Gowri, M and Gnana Sugirtham, S (2020) FOOTPRINTS OF COVID – 19: DIGITAL PAYMENTS, FINTECH AND FINCLUSION. Primax International Journal of Commerce and Management Research: 11. pp. 55-63. ISSN 2321-3612

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Abstract

The COVID-19 crisis has created uncertainty and unforeseen challenges to all the economies globally. It has created
a great impact in the immediate, short, and long term. Countries all around the globe are trying to handle this
unprecedented challenge effectively. But the response has clearly outlined the lack of resilience at the macro level.
The sudden fall in global trade, reduction of personal consumption, availability and accessibility of credit, liquidity crunch, disrupted income streams, hike in bad debts, lowered cross-border remittances, fall in retail industry and lack
of access to formal finance will lead to financial exclusion. It will have long term implications for future economic growth. Overall, the economic growth is expected to be severely hit. This will have a great impact on the digital payments sector and will follow a similar trajectory, at least in the short term. But the industry’s stability and potential for innovation will play an invaluable role in rebooting the economy in the new normal. The Fintech Industry aims at P2P (Peer to Peer) digital transactions effectively. This paper describes the impact of Covid - 19 on digital payments and outlines ways in which the industry can respond to the challenges and ensure the delivery of seamless payment services.

Item Type: Article
Uncontrolled Keywords: Covid - 19, Seamless payments, Fintech Industry, P2P, Cross border remittances andNew normal
Divisions: PSG College of Arts and Science > Department of Commerce
Depositing User: Mr Team Mosys
Date Deposited: 25 Apr 2022 05:31
Last Modified: 25 Apr 2022 05:31
URI: http://ir.psgcas.ac.in/id/eprint/1173

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