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Indian spending rises on Mutual Funds, Insurance, Trading: Razorpay
The Business Guardian
|April 18, 2024
Payments towards mutual fund investments, insurance, and trading have seen a massive jump in the just concluded financial year 2023-24, found payments solution provider Razorpay in an analysis.
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Payment The homegrown fintech company analysed over a billion transactions processed on its platform during the past financial year, to know the spending habits of Indians.
As per them, mutual fund investments surged by a whopping 86 per cent, insurance payments have seen a significant 56 per cent growth and trading experienced a 62 per cent jump in value in 2023-24.
"With this, we witnessed the emergence of a new India. One that is mature, one that not only lives in the now but is also actively securing the future," said Razorpay in a release.
According to Razorpay, the data revealed that Indians have increased their spending on dieticians by 125 percent, indicating a strong commitment to healthy eating habits.
Health coaching has seen 45 per cent jump in transactions. A growing trend towards preventive healthcare was witnessed with sales of health products surging by 39 per cent, it found.
This story is from the April 18, 2024 edition of The Business Guardian.
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