The potential for MSMEs and freelancers also continues to grow in 2022, hence businesses need an intelligent real-time financial infrastructure to scale.
On its path to build the central nervous system for Digital India, Razorpay, India’s Leading Platform for all things Payments & Banking for businesses, announced that it has registered over 300% growth for the second consecutive year and has achieved a $60 billion TPV as of early December 2021; this is 20% more than the $50 billion TPV goal that was announced in December last year.
Razorpay also stated its plans to achieve $90 Bn TPV by the end of 2022. The company launched a string of products, aimed at empowering the next phase of digital growth for small businesses in India. Razorpay believes these milestones are a testament to the enormous fintech adoption the country has witnessed in the last 2 years. These milestones and products were launched today at the fourth edition of FTX, Razorpay’s Flagship Fintech Conference that brought together 100+ thought-provoking speakers and was virtually attended by 20,000+ fintech enthusiasts from across the globe.
Today, India is the fastest-growing fintech market in the world, with the highest adoption rate of 87% in the world against the global average of 64%! And through the last few months of this adoption, India’s small businesses have evolved from understanding the importance of going digital in the post-pandemic world, to now learning how to build a 360-degree online presence for their business. However, if the country seeks to enhance this adoption rate and achieve the ambition of a $5 trillion economy by 2025, Razorpay believes SMBs need to be given the right technology support, guidance, and resources to re-imagine their business models or accelerate their existing models and have the right strategy.
The potential for MSMEs and freelancers also continues to grow in 2022, hence businesses need an intelligent real-time financial infrastructure to scale. Razorpay’s new products launched today at FTX, are designed to make the lives of small businesses much easier than ever before. These products will help businesses spend less time managing compliance and operations and more time creating new products, building on new ideas and thinking scale.
Source: Business World
