Growing Imperative of Digital Payments In COVID-19 Pandemic-With Special Reference To Retail Customers

Abstract

The impact of steps taken to contain COVID-19 and the fear of losing lives, on consumption and paymentpatterns is quite evident in India. The lockdown has changed the consumption and payment habits ofconsumers. The study was conducted to assess the impact of COVID-19 on payment patterns (retail) ofconsumers residing in urban areas of Varanasi and nearby towns. The required data was collected through anonline survey. The questionnaire to assess the impact of pandemic on payments patterns (retail) was sent tourban consumers of Varanasi and nearby towns (U.P.), using Google forms. Some of the consumer'sresponses were recorded using telephonic interview. The data collected was analysed through MS-Exceland Jamovi version 1.6.23 software. To avoid physical contact, people have started digital payments,especially UPI/ Digital Wallets. The digital payments are used for both goods purchasing and servicesconsumption and this behavior is likely to be continued in future also. There are some limitations also suchas security threats, connectivity issues etc, which need to be improved. Due to administrative restrictionsand social distancing mandates, small sample was selected for the study. The study has taken only urbanconsumers as sample. The findings will help marketers to adapt accordingly and concerned authorities todevelop the necessary infrastructure for encouraging the digital payments among people.