Money & Banking

Digital payments get boost amidst Covid-19 concerns

Surabhi Mumbai | Updated on March 17, 2020 Published on March 17, 2020

Digital payment players have got a boost on the back of concerns over coronavirus and the recent advisory by the Reserve Bank of India to use non-cash payment options like NEFT, IMPS , UPI and Bharat Bill Pay.

“A safe way to pay. A safer way to stay healthy. Use digital payment options and avoid social contact,” said National Payments Corporation of India in a tweet on Tuesday.

Popular payment apps like Paytm and Mobikwik too have been encouraging customers to use digital payment options during the current situation, where it is advised to avoid social contact and public places.

“Manage all business payments from the comfort of your home,” Paytm said in a recent tweet.

Many retail chains and businesses have also been encouraging customers to shop online and pay through digital channels.

An SBI Ecowrap report noted that evidences suggests that currency notes are a source of infection and dangerous to health, more so because many of the pathogens on them are multi-drug resistant strains.

It said that immediate steps should be taken to check spreading of any virus through currency notes and said the possibilities of usage of polymer notes in India should also be examined.

“For the time being, alternative mode of payments including digital payments coupled with incentives and benefits to encourage more and more people for adoption and acceptance of alternate mode of payments in the larger interest of health of the country needs to be encouraged further,” it said.

Bengaluru based startup Signzy noted that digital banking is the way to go for the BFSI sector. "A crisis like Covid-19 needn’t necessarily mean loss of business. Banks and financial institutions can make the most of digital payments and customer onboarding solutions to keep up the pace. With remote working catching on, BFSI stakeholders would do well to adopt AI, and RPA led solutions, which can help them serve their customers effectively,” said Ankit Ratan, co-founder of Signzy.

The RBI had on Monday said that public can use digital payment from the convenience of their homes and avoid using cash.

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Published on March 17, 2020
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