IMPACT OF COVID-19 ON DIGITAL PAYMENTS

Abstract

India's financial system is evolving continuously with the help of emerging technologies to make online transactions easier, safer, accessible and more personalized for customers. It is also becoming more agile and efficient. The study purpose is to examine the effect of Covid-19 on Digital payments and to compare the respondent’s buying behavior before lockdown and during the lockdown, to study the acceptance level of Paytm and Google pay in India as an alternative to the cash transactions, to analyze the problems faced by them during online payment, for this, Primary data and secondary data are collected. The primary data is obtained from survey questionnaires using convenience sampling method. The contribution of this study is an attempt to comparatively analyze the switch to digital payments from cash payments and how covid-19 outbreak has made its contribution towards the contactless digital payments. The study basically helps us by to understand the major sector of people who are aware and adopted the mode of transactions of digital payments through e-wallets. The research and data collection in the study concluded that there was an inclination in  the mode of digital payments. The customers with age group of 25-45 show the most usage of digital payments and are completely aware of it. Majority of respondents prefer phonepe and g-pay over other payment methods. The problems faced were mostly about non availability of financial accounts and the lack of proper internet access.