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.
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