GROWTH OF DIGITAL PAYMENTS IN INDIA-: A COMPARATIVE STUDY- PRE AND DURING COVID-19

Abstract

The main purpose of the study is to measure the progress, reasons for shifting from cash payment to digital payment in pre and during the Covid-19. NEFT, RTGS, UPI, Internet Banking, debit card and credit card have been included in digital transactions. Three variables like impact of lockdown, social distancing, digital and financial literacy have been taken in the study. To collect the primary data a well structured questionnaire was designed and circulated through emails and social platforms to 500 respondents.360 respondents returned the questionnaire after giving information. Data has been interpreted using the Chi-Square test. In the study it is found that discussed factors have a significant impact on growth of digital payments. Due to government law, consumers' perceptions, change in buying behavior, health safety issues and dire need of time in a pandemic, digital payment has grown sharply. Customers have shifted towards digital payments. During Covid -19 small vendors like vegetable seller, kirana store were using digital devices to accept payment. On the other hand, It is observed that there is a sharp decline in the holding of Cash. Carrying of cash attract various issues like chances of theft, wait in queue for withdrawal of cash from ATM, non availability of cash in the ATM, Unnecessary Carrying of ATM card.