INDIA, Bengaluru, 11 April, 2023: Razorpay, India’s Leading Full-Stack Payments and Banking Platform for Businesses, analyzed over a billion transactions processed on its platform between April 1, 2022 and March 31, 2023 to know what Indians were paying for online. From revenge tourism continuing to see a massive spike, to everything coming to a halt when Virat Kohli hit the ball out of the park in Melbourne, and more, it has been quite an interesting and social year for Indian citizens, after a couple of years struck by Covid. So, if the biggest trends were to be crunched in three words, they would be Office, Box Office and Bazaar!
Here are some key insights from The Razorpay Payments Report FY 2022-23 titled ‘Office, Box Office & Bazaar – A Year in Payments’. All findings in this report are based on transactions held on Razorpay platform between April 2022 and March 2023. Growth percentages are a comparison between FY’23 and FY’22 (unless specified otherwise). Offline data is from Razorpay’s offline payments platform, Ezetap.
- A Tale of Two GOATs: When Virat Kohli walked into the Adelaide cricket ground on 23rd October 2022 to bowl us over with his magic between 3.30 and 5.15 PM IST, online payments fell by almost 40% in value when compared to the hours before the match. And the FIFA World Cup final between Argentina & France was no less – on 18th December 2022 between 8.30 PM and midnight, the number of hourly food transactions swelled to 1.7 times the average, making it the 4th busiest Sunday in FY’23.
- Back to cinema theatres, The King Khan style: Multiplex spends saw a whopping 173% growth. The launch of the movie, Pathaan on big screens across the country single handedly drew India whistling and dancing to the big screen, with a massive 70% jump in multiplex transactions, over the daily average.
- Return to office, water cooler chats and everything else in between: India Inc. was definitely spending more time outside with co-working spaces seeing a massive 245% increase in transactions while the number of payments made for cab services grew 7 times. However, the biggest shift we noticed was that broadband spends dropped by almost 80%.
- Up in the air, Revenge Tourism on the rise: Spends on flight tickets grew by 83% and expenses on hotel accommodations nearly doubled in value. Online travel aggregators saw a 224% increase in transaction value.
- Those who eat together, stay together: We seem to have taken this far too seriously in FY’23 with spends on dining out having increased by 2.5X and transaction volumes jumped by 162% in comparison to last financial year, as per transactions held on Razorpay’s offline payments platform, Ezetap.
- Hello to feel-commerce: India flocked back to stores and shopped to their heart’s content. As per transactions held on Razorpay’s offline payments platform, Ezetap, in-store payments grew 88% by value and transactions more than doubled in number across most metros. Apparel (127%), Jewellery (88%), Electronics (60%) and Grocery (46%) spends grew substantially. Top 5 cities that saw steep growth in in-store payment volumes include Gurugram (160.93%), Pune (153.77%), Bengaluru (145.26%), Chennai (107.86%) and Kolkata (106.02%).
Analysing the trends, Rahul Kothari, Chief Business Officer, Razorpay said, “FY’23 has been a year of hope, resilience, and rejuvenation for India, with a sharp growth in transactions across sectors as people rekindled old-forgotten joys of life. It also showed how Indians have embraced the digital age and how they are using new payment technologies to connect, collaborate, and transact. The Razorpay Payments Report offers a unique window into the pulse of India’s economy, and being a business focused on solving for other businesses, we are glad to have played a small but integral part in this journey, serving millions of businesses. As we eagerly anticipate the future, we look forward to continuing our mission with enthusiasm and optimism.”
Razorpay believes the last year taught all of us to treasure life’s little pleasures, it was a year of India’s resurgence, and it’s great to see how India has bounced back with renewed vigour.