For this one last time, allow us to use the word “unprecedented” to refer to the year 2020.
It really was a year like never before. For the world at large, for businesses in India and for Razorpay. While COVID-19 broke the back of the global economy, closer home, it also gave Indian entrepreneurs and business owners the opportunity to take their business online for the first time.
With consumers staying home and ordering online, digital payments saw an overall growth of 80% in 2020, as compared to 2019. Tier-2 and tier-3 cities contributed to more than half of this growth.
While the journey of offline to online was not easy, it was an essential one. And we were grateful that over 200k businesses chose us as their partner in this paradigm shift.
To serve these businesses and be an able partner, we also expanded our product suite in 2020. Some of our biggest launches of the year were:
- Payment Button: Copy-paste a line of code and start collecting payments
- RazorpayX Payroll: Automate salary disbursals and compliance payments
- UPI AutoPay: Accept recurring payments through UPI
And a lot more. At our annual flagship event, FTX, our co-founders spoke about how Razorpay fared through the year and what’s in store in 2021. You can watch the keynote address here.
All in all, 2020 was a tough year, but one that will lay the foundation for how Razorpay will aid Indian businesses in their growth in the times to come.
Here is a succinct infographic on some numbers from our product suite in 2020.