Growing Imperative of Digital Payments In COVID-19 Pandemic-With Special Reference To Retail Customers

Abstract

The impact of steps taken to contain COVID-19 and the fear of losing lives, on consumption and payment
patterns is quite evident in India. The lockdown has changed the consumption and payment habits of
consumers. The study was conducted to assess the impact of COVID-19 on payment patterns (retail) of
consumers residing in urban areas of Varanasi and nearby towns. The required data was collected through an
online survey. The questionnaire to assess the impact of pandemic on payments patterns (retail) was sent to
urban consumers of Varanasi and nearby towns (U.P.), using Google forms. Some of the consumer's
responses were recorded using telephonic interview. The data collected was analysed through MS-Excel
and Jamovi version 1.6.23 software. To avoid physical contact, people have started digital payments,
especially UPI/ Digital Wallets. The digital payments are used for both goods purchasing and services
consumption and this behavior is likely to be continued in future also. There are some limitations also such
as security threats, connectivity issues etc, which need to be improved. Due to administrative restrictions
and social distancing mandates, small sample was selected for the study. The study has taken only urban
consumers as sample. The findings will help marketers to adapt accordingly and concerned authorities to
develop the necessary infrastructure for encouraging the digital payments among people.