Understanding the impact of Covid-19 lockdown on the increase in the usage of Unified Payment Interface (UPI)

Registration ID: IJNRD_183447

Published ID: IJNRD2210070

DOI: Click Here to Get

Camellia C Burman , Dr. Swapan Sarkar

Cashless economy; UPI; Wilcoxon Signed Rank Test; Covid-19; lockdown

The payment system has witnessed a lot of phases and has come a long way since its inception. Currently, the payment system is in a transition phase whereby it is shifting from a cash-oriented platform to a digital platform. The transition is an arduous process but the usage of the electronic modes of payment is on the rise. This process began with the implementation of plastic money in the form of cards, gradually it involved transfer of funds using the internet connectivity in the form of internet banking, which evolved further into electronic wallets and now the Unified Payment Interface or most commonly known as the UPI where funds can be transferred instantly with the click of a button. The usage of UPI has increased considerably and a sharp rise in its usage is noticed post implantation of lockdown due to Covid-19. This paper tries to investigate the rise in the usage of the different cashless modes of payment and also rationalize the sharp increase in the transactions executed through UPI in the year 2020 compared to that of the year 2019 using the Wilcoxon Signed Rank Test. The study reveals that the increase in the transactions executed post Covid-19 lockdown significantly differs from the rise in the transactions executed during the pre-Covid period. So, it can be concluded that, the pandemic has pushed the people to accept the digital modes of payment widely, thereby easing the transition process from a cash-based economy to a digital one.

Published Paper   E-Certificate

Camellia C Burman & Dr. Swapan Sarkar (October-2022). Understanding the impact of Covid-19 lockdown on the increase in the usage of Unified Payment Interface (UPI). INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 7(10), 558-568. https://ijnrd.org/papers/IJNRD2210070.pdf

Volume 7 Issue 10, October-2022

Pages : 558-568

Paper Reg. ID: IJNRD_183447

Published Paper Id: IJNRD2210070

Downloads: 000121991

Research Area: Commerce

Country: KOLKATA, WEST BENGAL, INDIA

Published Paper PDF: https://ijnrd.org/papers/IJNRD2210070.pdf

Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2210070

Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar | ESTD YEAR: 2016

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