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India’s Transition to a Cashless Economy: Emphasis on Digital Payments during Covid Period with Special Reference to Patna Region

Economics             

Explore –Journal of Research

                                    Peer Reviewed Journal

     ISSN 2278–0297 (Print)

                                                                                                ISSN 2278–6414 (Online)

                Vol. XIV No. 2, 2022

© Patna Women’s College, Patna, India

                                                         https://patnawomenscollege.in/explore-journal-of-research/

India’s Transition to a Cashless Economy: Emphasis on Digital Payments during Covid Period with Special Reference to Patna Region

• Saumya Narayan • Riya Bansal • Niharika Sinha • Monica

Received                   : December 2021

Accepted                   :  January 2022

Corresponding Author   : Monica 

Abstract : Digital payments are becoming the new normal. They help us save time and money. Whenever one runs out of cash, digital payment methods make it possible to complete the necessary transactions without having to withdraw cash from ATMs or banks. The digital payment methods though are yet to dominate India’s financial transactions, have gained roots in the Indian economy. Changes can be seen in the spending pattern of Indians wherein more and more Indians are inclining towards digital payment methods.
Looking at the current times wherein COVID-19 has led to an increasing concern among individuals over catching coronavirus infection by visiting bank branches and using currency notes, people can be seen switching over to their

smart phones for creating payments. The pandemic has also forced traditional banks to rely more on digital channels to reach out to and facilitate customers and thus, there has been an increase in the usage of bank’s mobile and digital channels.
According to Reserve Bank of India, mobile app based payments touched 20,919.08 crores in September, 2021 amounting to 7, 04,109crores while payments through NetBanking stood at 28.22crores transactions worth 34, 36,124 crores.
Even the Indian Government is promoting digital payment methods in the country through various incentives. Owing to all these, a study of the digital payment methods in India is significant and this research project aims to do the same.

Keywords : Digital Payment, Covid, Online Banking, Incentives, Small Business, Growth.

Saumya Narayan
B.A. III year, Economics (Hons.), Session: 2019-2022, Patna Women’s College (Autonomous),
Patna University, Patna, Bihar, India

Riya Bansal
B.A. III year, Economics (Hons.), Session: 2019-2022, Patna Women’s College (Autonomous),
Patna University, Patna, Bihar, India

Niharika Sinha
B.A. III year, Economics (Hons.), Session: 2019-2022, Patna Women’s College (Autonomous),
Patna University, Patna, Bihar, India

Monica
Assistant Professor, Department of Economics, Patna Women’s College (Autonomous),
Bailey Road, Patna-800 001, Bihar, India E-mail : monica.eco@ patnawomenscollege.in