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

Rajas Saroy (), Sakshi Awasthy (), Naveen K. Singh (), Sonali M. Adki and Sarat Dhal
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Rajas Saroy: Reserve Bank of India
Sakshi Awasthy: Reserve Bank of India
Naveen K. Singh: Reserve Bank of India
Sonali M. Adki: Reserve Bank of India

Bulletin of Monetary Economics and Banking, 2022, vol. 25, issue Special Issue, 19-42

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.

Keywords: Payment systems; Logistic regression; Digital economy (search for similar items in EconPapers)
JEL-codes: C25 E42 G28 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:idn:journl:v:25:y:2022:i:spd:p:19-42

DOI: 10.21098/bemp.v25i0.1823

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