Impact of the Covid-19 Pandemic on India's Digital Payment System | News / Actualities

ABSTRACT:

The benefits of digital payments over cash are many, including their greater ease, security, and transparency. The banking sector's provision of digital payment instruments like debit cards, mobile banking, mobile wallets, etc. is vital in this pandemic context. Possible acceleration of the trend toward a cashless society as a result of the worldwide pandemic. People continue to place a lot of trust in payment systems since they have shown to be dependable and long-lasting, which has led to the growth of online payment methods. However, typical transaction volumes dropped as a result of the lockout and business closures. Helping the recovery and contributing to the creation of this new standard will need rapid progress and assistance from the digital payments ecosystem in the Post-COVID era. The increase in digital payments over the past three years and their significance during pandemics are the primary topics of this study.