The Impact of COVID-19 on Digital Payment Habits of Indian Households (original) (raw)
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The purpose of paper is to study about digital transformation in banking, which is simply a brief distance from the normal bank to the digital world. Banking in economy like India plays a crucial role in day to day life. It's the identical with other financial institutions that find out about clients, work with them and satisfy them. The digital transformation of the Indian economy and therefore the banking sector had recently taken place. Today as we are within the first phase, where (impact of digitalisation on banking sector) many traditional banks offer their customers top quality websites and mobile sites / apps. All this ensures that with an aim of Minimum Government, Maximum Governance, ease of living of the citizens is at the core of Digital India. India's digital payments journey has been marked by specific events that have reshaped user preferences and needs. While, the issuance of debit and credit cards in India has grown steadily for many years, now the turning point was the launch of the United Payments Interface (UPI), demonetisation in 2016 and lockdown due to pandemic Covid-19. These events boost up Digital payments. Today, India is regarded as one of the leading payments ecosystems in the world, operating one of the largest real time payments systems in the world and delivering innovations across the entire payments continuum. It serves as a benchmark to many countries and a case study in leveraging technology to make payments accessible to all. The main purpose of this study is to analyse component-wise contribution in Digital Payment and to Compare the digital payments in terms of volume and values before and after COVID-19. So, to compare all the parameter correlation coefficient model is employed and data collected is both primary and secondary in nature.