After Ecommerce—grocery stores, supermarkets and hospitals are the top 3 segments which have shown maximum growth in UPI transactions.
UPI can be used to transform retail payment mechanisms globally, and at the same time promote financial inclusion, the booklet said
Ezetap, a leading payments platform, has observed that the demand for home deliveries has risen across categories including groceries, food, plants, furniture, festive shopping, etc. With eCommerce and brick ‘n’ mortar giants stepping up their delivery business, there has been a surge in digital transactions with Ezetap platform recording one the highest success rates of 94% for all UPI transactions. After Ecommerce—grocery stores, supermarkets and hospitals are the top 3 segments which have shown maximum growth in UPI transactions.
With more than 95% of UPI transactions coming from the ecommerce segment, the digital platform is seeing strong numbers from tier II and tier III cities as well. Ezetap has seen a surge in digital transactions in the last 2-3 months witnessing a dramatic shift in trends, with statistics which are even higher as compared to pre covid levels, i.e; Ezetap observed a 300% jump in UPI transaction volume in October ‘20 as compared to pre-covid months, earlier in 2020.
Since the advent of UPI, more than INR 25 Billion worth of UPI transactions have already been processed through the Ezetap platform. Bangalore, Mumbai, Hyderabad, Nasik and Dehradun have seen the highest growth in UPI transactions. The new era of social distancing is making UPI one of the most preferred payment methods. Removal of MDR for merchants who use UPI has also incentivised more merchants and retailers to switch to UPI.
Byas Nambisan, CEO of Ezetap, highlighted, “As India transitions to UPI, a key friction has been the lower success rates of transactions. This is frustrating for both merchants and end consumers. This is where our platform has delivered the best experience. Ezetap platform has been fine tuned for large enterprises as well as retailer outlets. The platform’s robustness is further validated by the fact that we have seen over 94% success rates for UPI intent link transactions.”
Bhaskar Chatterjee, Products Head of Ezetap,further added, “We provide a comprehensive set of UPI-on-delivery capabilities which include:
Dynamic QR codes that the merchants or delivery agents can generate on request
Pre-generated dynamic QR codes which can be printed on invoices or sent via email
UPI on SMS Pay where a customer can choose to pay via UPI through an ‘intent call’ to the UPI app of his/her choice
Catering to business and merchants of all sizes, Ezetap provides customised and integrated payment platforms for all forms of digital payments. Ezetap offers contactless experience across touchpoints including in-store payments, in-field collection, doorstep delivery payments, and even kiosk payments.