HOW THE PANDEMIC ACCELERATED DIGITAL PAYMENTS
The lockdown induced by the COVID-19 pandemic forced businesses to switch from the physical world to the digital platform, which, in turn, propelled digital payments into another dimension. With more and more consumers now shopping online regularly, providing them with a smooth payment experience by efficiently managing the payments infrastructure has become important for businesses across all major sectors.
Even for purchasing essentials, consumers are now choosing e-commerce as the preferred medium, which is increasing the frequency of digital transactions everyday. They now have a plethora of digital payment options, which include digital wallets, net banking, credit and debit cards and open banking payments. The Digital India Programme is the Government’s vision to swiftly transform India into a cashless economy.
Merchants across sectors are continuously experimenting with innovative payment solutions for attracting and retaining new customers who prefer to buy from businesses which offer seamless online payment options. As the digital payments ecosystem is poised to grow at an exponential pace, businesses are successfully re-imagining customer journeys by embedding flexible digital payment solutions. The pandemic has truly accelerated digital payments.