If there’s one thing we know for sure during these times of uncertainty is that 2021 will go down in history as the year of revival – the year that our nation stood together to fight the prolonged effects of a global health emergency and an economic slowdown. As we complete 500 days to 25th March 2020, when the first lockdown was announced, we can’t help but retrospect what a roller coaster ride it has been.
Businesses across the country were forced to pivot their operations and strategies in almost no time. Just like every other sector, digital payments wasn’t immune to the setback and witnessed a decline in the initial days of the pandemic. However, it was only a matter of time before businesses bounced back and evolved with the changing times. As businesses adapted to the new normal, they embraced online payments as a means to thrive in this era of digitisation.
The last 250 days have been transformational for the digital payments ecosystem. From gaming to utilities, eCommerce to healthcare – each and every sector has shown growth during this period. This goes on to show how effortlessly Indian businesses have championed digital payments and are willing to go the extra mile to ascertain their place in the new world. With tier 2 and tier 3 businesses continuing to contribute 50% of the total transactions on Razorpay, we are in no doubt that they are ready to lead the fintech disruption in India.
Digital payments have made it possible for up and coming freelancers and homepreneurs to turn their passions into businesses and scale their services from any part of the world. The D2C sector has achieved era-defining growth fuelled by digital payments, and we are confident that it is only going to amplify further.
At Razorpay, we couldn’t be more excited to be a part of this incredible growth story and witness how India has collectively grown in the past 250 days.
In the 9th edition of ‘The Era of Rising Fintech’ report, we bring to you a comparison of how digital payments fared in the first 250 days of the lockdown (March 25, 2020, to November 29, 2020) vs the next 250 days (November 30, 2020, to August 6, 2021).
All findings in this report are based on transactions held on the Razorpay platform from March 25, 2020, to August 6, 2021.
