Connect with us

Business

Credit card users spent Rs 39,000 cr on digital payments in 2021: Report

As the adoption of digital payments and wallets grew significantly, credit card users spent more than Rs 39,000 crore on wallets and digital payments, including Rs 7,850 crore on travel alone in 2021, a new report revealed on Friday.

Expenditure on food and utility bills remained consistent during all months while food and beverages saw high spending after the lockdown restrictions were eased from July to October, according to data provided by credit card bill management platform CRED.

“2021 can be defined as the year of self-care for CRED members. This was visible from the increased spending across categories such as travel, shopping and health and wellness. In 2022, we look forward to growing and providing more experiences to our members, said Kunal Shah, Founder of CRED.

As travel restrictions eased, more individuals packed their bags to venture out.

Travel credit card expenditure was Rs 1,103.11 crore in September, higher than in 2021. The spending remained high in October, with Rs 1,091 crore spent by members.

May and June saw 24 lakh transactions, amounting to Rs 675 crore. However, July saw a travel return with credit card spending rising to Rs 602.26 crore.

Maldives and Dubai, which opened borders to Indians, were the most picked international destinations this year.

Popular destinations were Goa, Coorg, Jaipur, Udaipur, Bengaluru and Mumbai for staycations and short trips within India.

Individuals collectively spent over Rs 1,000 crore on food and beverages from March to May when the pandemic restrictions were strict and online food deliveries were the only alternative to dining out.

As the restrictions were lifted across various states, more individuals started venturing out to eateries, cafes and bars.

The months of August (Rs 1,750 crore) and September (Rs 1,727 crore) recorded the highest transactions and payments made on food and beverages, while October continued to see the rise with Rs 1,427 crore spent.

Expenditure on wellness and self-care also saw steady growth, with Rs 44.96 crore being spent in September, compared to a combined total of Rs 49 crore in June and July.

According to the CRED report, fitness remained a popular trend amongst individuals, especially in January-March, witnessing spending worth Rs 1,152 crore.

Business

Smartphone sales in India grow by 12% in 2021: Report

The smartphone market in India achieved a record 162 million shipments in 2021, growing 12 per cent in 2020, a new report revealed.

After a tough start to the year, due to the second wave of Covid-19, India recovered strongly in the second half, reports market research firm Canalys.

“Thanks to the vaccination rollout, market reopening and pent-up demand, smartphone shipments reached all-time highs for the full year. Growth is expected to continue in 2022, driven by both replacement demand and new customers migrating to smartphones,” Sanyam Chaurasia, Analyst Canalys said in a statement.

Following a strong comeback in Q3, smartphone vendors shipped 44.5 million devices in Q4 for 2 per cent growth, despite a challenging supply chain.

Also Read: Father-Son Arrested For Sharing Video Insulting Prime Minister

Xiaomi was the leader, shipping 9.3 million units and maintaining its 21 per cent market share. Samsung came second with 8.5 million units for a 19 per cent share.

For the first time, realme climbed to third place in India, with a 49 per cent year-on-year increase in volume that reached 7.6 million shipments. The fourth and fifth places were taken by Vivo and OPPO, with 5.6 million and 4.9 million units.

“Overall, India will see upward momentum towards future-proof technologies, with smartphones being at the core of the digital ecosystem and growing ever-more essential to the daily lives of Indian citizens,” Chaurasia added.

Continue Reading

Business

Kashmir Handicrafts to be promoted in Germany

The Director Handicrafts and Handloom Kashmir, Mahmood Ahmad Shah held an extensive web meeting with Dr Suyash Chavan Consulate General of India (CGI), Germany.
The online meeting dealt exclusively with reviewing the scope of developing end-to-end export linkages to provide quality handicraft products of Kashmir to the German Market in particular and the rest of Europe in general so as to ensure quality products reach Germany to increase the handicraft exports to Germany.
Germany is the largest consumer of Kashmir carpets and in addition imports Chain Stitch, Paper Machie and Walnut furniture from Kashmir. As the weather of Germany is characterized by cold winters, this makes it a perfect destination for the use of Kashmiri Shawls, Rugs and Carpets.
The tie-up shall also aim to connect art lovers and handicraft importers of Germany with  exporters from Kashmir and also achieve a tie-up of master craftsmen and artisans of Kashmir  with art connoisseurs through digital platforms, which shall ensure long term sustainability for arts like Papier-mâché, sozni, Kani shawl, basket weaving, khatamband, wood carving, silver and copper carving, carpet weaving, leather, silk and pashmina weaving amongst other crafts that Kashmir is known for in German markets
It was discussed that the participation of Handicrafts & Handloom shall be facilitated in participation in upcoming Expos and Trade shows which shall provide an opportunity for international exposure as well as showcasing the Kashmiri art at international platforms besides selling their inventory which has remained unsold due to COVID-19 pandemic.
To begin with, GI certified products of Kashmir shall be presented to the Consulate General of India, Germany which includes Pashmina, Khatamband, Walnut wood carving, Sozni, Kani Shawl, Hand-knotted carpet, Paper Machie and Saffron for display in the Consulate General Munich office and in the exhibitions at Germany.
The consulate general was briefed about the export incentive announced by the Government on GI certified goods and about the renewed focus on Handicrafts in view of the recent UNESCO Craft listing for Srinagar City.
He was apprised about initiatives taken to promote artisans through Craft tours. Consulate General was also apprised about the GI labelling of Kashmir carpets and adaption of blockchain mechanism to check piracy and misbranding of Kashmir handicrafts
The Consulate General expressed his desire for cross-platform exchange and promotion of Departmental social media handles in Germany. The Counsel General requested for digital content like films and photographs on Kashmir craft to be promoted by counsel handle.
The Counsel General was assured that digital content like pictures videos, brochures will be provided to CG for dissemination in German Market. We will make the administration accountable and answerable for people’s grievances at all costs”, Harsh roared.
Continue Reading

