Acceptance of cash less banking in post COVID Era in Indian perspective: A review

Abstract

The economic impact of COVID-19 pandemic in India has become mostly disrupting. It has also become one of the biggest threats to the Indian economy and financial markets have become volatile like any other industry. India like any other country across globe is taking a lot of measures like nationwide lockdown, restrictive association of community, closure of public and crowded places and transport. Peoples are staying at home, maintaining social distancing and working from home. The economy is worst affected by this lockdown. Business has faced a lot due to the volatile Indian financial market from the beginning of the lockdown. Increasing concerns on the insecurity of potential cash flows and income were also witnessed during this lockdown time. To encourage touch less banking due to COVID-19, the usage of cash as means of exchange has reduced a lot. The fear of spread of corona virus through physical exchange of rupees and coins, less operating hours of banks, and inability to go out for cash transactions are some of the reasons for increment of digital cash less banking. Hence it is predicted that cashless payments would become an enduring fixture in the economic swap over network in future. For this reason physical exchange of currency is discouraged and digital payments are encouraged. Banks are envisaging new techniques to help customers by temporarily waiving of fund transfer charges by digital payment platforms like NEFT, RTGS, and IMPS etc. The support given by service providers during this time of crisis will everlastingly be bear in mind by the customers. Due to many impediments it has become tough to complete a vigorous digital payment in our country. The hi-tech development, existing crisis and a requirement for cashless transactions have eliminated such hurdles to some extent. An initial survey was taken from respondents in questionnaire form mainly with the following points: awareness of cash less banking mode, difference of customer attitude towards cash less banking in pre and post COVID-19 phase, its convenience, acceptability, privacy and danger. Correlation and hierarchical multiple regression analysis was used to establish whether the abovementioned factors influenced customers' approach and intent to use cash less Banking. Due to the global pandemic and the need to maintain social distancing, the touch less transaction has become the dire essential. The consumer behaviour has been effected at large due to the COVID-19 pandemic and its effect is going to last long.