India sees 80% growth in digital payments in last 250 days as nation heads towards cashless economy: Razorpay
The increasing digital payments at a robust pace in the Tier-II and Tier-III Indian cities made transactions grow by a mighty 138% as per the report.
Digital transactions have continued to grow at a strong pace in the country with increasing acceptance in tier II and III towns, a report by fintech firm Razorpay said. Digital transactions have grown by 80% during November 30, 2020-August 6, 2021 as against the previous 250 day-period, indicating the strong acceptance and adoption of digital payments in the country, the report said.
In fact, the report revealed that every sector had displayed a positive growth in the required parameters in the aforementioned time frame.
This reflects that there is a growing acceptance and also innovation with regards to the digital modes of payments.
While every sector and payment mode took a hit in the start and online payments declined by 30% in early 2020, the ecosystem of small businesses, fintech companies, and banks came together and today digital transactions have grown significantly.
Not a single sector has shown negative growth during the last 250 days, reflecting their openness to innovation and acceptance of digital modes of payments, it said.
On Monday, August 9, Union Minister of State for FinancePankaj Chaudhary also informed that the total volumes of digital payments have also increased from 1459.02 crore in FY 2017-18 to 4371.18 crore in FY 2020-21 due to sustained efforts towards digitalization.
