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Driving Financial Inclusion: Technology as an Indicator of Financial Ecosystem Development During the COVID-19 Pandemic in India

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Listed:
  • V. K. Parvathy

    (School of Business and Management, CHRIST University, Bangalore, India)

  • Jyothi Kumar

    (School of Business and Management, CHRIST University, Bangalore, India)

Abstract

This paper examines India's level of digital access to financial services as compared to other Asian countries. The study also intends to analyse whether COVID-19 has influenced the usage trend of the selected digital payment indicators in India. Data has been collected from the World Bank Global Findex Database and RBI bulletins. Cross country descriptive analysis was used for studying India's digital financial access against the other Asian countries. Event study methodology followed by trend analysis was employed to examine whether COVID-19 has impacted the digital payment indicators' usage in India. The findings of the study indicated that India's position in digital financial access needs to be improved. It was further identified that COVID-19 has increased the usage of digital modes for financial transactions in India. There has been a significant increase in the usage volume of mobile banking after the declaration of the pandemic. Govt. can frame its action plans to make use of the opportunity created through the pandemic to improve digital financial access in India.

Suggested Citation

  • V. K. Parvathy & Jyothi Kumar, 2022. "Driving Financial Inclusion: Technology as an Indicator of Financial Ecosystem Development During the COVID-19 Pandemic in India," International Journal of E-Business Research (IJEBR), IGI Global, vol. 18(1), pages 1-15, January.
    • Handle: RePEc:igg:jebr00:v:18:y:2022:i:1:p:1-15
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    References listed on IDEAS

    as
    1. Sudeep Jain & Daniela Gabor, 2020. "The Rise of Digital Financialisation: The Case of India," New Political Economy, Taylor & Francis Journals, vol. 25(5), pages 813-828, July.
    2. Sanderson Abel & Learnmore Mutandwa & Pierre Le Roux, 2018. "A Review of Determinants of Financial Inclusion," International Journal of Economics and Financial Issues, Econjournals, vol. 8(3), pages 1-8.
    3. Hendy Mustiko Aji & Izra Berakon & Maizaitulaidawati Md Husin, 2020. "COVID-19 and e-wallet usage intention: A multigroup analysis between Indonesia and Malaysia," Cogent Business & Management, Taylor & Francis Journals, vol. 7(1), pages 1804181-180, January.
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