Indian spending rises on Mutual Funds, Insurance, Trading: Razorpay

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.