Pandemic impact: Indians shifting to digital payments to avoid spread of Coronavirus
By MYBRANDBOOK
As the adage goes 'Precaution is better than cure', it goes so true here again. Amid global pandemic and lasting lockdown, the government is making a renewed push to urge the citizens to use digital payments during this Coronavirus pandemic, for any goods or services they procure.
Simpl - a startup simplifying Digital Payments revealed that there’s been an increase of new offline to online users, who are trying out services from various e-commerce sites. There’s been a 40% increase overall in the number of transactions involving essential food items and around a 40-45% increase for medicines when compared to pre-Coronavirus days,
Many retail stores and local general stores have been reporting a major rush and spike in order because of the lockdown and as people purchase and stock essentials for use during this period, the payments are made via digital modes.
As per a recent report by Capgemini, The shift towards digital payments in India is particularly striking when the evolvement of consumer behaviour can be seen among different segments, including older consumers who have traditionally preferred cash for transactions. Eighty per cent of the older consumers in India between the age group of 56-60 years show the highest usage of digital payment channels in the next six months. This was followed by the age group of 36-45 years at 83 per cent.
Similarly, Xpay Life, a digital payment company is helping rural audiences to pay utility bills witnessed 564% growth on its platform since India has been under lockdown.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
ICONS OF INDIA : RITESH AGARWAL
Ritesh Agarwal is an Indian billionaire entrepreneur and the founder a...
Icons Of India : NATARAJAN CHANDRASEKARAN
Natarajan Chandrasekaran (Chandra) is the Chairman of Tata Sons, the h...
Icons Of India : Dilip Asbe
At present, Dilip Asbe is heading National Payments Corporation of Ind...
IFFCO - Indian Farmers Fertiliser Cooperative
IFFCO operates as a cooperative society owned and controlled by its fa...
NSE - National Stock Exchange
NSE is the leading stock exchange in India....
TCIL - Telecommunications Consultants India Limited
TCIL is a government-owned engineering and consultancy company...
Indian Tech Talent Excelling The Tech World - JAY CHAUDHRY, CEO – Zscaler
Jay Chaudhry, an Indian-American technology entrepreneur, is the CEO a...
Indian Tech Talent Excelling The Tech World - Steve Sanghi, Executive Chair, Microchip
Steve Sanghi, the Executive Chair of Microchip Technology, has been a ...
Indian Tech Talent Excelling The Tech World - Aneel Bhusri, CEO, Workday
Aneel Bhusri, Co-Founder and Executive Chair at Workday, has been a le...