New Delhi: As social distancing and avoiding human contacts have become new normal, Indians are now opting digital transactions over cash and card payments. It has been proven that currency notes including other goods have the potential to carry the novel virus for a definite period, therefore, cashless transactions remain the safest mode of payment.
The banks themselves have been sending awareness messages to avoid visiting public places and using currency notes. Many Banks including Reserve Bank of India (RBI), State Bank of India (SBI) , and Punjab National Bank (PNB) have been encouraging the use of mobile digital payment amid coronavirus scare.
According to a report published in Financial Express, coronavirus pandemic has helped India achieve use of digital payments that demonetization aimed but failed to achieve. The report also suggested that electronic transfer of funds from banks which had dropped in April due to halt in economic activity has also been reformed.
Growing digital banking has many added advantages such as:
- The first and foremost advantage is no human contact which isn’t possible with currency notes.
- Digital transactions come with much ease. You don’t have to stand in queue for ATM with drawls.
- It is easier in conducting hospital payments as you can transfer money whenever and wherever you want.
- Digital Banking provides many cashback offers and discounts along with concession in
Besides, cashless economy is cost effective, growth friendly, business friendly, pro-financial inclusion, etc. Cashless payments also accelerate mobile data/4G penetration and build an ecosystem of service.
However, India is yet to achieve an adequate cashless society as a significant population of the country does not have access to the internet and smartphones. But for now, the change is important as the covid-19 pandemic will likely have long-term effect among us.
