Even the manual works have been taken over by high-tech types of machinery, everyone tends to be busy in their hectic lives. The era of technology has triggered drastic revamping globally in such a way that works can be accomplished with just a touch of a finger with the gadget on a palm. Well, online digital payment gateways have proffered a great abetment for the people not only during the time of pandemic but also the normal days.
As per World Bank Report 2014, there has been mentioned the opportunities of digitizing payments on how the digitization of payments, transfers, and remittances contributes to the G20 goals of broad-based economic growth, financial inclusion, and women’s economic empowerment. Apprising on the major coign of vantage, the application of digital payments help in the following ways:
Help overcome the costs and corporeal barriers
Scaleup access to financial services using mobile phones, retail point of sale
Increase access to the banking system, privacy, and transparency
Attainment of online goods and services at the time of need
Save the time
Furthermore, the use of such digital payment platforms has proven that these platforms not only promote women’s economic empowerment but also assists them in managing the money by facilitating greater account ownership and asset cumulation. And it has formed a ladder for women to initiate their entrepreneurial works as well. There has been a cornucopia of cogent proofs that today’s business personages and suppliers want to put away the hectic paperwork replacing with making workflows online through digital payments. At the time of po-faced pandemic like COVID-19, the use of digital payment gateways has escalated its gear and served as a confidant for all who were and are still locked inside the houses to battle against the spread of such deadly virus. Grocery goods required? No problem. Need to transfer funds, no worries. Gotta rush to pay bills-Internet, electricity, and whatever, not a big issue. These problems have been solved in just a minute. In nutshell, digital payments have been keeping economies running and helping people disrate contact with the virus.
Digital payment gateways have become a compelling necessity in the current situation. Due to the outbreak of COVID-19, the mayhem of the pandemic desist from socializing and maintaining physical distancing, these digital platforms have somehow saved the people from contact with viruses. Regarding the transactions of such digital platforms, Amsterdam based remittance service, Azimo has seen transactions hop by nearly a third in recent months during the COVID-19 pandemic. Similarly, WorldRemit has augmented the double-digit lump experienced in the run-up to the virus, Likewise, the use of digital wallets like E-Sewa, Khalti, Cellpay, Fonepay in Nepal has increased tremendously as well. The government encouraging to use such a platform to save the people to come into contact with the pandemic is also praiseworthy. Putting stimulus funds into consumer’s hands more eminently as per report local governments in China have distributed vouchers through WeChat Pay to chirk up immediate spending. Moreover, these platforms made milestones to make economies operating without letting the money in banks frozen during the pandemic.
To sum up, the application of such payment gateways has substantiated as one of the saviors in the course of Coronovirus pandemic. Whether it’s the moment virus outbreak or normal days like before, the use of such digital payment gateways is of help in any case.
Team Rolling Blogs Head/Editor : Pravash Rai Team Leader : Roshan Kalauni Writers : Lachana Shakya, Birat Bijay Ojha & Shikshya Subedi Designs : Beena Koju