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The Covid-19 Pandemic has evolved into a worldwide intervention, and both good and negative impacts are expected to materialize in India. This approach did not have an equal impact on all economic sectors. As a result, various lockdown measures have been implemented globally. Large or small enterprises have seen a decline in activity as a result of this process, which has made economic upheaval unavoidable. However, the financial industry has started to see some problems. The financial perspective of the digital payments industry is comparable to that of anticipated global economic growth. Cash transfers have been the subject of previously unheard-of public anxiety during the epidemic process. Most significantly, there are significant variations in these issues across the country. Zhang et al. have published an important research (2020). They made it seem as though the COVID-19 epidemic had increased the danger on the world's financial markets. To stop the spread of the illness, health authorities have advised people to keep as far away from others as they can while at home. Because of the lockdown, most individuals have begun to utilize the use of the internet and digital services for communication, engage, and do their work duties from home during the Covid-19 epidemic. Customer preferences have altered as a result of the proclamation of lockdown and isolation of certain nations, and internet purchasing applications have grown. Since the first week of March 2020, there has been an increase in the number of new and active users of e-commerce.The Covid-19 epidemic also has a big impact on customer behaviour and changes the way the business is run. This will lead to an improvement in a new behavioral routine. New information systems and networks that support economic and educational mobility have been impacted by the shifting usage patterns (Sharma et.al., 2022). The use of information technology has increased both during and after the epidemic, and services in digital payment systems have been made available. As an alternative to conventional currencies, contactless payment concepts, digital currencies and wallets have arisen in recent years.To send and receive payments online, these digital systems have made it possible for anybody to sign up and create a digital wallet or payment system. Internet searches for the phrases "cash" and "virus" have achieved their maximum number throughout this procedure. As a result, this time period has seen a significant advancement in technology known as "Blockchain Technology," which offers the chance to establish reliable and secure information control systems (Upadhyay, 2020). Global economic, financial, social, and psychological problems are being caused by the Covid-19 epidemic. New habits, a new way of life, and new technology have resulted as a result. The relevance of digital payments, digital currencies, and credit cards at this time was the main subject of this essay. The results of this study, which were gathered from the Interbank Card Center (ICC) over the course of a year, demonstrate the growth in the total number of debit and credit cards, card payment volume, online card payment volume, and sectoral proportion of online card payments. On the other hand, it is unclear if the pandemic era had any bearing on the decline in India's GDP. Because of this, this study employed the Granger causality test to examine how credit card spending has changed between 2016 and 2020 in terms of GDP growth.

Pal et.al., (2018). The study investigated environmental pulls for technology adoption vs prevailing transactional patterns, trust, and control using theoretical work on market and information behaviour.

Chavda et.al., (2018). The study makes an effort to concentrate on the many elements influencing the uptake of mobile payments in rural regions.

Tomi et.al., (2019). The research focuses on the significance of a more comprehensive knowledge of digitalization in the sphere of education and explores how a more diversified viewpoint is necessary to equip individuals to participate in a digitally advanced society.

Sunil et.al., (2019). This study used secondary data to examine the current state of various digital payments and discovered that use of digital modes has significantly increased over the past five years.

Zhang et.al., (2020). This article tries to identify the broad trends of systemic and country-specific risks in the international financial markets.

Samantha et.al., (2020). The empirical research shows that, after adjusting for macroeconomic, financial, and technical factors, the rise of infectious illnesses decreases demand for physical currency.

Ranjith et.al., (2021). The study identifies the benefits and difficulties that customers encounter while using digital payments.

Singhal et.al., (2021). This study focuses on the use and significance of digital payment services in India.

Sharma et.al., (2022). With a particular focus on India, this essay clarifies the connection between the COVID-19 shutdown and the prevalence of dengue worldwide. Additionally, it emphasises the connections between the COVID-19 pandemic's first and second waves as well as how dengue cases impact people's behavioural patterns.

Jayachandra et.al., (2022). This study aims to determine how mobile banking affects customer satisfaction with retail banking. The target audience for the study comprises four banks from Bengaluru city (SBI, Bank of Baroda, ICICI, and HDFC).

Information About the Digital Payment System

Digital technology and digital payment systems helped to overcome numerous problems throughout the epidemic, making daily living better. Many people have chosen to stay at home during the Covid-19 epidemic. They simultaneously worked from home, and digital technology helped them deal with social isolation. During the pandemic process, lockdowns were instituted in every area of Turkey. The Covid-19 epidemic has led to an increase in demand for digital services from consumers, companies, and governments. However, the cost and efficiency of digital services determine how quickly they operate. It also relies on how a country adapts its digital infrastructure, which is another crucial problem. The epidemic has significantly affected actual economic activity. Due to the lockout and social isolation, this approach has shown several alterations in people's food shopping and consuming behaviour (De and et.al, 2020). Understanding food purchase behaviour is therefore necessary to understand consumer behaviour and habits at this time.

