The entire world is sailing a ship of catastrophe that most of us didn’t foresee. Most of the cities, states, and even countries today are under a complete lockdown. A situation none of us wished for, but thriving through it is the only option in our carts. But we still are very fortunate as a generation since there are still so many things that are in our interest. Surviving a pandemic in the 50s would have been a different artboard all together if not for today’s technological advancements.
It’s been a tough time for all of us. But there is something that has made surviving easier. Then be it working from home and catching up through conference video calls, binging on Netflix when bored or just taking a virtual tour of a city or town you are craving to visit. While all these things have helped us in a way, e-commerce and digital modes of payments have been crucial in our survival.
On Monday, the governor of Reserve Bank of India solicited the citizens of the country to switch to digital banking facilities and digital payments as far as possible, due to the ongoing pandemic situation.
‘Cash is King, but digital is divine’ is RBIs new motto to urge people to use digital modes of payments. China and other Asian countries amidst the pandemic have started adopting similar methods of promotion In fact also out rightly banning cash transactions altogether.
In the wake of the recent Corona outbreak, even our Prime Minister Mr. Narendra Modi has asked the customers to take a step further and stick to contactless payments. QR code and UPI are some of the best modes of contactless payments when it comes to paying a retailer for essential services and products that you will be buying during this time of crisis.
Hashtags like #IndiaPaySafe and #PaySafeIndia have been doing rounds on twitter and the internet to spread information about the need of the hour and to switch to using digital payments
According to the 2019 study conducted by YouGov and ACI Worldwide, at least 42 percent of consumers in India prefer digital modes of payments 27 percent of people rely on cards and 27 percent on cash.
As we all know, money is the most traveled item, going from one hand to another hand and hence can be a potential carrier of viruses and other infections.
Amidst the pandemic, it’s become vital to stick to mobile/internet baking and the Unified Payment Interface system to ensure health safety. The CDC, Centers for Disease Control and Prevention and various other health researchers from around the world have found that the Covid-19 virus tends to stay and remain active on various surfaces for a varied period of time.
While we are taking all the necessary measures to battle this pandemic, handling cash for buying necessary commodities rules out all our efforts unknowingly.
The evolution of Financial Technology, widely known as Fintech has helped majorly in keeping the essential services going. Remote banking and accessing your banking account from your mobile phone/ desktop has negated the need of having to go to a bank and waiting in queue for hours with hundreds of other people, completely destroying the agenda of social distancing.
When it comes to meeting the needs of the crust of the pyramid sector, the blue-collar workers or people from tier 2, tier 3 cities and villages players like Pay1 has been crucial in taking necessary steps to meet people’s banking needs.
Today Pay1 stores are present in more than 2000 Cities and have been providing services like cash withdrawal and money transfer in these times of shutdown. Pay1 has been an essential provider of services for people who have a hard time operating bank accounts.
Right from letting them transfer money to their families/ relatives in a split second to help them have access to cash without the need of waiting in queues at the ATMs, Pay1 merchants are doing everything to fulfill their needs with utmost care and safety.
The Covid-19 pandemic may have hastened the adoption of digital payments, while it is too early to predict how this adoption will benefit us after the pandemic ends; it certainly has pushed the digital payment acceptance trend upwards.