Since the outbreak of COVID-19, there have been several ups and downs in the world. Not only the virus affected the health and lifestyle of every individual, but it has majorly affected the global economy in various stages.
Every country has been trying really hard to cope up with this difficult situation and economical drawback, especially during the lockdown period. However, the one sector that received a boost in this whole fiasco is the technology. The technology has played a huge role in every sort of industry, especially in the parts of payment and economical flexibility.
Due to the norms of social distancing and in the wake of avoiding physical contact with one another, the cashless payment have been embraced widely and implemented in every possible arenas almost in a wartime emergency situation thereby boosting the future of digital payments like never before..
India’s drive towards digital payments have helped one and all in the markets of our country, and because of it the flow of economic transactions kept going on. Where the payment part is concerned, Indian banks and retailers around the world are responding to the COVID-19 economy situations by raising the limits on their contactless card transactions.
Several applications and online payment modes were introduced for the public so that they can make use of them to ensure no physical contact is needed to make any transactions.
In the recent past, the Indian government took several steps to popularize digital payments throughout the country citing its convenience in curbing corruption. And in response to the same the retailers and merchants started using QR codes based payment gateways. However, this situation of Covid-19 contributed significantly in popularizing the use of cashless payment methods in the country.
As per the research conducted, approximately 90% of shops and informal sectors are now running entirely on digital and online payments. A huge rolling out of POS systems across the country has become extremely important to enable card acceptance and digital payments. Needless to say that indeed Covid-19 has boosted the country’s effort of embracing a cashless economy to a great extent. If this trend continues, this can bring in significant changes in our economy and may also help in bringing down the corruption as it has been envisioned in the first place.