Paper Title
New Horizon Of Digital Payments in India and it's Growth
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Registration ID: IJNRD_222207
Published ID: IJNRD2405564
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Keywords
Digital Payment platform, Various digital payment platforms, Government schemes, UPI, Paytm, Usage of digital payment systems in Employemnt, agriculture, e-commerce, and banking sectors, BHIM- Rupay Card,
Abstract
” If all of us start transacting through online and mobile banking, it will be our great contribution towards eradicating corruption and black money from our country.” By- Our honourable Prime Minister Narendra Modi Ji The quote highlights the transformative impact of digital payments on the economy, tracing its evolution from a predominantly cash-based system to a flourishing cashless digital economy. This brings to observes the widespread adoption of various digital payment platforms such as UPI, mobile wallets, internet banking, banking cards, AEPS, and micro-ATMs. The convenience, speed, and enhanced security measures of digital transactions have ingrained a habit of cashless transactions among people. Today, we find ourselves in a digital paradise, where the milkman accepts wallet payments without any problem, a man uses a credit card to acquire a geometry set for his daughter that is approximately ₹100, and the vegetable vendor employs a "Scan & Pay" service that is based on QR codes. A significant rollout of rail road has occurred in each of them, which is contributing to the development of an economy that is less dependent on cash and more dependent on online payment methods. According to the World Payment Report 2019, India has surpassed the barrier of 12.6 billion non-cash transactions by the time the 2016–2017 fiscal year came to a close. When it comes to the number of transactions that do not involve currency, this places the country in the top ten nations in the number of transactions. When it comes to the bright and sustainable industrial and financial prosperity of our country, "Digital India" is the watchword that should be emphasized so that we may achieve our goals. Because of the use of cutting-edge digital technology and forward-thinking thought processes, a whole new set of enterprises and societal elements have come into life. This is a consequence of the revolution. These days, the phrase "Digital India" is all the rage. Because digital innovation practices have achieved a critical mass, financial institutions are turning their gears in order to establish a more robust innovation culture. This is because of the fact that digital innovation practices have reached a critical mass. The use of the platform for internal social collaboration and the implementation of cutting-edge technology are both contributing to the successful completion of this initiative. Specifically, the purpose of this study paper is to explore digital India as well as banking across India. Information on the statistics of digital modes of payment as well as the advantages of E-KYC Aadhar-based payments will be included in this report. Within the scope of this study paper, the ultimate objective is to establish a society in India that is less dependent on the usage of currency. As the digital payments is in the boom stage and is used by most of the people now a day, but knowing how many people have actually adopted to the digital payments and at which age group category people have been an active participant of this journey of digital payments. Infact the people from Kamwali (House workers) to business people how many of them are aware of this systems that they are surrounded with digital booms in the payment systems. The different payments systems like Google Pay, Phone Pay, UPI and many other modes have seeped into the world and is booming the IT sector of India. The digital payments landscape in India has undergone a significant transformation, propelled by initiatives such as the establishment of the National Payments Corporation of India (NPCI) and the introduction of the India Stack. However, challenges such as low digital literacy and limited acceptance infrastructure hindered widespread adoption. In response, the Government of India launched the DIGIDHAN Mission in 2017 to promote a robust, secure, and inclusive digital payments ecosystem. Through a range of initiatives, including awareness campaigns, infrastructure expansion, and incentive programs, the Mission has played a pivotal role in accelerating digital payment adoption across the country. This report examines the impact of the DIGIDHAN Mission on India's ecosystem, highlighting its role in fostering financial inclusion and economic growth while addressing persisting barriers to digital payment adoption.
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How To Cite (APA)
Diva Banga & Prof. Jitendra Tomar (May-2024). New Horizon Of Digital Payments in India and it's Growth . INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 9(5), f637-f645. https://ijnrd.org/papers/IJNRD2405564.pdf
Issue
Volume 9 Issue 5, May-2024
Pages : f637-f645
Other Publication Details
Paper Reg. ID: IJNRD_222207
Published Paper Id: IJNRD2405564
Research Area: Management
Author Type: Indian Author
Country: Gautam Buddha Nagar- Noida , Uttar Pradesh , India
Published Paper PDF: https://ijnrd.org/papers/IJNRD2405564.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2405564
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