An initiative of transforming India by the Prime Minister to Digital India had a good response. The UPI payment is no longer limited to malls or big brands but now can also be seen being used by small businesses. So surely it has transformed the way we approach payment. As we can clearly state that it is on the verge of replacing traditional payment methods soon.
With the internet becoming more affordable and accessible in 2015, UPI was able to see a huge increase in popularity when it was launched. As a result, people started approaching digital payment as a platform and began exploring the digital world. Hence, it was a new digital era for business transactions & day-to-day transactions.
With every business adopting digital India, even banks began to move in the same direction. In the past, banks offered certain services like internet banking, but they weren’t widely accepted. These services were predominantly used by businesses and tech-savvy consumers. Majorly consumers would stick simply to IMPS or cash withdrawal. People started using the internet as a tool in their day-to-day lives after the digital revolution. Similarly, digital banking was approached. The introduction of UPI at the time when the internet was booming, embarked on a revolutionary event in the Indian economy.
People have been using various online services such as booking tickets online, ordering food and shopping online from all different platforms. The evolution slowly started unfolding as they gained access to all the services simply on one platform. UPI apps today have come out not only useful for quick transactions but also for quick travel bookings, movies, bill payments etc.& more. Eventually, the traditional way of regular payments may be replaced. The pandemic is another reason why people turned to digital platforms. Without access to traditional media, people were compelled to use online platforms as an alternative option. People couldn’t go to the theatre to watch movies. Slowly it was replaced by OTT platforms as movies. So there was sudden change and acceptance of digital platforms in general.
Eventually, banks have also approached the same medium, as before bank account opening needed you to be there physically in one of the branches of the bank. But as the pandemic hit our life, banks started opening accounts online. Because people today rarely step out of their homes without a reason, digital banking services have helped banks run smoothly and gave customers more convenience just from home.
Through bank apps, you can transfer money to another account. It also allows you to apply for debit cards, credit cards, and cheques books. Various other services such as transaction history, fixed deposits, recurring deposits and various other banking transactions are done online through a bank app. It is evident that digitization has transformed as well as replaced various traditional banking and payment methods.