Analysis of Digital Transformation in Payments Method and Its Impact After COVID - 19

Analysis of Digital Transformation in Payments Method and Its Impact After COVID - 19
Author(s):
Sam Prince Franklin K, Prabhakaran R, Pranav Sumesh, Akshay Sripriya
Keywords:
Unified Payment Interface, Cashless Payments, Transactional Security, Customer Satisfaction, Digital Financial Services.
Abstract
Money transactions have changed dramatically since the barter system. The digitization period, as well as the effect of unanticipated pandemic events, compelled customers, and ordinary people to make online transactions using a variety of digital payment methods. With its compatibility and ease of use with interbank accounts, the Unified Payment Interface revolutionized the market. In India, the paradigm shift began with the announcement of the demonetization of specific Indian currency bank notes. Even though India is a cash-based economy, internet payments have seen a fast expansion in the digital infrastructure for payment gateways. This enabled India to endure the 2019 pandemic events and maintain a constant rate of money flow inside the market.
Article Details
Unique Paper ID: 157183 Publication Volume & Issue: Volume 9, Issue 6 Page(s): 156 - 159
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