The impact of Covid 19 outbreak on digital payments

1. The impact of Covid 19 outbreak on digital payments

2. 2020 greeted us with a very new lifestyle, taught us how to live a life restrained from social life, outdoor parties, holidays and many more. Covid-19, the fatal virus, originated from China moved across the globe affecting each and every nation and continues to spread coronavirus.

3. On fear of transmitting coronavirus, almost all nations proclaimed a complete lockdown in their respective countries, restricting all work lives, market lives, international travelling etc. Complete lockdown scenario was only a temporary solution, which got eased in the later months. However, more and more people opt for flexible options like work from home, money transfer online etc. to avoid physical contacts. Thus, even though direct cash dealings had a downswing, digital payments boomed well and good in Covid-19 state of affairs.

4. Overseas settles and workers in developed countries like the United States, Australia etc. have switched to technological ways of international remittances to their family members, relatives and friends in home countries. From all the available options of international money transfers like bank transfers, wire transfers, agent transfers etc. overseas settlers went for online money transfer agency to avoid any sorts of physical exposure.

5. Once the transfer gets done online, people hardly go for any other alternatives as online transfers are more convenient and comfortable. It does not require the remitter to plan a schedule to go all the way down to the bank or agent location, that too within the opening and closing hours. Online transfers allow people to transfer money at any time from anywhere. Thus, digital payments would definitely be the new normal even in post-Covid-19 days.

6. India, Pakistan, Sri Lanka all developing countries had a huge economic backlash in this pandemic situation and international remittances through digital means were a huge relief to the whole country economy. Not only international remittances but all domestic sales and purchases too switched to digital currencies and eCommerce websites. Thus, it can be said that technological advancements came in rescue at this era of disparity.

7. As Charles Dickens said, “It was the best of times, it was the worst of times” (A Tale of Two Cities). It was the best of times for digital payments during the worst of a global pandemic.

8. As Charles Dickens said, “It was the best of times, it was the worst of times” (A Tale of Two Cities). It was the best of times for digital payments during the worst of a global pandemic.

9. THANK YOU