A Paradigm Shifts In Digital Payment Transactions: UPI, IMPS & NFS Before And After Covid-19 To Seize Opportunity Of Cashless Economy In India

Abstract

In today’s world of banking, retail banking is the most important segment in the banking world. Retail clients wants to perform their regular financial transactions in a more efficient and secure manner. The financial transactions must be swift and safe to drive our economy to a cashless society. In Indian scenario people make use if UPI, IMPS & NFS for making and receiving payments. The growth of cash less economy in India is quite inevitable. The study empirically investigated the recent trends in retail banking transactions in India both in terms of volume and value. The study also investigated impact of event (COVID-19) on volume and value transactions among UPI, IMPS and NFS in India. For the purpose of achieving the objectives the data were collected from NPCI website from October 2017 to November 2019 for before COVID-19 and after COVID-19 data are from January 2020 to February 2022. During pandemic and post-pandemic, UPI rallied up as the most preferred digital payment transactions which was evident in terms of increased in value and volume of transactions. It is also evident that people of India and its economy are gearing up towards a cashless economy.