Digital Payments See Rebound in India as Covid-19 Crisis Fuels Online Transactions
Digital payment transactions in India have rebounded by 23 per cent in the last 30 days, full-stack financial solutions company Razorpay said in a report on Monday. The overall digital transactions declined by 12 per cent in the last 101 days, compared to a 30 per cent drop in the first 30 days of lockdown, said the report titled "101 Days of Covid-19 Era: Impact On Digital Payments".
"The digital payments industry couldn't escape the pandemic crisis, we witnessed a dip of 30 per cent in online payments since the lockdown began, and now seeing a rebound of 23 per cent over the last 30 days is a sign of gradual revival of the digital economy," Harshil Mathur, CEO and Co-founder, Razorpay, said in a statement. During the 101 days of lockdown, March 24-July 2, the online education sector grew by 23 per cent as extended lockdown has led to a rise in demand for online courses.
Also, medical services are picking up as online consultations and purchases have increased by 20 per cent, said the report. To ensure health and safety from Covid-19, Indians opted to stay indoors and pay bills online. This contributed to the growth of the utilities sector by 163 per cent.
The research showed that locked up at home, people have turned to dating apps for companionship and social isolation has also led to a surge in online counselling platforms to connect with mental health experts. The social engagement sector -- personal counselling, dating & matrimony websites -- has witnessed a 32 per cent growth, said the report based on transactions held on Razorpay platform between March 24-July 2.