6
vritti
Trending Now
March 2020
Pushing Remote Banking
and Digital Payments
While useful, of course, these examples may
not find much footing in other parts of the globe.
Instead, many governments, global bodies,
banks and financial service providers are
pushing digital, contactless payments and
remote banking to the fore. In India, for instance,
the Reserve Bank of India (RBI), the National
Payment Corporation of India (NPCI) and the
government have combined forces. These
entities are emphasizing on using digital
payments methods like UPI and IMPS to
minimize social contact and crowding of banks
or bill payment points. To drive home the point,
campaigns like #paySafeIndia and
#IndiaPaySafe #IndiaSatySafe have been
launched to promote digital payments. In an
official statement, RBI said “On-cash digital
payment options (like NEFT, IMPS, UPI and
BBPS) are available round the clock to
facilitate fund transfers, purchase of goods /
services, payment of bills, etc. In the context
of the efforts to limit the fallout of the corona
virus pandemic by avoiding social contact
and visit to public places, public can use these
modes of digital payment from the
convenience of their homes through online
channels like mobile banking, internet
banking, cards, etc. and avoid using cash
which may require going to crowded places for
sending money or paying bills [3] .”
Let’s not forget, though, India is certainly no
stranger to digital payments. These payments
have, in fact, witnessed rapid growth over the
last few years, particularly UPI transactions.
In December 2019, UPI registered 1.3 billion
transactions and the aim is to take it to over 1
billion per day.
In the US, major banks are encouraging their
customers to use bank’s mobile app and
internet banking service to avoid crowding at
bank branches and ensure social distancing. The
aim is to deliver essential services with reduced
staff while ensuring safety and well-being of
customers and employees. To spread the word,
banks like Chase have taken to social media
sites like Twitter, while U.S. Bank has created
a special COVID-19 information page.
[3]
RBI