Online payments grow 10% in India, while travel bookings drop, Razorpay analysis says

Monday 23 March 2020 11:16 CET | News

Online payments platform Razorpay has issued an analysis revealing that digital transactions in India grew by 10% between February and March 2020.


Online grocery shopping saw growth of 9% in a sign of consumers becoming worried about running out of essential supplies, while government and utility bill payments increased by 30%. Razorpay said these developments signalled the precautionary measures that consumers are now taking by staying indoors, the Economic Times reported.

Razorpay said the current situation has triggered a 30% decline in online travel bookings, signifying a major downturn in the sector’s contribution to overall digital payments. Razorpay also reported that UPI (19.6%), net banking (11.5%) and wallets (10.3%) were the top three methods of payment during the period under review and that the number of online transactions increased the most in the cities of Ahmedabad (11%), Hyderabad (7%) and Pune (5%).

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Keywords: Razorpay, digital payments, online payments, COVID-19, coronavirus, online shopping, ecommerce, travel bookings, digital transactions, India, Asia, APAC
Categories: Payments & Commerce
Countries: India
This article is part of category

Payments & Commerce