 "Digital transactions up 52% in festival season, says report")
Strong sales on retail and e-commerce channels and massive pent-up demand resulted in consumer appetite rebound; PayU registered a record high of 8 million transactions on a single day on October 3.
Consumers comfortable shopping for large-ticket items online
• During the 2021 festival season, average spends increased 52%, while overall transactions handled by PayU increased 17%, compared with 2020
The toppers
• Maharashtra and Karnataka accounted for 24.5% and 14.8% of total spends processed, respectively
• Mumbai accounted for 20% of total spends this season
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• Bengaluru for 13%
• Delhi for 7%
• Kolkata and Hyderabad approximately 5%
(Basis available data; location data not available for all transactions)
• Travel and hospitality saw 105% more users transacting in the 2021 festival season, compared with last year. Travel as total spends and total number of transactions grew 61% and 67%, respectively, compared with the 2020 season
• In banking and insurance, the spends through digital modes increased 109%. Consumers also showed penchant for debt reduction as total spends for credit repayments increased 50%, while number of transactions increased 23%
Source: PayU Insights Report: Digital transaction trends in festival season 2020 and 2021
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