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A Comprehensive Study on Rapid Adoption of Digital Payments Amid COVID-19 Crisis in Mumbai


Affiliations
1 DGET, Research Scholar, Singhania University, Rajasthan, India
2 Faculty of IT and Management, ABS, Mumbai, Academic Researcher, India
 

Demonetization decision coupled with government’s initiative to make India a cashless economy is expected to bring a phenomenal transformation in the way people make payments and expected to increase inclination towards online payment. The covid-19 pandemic has expedited the shift towards digital payments, increased digital channel adoption, and spurred consumer interest in savings and safer investments in India. Anxiety of spread of virus made physical transactions almost crashed; the digital payments in India have witnessed an exponential spike in the last few months of lockdowns. Among the various modes of online payments, the mode gaining popularity during present time is E-wallets. In a nation such as India where during COVID-19 crisis larger part of venders / customers favors Cash-On-Delivery, thus emphasizing increasing adoption rate. This generates research interest to study the readiness of people to use E-wallets and factors influencing the adoption of E-wallets including the factors refraining the usage of it, during the crisis epoch. This research paper is explorative by nature and aimed at examining the adoption of E-wallets as a mode of payment in Mumbai City, India based on literature review as a part of doctoral study.

Keywords

Smartphone Users, Digital Payment, E-Wallet, COVID-19 Crisis.
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  • A Comprehensive Study on Rapid Adoption of Digital Payments Amid COVID-19 Crisis in Mumbai

Abstract Views: 526  |  PDF Views: 234

Authors

Tulshiram Kamble
DGET, Research Scholar, Singhania University, Rajasthan, India
Pushpendu Rakshit
Faculty of IT and Management, ABS, Mumbai, Academic Researcher, India

Abstract


Demonetization decision coupled with government’s initiative to make India a cashless economy is expected to bring a phenomenal transformation in the way people make payments and expected to increase inclination towards online payment. The covid-19 pandemic has expedited the shift towards digital payments, increased digital channel adoption, and spurred consumer interest in savings and safer investments in India. Anxiety of spread of virus made physical transactions almost crashed; the digital payments in India have witnessed an exponential spike in the last few months of lockdowns. Among the various modes of online payments, the mode gaining popularity during present time is E-wallets. In a nation such as India where during COVID-19 crisis larger part of venders / customers favors Cash-On-Delivery, thus emphasizing increasing adoption rate. This generates research interest to study the readiness of people to use E-wallets and factors influencing the adoption of E-wallets including the factors refraining the usage of it, during the crisis epoch. This research paper is explorative by nature and aimed at examining the adoption of E-wallets as a mode of payment in Mumbai City, India based on literature review as a part of doctoral study.

Keywords


Smartphone Users, Digital Payment, E-Wallet, COVID-19 Crisis.

References