Hyderabad Achieves a New High in Digital Transactions with Super-High UPI Transactions

In this utopia of digital transactions, Hyderabad has claimed the highest position in UPI transactions in the year gone by. A 33% increase in UPI transactions thus has given this city its leadership in South India. A survey revealed that the UPI receipt surge was made manifest by businesses favoring UPI payments and the trust gain of the citizens in digital transactions also helped.

Digital India is the brainchild of the Government of India, and the nation’s policies significantly contributed to the growth. In banking and finance, adoption of technology has risen at an unprecedented pace, just like the UPI apps now covering smartphones. Earlier, it was net banking and mobile banking at the front of digital payments; UPI apps have since completely transformed transactions, featuring speed, convenience, and security.

Based on a study by How Urban India Pace conducted online with the participation of over 6,000 respondents in 120 cities, Hyderabad has been marked as the topmost city for digital payments by rating. The study also revealed ones in big and mid-sized cities of South India of the adoption and preference of UPI as a mode of payment. At present in Hyderabad, 52% of payments are made through UPI, with cash accounting for only 33%.

Hyderabad has witnessed high UPI wallet, credit card, and other digital payment mode usage by residents—a fresh endorsement of confidence in the digital network by users. Experts feel that this trust and increased adoption are pushing Telangana towards becoming a cashless economy in no time.

While Hyderabad acts as a major pit stop for all online transactions in India, similar trends are being widely observed and embraced in Tier 2 and Tier 3 cities, promising an exponential surge in the use of digital payment methods in the years to come.