According to a new report by PayU, segment such as online payments, indoor entertainment, and gaming registered a growth of over 100 per cent in 2020, owing to the COVID-19 induced lockdown.
As per the report, over-the-top (OTT) segment recorded a 144 per cent increase in the number of transactions and a 139 per cent increase in expenditure during 2019-20, as theatres and offline entertainment avenues remained shut and consumers availed themselves of indoor entertainment.
Likewise, the gaming segment grew strongly at 100 per cent in expenditure and recorded a 154 per cent increase in average ticket size between the two years. The increase in ticket size, despite a decrease in the number of transactions, could be attributed to single large value transactions as against multiple small transactions, it explained.
Meanwhile, the online payments ecosystem witnessed multi-fold growth during the pandemic, as the number of transactions increased by 24 per cent year-on-year (YoY) and expenditure increased by 23 per cent YoY.
Further, the report noted that the number of UPI transactions grew by 288 per cent and expenditure through UPI grew strongly at 331 per cent between 2019 and 2020.
