EVOLUTION OF DIGITAL PAYMENTS: A COMPARATIVE STUDY OF PRE- AND POST-COVID TRENDS IN HYBRID ENVIRONMENTS
DOI:
https://doi.org/10.29121/shodhkosh.v5.i1.2024.2379Keywords:
Digital Payments, COVID-19, E-payments Growth, Cashless Economy, UPI Payments, Digital India, Digitally Empowered EconomyAbstract [English]
In this era of rapid technological advancement, the use of digital payments is booming. It is one of the key measures being promoted by the government under the 'Digital India' campaign to move toward a cashless economy. Digital payments are made through online platforms using electronic media, eliminating the need for physical cash, and enabling people to handle transactions quickly and easily. The government's goal is to create a digitally empowered economy that is faceless, paperless, and cashless.
With the rapid growth of internet access and smartphone usage, more people now have the tools to make digital payments. Mobile wallets, apps, and payment platforms have become widely accessible, and digital payments can be made both online and in physical locations. For example, if you buy something from Myntra and pay via UPI, that qualifies as a digital payment. Similarly, if you visit a restaurant and, instead of paying with cash or a card, scan a QR code at the cashier using an app like Google Pay or PhonePe, and complete the transaction through UPI, it is also considered a digital payment since the money is transferred electronically without physical cash.
This study investigates whether the importance of digital payments has grown significantly between the pre-COVID and post-COVID periods. A two-sample means test was conducted using survey responses from finance managers at 100 companies in Pune. The findings indicate a notable increase in the importance of digital payments during the COVID-19 period.
References
Agarwal, S., Basu, D., Ghosh, P., Pareek, B. and Zhang, J. (2018a), “Demonetization and digitization”, 36(4). 251-262. DOI: https://doi.org/10.2139/ssrn.3197990
Agarwal, S., Qian, W., Yeung, B.Y. and Zou, X. (2019), “Mobile wallet and entrepreneurial growth”, AEA Papers and Proceedings No. 109, pp. 48-53. DOI: https://doi.org/10.1257/pandp.20191010
Alreck P.L. and Settle R.B (2003). The Survey Research Handbook. McGraw-Hill Education. London.
Bachas, P., Gertler, P., Higgins, S. and Seira, E. (2017), “How debit cards enable the poor to save more?”, NBER Working Paper No. 23252, National Bureau of Economic Research. DOI: https://doi.org/10.3386/w23252
Bachas, P., Gertler, P., Higgins, S. and Seira, E. (2018), “Digital financial services go a long way: transaction costs and financial inclusion”, American Economic Association Papers and Proceedings, Vol. 108, pp. 444-448. DOI: https://doi.org/10.1257/pandp.20181013
Bandi, C., Moreno, A., Ngwe, D. and Xu, Z. (2019), “The effect of payment choices on online retail: evidence from the 2016 Indian demonetization”, Working Paper, No. 19-123, Harvard Business School.
Chodorow-Reich, G., Gopinath, G., Prachi, M. and Abhinav, N. (2020), “Cash and the economy: evidence from India”, Quarterly Journal of Economics, Vol. 135 No. 1, pp. 57-103. DOI: https://doi.org/10.1093/qje/qjz027
Crouzet, N., Gupta, A. and Mezzanotti, F. (2019), “Shocks and technology Adoption: evidence from electronic payment systems”, Working Paper.Higgins, S. (2019), “Financial technology adoption”, 15(3). 441-462.
Kumar, A. (2018). HRM 4.0: High on expectations. International Journal of Enhanced Research in Educational Development, 6(1), 24-26. DOI: https://doi.org/10.5281/zenodo.6677191
Kumar, A., Joshi, J., & Saxena, J. (2018). Service portfolio analysis of banking sector: A comparative study. MERC Global's International Journal of Management, 6(4), 168-174. DOI: https://doi.org/10.5281/zenodo.6677003
Kumar, A., Kaur, P., & Geetika (2021). Tata Motors: JLR reimagine strategy. In S. Patil, A. Gawande & A. Kumar, Caselets in Business (1st ed., pp. 47-49). Dr. D. Y. Patil B-School, Pune. DOI: https://doi.org/10.5281/zenodo.6739712
Kumar, A., Walke, S. G., & Shetiya, M. M. (2018). Evaluation of ESOPs as a reward management practice in the Indian IT industry. International Journal of All Research Education and Scientific Methods, 6(7), 46-50. DOI: https://doi.org/10.5281/zenodo.6677068
Lohar, A., Gajare, Y. Y., & Kumar, A. (2018). Key growth drivers and barriers to adoption of e-payments: A review. National Journal of Research in Marketing, Finance and HRM, 3(1), 01-12. DOI: https://doi.org/10.5281/zenodo.6677140
Patil, S., Kumar, A., & Brar, V. (2021). Marketing 4.0. Success Publications, Pune. DOI: https://doi.org/10.5281/zenodo.6662750
Walke, S. G., Kumar, A., & Shetiya, M. M. (2017). Study of global, national and regional evolution of Agritourism. International Journal of All Research Education and Scientific Methods, 5(12), 30-37. DOI: https://doi.org/10.5281/zenodo.6677297
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Dr. Atul Kumar, Tadnya Parab, Stuti Shukla, Chirag Periwal, Sahil Chourasiya
This work is licensed under a Creative Commons Attribution 4.0 International License.
With the licence CC-BY, authors retain the copyright, allowing anyone to download, reuse, re-print, modify, distribute, and/or copy their contribution. The work must be properly attributed to its author.
It is not necessary to ask for further permission from the author or journal board.
This journal provides immediate open access to its content on the principle that making research freely available to the public supports a greater global exchange of knowledge.
