Digital payments continue to grow; significant growth in tier II, III towns

Digital transactions have continued to grow at a strong pace in the country with increasing acceptance in tier II and III towns, a report by fintech firm Razorpay said.

Digital transactions have grown by 80 per cent during November 30, 2020-August 6, 2021 as against the previous 250 day-period, indicating the strong acceptance and adoption of digital payments in the country, the report said.

It noted that digital payments had seen a drop of 30 per cent during the first 30 days of the lockdown last year.

“Soon, the ecosystem started to come together to help each other and we saw a 23 per cent growth within 101 days of the lockdown.