According to a report published by Razorpay, the FIFA World Cup final between Lionel Messi’s Argentina and France on December 18, 2022, was the fourth-busiest Sunday of FY23 since, between 8:30 PM IST and midnight, there was a 1.7-fold increase in the usual hourly volume of food sales.
In order to determine how, when, and what Indians spend their money on, the payment solutions company Razorpay analyzed more than a billion transactions that were handled between April 1, 2022, and March 31, 2023, on the platform.
Everything you need to know about Payment trends!
Yet matches don’t always result in money. Virat Kohli entered the Adelaide cricket ground on October 23, 2022, and stunned the crowd with his outstanding performance from 3.30 PM to 5.15 PM IST in a match that advanced India to the T20 World Cup semifinals. When compared to the hours before the match, the overall amount of online payments that day, while India held its breath, decreased by roughly 40%.
The main influence on Indians has always been movies, followed by cricket. Several moviegoers abandoned their OTT and other screens at home to return to the theatres for Shah Rukh Khan’s eagerly anticipated Pathaan. The movie made over ₹1,000 crores worldwide, which contributed to a large 70% increase in multiplex transactions over the daily norm.
India’s corporate sector was clearly spending more time outside, as seen by the stunning 245% increase in transactions at co-working spaces and the sevenfold increase in cab service payments. The biggest shift that was noticed, though, was a reduction in broadband spending of almost 80%. The amount spent on eating out has climbed 2.5 times in FY23 compared to FY22, while transaction volumes have increased 162%, according to data processed through Ezetap, Razorpay’s offline payment platform.
Indian shoppers have flocked back to physical stores and done a lot of shopping. The value of in-store payments has surged by 88%, and transactions have more than doubled in the majority of big cities, according to transactions processed on Razorpay’s offline payments platform.
The amount spent on groceries, jewelry, gadgets, clothing, and other items has increased significantly. The top five cities where in-store payment volumes significantly increased are Gurugram, Pune, Bangalore, Chennai, and Kolkata.
Online purchases have been influenced by the vengeance travel trend. While spending on hotel rooms nearly doubled in value, expenses on plane tickets rose by 83%. There was a significant 224% increase in transaction value for online travel aggregators.
