The outbreak of Covid 19 pandemic has pushed e-commerce and online payment modes. Digital payment transactions are up by 76 per cent in the January to March quarter of 2021, as compared to the same quarter in 2020.

According to a report — ‘The Era of Rising Fintech’ — by financial solutions company Razorpay, over 50 per cent of digital adoption has come from tier 2 and 3 cities, indicating an encouraging trend and that this is not just an urban phenomenon. Small Businesses are providing newer payment methods and reaching out to a wider customer base that transcends geographical boundaries.

The report also noted that as tourism opened up, Jammu and Kashmir found itself in the top 10 digitally Inclusive states or union territories for the first time, with a growth of 36 per cent in online transactions in the fourth quarter of 2020-21 compared to the corresponding period in the previous financial year. It is above Uttar Pradesh, Madhya Pradesh and Haryana.

The travel industry has managed to make a comeback with a 52 per cent growth since January, bringing relief to millions of people working in the sector. 

Unified Payments Interface (UPI) a real-time payments system continues to be the preferred payment option followed by debit cards, credit cards and net banking, the report said.