Digital Transactions Grow By 80 pc, Increasing Acceptance In Tier II And III Towns: Razorpay report
- BySheetal Sidhu | August 10, 2021
Digital transactions have continued to grow at a strong pace in the country with increasing acceptance in Tier II and III towns, a report by fintech firm said. Digital transactions have grown by 80 percent during November 30, 2020-August 6, 2021 as against the previous 250 day-period, indicating the strong acceptance and adoption of digital payments in the country, the report said. It noted that digital payments had seen a drop of 30 per cent during the first 30 days of the lockdown last year. “Soon, the ecosystem started to come together to help each other and we saw a 23 percent growth within 101 days of the lockdown. And now, digital transactions have grown by 80 per cent from the first 250 days (March 25, 2020-November 29, 2020) of these new times to the next 250 (November 30, 2020-August 6, 2021),” it added.
“Businesses, especially from Tier II and III cities, have been a major boost for digital payments exhibiting a growth of 40 percent from the first 250 days to the next 250 days…the demand for payment options like Paylater and EMI has been mounting and has displayed growth of 220 percent already,” it added. Razorpay CEO and Co-founder Harshil Mathur said the last 500 days haven’t been ordinary as almost every person and business has realised the need for digital awareness and presence. “I expect this revolution of fintech to extend from payment innovation to business banking innovation in the next two years,” he added.
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