THE IMPACT OF COVID-19 ON DIGITAL PAYMENT HABITS OF INDIAN HOUSEHOLDS

Authors

Rajas Saroy, Reserve Bank of India, IndiaFollow
Sakshi Awasthy, Reserve Bank of India, IndiaFollow
Naveen K. Singh, Reserve Bank of India, IndiaFollow
Sonali M. Adki, Reserve Bank of India
Sarat Dhal, Reserve Bank of India

Document Type

Article

Abstract

The COVID-19 induced lockdown in India was an inflection point for on-boarding of new users into digital payments. Using a large survey dataset, we examine the driving factors of this shift for those who used digital payments for the first time. Apart from demographic drivers of payment choice traditionally explored in the literature, we find that this shift was significantly shaped by the degree of awareness of digital modes, access to smartphones and debit cards, and pandemic-relief welfare transfers. Users who had abandoned digital payments due to prior bad experience switched back to such modes.

Recommended Citation

Saroy, Rajas; Awasthy, Sakshi; Singh, Naveen K.; Adki, Sonali M.; and Dhal, Sarat (2022) "THE IMPACT OF COVID-19 ON DIGITAL PAYMENT HABITS OF INDIAN HOUSEHOLDS," Bulletin of Monetary Economics and Banking: Vol. 25: No. 0, Article 4.
DOI: https://doi.org/10.21098/bemp.v25i0.1823
Available at: https://bulletin.bmeb-bi.org/bmeb/vol25/iss0/4

First Page

19

Last Page

42

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License

Country

India

Affiliation

Reserve Bank of India