|
|
|
Small-town India drives online transactions by 80% in 2020: Report
|
|
|
|
Top Stories |
|
|
|
|
SME Times News Bureau | 12 Jan, 2021
In a year bogged down by pandemic-driven lockdowns and social
distancing, online transactions grew by 80 per cent in India as compared
to 2019, suggesting a significant adoption of digital payments by
consumers and businesses alike especially from the smaller cities, a new
report said on Tuesday.
The tier 2 and 3 cities were a major
driver for online transactions inlets year and witnessed 92 per cent
growth, according to the report by fintech unicorn Razorpay.
Consumers
moved to online to make most of their payments, making the Bill
payments/utilities sector witness a sizable growth of 357 per cent.
The
UPI transactions outgrew cards, netbanking and wallets with 120 per
cent growth in a year, becoming the most preferred mode of payment
especially for Tier- 2 and 3 cities, the findings showed.
"While
the overall transactions in 2020 significantly grew compared to the last
year, what I'm really excited about is that it grew by about 73 per
cent in the last six months alone," said Harshil Mathur, CEO and
Co-Founder, Razorpay.
"So much so that the transactions from tier
2 and 3 cities grew by about 92 per cent in a year. This is the first
time that we've seen such a spectacular growth from these parts of the
country," Mathur added.
The report mentioned that mutual funds
grew by 382 per cent in a year, indicating a ripe time for investments
as consumers viewed the market corrections as an opportunity rather than
a threat.
"With every service moving to virtual platforms, the
education, e-commerce and healthcare sectors also witnessed a
significant growth of 167 per cent, 189 per cent and 148 per cent,
respectively.
The logistics sector also showed a slight growth of 18 per cent in 2020.
"Businesses are beginning to stabilise and some of them are even back to pre-Covid levels," Mathur said.
In the last six months, Razorpay witnessed a 40-45 per cent month-on-month growth.
Razorpay
currently facilitates payments for over 5 million businesses including
Facebook, Airtel, BookMyShow, Ola, Zomato, Swiggy, Cred and ICICI
Prudential, among others.
According to the company, it is all set to reach 10 million businesses in 2021.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|