Boom in Digital Payments

The payment industry, which includes mobile wallets, UPI, payment gateways, credit debit cards and POS, has significantly increased its coverage and more merchants have started accepting digital payments during the lockdown. Digital payment options became popular ass more and more people could not either reach banks or even ATMs and there was evident fear of contracting covid through touch. Online payment systems have become more widely adopted since the traditional ways of physically going to a bank or making payments in-person with cash or cheques became inaccessible overnight.

“Since the lockdown, our customers are asking for new ways to make their EMI payments. So, in addition to our customer app and our website, we can be accessed via an aggregator using over 400 apps to make payments easily via digital wallets or payment systems such as PhonePe, Google Pay, Paytm and more”, adds Hardika of Kinara Capital.

InCred has been leveraging technology to source and deliver credit to MSMEs. The new age NBFC is using an integrated platform connected with large corporates for reaching the MSMEs and has been disbursing funds directly to customer accounts.

Covid has emerged as a big challenge, as well as brought opportunities for the companies to improve engagement with its customers and to improve processes and become agile. Manish Jaiswal explains: “We are using digital means to achieve various objectives. We have UPI enabled payment modes for collections, since during the lockdown cash collection has been a concern. We also have a Magma Payment Gateway where EMI payments can be directly credited to clients’ loan accounts instantly.