The E-Payment Trajectory during the Pandemic–The Case of India

R Ghosh, S Naaz - Management Journal for Advanced Research, 2023 - papers.ssrn.com
R Ghosh, S Naaz
Management Journal for Advanced Research, 2023papers.ssrn.com
This study empirically investigates how the different e-payment methods performed during
the pandemic as an alternative medium to the traditional mode of payment. E-payment
methods namely Real Time Gross Settlement (RTGS), National Electronic Fund Transfer
(NEFT), Aadhaar Enabled Payment System (AEPS), Unified Payments Interface (UPI), and
Immediate Payment Service (IMPS) are considered from June 1, 2020, to November 30,
2021, when the global pandemic was at its peak. Secondary daily data are considered in …
Abstract
This study empirically investigates how the different e-payment methods performed during the pandemic as an alternative medium to the traditional mode of payment. E-payment methods namely Real Time Gross Settlement (RTGS), National Electronic Fund Transfer (NEFT), Aadhaar Enabled Payment System (AEPS), Unified Payments Interface (UPI), and Immediate Payment Service (IMPS) are considered from June 1, 2020, to November 30, 2021, when the global pandemic was at its peak. Secondary daily data are considered in this study collected from the RBI database which was converted into corresponding log natural returns. GARCH (1, 1) model was applied as the tool for analysis. It was noted that RTGS, AEPS, and UPI undergo positive volatility whereas NEFT and IMPS undergo negative volatility which enables us to conclude that RTGS, AEPS, and UPI are much more acceptable mediums of payments during the pandemic than the others.
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