The economic implications of the Covid-19 epidemic were split into two categories. One is the consequences of economic activity limits, and the other is the effects of expectations and behaviour changes, both of which can be measured across all nations. The second effect revealed that many consumers had a "panic purchasing" lifestyle that affected their consumption habits. Consequently, the use of online delivery and purchasing has increased dramatically. The adoption of digital currencies has led to the replacement of traditional cash with universal payments systems. It is obvious that it drove the switch from cash to digital payment methods. Digital payment systems have presented new opportunities to maintain business and commerce continuance throughout the Covid-19 epidemic. Security, dependability, effectiveness, convertibility, adaptability, and interoperability are all crucial qualities for this system. Since the beginning of the era, more people across all industries are increasing the use of, and reliance on, digital payments, money, coins, and associated services to buy goods and services (Chavda et.al., 2018).

Due to any changes in customer expectations and behaviour brought on by the pandemic process, digital technology has become more and more important. The pandemic process' considerable expansion of the use of digital payment networks is the subject of this study.Despite the fact that the world's economies are at varying stages of growth, the expansion of technology has compelled individuals to alter their purchasing patterns in favour of online purchasing and online business. This has made it possible for new digital payment networks to emerge, including credit cards, new digital currencies, and extensively used online shopping (Sunil et.al., 2019).

Different Digital Payment Applications

Google Pay (Tez)

The application was released by Google Corporation in 2015. Google Pay is the most widely used digital payment programme, and it is easily downloaded for iOS and Android smartphones. A user can transfer money or pay bills by using a Unified Payment interface (UPI) id, which can only be obtained after installing the Google Pay application, or by utilising direct bank account transfers or UPI ids. Small company owners, distributors, and even major corporations can utilise it to send or receive money. With more than 100 million users as of today, more than 67 million of whom are exclusively from India, the app conducts more than $110 billion in transactions annually (Ranjith et.al., 2021).

Paytm

Indian-based Paytm is a third-party mobile and desktop digital payment service. Paytm was first conceived as a privately run company in 2010. The application has a focus on e-commerce, financial technologies, and digital wallets. In an effort to make its services accessible to all citizens of the nation, this well-liked programme offers them in 11 different Indian languages. With features including Paytm Mall, Gamepind, Paytm Money, Paytm Smart Retail, and Paytm Payments Bank, the programme meets a range of customer requests in addition to enabling the sending and receiving of payments. As of right now, the programme has over 350 million active users who utilise its services and deem it useful, producing over 360 million in net income annually (Samantha et.al., 2020).

PhonePe

PhonePe, a multilingual, privately owned mobile and desktop application, was released in 2015 and is another payment service application with Indian roots. Bangalore, in the Indian state of Karnataka, is home to the company's headquarters. In order to complete any transaction, including paying utility bills, on the UPI-based service PhonePe, customers must first link their bank accounts. Similar to Paytm, the app is available to Indian users in 11 different languages. More than 280 million users of the programme currently utilise PhonePe's services. The business began offering its customers an ATM service in January 2020 under the moniker "PhonePe ATM." Each year, it brings in more than $60 million in income (Tomi et.al., 2019).

Internet Banking

Users may also use the terms web banking or online banking to describe the concept of internet banking. From one party's bank account to another, a bank account holder can access internet banking services by downloading a mobile application or by going straight to the business's website. This provides several types of business and personal banking support in the form of money transfers, looking back on recent transactions, creating statements, paying utility bills, and many other things. Users of the programme receive dual security, allowing them to be worry- and stress-free about security. More than 45 million users from India's metropolitan regions make up the more than 150 million account holders who now utilise online banking services (Zhang et.al., 2022).

Rules and Regulations for Digital Payment System in India

India's ecosystem for digital payments has grown significantly during the past five years. For instance, the Committee on Deepening of Digital Payments Report noted that the number of digital payments per person in India increased from 2.4 in 2014 to roughly 22 in 2019. The section is made up of several online payment methods, including Real Time Gross Settlement (RTGS), National Electronic Fund Transfer (NEFT), Immediate Payment Service (IMPS), Digital Wallets, and Unified Payments Interface (UPI). In the aftermath of demonetization in November 2016, Digital Wallets and UPI have expanded their activities (RBI, Digital Transaction Metrics, 2019).

