Rise of digital pay: 1.5 mn small businesses adopt Razorpay in 15 months

For a long time, small businesses have been an underserved market when it comes to digital technologies. After facing revenue losses in the first half of 2020, small businesses underwent a rapid adoption of digital payments.
 
In the past 15 months since the pandemic hit, fintech unicorn Razorpay has boarded over 1.5 million SMEs.
 
The platform saw a growth of over 200 per cent from March last year to May this year in trans­action volume done by MSMEs.
 
Notably, 54 per cent of e-transac­tions happened via MSMEs from tier-2 and -3 towns. A look at the shifts in the digital behaviour of small busin­esses dur­ing pandemic that led to India’s MSME digital finance revolution.

Key figures

• 1.5 million MSMEs adopted digital payment solutions for the first time during this period
• Small businesses saw their transaction volumes grow close to 200%
• MSMEs in tier-2 & -3 cities contributed to 51% of Razorpay’s digital transaction volume
• UPI transactions grew 346%, overtaking debit & credit cards, netbanking, and others