The first 30 days of the global crisis were the toughest, and Razorpay too witnessed a decline of 30% in digital payments. However, after the first 70 days of the national lockdown, digital payments rebounded by 23% indicating a slow but steady come back. Putting safety first, consumers across states opted to make all bill payments online giving the Utilities/Bill Payments sector a whooping 357% growth in 2020. However, with the growth in Lending, Mutual Funds and Insurance, the Financial Services sector witnessed an extraordinary growth of 120%. This is a sign of higher adoption of online payments especially from tier-2 and 3 cities.
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