Show me the money: Pandemic spikes up the trend of cashless transactions

Deepkamal Kaur

Tribune News Service

Jalandhar, July 8

There’s no denying the fact that people have been feeling the heat since the day one of the outbreak of the pandemic. They have become ultra-careful so as to not catch the life-threatening virus. So, to side with safety, people have coalesced the idea of cashless transactions among many other precautions being taken. Accordingly, marking a shift towards digitisation of payments.

Interestingly, a recent report of the RBI revealed that digital payments have grown by more than five times and there are as many as 87 apps that allow the use of cashless transactions. From paying fee through digital mode to receiving and making payments in businesses through e-banking or payment platforms like UPI, mobile wallets, Bharat Interface for Money (BHIM) and BharatQR, most people are now trying to avoid the use of currency. And the mantra is being followed by not just the managements of the educational institutes but doctors, mall owners, most showroom owners and entrepreneurs are also using the method of the digital payment systems.

Also, most of the residents have shared that these are not the times that they would want to go to a bank especially after coming to know about an incident of a bank staffer in a branch on the railway road getting infected. The entire premises had to be sealed and all staffers had to be tested.

“Touching the doors of the bank, counter surfaces, drafts, cheques and currency is not safe at all. Any of these things and surfaces can be a source of virus, so we are avoiding going to banks. Every time that we handle currency, we are using a sanitiser and we cannot use it everytime. So, we are encouraging people to transfer money to us via Paytm or any other mode”, said a boutique owner of Model Town.

Speaking out

At least one-third of my patients are using UPI for making payments. For the rest, we have evolved a system. We are using a polybag to keep the currency coming from outside and we open it on the fifth day. Dr Sanjiv Sharma, ENT specialist

Everyone of us — my wife, daughter and I — are using e-banking. We are using HDFC app and completely avoiding physical banking. I am even getting payments for my warehouses through digital mode. Gurcharan S Channi, Businessman

Neither we, nor parents want to get into any risk. Hence, a change in the trend. We are encouraging parents to use HDFC app for the purpose. There are 8,000 parents and there could be days when over 600 parents will queue up for paying fee. Dr Anup Bowry, Owner, Innocent Hearts School

We have been told to carry out 100% transactions through digital mode. We have an app of the Hindustan Petroleum and are telling all our customers to keep it uploaded. More modified, touchless mechanisms and delivery of petrol are on the anvil. Monty Sehgal, Petrol pump owner

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