As the number cases increasing day everyone is becoming more precautions. Using all there on own means to stay safe and healthy. Coronavirus brought many changes in every field, the Indian education system started online classes, Al uses increasing in business and much more on the way. The outbreak also increased the use of online payments which means cashless transactions, demonetization was not available to achieve this change.
An online platform created by India’s largest banks in 2016 known as (UPI) Unified Payment Interface, the usage rate of this platform hits the highest last month. The Electronic Fund Transfer which was dropped in April as the economic activities reduced has also recovered.
Nityanand Sharma chief executive officer of Simpl Technologies Pvt ltd said people who never used these online facilities are now using it in every means to purchase groceries, pay electrical bills, etc. Simpl technologies allow people to buy groceries, food, and payback after two weeks. The up-gradation which was to happen in the coming five years just took three months of time.
The government has sought along to push even the four or five people who handled transactions in cash to digital payments. Prime Minister Narendra Modi in November 2016 suddenly canceled the country’s high-value currency notes. The aim was to stop corruption that could also, help to promote digital commerce. Digital payments increased during the unavailability of banknotes but which was soon back to normal. The pandemic also increased digital payments due to the growing concerns of people.
An entrepreneur named Sachin Raje Mumbai based is a recent user of these digital payments. He now uses this for every purpose like to buy the mill, essential commodities. He considers digital payments safer.
By 2021, RBI aims to increase digital transactions to about 15 percent of the gross domestic product. Billion digital transactions per day are being expected by the government as the technology is growing fast. Amazon.com and Alphabet.inc are placing bets on India’s digital payment market.
A recent survey indicates that the users for digital payments have increased in the last three months and there will be an increase in the coming six months.
Cash will still be the king in Indian markets. Cashless means of transactions could have increased in-spite of this pandemic. India comes second after China in case of cash withdrawal from ATMs. The currency in circulation is at 11.2% of gross domestic product which is higher than many large economies.
In India, not all people have proper access to internet facilities and 20 % have no bank account which limits the use of digital transactions.
During the first week of India’s lockdown business were shut, gains were seen only for essential services that continued. The pandemic has increased the use of digital transactions even in small cities. Most of them prefer digital transactions due to their speed which happens in three seconds to complete.
