- Published on March 23, 2020
- In AI Features
Digital Spending Sees 10% Uptick, Travel Dips By 30% As Razorpay Takes Stock Of Covid-19 Impact
- By Anu Thomas
As it celebrates its five-year milestone, Razorpay has shared some insights on the digital payments landscape in India as it braces for the impact of coronavirus. Based on transactions that happened on its platform in the last 50 odd days (February to Mid-March), here are some key observations made:
Digital spending
With consumer habits changing as people remain at home, overall digital spending has seen a 10% uptick from February to March. The report put a spotlight on how UPI, netbanking, and wallet payments have grown since the coronavirus outbreak, emerging as the top three modes of payments during this time.
While UPI payments have grown almost 20%, netbacking and wallet payments have climbed by about 12% and 10%, respectively. According to the report, panic buying of essentials has seen groceries making its way to the top with a growth of 9%.
Even city-wise, the number of online transactions has increased in Ahmedabad (11%), followed by Hyderabad (7%) and Pune (5%).
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Anu Thomas
Anu is a writer who stews in existential angst and actively seeks what’s broken. Lover of avant-garde films and BoJack Horseman fan theories, she has previously worked for Economic Times. Contact: anu.thomas@analyticsindiamag.com
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