Paper Title
To what extent and why has COVID-19 made India substitute cash with digital modes of payment through UPI and what are its spillover effects?
Article Identifiers
Authors
Mukund Rawat
Keywords
Digital Modes Of Payment, UPI, COVID 19
Abstract
In the wake of the COVID-19 pandemic, India witnessed a pivotal shift from traditional cash transactions to digital modes of payment, particularly through the Unified Payment Interface (UPI). This research delves into the extent and implications of this transition. It draws attention to Prime Minister Narendra Modi's vision, as expressed in his "Mann Ki Baat" address, emphasizing the growing importance and acceptance of online transactions for fortifying India's position in the global economy. However, challenges persist, especially in the rural landscapes, where digital infrastructure might be inadequate, potentially exacerbating economic disparities. This transition's roots can be traced back to the 2016 demonetization phase, which marked the genesis of the UPI system, simplifying online transactions. This study hypothesizes that the pandemic-induced lockdown propelled the shift to digital payments, fostering economic growth in this emerging nation, aligning with the Prime Minister's outlook.
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How To Cite (APA)
Mukund Rawat (October-2023). To what extent and why has COVID-19 made India substitute cash with digital modes of payment through UPI and what are its spillover effects?. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 8(10), c913-c936. https://ijnrd.org/papers/IJNRD2310299.pdf
Issue
Volume 8 Issue 10, October-2023
Pages : c913-c936
Other Publication Details
Paper Reg. ID: IJNRD_207523
Published Paper Id: IJNRD2310299
Downloads: 000121987
Research Area: Commerce
Country: Jaipur, Rajasthan, India
Published Paper PDF: https://ijnrd.org/papers/IJNRD2310299.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2310299
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Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)
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