CHENNAI: Bengaluru has topped the list of "most digitised cities" accounting for highest card payments in a study conducted by payments solution company Razorpay.
According to the Era of Rising Fintech Report, released by Razorpay Software Pvt Ltd, here on Thursday, Bengaluru is followed by Hyderabad, Mumbai, Pune and Delhi. The top five digitised states as per the report are Karnataka, Maharashtra, Tamil Nadu, Andhra Pradesh and New Delhi.
Payments made through credit and debit cards was at 50 per cent in the pay to merchants category in April, May, June while it was 56 per cent in January, February and March, the report said. Usage of credit and debit cards increased by 22 per cent in April, May, June period as against January, February and March period this year.
Some of the top three sectors contributing to the digital payments growth in April, May and June was food and beverage 29 per cent, gaming industry 15 per cent, financial services 14 per cent among others.
Tamil Nadu ranked fourth in contribution in digital transactions in the country with Chennai's share was highest at 57 per cent, followed by Coimbatore, Tiruppur, Salem and Erode. "Tamil Nadu is among one of the most developed states in India. Other than Chennai contributing the highest number of digital transactions, we noticed that lending is one of the upcoming growth sectors," Razorpay, Co-founder and CEO, Harshil Mathur said.
Razorpay predicted that 40 per cent of digital payments transactions would be driven by Tier-II businesses and consumers by 2020.