Karnataka recorded the second highest number of digital transactions on fintech platform PhonePe in the July-September quarter of the calendar year 2021. Maharashtra secured the top position.
Bengaluru Urban was the top district accounting for about 63% of the total digital transactions in Karnataka, with the value of transactions in the metropolitan area being ₹48 crore. This was followed by Mysuru with transactions of ₹2.5 crore and Bengaluru Rural with ₹1.82 crore, according to the company.
In the third quarter, merchant payment volumes outperformed money transfer volumes across India by an average of around 5%. In Karnataka, however, the merchant payment volume was 36% higher than the money transfer volume.
Dharwad district saw the biggest rebound in QoQ transaction volume due to the easing of the second lockdown in late June 2021 and early July. The district witnessed a 50% increase in the number of QoQ transactions, while Bengaluru Urban came second with a growth of 46% in transactions.
Also, PhonePe found a 33% growth in mutual fund transactions in Karnataka in Q3 2021 relative to Q2 2021.
Karthik Raghupati, Head of Strategy and Investor Relations, PhonePe, said, “It is fascinating to see the increasing penetration of digital payments in Karnataka. We are witnessing phenomenal growth in all key metrics such as transactions, users and categories across the state, and the post-pandemic recovery has provided yet another impetus. It is going to be an exciting next quarter with festivities and holiday season, and we are already looking forward to the next set of interesting insights and trends coming from Karnataka for the fourth quarter of 2021. ,
,