India sees 76% growth in digital payments
Online transactions saw a healthy growth of 76 per cent in the first quarter of 2021 as compared to 2020, as tier 2 and 3 cities and towns continued to contribute over 50 per cent of all online transactions, a new report said on Monday.
image for illustrative purpose
Bengaluru: Online transactions saw a healthy growth of 76 per cent in the first quarter of 2021 as compared to 2020, as tier 2 and 3 cities and towns continued to contribute over 50 per cent of all online transactions, a new report said on Monday.
After seeing a steep decline in 2020 owing to the pandemic, travel industry grew by 50 per cent while real estate was up by 69 per cent in the first three months of this year.
As tourism opened up, Jammu and Kashmir made it to the top 10 'Digitally Inclusive States/Union Territories' for the first time, with a growth of 36 per cent in online transactions in the January-March period, ranking above Uttar Pradesh, Madhya Pradesh and Haryana, according to data provided by full-stack financial solutions company Razorpay in its 'The Era of Rising Fintech' report.
Payment options such as Buy Now Pay Later (BNPL) saw a whopping growth of 569 per cent in the last 12 months, owing to consumers avoiding bulk payments and preferring affordable payment modes. UPI continues to be the preferred payment option followed by debit Cards, credit cards and netbanking.
