Cashless Payments Are Booming During COVID-19

COVID-19 has created a wide distance between customers and markets. And what do the experts think about it? Well, as far as they see, digital transactions will bloom. If the duration between Lunar New Year and mid of the March is considered, 76% growth in cash-less payments is worth appreciating.

To maintain a cordial bond with customers even during the current crisis, certain banks have gone the smart way. By adapting their telephone applications and online services, they have included prominent and customer-friendly grocery chains to give customers the space to order the essentials and make payments without going out. Other than deploying the latest technological solutions to assist the customers, banks are trying their best to work with their partners for an uninterrupted flow of services to the customers.

Vietnam Prosperity Joint Stock Commercial Bank saw a 25% increase in the value of transactions that took place through the digital channels during the first quarter of 2020. Talking about the online transactions, they witnessed a jump of 50% as compared to 2019.

According to the data by Military Commercial Joint Stock Bank, it saw a boom of 26% in both the number as well as the value of online transactions during COVID-19. Similar results have been noticed for other banks too. But something that’s worth more noticing is the significant rise in payment for public services that took place through electronic banking. Ever since social distancing has gone active, online payments for public services have spiked by 19%.

Online Payment Are Thriving

The tough times of the global pandemic have made use of online payments easy to use, safe, and more convenient than ever for a maximum number of people. In order to fulfill more & more needs of the users, mobile banking apps have been integrated with additional utilities. Besides the usual transactions, users can do more, such as management of account details, faster money transfer, balance checks, and more.

Everyone with a smartphone and banking app installed can do all the online activities from borrowing money to transferring it. Other services they can avail of include paying utility bills as well buy groceries. Hotel and ticket reservations are some more benefits.

Sacombank is all set to provide online savings feature on its very own banking app, which will be linked with food delivery businesses. The purpose behind having an application with multiple features so as to improve the customer experience that will last not only during the ongoing situation but later too.

A number of banks have either decreased or freed their transaction fees, as doing so will attract the audience and encourage it to go for online payment over cash payment.

When the matter of online payments enters any scenario, the safety of online transactions is among the first concerns. Understanding it very well, banking industry is looking forward to working on having staff that’s well-qualified to do the job efficiently. To win the trust of customers and increase their faith in cashless payment, doing this is the need of the hour.