Market research on the impacts of covid-19 on obsoleting physical payment methods
Majority of people supported the physical wallet system until 2020, when
the pandemic grew outrageous, the population feared to make naked contacts even
during the transactions. Digital payment method was always a thing among the
population prior to the pandemic, whereas the hygiene benefits of making
contactless payment accelerated the usage of e-purse. Market researches computed
an annual rise of more than 50% of the population were obliged to make use of the
electronic remittance system during 2019-20, clarifies True Code, the flourishing
market research company based on India.Reality marks a threat to the physical wallet even before the pandemic impacts swapped the lifestyle of people over the world, threatening the peoples doubt on vulnerability towards cyber criminals exploiting online applications to take over personal information. There is always a drawback of paying unnecessary payment getaways and third-party payment processors charge service fees.
However, True Code research analysis confirms that during the initial months of 2019, the digital service usage focused on the people belonging to the age group of 15-45. Pre-covid19 consumers followed a combined approach of payment measures, with continued usage of cash for regular services like taxi fares, haircut cash etc.
Meanwhile, just like cash payment, physical card remittance is gradually falling in order to the frequency of online crediting methods. The cards are advancing with inbuilt wi-fi settings to make immediate transactions as well as instant feedbacks to customers. On the other hand, digital service does not warrant huge amounts of infrastructure for conducting payments, unlike the bank transactions. However, the future of the current hiking digital service can never be confirmed since the modern technology seizes the national affairs bringing about varying trends in each century.