Updated: Nov 6, 2022
In 2021, with the country in the grip of a second wave of the pandemic, digital financial transactions assumed a key role again.
If the pandemic hastened the adoption of digital payments in 2020, then 2021 was the year that digital payments went truly mainstream. Online payment transactions more than doubled in 2021 compared to the year before, crossing a billion in number.
In 2021, with the country in the grip of a second wave of the pandemic, digital financial transactions assumed a key role again. By growing smartphone and internet penetration, Tier-2 and 3 cities recorded significant growth in online transaction volumes, of 45.56% and 54.33% respectively.
Virtually every sector witnessed growth, with Food and Beverages (18.08%), Financial Services (17.99%), Games (13.99%), Utilities (13.70%), and E-commerce (11.85%) the top contributors.
This edition of the ‘Era of Rising Fintech‘ report studies the remarkable growth in digital payments in 2021, with the preceding year serving as a benchmark. If 2020 saw a boom in digital payments, then 2021 witnessed a veritable explosion.
One of FrenzoPay's core goals is to become the largest and most trusted digital service platform for rural India, as well as to financially empower rural India with services such as DMT and AEPS.
FrenzoPay adheres to the 'trust' approach, which teaches locals about its platform and brings them on as partners.
FrenzoPay hopes to contribute to greater financial literacy by launching additional solutions targeted to the requirements of local communities in the coming quarters.