- by Manisha |
- April 9, 2021
- contactless payment | 3 min read
Global digital payments on the rise in present Covid-19 times
According to experts, the ongoing spread of Covid-19 has marked a rise the convenient and new ways of digital payments more than ever.
The COVID-19 pandemic is a major threat for the prosperity of the global economy and financial status of the markets. Both developed and developing countries have been negatively affected by the economic crisis. Despite an increase in payments made via online or mobile devices, consumers had not adopted digital payments. The COVID-19 pandemic has shifted more consumers toward digital payments, with industry and other initiatives that have broader access.
With lockdown; restrained movement, many public places and transport are on a stand still; and government is urging the public to maintain social distance, and avoid public places. The economic disruption is massive and the short-term decline in activity for businesses is considerable. The digital payments sector has the potential for innovation and will play an invaluable role in rise the economy in the present times. COVID-19 pandemic has effected major sectors of the Indian economy, with auto, aviation, manufacturing, retail and hospitality. Dependency on digital payments which are connected to the sectors also faced a decline. Travel restrictions and shutting down of shopping destination including dining out, entertainment is also impacting digital payments. Digital payment in sectors such as hospitality, airlines, hotels, tourism, entertainment and restaurants, among other sectors.
However, digital payments increased adoption during the lockdown in payment of utility bills, online grocery stores, recharges, OTT players including telecom and media, online clinics and online gaming. Digital payment volumes received a boost through the Government, which offered monetary assistance to the poor via direct transfers to bank accounts. The finance minister and the CEO of the National Payments Corporation of India have also urged people to increase the use of digital payments in order to make payments contactless.
The Covid-19 pandemic has accelerated digital payments, making it much easier and convenient for small and medium enterprises to continue business and for consumers to purchase goods and services from around the world. Digital payments are thriving as users avoided using cash during the Covid-19 pandemic. Globally, digital payments are set to grow to $8.3 trillion in 2024, from $4.4tn last year, according to Statista.
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