With COVID-19, online payment platforms in India such as PhonePe, Paytm and Google Pay have surged in usage and brought millions of new people into the ecosystem.
In India, cashless transactions is such a norm that people now even expect panipuri stalls (roadside vendors) to have Paytm QR code.
It makes sense though.
Digital transaction is not only fast but also super hygienic – panipuri vendors literally hand cash with their fingers dripped in masala and chutney. This also leads to more wear and tear of currency notes.
Cashless transactions is only going to boom further and create a more transparent and efficient economy.