A STUDY ON CONSUMER’S PERCEPTION IN NEW PAYMENT METHODS POST COVID-19

Abstract

Covid-19 started in 2019 and spread in almost all countries of the world. Due to this pandemic, many changes are observed in various fields like commerce, education, trade, services, politics etc. One of   the important changes observed by almost all economies are in the forms of payment and trade. This pandemic and social distancing has brought digital financial services into effect. It helps government to disburse funds quickly and even firms and households to access online payments. In India, digital payment space has witnessed a steady growth right from Demonetization in 2016 to detrimental impact of Covid-19. In recent time’s government have pushed to digitalize Indian economy through its several initiatives like IMPS, NEFT, UPI, BHIM, NPCI etc. therefore this new ecosystem of digital payment will grow rapidly in the era of post covid-19. However challenges like network congestions, poor internet, cash preference, low rate of financial inclusion, safety and security are causing youths to stick to traditional payment system and preventing from digital payment, which needs to be addressed to bring new normal in payment methods. The objective of this paper is to identify the impact of covid-19 on payment methods and shift from cash to digital modes. This paper analyzed primary data collected from respondents of Palghar district and Mumbai to study adoption /non-adoption of mobile wallet system during current pandemic situation and also on the basis of demographics characteristics of respondent. Correlation and ANOVA are used to analyse the data.