A STUDY ON GROWTH OF MOBILE BANKING IN INDIA DURING COVID-19

Abstract

Banking has transformed from the traditional brick-and mortar prototype to modern day mobile banking which has enabled the customers to reach their banks virtually through Mobile phones and avail services anywhere and at any time within the click of a button. Mobile banking has provided innovational ways of conducting balance enquiries, online fund transfers, utility payments and other services with the help of a simple mobile handset. The constant developments & improvements in the fields of Information & technology have given rise to a number of enhancements in the product & service designing and their supply in the banking sector. The use of M-Banking is increasing with the addition of multiple services provided  by the Banks as the customers find it very easy to pay their electricity bills, perform  mobile recharges ,conduct immediate transfer of funds and much more Singh, N; Srivastava, S; Sinha, N (2017) The launch of various Mobile banking apps like ICICI  iMobile, HDFC Mobile Banking, SBI's YONO App etc. has proven to be the game changer across the globe and has forced the customers to shift to banks that provide M-Banking Services. The GOI has also extended its support to the mobile wallets through its partnership prototypes with various banks to increase the acceptance of M-Banking among the users. RBI has also been promoting the digital payments through Mobile Wallets during the Covid-19 pandemic as it would ensure the social distancing norms as well as the flow of transactions at the same time without causing any exposure to the virus Dr. Jain, A; Dr. Sarupia, A; Kothari, A (2020)  After demonetization, the Covid-19 pandemic is the second largest situation that has led to a 5% growth in the mobile banking just in a period of 3months from January to March 2020(Statista) and is further expected to grow even more. Hence this study is aimed towards identifying the growth in the mobile banking during Covid-19. The research also intends to study how significantly these online transactions have helped during the Covid-19 pandemic.