Revenge tourism, World Cup fever drive transactions in FY23: Razorpay
16 October 2024
The financial year 2023 in India saw some interesting transactions as COVID-19 restrictions eased, according to a recent report by Razorpay. Online payments fell by almost 40 percent in value during the ICC Men’s T20 World Cup match when Virat Kohli walked onto the Adelaide cricket ground on 23rd October 2022 between 3:30 and 5:15 PM IST. Similarly, the FIFA World Cup final between Argentina and France on 18th December 2022 between 8:30 PM and midnight also had a similar impact, with food transactions increasing to 1.7 times the average, making it the 4th busiest Sunday in FY2023. Multiplex spending saw a significant 173 percent growth, with the launch of the movie Pathaan drawing a massive 70 percent jump in multiplex transactions over the daily average.
Rahul Kothari, Chief Business Officer at Razorpay, commented, "FY23 has been a year of hope, resilience, and rejuvenation for India, with a sharp growth in transactions across sectors as people rekindled old-forgotten joys of life. It also showed how Indians have embraced the digital age and are using new payment technologies to connect, collaborate, and transact. As we eagerly anticipate the future, we look forward to continuing our mission with enthusiasm and optimism."
The financial year 2023 in India saw some interesting transactions as COVID-19 restrictions eased, according to a recent report by Razorpay. Online payments fell by almost 40 percent in value during the ICC Men’s T20 World Cup match when Virat Kohli walked onto the Adelaide cricket ground on 23rd October 2022 between 3:30 and 5:15 PM IST. Similarly, the FIFA World Cup final between Argentina and France on 18th December 2022 between 8:30 PM and midnight also had a similar impact, with food transactions increasing to 1.7 times the average, making it the 4th busiest Sunday in FY2023. Multiplex spending saw a significant 173 percent growth, with the launch of the movie Pathaan drawing a massive 70 percent jump in multiplex transactions over the daily average. Rahul Kothari, Chief Business Officer at Razorpay, commented, "FY23 has been a year of hope, resilience, and rejuvenation for India, with a sharp growth in transactions across sectors as people rekindled old-forgotten joys of life. It also showed how Indians have embraced the digital age and are using new payment technologies to connect, collaborate, and transact. As we eagerly anticipate the future, we look forward to continuing our mission with enthusiasm and optimism."
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