, the tables turned in September.

UPI contributed to about 45% of the total transactions we observed at Razorpay, while cards pitched in 42.56%, taking the second place.

You may think the difference is minuscule. But, with 350,000+ businesses on the platform, you can only imagine the number of transactions taking place every minute, every day. So, the 2% difference is a big deal. 

As much as people love swiping cards, the ease of simply not carrying cards anymore took precedence.

Netbanking summed up a total of 9.29% as wallets superseded bank transfers by 0.38%.

How UPI became the preferred payment mode

In our August month’s issue, we talked about UPI’s adoption skyrocketing. And, it’s no different this time either! 

The growth of UPI is always an interesting trend to stay updated with. We’ve seen the numbers vary across ranges and extremities. 

The payment mode is truly an innovation in fintech since it has been able to simplify payments like never before. And this very fact makes its elevation an exciting trend to observe. 

UPI transactions preferred payment mode

We looked at all UPI transactions from the month of April to September to analyze how much the payment mode has ascended. Keeping the month of April as the base value (calculated upon values of previous months), we can see that there has been sustained growth in the overall transactional value, as well as volume. 

Although May was an anomaly for various reasons, UPI managed to brush off the dust and swing right in from August, while discovering a new crest in September.

By 37.33%, UPI went through the roof in September, for the first time ever!

Next up, let’s take a look at how some of our favourite UPI apps did in September.

App-wise contribution

Since UPI was the biggest player in terms of payment mode, it’s only right we understand how much of a contribution each one of our popular UPI apps bore.

app wise contribution preferred payment mode

As always, the Google Pay drift continued as the app furnished a hefty 61.33% of the total UPI transactions there were carried out in September. PhonePe too, without changing its spot, followed Google Pay by handing out 24.2%.

Contributions of PayTM (5.94%) and BHIM (4.55%) saw a steady number, around the ballpark of the last few months. 

UPI apps of banks (constituting “others”) like Syndicate Pay, Kotak Mahindra, and more, along with Mobikwik, Airtel Payments Bank, Amazon Pay, accounted for a total of 2.45%.

Like UPI, UPI apps have also seen variations in growth. Some of the apps have seen a consistent rise, while others have fallen back. You can read all about it in our UPI Wars story.

Let’s see what tug-of-war went on in September. 

The evolution of UPI apps

app wise growth

We analyzed a high value and volume of UPI transactions to determine the growth of each UPI app, and the results were quite satisfying.

Google Pay, although the most used, adopted app, still saw a massive growth of 40.77%, while PayTM jumped up the ladder from August to 37.8%. And, PhonePe contended to claim its place at 34.01%.

While this war continued, BHIM silently made its way up by 31.17%.

Bank UPI apps like SBI (20.66%), HDFC (11.1%), and ICICI (10.38%) made the list by showing significant growth. Samsung Pay, ICICI Pockets, Mobikwik, WhatsApp Pay, Andhra Bank, and more (grouped as “others)”, also caught up by a total of 20.15%.

UPI transactions from across the country

Now that we’re fully aware of the growth of UPI and UPI apps, let’s dive into some geographical specifications to understand where these transactions came from.

preferred payment mode - upi transactions from across the country

As we’ve worked on the UPI series for a few months now, we had a few predictions about the states and cities’ contributions.

Karnataka, as always, was the #1 contributor of UPI payments in September, as 28.42% of the total UPI transactions were carried out in the state. While so, Maharashtra retained its place just after Karnataka at 14.51%.

Telangana and Andhra Pradesh collectively saw 10.48% of the total UPI transactions, and the NCR region contributed 8.77%.

Now, let’s jump into the contribution of cities

In our August month’s report, Bangalore gobbled up the first place, and the same went on in September as the city pitched in 39% of UPI transactions. 

Hyderabad also had a significant number of transactions (12.3%) just like Pune (9.4%). Mumbai made its name on the list for the first time at (7.1%) followed by Chennai at (6.1%).

Note: You may wonder how Karnataka’s contribution is 28.42% while Bangalore is 39%. The reason is, the state split is different from the city split. We consider the whole country to provide state-wise contribution, whereas we look into 15 cities and calculate their contribution.

While we’re on city-wise contribution, let’s get to the tier wise split.

Tier wise contribution

63.85% of UPI transactions were carried out in tier 1 cities, while tier 2 and 3 cities came through with 30.19% and 5.97% respectively.

Will UPI continue to be the preferred payment mode?

We’re as curious as you are! 

With UPI disrupting the payments space and climbing to the top as the most preferred payment mode, its impact is only getting bigger and bigger. 

It’s incredible to see newer innovations making their mark. This is proof that convenience always wins over most other parameters. 

Let’s explore more of Indian fintech next month, with another exciting UPI update. 

See you then!

(All findings are only based on transactions held on Razorpay platform in September 2019)

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This story was first published in Inc42.

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