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Covid-19 opens new doors for fintechs as users shun cash deals for digital

Companies report spike in transaction via android apps as merchants opt for contactless payment systems

Sai Ishwar Samreen Ahmad Mumbai, Bengaluru

Premium

The sector went into an overdrive in response to the situation, leading to the birth of several new business models in the fintech space.

5 min read Last Updated : May 26 2020 | 9:19 PM IST

D K Pandey, a senior manager at beauty and wellness parlour VLCC in New Delhi has been learning a technology he has never used in his 20 years of experience at the company — contact payments.

“Over 20 per cent of the transactions done during the lockdown were through the android app. It does not require a laptop or any other machine,” says Pandey.

Another retail associate, Hitesh has learnt a new way to intimate customers about payments. This is especially for home deliveries from the supermarket he works in as store supervisor. It happens either through SMS or WhatsApp.