India: Bill Payments Drive Digital Payment Volume Recovery in First Half of May
An increase in online bill payments and a pick-up in remittances helped digital payment volumes recover in the first half of May, industry players said.
A number of people who were earlier used to paying their utility bills in cash may have shifted to the digital channels during the lockdown. As people spend more time at home, over-the-top (OTT) platforms and streaming services have seen a rise in subscribers. Payment players are seeing this as a new driver for digital payments. “An emerging segment could be OTT. As more people stay home, this could be the biggest area of growth, along with payments for their TV (television) subscriptions,” PayPoint India managing director Ketan Doshi said.