- India’s digital ecosystem is coming to the aid in providing essential financial services
- Even for first-time users and investors, signing up and onboarding is now easy and paperless
After some companies asked their employees to work from home starting 16 March, to contain the spread of the Covid-19 pandemic, payments platform PhonePe saw a sudden jump in some categories of transactions. These included money transfers, recharges, bill payments, and those with its partners that provide essential services such as groceries, medicine and food. The trend with PhonePe shows that more people resorted to digital transactions even before the country went into a complete lockdown on 24 March.
You might also be interested to read: How Non-resident E-commerce Players Came Under Equalisation Levy
The way the digital ecosystem has evolved in India, many financial transactions can be done online without the need to visit your bank branch, or the office of an insurance company or a mutual fund house. Online transactions are not only helping people cope with the lockdown, but are also aiding them in maintaining social distancing and avoiding handling currency notes.