New Delhi: Online transaction in the country increased by 80 percent in 2020. One of the main reasons for this is the adoption of digital mediums for faster payment in small and medium cities. Financial technology company Razerpe stated this in a report. According to the report, transactions through mobile instant payment facility UPI (Unified Payment Interface) outpaced cards, netbanking and mobile wallets by 120 percent in 2020. It became the most preferred method of payment especially for small and medium cities (Tier 2 and 3).
RazerPay, which facilitates digital transactions, said that there was a 30 percent drop in digital payments through it during lockdown. But digital payments have increased by 23 percent since the first 70 days of 'lockdown'. According to the report, 'online' transactions have increased by 80 percent in 2020 compared to 2019. It states that a large number of customers and companies have adopted the medium of digital payment.
The growth in digital payments accelerated in the last six months when companies in some sectors began to see gradual revival. Digital payments grew 73 percent in July-December 2020 compared to the same period last year.