Influence of COVID-19 Pandemic on Digital Payment Market Growth

The growth of electronic payment systems and the pervasiveness of the use of credit cards will be the subjects of inquiry in this research project. Despite the fact that there has been an increase in the popularity of internet shopping in India in the midst of a pandemic, further research is necessary in order to determine the amount of money that each individual is willing to spend. If consumers are confident that they can easily obtain what they need and want through an online retailer without meeting any obstacles, then the number of consumers who conduct the majority of their shopping online will continue to climb. In spite of the massive growth in the value of digital currencies, consumers are spending more money on online payments, particularly with debit cards and contactless payments. This trend can be attributed to the convenience of these payment methods. During this time frame, there has been a growing trend of using them in the fashion business as well as the industry of consumer electronics. However, when it comes to the negative repercussions of a pandemic process, a reduction in India's GDP is frequently the most evident impact of the pandemic process as a whole. An additional consequence is an increase in expenditures as a direct result of panic purchasing in the food industry, which is a direct cause of the crisis. This investigation on the connection between consumer credit card spending and the growth of a nation's gross domestic product made use of the Granger causality test.