BillDesk’s growth slows in FY24; PAT drops to Rs 121 Cr

BillDesk, a prominent payments processor in India, experienced a drop in its profit after tax (PAT) to ₹121 crore in the fiscal year 2024. This decline in profitability occurred amidst a slowdown in the overall growth of digital payments in the country. The deceleration is largely attributed to the increasing dominance of the Unified Payments Interface (UPI), which has become the preferred mode of digital transactions for a vast majority of users. The rise of UPI has consequently impacted the transaction volumes processed through traditional payment gateways like BillDesk, which historically handled a significant portion of online payments. This situation highlights the transformative challenges facing established players in the digital payments industry as new, more user-friendly and cost-effective platforms gain prominence and reshape consumer behavior. The shift towards UPI underscores the need for payment processors to adapt their strategies and business models to remain competitive in a rapidly evolving market landscape.