A Study on the Growth of Digital Payments in India Pre-COVID-19 and post-COVID-19 Using AI Techniques

This research paper primarily aims at implementing a comparative study regarding the development of digital payment service growth in both pre-COVID-19 and post-COVID-19 eras within the country of India. The financial year for the pre-COVID-19 era has been taken as FY 2018-19 & 2019-20, whereas for the post-COVID-19 era, it includes 2020-21 to 2024-25. This paper also discusses the development and implementation of prominent digital payment options used for paying various services and other commodities like Unified Payments Interface, Immediate Payment Service, National Electronic Fund Transfer, Cards, and other electronic payment options.The research and subsequent report will be based on data collection from existing publications such as the Reserve Bank of India (RBI) and National Payments Corporation of India (NPCI), as data provided by research carried out by individuals may contain biased views. On this score, major emphasis will be placed on the importance of increased numbers/value in digital payment transactions. A heightened use of digital payment systems during the post-pandemic period compared to that during the pre-pandemic period. This is essentially because of the presence of smartphones in society, widespread availability of internet connectivity, and altered consumer behaviors due to the pandemic. The pandemic has thus accelerated the transition toward cashless modes of payments.The findings have provided valuable inputs as far as the evolution of digital finance is concerned in the context of India, as well as its contribution towards enhancing efficiency and productivity with regard to transactions. It has recommendations in regard to policies that will foster the growth of digital payment systems.