The COVID, the currency note and the digital money in India

10:53:00 Sarath S 0 Comments

    For the last three months our nation struggling with COVID-19 pandemic. People aware of the importance of social distancing. Because of this fear digital money taking place against currency notes. Indians trying to travel through the digital money phase due to fear of a pandemic. 

    For an extend fear for currency notes is true. Some people use saliva to count currencies. As per some recent studies, the virus can survive some hours in it. Also, the droplets of saliva can cause the spreading of the virus through the currencies. 

    Some believe that buttons in ATM cause the spreading of the virus. That's why the bank provided sanitizer in the ATM. Actually, nothing scientifically proved that ATM causes another reason for the spreading of the virus. People have a fear of touching or something related to it. Indians are learning new lifestyles from this pandemic. They try to live with this custom.

    People preferring new modes of transactions because of this fear. The new contactless payment era is emerging in India. The rate of digital payments in India increasing year by year linearly. But the sudden spike was seen in demonetization. RBI reveals that the circulation of cash brought down after demonetization. Means people used to be with new modes of payments. 

    During this lockdown raised concern over the surface to humans transmission including currency notes. As per the local survey, an increase in digital payment platforms most of them are mobile recharges and essential buying. 

    Local vendors also got benefits during this lockdown time. They opened the shop as per government regulations. Some remote vendors tried to apply the benefits of digital payments. They introduced UPI based apps to shop. Because of this, first-time customer users brought into this system during the lockdown. Without awareness of anything India stepping on digital payment.

    Maybe because of this introduction of this online custom, big companies investing in India during the spreading of the virus. Some big companies targeting leading mobile carrier companies and local vendors to make new marketing levels.

    Also, lockdown benefits some fintech apps in India. Paytm, Google pay, Phone pe, Amazon pay, BHIM, and other apps are stepped forward in the online payment market. Lockdown also benefits in DTH companies. They tried online applications to recharge DTH. E-commerce platforms hike in groceries and essentials during the second stage of lockdown.

    All shows that Indians are taking online payments over cash culture. Our NPCI promoting UPI in these online payment battle. One survey told that UPI is taking advantage of other modes of payment. So the government is promoting this model payment.

*-Social distancing and mask is the only way to prevent COVID-19-*