Wealth management, entertainment, health spends grow in FY24: Razorpay

Transactions across verticals including wealth management and insurance, health, and entertainment surged in the financial year 2024 (FY24) as compared to FY23, data from Razorpay’s annual payments report titled ‘Wealth, Wellness and Wanderlust’ said.

The report added that on a year-on-year (Y-o-Y) basis, mutual fund investments surged by 86 per cent, insurance payments grew 56 per cent, and trading recorded a 62 per cent jump in value in FY24.

Spending on dieticians has more than doubled during the same time, while health coaching recorded a 45 per cent increase in transactions.

“There's a noticeable emphasis on holistic well-being, as evidenced by a 39 per cent uptick in products related to preventive healthcare. This signals a collective shift towards expanding horizons while prioritising health, affirming the adage that 'health is truly wealth',” said Shashank Kumar, managing director and co-founder, Razorpay.

Interestingly, on the day of the India-Australia cricket finale on 19 November last year, the Bengaluru-based fintech company reported that cab payments dipped 28 per cent as Indians preferred to stay glued to their screens.

The data added that payments for air travel surged by 2.4 times while spending on travel accommodations increased by 29 per cent in FY24. Closer to the new year and Christmas in December last year, spending related to aviation soared nearly three times on the platform.

Razorpay analysed over a billion transactions processed on its platform between 1 April 2023 and 31 March 2024 to know the spending habits of Indians, the company said in a statement.