Paper Title
Understanding the impact of Covid-19 lockdown on the increase in the usage of Unified Payment Interface (UPI)
Article Identifiers
: Authors
Keywords
Cashless economy; UPI; Wilcoxon Signed Rank Test; Covid-19; lockdown
Abstract
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.
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How To Cite (APA)
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
Issue
Volume 7 Issue 10, October-2022
Pages : 558-568
Other Publication Details
Paper Reg. ID: IJNRD_183447
Published Paper Id: IJNRD2210070
Downloads: 000122254
Research Area: Commerce
Author Type: Indian Author
Country: KOLKATA, WEST BENGAL, INDIA
Published Paper PDF: https://ijnrd.org/papers/IJNRD2210070.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2210070
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