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Digital Payments Growing Rapidly In Tier-II, Tier-III Indian Cities: Razorpay Report
The Unified Payments Interface (UPI) channel has been reported to have grown the fastest among all modes of retail digital payments
Payment gateway Razorpay’s published report puts light on the fact that digital payments have increased at a robust pace in the Tier-II and Tier-III Indian cities.
Apparently, such transactions have shot up by 80 per cent from 30th November 2020-6th August 2021 in the given areas as compared to the rates observed during the previous 250-day period.
In fact, the report revealed that every sector had displayed a positive growth in the required parameters in the aforementioned time frame.
This reflects that there is a growing acceptance and also innovation with regards to the digital modes of payments.
“Businesses, especially from tier-II and III cities have been a major boost for digital payments exhibiting a growth of 40 per cent from the first 250 days to the next 250 days...the demand for payment options like Paylater and EMI has been mounting and has displayed growth of 220 per cent already,” the findings by Razorpay revealed, as reported by the Business Standard.
The study explained that digital payments had emerged as the financial backbone ever since the onset of the Covid-related restrictions. It stressed upon the facts that people and businesses at large have understood the necessity for digital awareness and their overall presence.
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