What payments data say about drop in rural consumption

Pratik Bhakta

192 reads

Pratik Bhakta

192 reads

Financial services startups are seeing a dramatic slowdown in consumption in India’s small cities and towns, which weren’t affected as much last year and had in fact helped the country bounce back faster

June 18, 2021

3 MINS READ

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.

Read this article for free

Sign in using

Or

Sign in using your email

Don't have an account?

Forgot Password?

By signing up for The CapTable you agree to the

and

of the platform.

Smart Information, Better Decisions

We report on the latest and most important developments in India’s biggest tech companies and disruptive startups so you can make better decisions.

Inside View with Org Charts

Know the key decision-makers with Org Charts. We thrive on decoding boardroom conversations so we can bring you a 360° view of what's happening at India's high-growth companies.

Seasoned Team

Tracking the highs and lows of India’s biggest internet companies over the past decade has given us access to the right decision-makers to interpret the latest state of play.