INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016
Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI)
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.
Keywords:
Digital Modes Of Payment, UPI, COVID 19
Cite Article:
"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 (www.ijnrd.org), ISSN:2456-4184, Vol.8, Issue 10, page no.c913-c936, October-2023, Available :http://www.ijnrd.org/papers/IJNRD2310299.pdf
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ISSN:
2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator
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