Demonetisation in India led to the lack of currency notes in 2016. With citizens running low on cash, they were left with no choice but to try out cashless payment options.
This new advanced mode of commerce has made digital transactions highly prominent in the country since 2016. From then on, the digital mode of transactions has become a trend in the country.
Change in habits prompted by demonetisation has saved citizens from COVID-19 now.
Experts claim that the virus can live on currency notes and coins for several hours. In such a case, if someone comes in contact with those notes, chances of infection become very high.
But with people using digital payment methods, they did not came in contact with physical currency, saving themselves from potential carriers.
Contactless digital technology has gained popularity in rural areas as well. With the spread of facilities and awareness, rural businesses are shifting to this mode of payment.
Ankit Gera, the co-founder of Junio, acknowledged that the growth of UPI payment methods in India is not going to stop anytime soon.
Paytm, Mobikwik, and other UPI methods have become exceptionally dominant during the demonization period and now during lockdown. With the rise in similar apps, this sector will continue to grow at a steady pace.