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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

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

Sai Ishwar Samreen Ahmad Mumbai, Bengaluru

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.

Topics : Coronavirus Lockdown VLCC Fintech sector Fintech

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