Business

Jio surpassed BSNL to become the country’s largest fixed broadband provider

JioFiber added 0.19 million subscribers to become the number 1 operator in the fixed broadband segment in just about two years from commercial launch, with 4.34mn FBB subs.

JioFiber’s market share improved 85bp month on month to 16.9 percent (launched commercially in Sep-19), Nomura said in a report.

Bharti added 0.1mn subs to reach 4.08mn FBB subs (up 68% since May-20), with market share up 60bp m-m to 15.9 per cent.

Bharat Sanchar Nigam Limited’s (BSNL) market share further declined by 185 bp to 16.4 percent share (vs 44 percent pre-JioFiber launch on September 19), the report said.

Without significant fund-raising, Vodafone Idea’s network investments and 5G rollout would likely remain constrained, at least in the near term. Hence, we expect market share gains to continue for Bharti and R-Jio, the report said.

TRAI data for November shows a slight improvement in industry numbers, with Jio gaining market share at the expense of VIL, UBS said in a report.

After a large decline in September (driven by the 19mn subscriber loss reported by Jio) and flattish numbers in October, the industry witnessed a slight improvement in November, with the overall subscriber base expanding by 1.2mn. Bharti gained 1.3mn subs (-0.5mn in Oct), Jio added 2mn subs (+1.8mn in Oct), while VIL continued to lose market share: it lost 1.9mn subs (versus a loss of 1mn and 1.1mn in Oct and Sept respectively).

Jio remains the market leader, with a subscriber market share (SMS) of 36.7 per cent (+10bps). Bharti and VIL ended Nov with SMS of 30.4 per cent (flat MoM) and 22.9 per cent (down 20bps) respectively. It is important to note that the tariff hikes were largely applicable from end-November / December, and therefore, December is likely to see some churn, UBS said.

In fixed broadband, Jio surpassed BSNL to become the country’s largest FBB provider. Jio now has 4.3mn FBB subs (+0.2mn in Nov), followed by BSNL with 4.2mn subs (-0.5mn in Nov) and Airtel with 4.1mn subs (+0.1mn in Nov).

After a large decline in September (driven by the 19mn subscriber loss reported by Jio) and flattish numbers in October, the industry witnessed a slight improvement in November, with the overall subscriber base expanding by 1.2mn. Bharti gained 1.3mn subs (-0.5mn in Oct), Jio added 2mn subs (+1.8mn in Oct), while VIL continued to lose market share: it lost 1.9mn subs (versus a loss of 1mn and 1.1mn in Oct and Sept respectively).

Jio remains the market leader, with a subscriber market share (SMS) of 36.7 per cent (+10bps). Bharti and VIL ended Nov with SMS of 30.4 per cent (flat MoM) and 22.9 per cent (down 20bps) respectively. It is important to note that the tariff hikes were largely applicable from end-November / December, and therefore, December is likely to see some churn, UBS said.

In fixed broadband, Jio surpassed BSNL to become the country’s largest FBB provider. Jio now has 4.3mn FBB subs (+0.2mn in Nov), followed by BSNL with 4.2mn subs (-0.5mn in Nov) and Airtel with 4.1mn subs (+0.1mn in Nov).

Continue Reading

Watch our Youtube Videos

Covid-19 Stats

28 Jan 2022, 5:31 AM (GMT)

Coronavirus Stats

40,622,709 Total Cases
492,356 Death Cases
38,024,771 Recovered Cases

Facebook

Latest Posts

Trending

Instagram
WhatsApp