Key players within the ecosystem of digital payments are governed and regulated by regulatory agencies and central banks according to a set of guiding principles(Singhal et.al., 2021):

a. Customer Fund Protection: Customers should make sure that their funds are secured from losses by using a digital payment method. If a digital transaction is unsuccessful, the money is returned to the customer's bank account.

b. Safety and Security: The payments instrument supplier is required to maintain security by implementing new message standards and upholding data security since the payments data is sensitive. In order to lower risk and boost security, certain nations have adopted Payment Services Directive 2 (PSD 2), which requires clients to be identified anytime a transaction exceeds a specific threshold and is recorded.

c. Cost Effective: For digital payment solutions to replace cash and be widely used, fees and levies must be reasonable. By committing cash specifically for improving the current payment infrastructure, central banks have also been assisting the digital payments ecosystem.

d. Customer Education: To prevent any fraudulent activity or transactions, customers must be knowledgeable about how to use digital payment instruments and keep important information private.

e. New Entrants: The entrance barriers into the ecosystem of digital payments for payment and lending FinTechs, payment service providers, and other non-banking organisations are being investigated by central banks. These participants are urged to submit applications for licences in various nations to issue stored-value facilities (SVFs), credit cards, digital currencies, set up merchant acquiring firms, and conduct cross-border remittance activities.

f. Latest and Innovative Technology: Innovation is the foundation of technology, and payments instruments must create novel answers to current problems and make use of cutting-edge technology to improve digital payments. Along with the guiding principles, regulators are taking action to provide regulatory oversight through data-driven or rule-based approach, principle-based approach, and hybrid method.

Present Status of Digital Payment System in India

According to Sunil Rongala, Jackulin Sheela, and Manish Kohli, 2019, Indian customers who formerly stood "in line" to make payments have gradually shifted to "on line." Traditional banking is making way for new banking. This essay makes an effort to comprehend the current state of digital payments in India. Data from the previous five years was gathered to reach the conclusion.

To accomplish the objectives, the descriptive research designwas usedfor the study. The required data of retail digital payments and data of National Payments corporation of India (NPCI)were collected from thewebsite of Reserve Bank of India. The impact of COVID-19 pandemic on digital payments and services, digital payment system was studied in the research by using secondary data. The information was examined and gathered from secondary sources that includes previously released articles, journals, and publications from the government.

The most transactions, both in terms of volume and value, occurred in the month of 2019. Here are some of the highest digital payments (Sunil Rongala, Jackulin Sheela, Manish Kohli, 2019).
Figure-1: Total Digital Transactions by Volume

Source: RBI Annual report (No of transactions in millions)
The aforementioned graph displays the volume of transactions over the previous five years, including RTGS, ECS, NEFT, UPSI, NACH, Credit card, Debit card, POS, and PPIs. The graph above demonstrates the tremendous growth in the amount of transactions for digital payments.

Figure-2: Total Digital transactions by value

Source:RBI Annual report(Value in billions of rupees)
The amount of money sent through each digital medium is seen in the above graph. The value of transactions will grow significantly in the 2020–21 financial year.
Figure- 3: Payment systems share in volume for the financial year 2020-21
Source: RBI Annual report (No of transactions in millions)

The graph above displays the volume share of various payment methods. Maximum ECS share of 22%, IMPS share of 19%, and debit card share of 18%. 5% or less of the total share is from paper clearing
RTGS
The Real Time Gross Settlement (RTGS) technology facilitates the real-time, gross money transfer between bank accounts. The bank can use this service window for settlement at the RBI's end from 8 am to 4:30 pm on weekdays (Monday through Friday) and working Saturdays. RBI is in charge of RTGS.
Figure- 4: RTGS- Growth in volume, and value for customer transactions over the last 5 years

Source: RBI Annual report (No of transactions in millions)
Table- 1: RTGS- Growth and CAGR

Year	Volume	Value	Transaction Size	Growth	CAGR
FY2016-17	87.29	6,23,330.74	69.4lakhs	56%	15%
FY2020-21	131.27	11,71,442.12	82.8lakhs

Over the last five years, there has been a 56% increase. 15% of CAGR is made up of RTGS. Although there are fewer transactions, there are far more of them overall.
NEFT
All computerised bank branches that are members or sub-members of National Electronic Funds Transfer (NEFT) can transfer money amongst one another. NEFT now runs in half-hourly batches; on weekdays (Monday through Friday) and working Saturdays, there are twenty-three settlements each half-hour. RBI is in charge of NEFT.
Figure- 5: NEFT- Growth in volume, and value for customer  transactions
Source:RBI Annual report (No of transactions in millions)
Table- 2: Growth and CAGR for NEFT

