The COVID-19 Pandemic & Adoption of Retail Digital Payments: A Study in Indian Perspective

The foundation of digital payment was laid down in India with the introduction of the National Financial Switch (NFS) in the year 2004. Further, in December 2008, a new institutional structure called the National Payments Corporation of India (NPCI) was established as an umbrella organization for retail payment and settlement to deepen the retail digital payment system of India. The study attempts to find the sustainability of digital payment systems during and after the pandemic period in India. The study also analyzes the trend of retail digital payments in India from 2004–2005 to 2019–2020 and evaluates the impact of COVID-19 on retail electronic payments. The study concludes that the adaptability of retail digital payment has not been affected during the pandemic and has sustained after the pandemic. The adaptability of the digital mode of payment indicates the changing approach of the new generation towards a less-cash society. A further study will compare the growth of retail e-payment systems in developing countries.