{"id":3859,"date":"2021-07-02T03:53:03","date_gmt":"2021-07-02T03:53:03","guid":{"rendered":"https:\/\/newsroom.razorpay.in\/?p=3859"},"modified":"2021-07-02T04:24:58","modified_gmt":"2021-07-02T04:24:58","slug":"digital-payments-grew-by-76-in-the-last-12-months-razorpay-report","status":"publish","type":"post","link":"https:\/\/razorpay.com\/newsroom\/digital-payments-grew-by-76-in-the-last-12-months-razorpay-report\/","title":{"rendered":"Digital Payments Grew by 76% in the last 12 months: Razorpay Report"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Small Businesses remain optimistic for 2021 as profits are up in the last few months, compared to the first eight months of the pandemic year<\/span><\/i><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">After seeing a steep decline in 2020 due to Covid, Travel Industry grew by 50% while Real Estate grew by 69% in the first three months of 2021\u00a0<\/span><\/i><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Affordable online payment options are becoming popular, \u2018Buy Now Pay Later\u2019 saw a growth of 569% in the past 12 months<\/span><\/i><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><b>Bangalore, April 12, 2021: <\/b><span style=\"font-weight: 400;\">Almost every small business across every sector took a severe hit in 2020. But now a year later, embracing e-commerce and online payment methods have played a major role in keeping small businesses afloat. <\/span><b>Digital payment transactions are up by 76% in Jan-Feb-March(JFM) of 2021, as compared to JFM, 2020<\/b><span style=\"font-weight: 400;\">. These and more insights were revealed by<\/span> <a href=\"https:\/\/razorpay.com\/?utm_adgroup=Brand-Keywords&amp;utm_gclid=EAIaIQobChMIi7v1yIiU5QIVQ4mPCh0WggqbEAAYASAAEgLZO_D_BwE&amp;utm_source=google&amp;utm_medium=cpc&amp;utm_campaign=Brand-Search&amp;utm_term=razorpay&amp;hsa_src=g&amp;hsa_ad=294837331139&amp;hsa_kw=razorpay&amp;hsa_mt=b&amp;hsa_acc=9786800965&amp;hsa_net=adwords&amp;hsa_ver=3&amp;hsa_grp=27293859910&amp;hsa_tgt=kwd-162786716164&amp;hsa_cam=400139470&amp;gclid=EAIaIQobChMIi7v1yIiU5QIVQ4mPCh0WggqbEAAYASAAEgLZO_D_BwE\"><b>Razorpay<\/b><\/a><b>,<\/b> <b>the leading full-stack financial solutions company, in its<\/b> <b>eighth edition of \u2018The Era of Rising Fintech\u2019 report today.\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The 8th Edition of this report provided a detailed view of the evolving FinTech ecosystem, the digital spending patterns of consumers and an analysis of how digital payments performed in the last 12 months of the pandemic. The report also delves into a comparative analysis of how different sectors and payment modes performed in 2021, as compared to 2020, when businesses and life were hit by Covid.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are some key highlights from the report. <\/span><b><i>All findings in this report are based on transactions held on Razorpay platform between 2020 and 2021. <\/i><\/b><span style=\"font-weight: 400;\">(JFM: Jan-Feb-Mar, OND: Oct- Nov-Dec)<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Online transactions in <\/span><b>JFM\u201921 saw a growth of 76% compared to JFM\u201920 <\/b><span style=\"font-weight: 400;\">indicating a large scale digital adoption by both businesses and consumers<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In JFM\u201921, <\/span><b>Tier-2 &amp; 3 cities and towns continued to contribute over 50% <\/b><span style=\"font-weight: 400;\">of all online transactions<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">As tourism opened up, <\/span><b>Jammu &amp; Kashmir found itself in the top 10 Digitally Inclusive States\/Union Territories for the first time, <\/b><span style=\"font-weight: 400;\">with a growth of 36% in online transactions in JFM\u201921 compared to JFM\u201920, ranking above Uttar Pradesh, Madhya Pradesh and Haryana<\/span><b><br \/>\n<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Payment options such as<\/span><b> Buy Now Pay Later (BNPL) saw a whopping growth of 569% in the last twelve months, <\/b><span style=\"font-weight: 400;\">owing to consumers avoiding bulk payments and preferring affordable payment modes<\/span><b><br \/>\n<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>UPI continues to be the preferred payment option <\/b><span style=\"font-weight: 400;\">followed by debit Cards, Credit Cards and Net Banking<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">While the beginning of 2020 recorded just about 500 transactions in eNACH payments, a new payment service that allows anyone with a bank account to easily automate recurring payments; <\/span><b>eNACH saw a growth of 23,962% in JFM\u201921 compared to JFM\u201920, <\/b><span style=\"font-weight: 400;\">displaying a growing trend of businesses preferring digital &amp; automated recurring payment processes<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Travel industry has truly made a comeback with a 52% growth in JFM\u201921 compared to JFM\u201920<\/b><span style=\"font-weight: 400;\">,<\/span><span style=\"font-weight: 400;\"> indicating some stability in the Travel &amp; Hospitality economy, and also bringing respite to millions of people working in the sector<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In the last few months, consumers have increasingly been ordering online and with that <\/span><b>F&amp;B industry witnessed growth of 69% from January to March\u201921<\/b><b><br \/>\n<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Schools, colleges and online educational institutes have increasingly been accepting online payments for fees &amp; salary payments; reflecting a<\/span><b> 40% growth in online transactions in JFM\u201921 vs JFM \u201820<\/b><b><br \/>\n<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Real-estate saw an increase of 65% in JFM\u201921 vs OND\u201820,<\/b><span style=\"font-weight: 400;\"> after a <\/span><b>14% decline in the last 6 months of 2020<\/b><span style=\"font-weight: 400;\"> compared to the first 6 months, showing green shoots of recovery for the sector this year<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Mutual funds<\/b><span style=\"font-weight: 400;\"> were the preferred choice of investment for salaried professionals, <\/span><b>as the industry saw a 69% growth in JFM\u201921 vs OND\u201920<\/b><span style=\"font-weight: 400;\">, signifying increased interest to save taxes before the FY year ended and live financially healthier lives<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><b>Vedanarayan Vedantham, Head of SME business, Razorpay, said, <\/b><i><span style=\"font-weight: 400;\">&#8220;The last 12 months have been like being inside a time capsule. India&#8217;s digital payments ecosystem in this timeframe has seen the kind of growth that might have happened over a 3-5 year horizon if not for the pandemic. A lot of first-time digital users and previously traditional, brick &amp; mortar businesses have come forward to embrace digital payments. Over 50% of this digital adoption is coming from Tier 2 &amp; 3 cities today, which indicates that this is not just an urban phenomenon. Small Businesses are providing newer payment methods and reaching out to a wider customer base that transcends geographical boundaries. All this is enabled by the convenience of digital payments, and we at Razorpay are humbled to support Small Businesses in their growth journey as Indian businesses and consumers together begin to build a Digitally Inclusive Nation.\u201d<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">2020 brought in digitisation of Small Businesses at a much larger scale than Demonetisation. Having understood the many benefits of transacting online coupled with growing consumer preference, <\/span><b>Small Businesses are expected to increase investment in digital technologies in 2021. <\/b><span style=\"font-weight: 400;\">Affordable payment options such as Buy Now Pay Later (BNPL) have seen an increased preference which is expected to rise and increase transactions for SMBs. \u00a0 <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<p><b>About <\/b><a href=\"http:\/\/www.razorpay.com\/\"><b>Razorpay<\/b><\/a><b>:<\/b> <span style=\"font-weight: 400;\">Razorpay, a full-stack financial services company, and a recently crowned Unicorn, helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of the payment and banking journey for any business. Established in 2014, the company provides technology payment solutions to over 5Mn businesses. Founded by alumni of IIT Roorkee, Shashank Kumar and Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley\u2019s largest tech accelerator, Y Combinator. Marquee investors such as GIC, Tiger Global, Sequoia Capital India, Ribbit Capital, Matrix Partners, Y Combinator and MasterCard have invested a total of $206.5 Mn through Series A, B, C &amp; D funding. Around 33 angel investors have invested in Razorpay\u2019s mission to simplify payments and banking and redefine how finance works in India.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>For more information, please contact:<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Hepsibah Rozario || <\/span><a href=\"mailto:hepsibah.rozario@razorpay.com\"><span style=\"font-weight: 400;\">hepsibah.rozario@razorpay.com<\/span><\/a><span style=\"font-weight: 400;\"> || +91 8884913468<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Amogh Yenagi\u00a0 || <\/span><a href=\"mailto:amogh.yenagi@razorpay.com\"><span style=\"font-weight: 400;\">amogh.yenagi@razorpay.com<\/span><\/a><span style=\"font-weight: 400;\">\u00a0 || + 91 9113649626<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Small Businesses remain optimistic for 2021 as profits are up in the last few months, compared to the first eight months of the pandemic year After seeing a steep decline in 2020 due to Covid, Travel Industry grew by 50% while Real Estate grew by 69% in the first three months of 2021\u00a0 Affordable online<\/p>\n","protected":false},"author":4,"featured_media":3861,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[27],"tags":[],"class_list":{"0":"post-3859","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-corporate"},"modified_by":"Amogh Yenagi","_links":{"self":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/3859","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/comments?post=3859"}],"version-history":[{"count":1,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/3859\/revisions"}],"predecessor-version":[{"id":3860,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/3859\/revisions\/3860"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/media\/3861"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/media?parent=3859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/categories?post=3859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/tags?post=3859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}