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Digital transactions up 52% in festival season, says report

PayU registered a record high of 8 million transactions on a single day on October 3

digital transactions | Digital Payments | Digital banking

Shivani Shinde 

Digital Transactions

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

• 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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First Published: Mon, November 22 2021. 23:42 IST