Postal digital transactions have been launched by the Telangana Postal Circle at Himayat Nagar sub post office.
To encourage the system of online payments and deposits, officials of the postal department have inaugurated ‘digital MPCM counter and digital SB counter’ at Himayat Nagar sub post office according to reports.
“People can open an India Post Payments Bank savings bank account and link the same to the existing post office savings bank account,” said Rippan Dullet, Senior Superintendent of Post Offices, Hyderabad City Division on Monday.
The COVID-19 pandemic has led to an increase in the usage of app-based payments which have doubled year-on-year (YoY) in the January-March quarter of 2021.
Data released by the Reserve Bank of India (RBI) showed that in January-March 2021, mobile transactions recorded a 96 percent growth in volume to 8.32 billion, while in terms of the value they saw an over 104 percent increase against the same quarter of 2020 to Rs 32 lakh crore, according to reports.
Digital Payment methods have gone beyond the rich or well educated in India, according to a study conducted by People Research on India’s Consumer Economy (PRICE) in partnership with the National Payments Corporation of India (NPCI).
PRICE collaborated with NPCI to conduct this study, in an effort to quantify the strides consumers in India are taking towards becoming a ‘less cash’ society. The study pointed out that while one out of two of India’s richest 20 per cent households use digital payment, an even better set of numbers played out in the disadvantaged sections of the society.
