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E-commerce saw over 100% growth in 2020
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SME Times News Bureau | 20 Apr, 2021
Amid the pandemic, online payments, indoor entertainment
and gaming witnessed over 100 per cent growth in India last year, a new
report said on Tuesday.
As theatres and offline entertainment
avenues remained shut consumers turned to indoor entertainment, the OTT
segment witnessed an incredible 144 per cent increase in the number of
transactions and a 139 per cent increase in expenditure between 2019 and
2020, according to online payments solution provider PayU.
The
pandemic gave a huge boost to online payments, seen in the 24 per cent
increase in the number of transactions and 23 per cent increase in
expenditure across the PayU platform, year on year.
"PayU is
committed to partnering with merchants to facilitate adoption of digital
infrastructure," said Hemang Dattani, Head- Data Intelligence, PayU.
Interestingly,
during the festive season (October-December 2020) there was a 45 per
cent spike in the number of online transactions vis-a-vis the same
period in the previous year.
The number of UPI transactions grew
by 288 per cent and expenditure through UPI grew a phenomenal 331 per
cent between 2019 and 2020.
The gaming segment saw a phenomenal
100 per cent increase in expenditure and a 154 per cent increase in
average ticket size between the two years.
"For gaming and
entertainment, the number of transactions made at night increased by 34
per cent while the number of transactions made during the day decreased
by 11 per cent in 2020 vs. 2019, an indication of the increased
dependence on indoor entertainment while working from home," the
findings showed.
Travel and hospitality were some of the most
impacted sectors with an 86 per cent drop in the number of transactions
and expenditure between pre and post-COVID quarters (January-March vs
April-June 2020).
Compared to 2019, there was a 46 per cent drop in the number of transactions and a 52 per cent in drop in expenditure in '20.
"Edtech
emerged as a winner, with a 78 per cent increase in the number of
transactions and a 44 per cent increase in expenditure," the report
mentioned.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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