It is said that the year 2020 must be reset. The global situation was terrible during the earlier part of the year as the virus that was the culprit of the health crisis started spreading to many areas, forcing places to go into lockdown. However, from the business aspect, when networks were shut down temporarily, such as that of the travel industry, some businesses experienced a sharp increase in growth.
There were a lot of facilities that had to temporarily close their door. Even the branches of the government had to physically shut down. The utilities continued their services yet most people realized that power and water are not enough. There is a need for internet connection so that they may continue making financial transactions such as a payment transaction, among other things.
Growth of certain businesses
Not all industries suffered from the pandemic. There are those online services that experienced a rapid increase in growth. One of the businesses that boomed during the earlier part of 2020 was that of streaming movie subscriptions. There was a need for entertainment to fill the long hours while having to stay at home for safety reasons. By making an online payment, the person can watch their choice of movies or even a series.
There were also a lot of people who wanted reading material. Downloading an e-book can be easily done by accessing one of the many online bookstores. Games were also downloaded. Many of these games require the user to make an online payment to be able to purchase extra virtual tools, gems, and the like.
There are millions of people who now use their mobile devices more often than they do their computers. A mobile device is used for more than communication as it can provide entertainment, connectivity with others, and can be used as an e-wallet. With a payment app, it can be used at a retail store’s terminal to make a contactless payment. When online, one usually can make a payment using a virtual payment terminal.
For those who had to make an online payment, as more people had to use shopping sites to purchase their groceries and supplies, there was a need to use payment instruments such as their credit card or debit card. Bank transfers were also accepted as payments in many e-commerce websites and apps.
Being able to make an online payment
There are many people that encountered difficulty to shop online for their basic needs during their lockdown period. There were some who did not have any of the payment instruments that are commonly used to make an online payment. Many people discovered the solution to having financial inclusion in the online payment world was to get an e-wallet. These e-wallets served the purpose of being used as a payment method for certain shopping sites that accept payments from that e-wallet. For financial inclusion and being able to continue accepting and sending payments when there are restrictions, it is a good idea to use one of the best payment apps.