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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) |
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| Paper Title: | Understanding the impact of Covid-19 lockdown on the increase in the usage of Unified Payment Interface (UPI) |
| Authors Name: | Camellia C Burman , Dr. Swapan Sarkar |
| Download E-Certificate: | Download |
| Author Reg. ID: |
IJNRD_183447
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| Published Paper Id: | IJNRD2210070 |
| Published In: | Volume 7 Issue 10, October-2022 |
| DOI: | |
| 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. |
| Keywords: | Cashless economy; UPI; Wilcoxon Signed Rank Test; Covid-19; lockdown |
| Cite Article: | "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 (www.ijnrd.org), ISSN:2456-4184, Vol.7, Issue 10, page no.558-568, October-2022, Available :http://www.ijnrd.org/papers/IJNRD2210070.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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Published Paper ID:IJNRD2210070 Registration ID: 183447 Published In: Volume 7 Issue 10, October-2022 DOI (Digital Object Identifier): Page No: 558-568 Country: KOLKATA, WEST BENGAL, INDIA Research Area: Commerce Publisher : IJ Publication Published Paper URL : https://www.ijnrd.org/viewpaperforall?paper=IJNRD2210070 Published Paper PDF: https://www.ijnrd.org/papers/IJNRD2210070 |
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ISSN: 2456-4184
Impact Factor: 8.76 and ISSN APPROVED
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