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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. Combination of monetary, fiscal policy needed to address coronavirus impact: SBI report 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. “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 a banglore based company. The RBI has said that public can use digital payment from the convenience of their homes and avoid using cash Read more at : https://www.thehindubusinessline.com/money-and-banking/digital-payments-get-boost-amidst-covid-19-concerns/article31089437.ece Get Hassle free Loans Digitally at www.MoneyEstate.in India Tv Reported : Digital payments in India are surging in the ongoing Covid-19-caused lockdowns which will accelerate mobile data/4G penetration and build an ecosystem of services. According to a research report by CLSA, acceleration in data penetration will especially be positive for Bharti Airtel, as 50 per cent of its subscribers are still to upgrade to 4G, and in services, the latest catalyst will be Reliance Jio’s partnership with WhatApp for JioMart ramp-up. CLSA said that digital payments in India are surging in the ongoing Covid-19-led lockdowns. Already these had jumped three-fold over the last two years to 3 billion transactions a month. UPI, an instant real-time payment system developed by National Payments Corporation of India (NCPI), which allows instant money transfer between two bank accounts on a mobile platform, is being promoted aggressively by the government. Get Hassle free Loans Digitally at www.MoneyEstate.in Launched in April 2016, UPI monthly transactions have risen to 1.3 billion with Rs 2.2 trillion transaction value implying 43 per cent of total digital payment volume and 32 per cent of the total value. UPI transactions now account for 41 per cent of total mobile banking transactions in value, up from 14 per cent in January 2018 and the government is now taking even more steps to aggressively promote digital payments via UPI in ongoing lockdowns. Further as mobile increasingly becomes the instrument of cashless/digital payment in the short and the long run it will build a growing ecosystem of useful services, CLSA said. Read more at : https://www.indiatvnews.com/technology/news-digital-payments-increase-in-india-during-coronavirus-lockdown-614260 Get Hassle free Loans Digitally at www.MoneyEstate.in
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