For a long time, small businesses have been an underserved market when it comes to digital technologies. After facing revenue losses in the first half of 2020, small businesses underwent a rapid adoption of digital payments.
In the past 15 months since the pandemic hit, fintech unicorn Razorpay has boarded over 1.5 million SMEs.
The platform saw a growth of over 200 per cent from March last year to May this year in transaction volume done by MSMEs.
Notably, 54 per cent of e-transactions happened via MSMEs from tier-2 and -3 towns. A look at the shifts in the digital behaviour of small businesses during pandemic that led to India’s MSME digital finance revolution.
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