Ticketing company BookMyShow has partnered with payments service Razorpay to offer UPI payments for its customers, reports Economic Times. Available only on Android for now, Razorpay will rely on intent flow for processing payments.
Razorpay claims to have over 1 lakh merchants on its platform, and claims to grow 30-35% month-on-month. The company says the product suite launched in September 2017 now accounts for 20% of Razorpay’s revenue. The product suite was launched to help customers manage marketplaces, collect payments through NEFT, RTGS and IMPS, recurring payments and products to generate invoices and payment links.
The company expects tenfold growth in volume and revenue by the next fiscal, along with enlisting 2 lakh merchants on its service by 2019.
- In August, Razorpay also tied up with Bharti Airtel to provide to enable UPI payments through UPI on Airtel’s website and mobile application.
- In February, the company partnered with the Indian Railway Catering and Tourism Corporation (IRCTC) to help customers book train and flight tickets through UPI, in addition to other payment modes.
In January this year, Razorpay had raised Series B funding of $20 million from existing investors Tiger Global and Y Combinator, along with participation from Matrix Partners. At that time, the company said it would use the funds to expand its reach into new markets and verticals.
UPI transactions on the rise
UPI transactions increased by 32% in the total transaction volumes taking place between July and August 2018, according to data published by the National Payments Corporation of India (NPCI). The total number of transactions in August 2018 increased 19 times year-on-year, and the amount transacted increased 13 times in August 2017 year-on-year.
Except in the months of May and July 2018, UPI transactions have been growing since launch. Growth has typically been driven by new launches and cashbacks: for instance, Google Tez (now Google Pay) launched on September 18, 2017, offered cashbacks and had reported 140 million transactions for the month of October and November since launch, apart from 12 million users.