Digital payments: Pandemic does what demonetisation couldn’t do

The coronavirus pandemic has brought about a permanent shift in the way consumers approach digital payments. The contactless nature of the digital modes — enabled by innovative technologies and regulatory flexibility — has given millions of Indians a choice to practice social distancing while making payments. Many of these new payment behaviours could well be irreversible. In an hour-long panel, moderated by Mihir Gandhi from PwC, industry captains deliberate on trends that are driving the burgeoning sector at The Economic Times–Back to Business Dialogues–The Future of Digital Banking and Payments in a Post-pandemic World.

Consumer Behaviour

Mihir Gandhi, Leader, Payments Transformation, PwC
Five years ago, the percentage of digital transactions as a share of retail payments was less than 10%. Now, it has grown to 25% due to the efforts of the government, regulators, technology enablers and marketplaces. They say, the first 15% is the toughest to achieve, following which the network effort kicks in. On this note, I want to ask Praveena Rai from NPCI about the consumer