New Delhi: Digital payment transactions in India have recovered by 23 percent in the past 30 days, full-stack financial solutions company Razorpay said in a report on Monday.
Total digital transactions decreased 12 percent in the last 101 days, compared with a 30 percent drop in the first 30 days of closing, said the report “101 Days of the Covid-19 Era: Impact on digital payments.”
“The digital payments industry was unable to escape the pandemic crisis, we have witnessed a 30 percent drop in online payments since the blockade began, and now seeing a 23 percent rebound in the past 30 days is a sign of a gradual revival of the digital economy, “said Harshil Mathur, CEO, and co-founder of Razorpay, in a statement.
During the 101 days of closure, from March 24 to July 2, the online education sector grew 23 percent as the prolonged closure has led to an increase in demand for online courses.
Medical services are also improving as online shopping and consultations have increased by 20 percent, according to the report.
To ensure the health and safety of Covid-19, the Indians chose to stay indoors and pay bills online. This contributed to the growth of the public services sector by 163 percent.
The research showed that locked up at home, people have turned to dating apps for company, and social isolation has also led to an increase in online counseling platforms to connect with mental health experts.
The social engagement sector (personal counseling, dating, and marriage websites) has seen the growth of 32 percent, the report said based on transactions conducted on the Razorpay platform between March 24 and July 2.
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