Digital transaction, e-commerce zoom amid Covid 19 rise

<p>
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.</p>
<p>
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.</p>
<p>
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.</p>
<p>
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. </p>
<p>
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.</p>