Does COVID-19 Have a Significant Impact on Digital Finance? Analysis of Indian Digital Payment System

The world is changing rapidly due to the spread and aftereffects of the novel Covid-19 pandemic. It has many notable impacts on the global economy. Maintaining physical as well as social distancing has become important these days due to the spread of the disease. Digital payment contributes to our life to save us from Covid-19. This paper focused on the impact of Covid-19 on the digital economy, Independent variables include customer transactions, mobile payments, card payments, UPI, wallets, NEFT, IMPS, and RTGS. Dependent variables are Corona cases and Corona deaths. For the purpose of the study data from Jan 2020 to Dec 2021 has been analyzed to run the multiple regression to find out whether the result of Covid-19 new cases has a significant impact on mobile payment and UPI, the other variables are insignificant. The outcome of death cases has a significant impact on mobile payment and UPI. The digital economy is the center of today’s economic development. This paper amplifies the adoption of a new technology of digital payment to overcome the impact of Covid-19 throughout the world.