Table- 2: Growth and CAGR for NEFT

Year	Volume	Value	Transaction Size	Growth	CAGR
FY2016-17	928	59,702	62.5thousand	140%	21%
FY2020-21	2319	2,17,636	96.3thousand

NIFT is used in CAGR at a rate of 21%. Although there are fewer transactions, there are far more of them overall. Over the last five years, growth has increased by 140%.
Credit and Debit Cards
Digital payments also frequently use credit and debit cards. The number of credit and debit cards issued to clients is depicted in the following graph.
Figure- 6: Cards Issued (Debit/Credit)
Source: RBI Annual report (No of transactions in millions)

Table- 3: Growth and CAGR for Credit Cards and Debit cards (in Numbers)

Year	Credit Cards			Debit Cards
	Number	Growth	CAGR	Number	Growth	CAGR
FY2016-17	21	121%	23%	554	64%	17%
FY2020-21	47			925

Credit card growth and CAGR are 121% and 23%, respectively. Debit cards have a growth and CAGR track record of 64% and 17%, respectively. When compared to debit cards, credit cards have grown immensely.
IMPS
Immediate Payment Service (IMPS) - IMPS is a 24-hour, quick payment system run by NPCI. Beneficiary receives payments in accordance with this on a real-time basis, whereas bank settlements take place on a delayed net basis.
Figure- 7: IMPS Volume and Value

Source:RBI Annual report(No of transactions in millions and Value in billions of rupees)
Table- 4: Growth and CAGR for IMPS

Year	Volume	Value	TransactionSize	Growth	CAGR
FY2016-17	78	582	7.4thousand	2135%	115%
FY2020-21	1753	15,903	9.1thousand

For accepting foreign inward remittances, IMPS was permitted. The CAGR was 115%, and growth was 2135%.
Mobile Banking Payments
Another simple means of making payments online is through mobile banking. Customers may do all types of purchases utilising mobile apps. Banking is available whenever and anywhere.
Table-5: Growth of Mobile Banking Payments

Year	Payments in millions
2015-17	171.92
2017-18	389.49
2018-19	976.85
2019-20	1872.26
2020-21	6200.32

Source: RBI Annual report
The total number of mobile banking payments across India in the year 2020 accounted around 6.2 billion. This is the tremendous increase compared to previous years.

1. Both the volume and the value of transactions using RTGS, ECS, NEFT, UPI, NACH, credit card, debit card, POS, and PPIs have dramatically increased.

2. It was discovered that 22% of shares were held through ECS, 19% by IMPS, and 18% by debit cards. 5% or less of the share is cleared by paper.

3. RTGS revealed a growth rate of 56% and a CAGR of 15% over the previous five years.

4. Over the last five years, NEFT's CAGR was 21% and its growth rate was 140%.

5. For credit cards, the increase and CAGR are 121% and 23%, respectively. Debit card growth and CAGR are respectively 64% and 17%.

6. The CAGR was 115%, while IMPS growth was 2135%.

7. In India, there will be 6.2 billion mobile banking transactions overall in the year 2020.

Challenges and Recommendations

Most banks have adopted technology to improve the services they offer their clients, and these new service models have improved the consumers' quality of life. Complete customer satisfaction with the banks' services. The second-generation returns will be essential in fortifying the system even further. A significant influx of new suppliers and goods has particularly allowed and fueled the development of new technologies, but there are still certain issues that need to be resolved. Below is a list of them.

Specific Challenges and recommendations to overcome the problems connected with digitalized payments

1. RTGS/NIFT users ought to have access to high value digital payment solutions at all times. On a quarterly basis, the RBI may evaluate the RTGS/NEFT usage trends and modify the operating hours.

2. The system is not always available, and settlement takes place in batches. Operating the system continuously has no technological difficulties, and the RBI recently raised the number of settlements. Users should have the opportunity to make high value digital payments at any time, the committee advises.

3. In order for consumers to feel confident that they can obtain cash when needed, ATM networks are crucial. In a world where there is less currency, it is necessary to develop a workable paradigm for ATMs. Operators of ATMs must begin to consider choices, such as reinventing them as a point of entry for several banking and financial services as well as a means of informing, educating, and supporting customers. They can facilitate the expansion of digital services more effectively.

4. IMPS limitations be reevaluated and updated as necessary to reflect use. In particular, an increase in the limit is possible as soon as possible.

5. There are problems with how mandates are made, approved, and stopped since ECS use paper forms, which make it difficult to halt these mandates (it requires the biller to stop presenting the mandate). Mandate approval might take some time, even when done online. It is suggested that the user-friendly mandate management mechanism should be modified and amended.

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