The rising fears of covid-19 have spread, or it almost stopped the physical transactions. The digital payments have been witnessed in India, or it could be the exponential spike in the last 21 days during the lockdown period. In the past few months, more than 42% of Indians have used digital payment methods multiple times compared to Physical payments. In the pre lockdown period, digital payment platforms are used most. It has not been seen in the number of transactions, but downloads are increased in the lockdown.
According to the survey of 42000 respondents, it is proved that people are using digital methods to buying Essentials, mobile recharge, or more. For digital payments, Google pay and Paytm are among the top digital payment apps used by the customers. After the lockdown, more people have kicked into digital payment methods. The availability of ATM is limited in the last few months, but the digital payment companies are making most of it.
Lockdown has convinced several first time users who were not keen to use digital payment platforms for payments. Due to the social distancing measurements, they are using online payment platforms to purchase frequent Essentials.
According to the survey, it has reported that Paytm and Google pay is the top used apps for Digital payments. When consumers think about the digital payment app, they are used most in the last few months. During the coronavirus outbreak, 33% of people are using Paytm, 14% of people are using Google pay, and 4% of people are using PhonePe.
As per need, the Digital Services has expanded; the retail stores also witnessed the number of growth of payments by several payment apps. There are several General Stores or retail stores reported to the online payment methods due to the lockdown. Furthermore, the use of E-payment platforms is increased. Besides, people are using E-Commerce platforms to get groceries and other Essentials. In the last few months, online payments are reported more than five times as compared before.
Several retailers are also using the digital mechanism to make payments or affect payments. It is contactless that evacuates the risk of spreading the coronavirus. Moreover, the National Payment Corporation of India has also asked the people to use the digital payment platforms so that people do not go out from home. It reduces the social contract, or somewhere it can affect the spread of covid-19. Most of the people use their visa cards button while making online payments. They are also using other cards for the online payments the report has added.
Why Online Frauds Become More Common in India?
Asking citizens to be careful while being online payments, there is a huge dependence on digital payment platforms. Due to covid-outbreak, cash handling is reduced, and almost payments and data-sharing has happened online on social media platforms. While people can manage their daily-actions online, malicious things are also involved in it.
Experts have said that cybercrimes were increased by 500% due to a lack of knowledge or limited awareness. Financial frauds are increased due to the huge dependence on digital modes. Cybercriminals have sent messages on many phone numbers, or they misinformed the people by fake news.
Numberless cases are reported of online fraud in the last six months because online payment methods are enhanced. People who have an inadequacy of knowledge or are unaware of the potential frauds committed by cybercriminals lose their money. Cyber thieves have tried new ways to do frauds with innocent people who are new to online payment modes.
Fraudsters have targeted India’s older generation. They sent messages to the user’s phone or try to contact them. They even use remote apps to get access to the user’s device. Users don’t know about all these scammers who asked them to share OTP that is taking all the hard-earned money of the user.
Read More About – Data Protection Laws in India
Over the internet, you have heard several stories or cases reported by people scammed in different ways. It is found that a lady named Sarita shared access of her mobile phone to scammer and the fraudster rap up bill of over 3 lakhs. The entire process took a few minutes to complete. When people know about the scam, it feels trauma for them at the moment.
