Finance Covid-19 Pandemic A reason for Digital Finance?

[Yugocean]

Covid-19 Pandemic has become a reason for the future of the world and so does a reason for Digital Finance.

This pandemic forced various work around the world to be done from home instead of office. Although governments of various countries are making work from office mandatory as normalcy approaches; however, many institutions are continuing to work from home for a long time, due to which work is becoming digital instead of office.

Many Financial institutes were providing E-Service even before pandemic, but it becomes more important during pandemic. Even through many institutions are now opening again, however, demand of online banking is now increasing day by day as institutions do not allow crowds anymore. Many people also prefer e-services than any physical crowding place.

What are your thoughts on Covid-19 effects and digital finance?

 

[Bookwormlux]

The pandemic has caused a lot of us to find easier ways of doing things without having to go out of our homes and expose ourselves to crowdy environments.
I personally got to know about a microfinance bank that I am currently using and it is far more better than using my bank. I use the app and it is easy to do transactions with very little fees.

 

[arunima25]

I started with digital transactions few years back much before the pandemic. But I still saw people around me who didn't prefer digital transactions for various reasons and they went for cash transactions only. I prefered digital transactions as they were convenient and easy to track our expenses. I did cash transactions only when it was the only option. Now I see all those people around me turning to digital transactions in this pandemic. So I would agree that this pandemic has really encouraged digital transactions.

 

[btaliat]

Many people know much about how money is made online during the pandemic. Just like the saying goes that necessity is the mother of investion. Since people could not go out to go about during the pandemic, they started doing online business which makes the rate at which people are making digital money surge up.

 

[sincerem]

This days their are more of online banking institutions that is trying to shift offline way of banking to online and easing the stress and risk of contracting covid19. If covid19 still exist more than expected it will surely open more doors for banks running full-time online for the countries that is mostly affected by covid19.

 

[IamDozzy]

I think the Covid-19 pandemic has forced everyone to engage in digital finance either willingly or unwillingly. During the lockdown, financial institutions were closed so as to prevent rapid spread of the disease and as such digital banking became the alternative to physical banking. The ease at which people could complete transactions online especially in developing countries further cemented the place of digital finance in the hearts of people even after the lockdown.

 

[Alexandoy]

The mention of digital finance comes to my mind the covid protocol here when riding in public transportation. To be used is a digital wallet because the bus or train do not accept cash payment anymore. Riders would have to buy a digital card and load it for use when they commute. It is not easy for those who have not used such cards.

 

[Mika]

Due to the Covid situation, digital transactions increased heavily in my home country. People started using banks and mobile wallets to send and receive funds as well as pay for the services and products using mobile wallets, QR code payment, or bank payment, or receive payment for their products and services.