Banks Observe Surge in Online Payment Transactions Owing COVID-19 Fears

Amidst the COVID-19 pandemic, banks have observed a surge in digital transactions. A senior official of State Bank of India stated that transactions through SBI's YONO app have skyrocketed. He informed that the usage of online channels have increased to 93% in the June quarter, from 90% in the corresponding period last year. As per report, other banks, including ICICI Bank and Axis Bank, have also witnessed a similar trend.