Digital payments grew by 76% in the past 12 months: Razorpay report

Tier-2 & 3 cities and towns continued to contribute over 50% of all online transactions

Most small businesses across every sector took a severe hit in 2020. But now a year later, embracing e-commerce and online payment methods has played a major role in keeping such enterprises afloat. Digital payment transactions are up by 76 per cent in Jan-Feb-March (JFM) of 2021, as compared to JFM, 2020, according to a report by fintech firm Razorpay.

"The last 12 months have been like being inside a time capsule,” said Vedanarayan Vedantham, head of SME business, Razorpay. “India's digital payments ecosystem in this timeframe has seen the kind of growth that might have happened over a 3-5