INDIA, Bengaluru, 3rd August, 2023: With an intent to understand the trends and impact of international transactions on Indian businesses, Razorpay, India’s Leading Full-Stack Payments and Banking Platform for Businesses, has launched the first edition of its International Payments Report. The report analyses over 10 Mn transactions processed on Razorpay’s platform in the last two years, between 1st April, 2021 and 31st July, 2023, to understand how India performed on a global scale, and boy, were we in for a treat!
The International Payments Report titled ‘From India to the World’ studied the remarkable growth in online international payments in 2022-23, with the preceding year (2021-22) serving as a benchmark. The findings clearly suggest that if 2021 saw a boom in digital payments, 2022-23 witnessed a veritable explosion. All findings in this report are based on over 10 Mn international transactions processed on the Razorpay platform between 1st April, 2021 and 31st July, 2023.
From entertaining the world with mammoth productions like RRR and KGF 2, and swaying away everyone to the beats of Naatu Naatu, to India successfully launching Chandrayaan-3 with full josh, it has been a period of euphoria for India.
- While the world grooved on Naatu Naatu: India gave Hollywood a run for its money when Indian OTT platforms saw an increase of 194% in revenue from international viewers in the last two years, and a massive 361% increase in international transactions.
- Then and now, think of knowledge, and you think of India: Keeping up with its legacy, India has now successfully reimagined and reshaped classrooms for the 21st century. With over 4,450 ed tech startups in India today, Indian ed-tech businesses have bolstered the e-learning ecosystem, witnessing 51% more sales for e-learning platforms internationally over the last year.
- Indian weavers got the fashion world on a chokehold: Continuing to keep the world in awe of our nuanced and detailed weavesmanship, India saw a whopping 163% increase in sales for Indian fashion brands globally.
- We have embraced technology and it now powers the world: India’s trade routes witnessed a dramatic turn of events from silks to SaaS (Software As A Service). Indian SaaS (Software As A Service) companies recorded a 73% increase in their international sales, while India’s PaaS (Platform as a Service) witnessed a skyrocketed 74% growth in purchase over the last year. IaaS (Infrastructure as a Service) on the other hand saw a 130% surge in spending within the same period.
- Bringing the world to see India: Amid revenge tourism witnessing a major hike, India succeeded in positioning itself as a preferred tourist destination for global tourists. Online travel agencies witnessed a 14x increase in international payments and a whopping 12x hike in transactions from travelers globally.
Elaborating on the insights, Rahul Kothari, Chief Business Officer, Razorpay said, “With each passing era, India has been successful in embracing and leveraging its global identity, while showcasing its indelible impression on the international stage. From legacy brands to startups, Indian businesses have taken the global audiences by a storm, demonstrating resilience and innovation-first approach. From technology, textiles, education to entertainment and tourism, India has embraced the winds of change without compromising its essence. These insights from the International Payments Report is a testimony to the conducive government policies and the thriving digital payments environment which has bolstered its influence across borders. As our customers’ trusted payments partner, Razorpay will continue to celebrate their success and the spirit of innovation in the last couple of years and help open doors for many more successes to come.”