The value of transactions on the Unified Payments Interface, a platform created by India’s largest banks in 2016, reached an all-time high last month as people feared to handle banknotes amid the pandemic.
Digital payment transactions through the Unified Payment Interface (UPI), cards and mobile wallets have made a near V-shaped recovery this month.
The Reserve Bank of India (RBI) on Monday directed payment systems operators to undertake targeted multi-lingual campaigns by way of SMSs and advertisements to educate their users on safe and secure use of digital payments amid incidence of frauds continuing to bedevil people.
Eko's network of over 200,000 entrepreneurs, retailers, and individuals, across 200 cities in India has been instrumental in bringing about this ease to the lives of migrants.
Mobile-based payments will be resilient and overtake card payments in India, with the covid-19-induced economic slowdown likely to put a pause on the rapid rise of cashless payments in 2020.