The payments industry has been one of the beneficiaries of the COVID-19 pandemic so far, which led to a rise in digital payments.
The global health peril discouraged people by and large to handle cash directly for avoiding physical contact and breaking the chain of infection. Due to closure of the local market places and to avert public gathering, people are preferring online purchases of essential supplies, which in turn, are amplifying demand for the digital payments market. The payments industry has been shifting to the electronic mode over the recent years, given the proliferation of technology and the coronavirus episode will only expedite this transition.
Though the coronavirus weighed on businesses across various industries due to a meltdown in demand and supply glitches, one industry that earned a sweet spot is the payments industry.
Albeit payments on account of travel and other discretionary spending took a hit, customers spent