There has been a surge in demand for digital payment solutions for freelancers due to the increased demand for gig workers — owing to layoffs and downsizing in companies — amid the Covid-19 pandemic, according to a Bengaluru-based marketplace for freelancers.
Refrens.com surveyed over 50,000 freelancers and small businesses and found that adoption of digital payment solutions for freelancers was on the rise, and that payment clearing time had reduced in October compared to August.
The adoption of digital payment methods was rising, with about 82% of clients surveyed making payments digitally in October compared to 68% in August.
Sensing the rising demand for freelancers, payment gateway Razorpay added a payment button in August to enable businesses and freelancers to add a single line of code on their website or blog and go live with an integrated payment gateway in less than 5 minutes.
The feature also supports international payments.
“Razorpay’s Payment Buttons provide businesses with the option of accepting payments for selling multiple products, services, and events with different price ranges — all through a single button. Since the launch of Razorpay’s Payment Buttons in August, over 40% of new user registrations for the product have been freelancers,” a company spokesperson said.
“We continue to see 2X growth in demand month-on-month for payment buttons, which stands testament to the fact that freelancers look for payment solutions that are simple to use, seamless and hassle-free,” the spokesperson added.
Freelancers in the digital space are most in demand as the Covid-19 outbreak forced brick-and-mortar businesses to think about going online, leading to a rise in demand for social media and website development professionals.
The demand was further boosted during the Diwali season.
About 82% of social media professionals surveyed said they had more work in October than August. About 73% of website developers said they had more work in October than in previous months.
“We are getting numerous leads from traditionally offline businesses on our marketplace, looking to establish a strong online presence. However, it is still early to say whether this is a permanent trend or a short-term festive peak,” said Naman Sarawagi, founder, Refrens.com.