Impact Of The First Wave Of Coronavirus On Upi Payments: A Major Boost To Digitalization

Abstract

The global economy is devastated by the adverse effect caused by the Covid-19 pandemic. The same has had a negative effect on economic growth, GDP, employment rates, etc. The International Monetary Fund (IMF) forecasted a sharp decline of 3% in the global
economy for the year 2020 on account of the pandemic. However, the same has bolstered the mission of cashless India of the government, by promoting the use of online payments. This paper makes an attempt to analyze the impact of the first wave of Coronavirus on the UPI payments in India. At the same time, it aims to address whether covid-19 has proved to be a catalyst to promote the usage of UPI against cash payments, making the Indian economy move one step closer to digitalization. It also seeks to address what factors have promoted the growth of UPI payments in India.