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Digital payments and remittance companies are feeling the pangs of a sharp economic and consumption slowdown in rural and semi urban areas because of the pandemic’s devastating second wave.
Industry experts say that unlike last year, when consumption in small towns was a saving grace propping up overall consumption even as cities were ravaged by Covid-19, this year the situation is worse.
Seema Prem, CEO of FIA Global, a company focused on financial inclusion, said that in April and May consumption in small cities across India had dropped by 20-25% from March levels.
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