The report is based on online transactions held on the Razorpay platform from January to December, 2020 and 2021, and it provides a detailed view of the evolving fintech ecosystem, the digital spending patterns of consumers, and an analysis of how different sectors and payment modes performed during 2020 to 2021.
ERF also shows that digital transactions are becoming a popular choice in everyday households, because transactions relating to telecom and electricity bills saw a growth of 3640% and 2353% respectively, from 2020 to 2021. Lifestyle and Fashion were the highest contributors of ecommerce transactions in 2020, however, it has been overtaken by groceries in 2021 which saw a growth of 233%, according to data put forth in the report.
Buy Now Pay Later (BNPL) has grown to become among the favourite payment methods, Razorpay included in the report, having grown by 637.27% in 2021, as compared to the 569% growth observed in 2020. Other payment methods also contributed y to total transactions in 2021, such as UPI (63.02%) and Card (25.92%). Interestingly, bank transfers took a hit in transaction volumes, declining by 51.77%, the company informs.
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