The COVID-19 pandemic has affected all the markets and industry sectors along with daily life globally, especially in Nigeria, the economic and human impact of this virus is significant.
Social distancing has become a new measure in today’s tragic situation. However, in this digital world, the flow of money cannot stop by the coronavirus outbreak or lockdowns. As a result, the adoption of the digital payment solution is increasing at a rapid pace.
Before the coronavirus pandemic in December 2019, digital payments were on the rise thanks to the growing number of smartphones. The total transactions through digital payments are said to reach US$4,769,370m in the year 2020, As per Statista estimation.
It is fair to mention that spread of COVID-19 has acted as a catalyst in the growth of digital payment platforms. Let’s understand how COVID-19 has accelerated the adoption of digital payment solutions worldwide.
In a way to curb the spread of coronavirus worldwide people are to stay at home, the lockdown has made companies implement the Work-from-Home concept or to shut down the operations.
What Leads to Increase Adoption Rate Of Online Payment.
As per the study, cash or currency notes can act as a potential career of the virus. It has forced people to switch to digital payment options.
Furthermore, many bank branches are on lockdown or work with minimum staff.
Therefore, retailers and other vendors find it hard to deposit cash into their bank accounts. They tend to switch to digital payment options to eliminate the risk of theft.
Digital transactions are free from any contact or physical interaction. They also provide a more secure way to pay and receive money. These are key reasons why people prefer digital payment solutions to currency notes and coins.
Globasure Can confirm to you that during the lockdown period, the value per transaction is increasing because many people tend to buy necessary goods together.