2020 was a year of extremes for everyone across the globe. With a global health crisis and extreme economic uncertainty, it was for the world at large, a difficult year to navigate. While businesses across the world suffered from the impact of the pandemic, the unwavering spirit shown by small Indian businesses to rise up and thrive amid the challenges stood out as a highlight.
The pandemic has challenged how small and medium businesses (SMBs) in India have traditionally operated, and the challenges gave rise to a new wave of innovation and adaptability. We, at Razorpay, had a ringside view of many such inspiring stories, where small businesses (SMBs) from across the length and breadth of India did not just adapt to the new normal, but actually excelled beyond compare.
This financial revolution was not limited to one sector alone but was seen across. Whether it be offline restaurants adapting to online food delivery, or pharmacies going online, or an artisan discovering a global audience online – small businesses discovered the power of going digital and at the same time became aware of digital payments becoming a necessity now than a convenience.
At Razorpay, we will continue to empower SMBs to ride through this wave by not just enabling businesses with a payment infrastructure that will provide their consumers with the convenience of transacting online but digital payments will help ride the wave for their economic recovery.
With that, I am happy to announce the 8th edition of the much-awaited ‘The Era of Rising FinTech report’. The trends definitely indicate that small businesses are making a comeback and digital payments have been at the centre of the transformation.
All findings in this report are based on transactions held on the Razorpay platform between March’ 2020 and March’ 2021.