Over the past fifteen months, there have been some remarkable initiatives in the way consumers have switched to digital payments. Since the coronavirus outbreak, users have preferred contactless payment options irrespective of the industry they purchase from. In a recent report by a popular travel tech company, 84% of users confirmed using non-cash methods since the pandemic. When unavailable had 14% of them abandon the purchase rather than risking the physical contact required to pay with cash.Cash to ContactlessThe transition to modern payment methods has led to an overall reduction in cash usage for products and e-comm buys. Recent research by the International Monetary Fund suggests that typically cash use declines by 1.4% a year on an average. This indicates that technically we have seen four years’ worth of digital payment transformation since the pandemic arrived in 2020. The sectors that are believed to have impacted the boost in digital payment methods are small grocery store owners who may have enabled UPI payment apps for convenience and on-demand, online gaming, online education, OTT platforms, online grocery delivery apps, and franchises of online apparel that went online when the stores saw nil turnouts after the lockdown.Securing payments- The PayAid wayWhile the surge in digital payment methods since the Covid outbreak has seen tremendous growth, the percentage of fraudulent cases have also increased. To cement the digital shift and provide greater transparency to the user, we at PayAid have made a conscious effort to make digital payment methods hassle-free and convenient, coupled with the most secured payment gateway. As a PCIDSS-certified payment service, we offer a modern and customised system designed to handle end-to-end payment solutions.The current growth in the popularity of digital payment apps in India presents us with a once-in-a-generation opportunity to harness digital technologies. This also aids in bringing down the additional cost that comes with online payments while enabling a frictionless payment experience for the consumers.
