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Multiplex spending saw 173 per cent growth in the financial year ending March 2023 as compared to the previous year, according to The Razorpay Payments Report FY 2022-23.
Fintech major Razorpay analysed over a billion transactions processed on its platform between April 1, 2022, and March 31, 2023, to arrive at these findings. The report noted that the launch of the movie Pathaan single-handedly drew Indians to the big screen, with a massive 70 per cent jump in multiplex transactions over the daily average. Further, co-working spaces and e-commerce were the other two major spending areas for India in FY22-23.
The report also recorded a seven-times jump in the number of payments made for cab services in FY23 as compared to FY22, and an almost 80 per cent drop in broadband spending. The spending on flight tickets also grew by 83 per cent and expenses on hotel accommodations nearly doubled in value. Overall, online travel aggregators saw a 224 per cent increase in transaction value, according to Razorpay data.
In FY’23, spending on dining out increased by 2.5X and transaction volumes jumped by 162 per cent in comparison to the last financial year, according to transactions held on Ezetap. In-store payments grew 88 per cent by value, and transactions more than doubled in number across most metros. In-store payment volumes recorded steep growth, led by Gurugram (160.93 per cent), Pune (153.77 per cent), Bengaluru (145.26 per cent), Chennai (107.86 per cent) and Kolkata (106.02 per cent).
Rahul Kothari, Chief Business Officer, Razorpay said, “FY’23 has been a year of hope, resilience, and rejuvenation for India, with sharp growth in transactions across sectors, as people rekindled the old forgotten joys of life. It also showed how Indians have embraced the digital age and how they are using new payment technologies to connect, collaborate, and transact. The Razorpay Payments Report offers a unique window into the pulse of India’s economy, and being a business focused on solving for other businesses, we are glad to have played a small but integral part in this journey, serving millions of businesses. As we eagerly anticipate the future, we look forward to continuing our mission with enthusiasm and optimism.”
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