Studying The Impact Of The Covid-19 Outage On Digitized Payments In India

Abstract

A once-in-a-century pandemic Corona has a terrible impact on economy all around the world during the entire fiscal year 2020–21. Although the covid outbreak  has caused a surge in electronic payments in the retail market , the Indian economy has shown resilience because to its strong fundamentals. When compared to the financial year prior to the pandemic, 2019/20, digital payments (retail) have greatly increased in both volume and value terms. The beneficial outcome has demonstrated India's digital payment system's ability to process a significant number of financial transactions via digital channels. The significant increase in digital payments that will occur in 2021 and 2022 will be successfully managed by the payment system thanks to the emonetization seeds planted on November 8th.