Business Impact of the Covid 19 Epidemic on Digital Payments

Abstract

Today Covid 19 virus made the people to buy essentials and other items via online. People shop their things from their homes due to lock down. They protect themselves by social distancing for safety. Hence, the banks will need to expand access to digital payments in a safe way for 24 hrs x 7 days availability. All business sectors were widely affected and some small sectors were closed due to covid virus. Hence the banks offered fee waiver on select digital payments like IMPS, NEFT, RTGS,cash withdrawals from third-party ATMs, moratorium on loans and credit card dues by RBI etc., for the benefit of the customers during the crisis. This paper deals with the impact of different business sectors during Covid times.