The amazing turning point of events around the world; we did not expect to turn our peaceful life into a struggle, but digital payments make life easier to manage. There is no doubt that digital payments make our daily lives simple and elegant due to simple transactions between available applications. During the lockdown, physical transactions that are no longer portable have led to a significant surge in digital payments in India. Several companies are taking this opportunity to expand and expand their territories by attracting people who are as alienated from society as they are. Satisfy the pursuit of your customers. Not only has the transaction volume increased substantially, but the download volume of the digital payment platform has also doubled.
A survey of 42,000 respondents conducted by the local consulting community provided strong evidence that “mobile shopping and necessities” are the main use cases for digital payments, and Paytm and Google Pay top the list in terms of digital payments. Applications used by consumers
As we approached the fourth month of the lockdown, physical transactions in cash were largely avoided due to possible exposure to the COVID virus. Since there is no cash flow in shopping malls or other markets, people are turning to online shopping. Courses and entertainment applications as a way to spend money in isolation have increased the demand for digital payments. Due to widespread fears of an epidemic of digital payments, ATM access has been restricted. People are turning to digital payment methods to stay at home. According to reports, 54% of people use Visa cards, 30% use MasterCard for online payments, and another 12% use rupay cards for the same purpose.
As we approached the fourth month of the lockdown, physical transactions in cash were largely avoided due to possible exposure to the COVID virus. Since there is no cash flow in shopping malls or other markets, people are turning to online shopping. Courses and entertainment applications as a way to spend money in isolation have increased the demand for digital payments. Due to widespread fears of an epidemic of digital payments, ATM access has been restricted. People are turning to digital payment methods to stay at home. According to reports, 54% of people use Visa cards, 30% use MasterCard for online payments, and another 12% use rupay cards for the same purpose.As the American activist Bryant McGill said, “Each ending creates space and opening for an amazing new beginning.” Demonetization is an important step leading to the development of digital payments in India. The National Payment Corporation of India (NPCI) has expanded the use of digital payments to allow access to multiple bank accounts through a single mobile application. It accounts for 41% of the total number of bank transactions and continues to grow during the lock-in period. Some simple features that UPI users will benefit from; availability 24/7 and 365 days service Use one app to handle mobile app complaints for multiple bank accounts One-click authentication Suitable for e-Com and m-Com transactionsThe “UPI Chalenga” campaign #IndiaPaySafe was recently launched to raise awareness of digital payment security.
The pandemic has forced people to rely on digital payments even with simple adjustments. This has led to more and more new customers such as local retailers and affected the interests of telecommunications companies. .Indian Express exclusive report: “Our discussions with leading DTH operators for the mass market indicate that continued quarantine across India has led to an increase in digital DTH channel replenishment from 60% to 80% within a few weeks.” During the lockdown, Online Payments, IT, software, media, and entertainment have all soared. Confianza Jio’s collaboration with Facebook’s WhatsApp has accelerated JioMart’s growth by acting as a digital catalyst.
Local retailers are vigorously promoting digital payments. The report concluded that, based on surveys of local businesses, “many local retail and department stores reported that due to closures during this period and people buying and storing second-hand items, orders have increased significantly”. The main reason is that digital payments are easy, which helps to promote safe contactless transactions in these difficult environments. The number of electronic payments on e-commerce platforms has grown rapidly. Increasing consumption of groceries and packaged food has played an important role in this growth.
As the world gradually plunges into chaos and tries to survive, NGOs are doing incredible work to maintain and glue almost no overhanging parts of the world. This blockade has led to a substantial increase in online donations. Donations from non-governmental organizations have increased by 180%. Razorpay has begun to develop a better payment solution for payees, which will help NGOs simplify their operations and reduce most of the administrative burden.
The advantage of this kind of digital payment development is due to the understanding of the working principle of mobile phones. Mobile devices have become an important tool for providing cashless/digital payment services in the short and long term. The use of mobile wallets has also increased dramatically. Therefore, in the event of a failure, the growth of mobile applications improves again. Based on research on local business reports; “When customers were asked about the digital payment application they used the most since the pandemic began, 33% of Paytm, 14% of Google Pay, and 10% of Amazon Pay responded. And many of them use other apps for meaningful purposes. Trails.
Regardless of the COVID-19 outbreak or not, paying and receiving payments without going to the store in person always looks attractive, which has become a modern trend. Digital payment platforms are constantly improving their security. The rise of cybercrime. The target group of digital payments is young people. For young people, the use of smart phones is not an advanced knowledge, they master applications very quickly, covering 90% of the user group. The need for safety is human instinct, so we insist on maintaining social distancing and introducing isolation to protect ourselves at home. Super safe to ensure your line is safe, so you can be safe cashless/digital payment improves transparency, scalability and usability, which is beneficial to you. The rise of network security and digital payment platforms has brought us closer to a cashless economy and made India 100% cashless!