The pandemic triggered unforeseen global business challenges. COVID-19 exposed and fostered everyone to the digital path – digital currency, digital wallet, and digital transactions. Although we were all pursuing digital activities, the pandemic lingered and made it necessary to opt for the digital transformation. Consequently, here we are, in the era of digital transformation.
The world is plunged into digital exchanges and quickly adopted digital payments. The emerging technologies made it possible to turn on digital wallets and online transactions. Further, internet services also fueled digital transactions.
The adverse effects of the pandemic, in turn, raised the digital wallets, and the digital cash began to shine. In no time, most businesses – online grocery stores, pharmacies, OTT platforms, online gaming, digital payments, etc. switched to online mode.
Further, the major online retailer’s rolled-out several discounts, cash backs, and coupons, etc. These benefits also grabbed the attention of consumers who used to pay using cash.
Welcome to the Cashless Society
Digital payments, once a comfort, have become a necessity. One-tap payments simplified the payment process. Several popular digital wallets became available to everyone with a variety of benefits.
Samsung Pay, Venmo, PayPal, Google Pay, and PayCircle are a few leading digital wallet providers. Funds transfer using these digital payment applications received an uptick, and people across the world replaced cash with digital transfers.
The payment gateways saw an increase in the fund transactions go-online. Small-scale industries also opened up and boosted online payments. The UPI with P2P and P2M eased flexibility to conduct digital transactions.
The greater adoption of contactless or QR code and OTP-based payments also changed consumer behaviour. Undoubtedly, there is still a push to adopt digital payments with the wide acceptance of digital cash.
The Human Interest
The human behaviour to conduct seamless transactions instantly also brought in high demand for digital payments. People’s anxiety about making immediate payments, online purchases, paying bills, ordering food, etc., also raised the volumes of digital payments. Besides, digital payments charge low-rate transaction fees and of course, no transaction fees moved the needle on digital payments.
To conclude, digital payments gained traction and is still growing. With many more joining the digital community, we might also notice a decline in cash usage!
PayCircle – Your Trusted DeFi Wallet
PayCircle is a trusted Decentralized Finance (DeFi) wallet. It allows individuals and businesses to custody, send, and receive multiple currency Fiat and digital assets to anyone, anywhere, 24X7.
PayCircle application is cost-efficient with zero hidden and lowest transaction fees in the industry. PayCircle provides FDIC insurance for USD custody.