Impact Of COVID-19 On Digital Payments!

Table of Contents:

COVID Outbreak In India

Need For Digital Payments

Digital India

Future Of Online Payment Services

How Does OkCredit's In-App Payments Help Your Business?

Online Payment Options In OkCredit

COVID Outbreak In India

The open-ended extent of COVID-19 has converted into one of the greatest threats to the worldwide economy and financial syndicates. To accommodate the impact of the coronavirus fury, India, like many international countries across the globe, is taking many measures, including a national lockdown; along with restricting the moment of the entire population. Some other prominent changes implemented were:

• 50% capacity operation of private and government offices
• Timings restricted for shops and retail stores
• Driving the public to stay indoors
• Closing down public places and transport
• Practice social distancing
• Becoming open to working from home

Need For Digital Payments

With a drastic impact on the global economy, the monetary outlook of the digital payments or online payment methods sector is no different, hence followed an alike trajectory, at least in the short term. But the industry’s security and potential for reform will play a priceless role in rebooting the marketplace in the "New Normal". The COVID-19 pandemic has adversely affected major sectors of the Indian economy including- hospitality, tourism, retail, aviation, auto, and manufacturing. This has affected the fast-growing digital payments division that's linked to the above-mentioned sectors. 2020 was the beginning of online payment gateways competing against each other vigorously.

After lifting the border based restrictions, be they B2B or C2B, have significantly increased whilst ensuring timely moment of essential goods. Along with this, there are also a few sectors that are seeing an uptick in online payment methods with an increasing adaption by shopkeepers and merchants during the lockdown. The instant view and pay bill options available via just a QR Code made online bill payment easily accessible for all.

Some major sectors where the growth of e payment system was visible prominently are:

1. Grocery or Kirana stores
2. OTT Platforms
3. Online Pharmacies
4. Utility/bill Payments
5. Mobile Recharges
6. Online Gaming
7. EdTechs
8. Insurance Policies

Digital India

Online Bill Payment numbers are also gaining a boost via the Indian Government, which has vouched for monetary assistance to the poor via direct transfers to the citizens' bank accounts. The CEO of the National Payments Corporation of India and, the finance minister have advised citizens to increase the use of digital payments in order to make payments contactless and maintain social distancing by going cashless at every point.

Online Payment Solutions, once leisure, have now become a requirement in these times. With a majority of the sectors that contribute to digital payments still in a state of flux, it's still too early to determine the long-term consequences of COVID-19 on online payments.

Future Of Online Payment Services

From payment gateway service provider to bank payment gateway as the COVID scenario proceeds to unfold its waves, its influence on the course and expectations of consumers, as well as those of businesses, will become more plausible. However, what's clear now is that we'll settle into the "New Normal" once the pandemic hangs down. To assist the regeneration and lead the evolution into this new normal, it is imperative for the online payments ecosystem to develop rapidly and help shape the post-COVID period.

Some of the final impacts based on short and long term online payment solutions are as follows:

• Increment in transactions being converted into EMIs owing to the slowdown via cheapest online payment processing methods.
• Increased usage of DBT rails by governments.
• Promoting Contactless payments (e.g. QR code), SMS link-based payment options and wearables will see growth.
• Increase in consumer education drives and actions to battle digital fraud.
• Developing virtual presence of small and medium businesses (SMEs) of India.
• The Payment Processing Industry will be urged to invest in service excellence and to improve foundation and capacity.
• Changing mindset of consumer behaviour for digital payments.
• Banks allowing fee waivers on preferred digital payments (IMPS, NEFT, RTGS) and cash withdrawals from third-party ATMs.

How Does OkCredit's In-App Payments Help Your Business?

Quick bill payment online doesn't require multiple apps or cards anymore, as our new feature will help you manage and process all your online bill payment within seconds. Ok Credit app works wonders for SMEs across India, and now with our new Payments Feature, you can view and pay bill all under one tab in the blink of an eye.

Making payments is now hassle-free and rewarding with the new OkCredit In-App Payments feature.

Apart from bill check and quick bill pay via generation of instant invoice reports OkCredit also helps merchants clear-off all debts between suppliers and retailers. Our newest payment supplier feature will do just the same for you by bringing all features like- Insta merchant pay and current bill online payment under one roof. The In-App payments feature will take care of daily issues like-

• Maintain accurate online bill check regularly.
• Quick bill pay for all OkCredit's merchants and suppliers.
• Manage all current bill payment anytime/anywhere.
• Record sale/purchase done with your suppliers.
• Option to chose between best online payment gateways.
• View and pay as per your generated reports and send reminders via Whatsapp instantly.
• Works as the ultimate e payment system for suppliers to keep track.
• Efficiently keep an eye on the current bill check for each profile individually.
• Multiple online payment methods for making merchant account online transfer easier.
• Make payment convenient and hassle-free via an online payment system.
  

Online Payment Options In OkCredit

You can send your online payments to suppliers via the following options-

• UPI (Google Pay, Phonepe, Paytm, etc.)
• Debit Cards
• Credit Cards
• Net Banking
• Wallets

Also Read:

OkCredit: Simple, Paperless & Secure solution for businesses

Using OkCredit App for Your Kirana Business

OkCredit: All you need to know about OkCredit & how it works.

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