Digital payments are benefiting small businesses

India’s digital adoption journey accelerated essentially back in 2016, with the declaration of demonetisation. Inside the following three years of the move, UPI reported a record high of one billion transactions, leaving a dent in India’s payments ecosystem for an phenomenal trajectory ahead.

The transformation set in motion by the note boycott and resulting GST strategy have been additionally accentuated by the continuous pandemic. Government-imposed rules and regulations have underscored the need for e-payments, compelling organizations to digitize to stay in the game.

Our internal data reveals a record increment of 130% growth in trader sign ups in FY21 opposite FY20, demonstrating an incremental rise in digital adoption. These figures confirm the way that organizations, particularly SMBs, continue to amplify their focus on creating digital first experience for the new age customers.