Razorpay, a payment solution provider, launched the first edition of its International Payments Report. The report analyses over 10 million transactions processed on its platform between 1st April 2021 and 31st July 2023 to understand how India performed on a global scale. 

Titled ‘From India to the World’, it compared the growth in online international payments in 2022-23 with the preceding year (2021-22). The findings suggest that if 2021 saw a boom in digital payments, 2022-23 witnessed a veritable explosion. Razorpay processed over 10 million international transactions between 1st April 2021 and 31st July 2023. 

Amongst the sectors that the report focused on was edtech. The International Payments Report reveals that there are over 4,450 Indian edtech businesses. Over the last year, these have witnessed 51 per cent more sales for e-learning platforms internationally.

Indian Software As A Service (SaaS) companies also recorded a 73 per cent increase in their international sales, while India’s Platform as a Service (PaaS) witnessed a skyrocketed 74 per cent growth in purchases over the last year. Infrastructure as a Service witnessed a 130 per cent surge in spending within the same period. 

India has also witnessed a 163 per cent increase in sales for indigenous fashion brands.

Amid revenge tourism witnessing a major hike, India succeeded in positioning itself as a preferred tourist destination for global tourists. Online travel agencies witnessed a 14x increase in international payments and a whopping 12x hike in transactions from travellers globally.  

Regional movies like RRR and KGF drew attention from viewers all over the world, causing Indian OTT platforms to see a 194 per cent increase in revenue from international viewers over the last two years, as well as a massive 361 per cent increase in international transactions, according to the report. 

Elaborating on the insights, Rahul Kothari, chief business officer of Razorpay said, “From legacy brands to start-ups, Indian businesses have taken the global audiences by storm, demonstrating resilience and innovation-first approach.”