Covid-19 has caused widespread panic, sent stock markets plummeting, and forced many businesses to sit back and take stock of the situation. The Coronavirus primarily spreads through coming into direct contact with the infected person – via coughing and sneezing.
Still, according to various reports, the coronavirus can survive on hard surfaces like cardboard, plastics, coins and notes which exchange hands and further spread infection.
This is precisely why the digital transaction is more preferable than cash in this hour of a global coronavirus pandemic. The digital transactions will ensure the risk of transmission is reduced. The World Health Organization (WHO) has reportedly advocated the use of digital payment options in the wake of the coronavirus crisis.
Covid-19, with people choosing to stay indoors, using masks and sanitizing surroundings, a significant change can be observed from physical money transactions to digital transactions as these are less prone to spreading disease like coronavirus than via exchange of cash or paper cheques. This could also open up new roads for financial inclusion, as people who are not connected digitally can come on-board and use digital money as their main source of expenditure.
Along with preventive measures, Paytm – India’s largest digital payments ecosystem, lists out the benefits of doing digital transactions:
1. erchants can accept all types of payments: Paytm All-in-One QR Code empowers merchants to accept unlimited payments through Paytm Wallet, RuPay Cards and all UPI based payment apps directly into their bank account at 0% fee and without having direct contact with the customer
2. No more standing in ATM queue: Users can use their Paytm wallet, UPI for payments without going to ATMs and avoiding crowded places
3. Easy & instant money transfers: Users can send money to other people instantly without even requiring to visit their bank branch
4. Seamless utility & bill payments: Digital payments solves the age-old problem of making bill payments for electricity, phone, water, etc. through cheque and then waiting for 2-5 days to get a confirmation. Digital bill payments are seamless and give instant confirmation
5. Shop online or order food: All major e-commerce and online shopping sites accept Paytm – a hassle-free experience and much safer option compared to cash-on-delivery
6. Offers on the go: Digital payment also enables consumers to avail exciting discounts and cashback
7. Easy tracking & records: All transactions are on record, and it’s easy to keep track of daily expenditure
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