The nationwide lockdown made the people isolate themselves in their homes. But this lockdown benefitted the digital payments systems. The use of digital payment platforms amid coronavirus has increased by 42 percent.
Most of the people are using digital payment system for buying the essential items, mobile recharges etc,
RBI urges to use Digital Payments
For the safety of citizens from the coronavirus, the RBI governor Shaktikanta Das asked the customers to use the digital payment systems. The central bank said in his press release, “In the context of the efforts to limit the fallout of the coronavirus pandemic by avoiding social contact and visit public places, the public can use these modes of digital payment from the convenience of their homes through online channels like mobile banking, internet banking, cards, etc. and avoid using cash which may require going to crowded places for sending money or paying bills.”
Many retail and general stores are reporting major rush amid coronavirus lockdown. People are stocking essential items in large quantities.
The consumers are making digital payments for both e-commerce as well as retail stores. The contactless money transaction is getting importance with every passing day.
The National Payments Corporation of India (NPCI) urging Indians to use more digital payment methods, so there will be no need to step outside of the house even for withdrawing money from ATM’s, This will reduce social contact and will prevent the spread of COVID-19.
In a survey, the consumers asked which app they are using for the online payments and transaction of money, the survey says 33% said Paytm, 14% Google Pay, 4% PhonePe, 10% Amazon Pay, 6% BHIM while 33% used other apps.
When asked about debit/credit cards in the last three weeks, 54% of respondents said they have been using Visa, while 30% Mastercard and 12% Rupay card.
The lockdown benefitted the digital payment system up to a great level. The people who did not use the digital payment app they have also started using this.
