Digital Revolution: Analyzing the Growth of Payment Systems in India

Amit Kumar Singh , Vivek Kumar Gupta , Krishna Kumar Agarwal

Digital Payment System, Cashless Economy, Digital India, UPI and PPI.

India's digital payment system has undergone remarkable growth, driven by a combination of government initiatives and technological advancements. The push towards a digital economy, spearheaded by initiatives such as Digital India, demonetization, and Pradhan Mantri Jan Dhan Yojana, which has accelerated the adoption of digital payments across the country. This study aims to identify the factors driving this expansion such as financial inclusion measures, increased internet access, and the penetration of smart phones. It also focuses on the composition of the digital payment system, which includes RTGS, Credit transfer, Debit transfer and direct debit, Card payments and PPI. Furthermore, the research examines the role of digital payments in India's total payment system, demonstrating its growing domination over traditional cash-based transactions. The paper reveals the importance of technological advancements and consumer behavior changes in facilitating this transition. It also examines the difficulties presented by cybersecurity risks and the requirement for stronger security measures to preserve the trust of customers in online transactions. The findings shows there has been significant movement towards a digital economy, with an increasing percentage of total transaction values derived from digital payments.

Published Paper   E-Certificate

"Digital Revolution: Analyzing the Growth of Payment Systems in India", IJSDR - International Journal of Scientific Development and Research (www.IJSDR.org), ISSN:2455-2631, Vol.9, Issue 9, page no.328 - 337, September-2024, Available :https://ijsdr.org/papers/IJSDR2409036.pdf

Volume 9 Issue 9, September-2024

Pages : 328 - 337

Paper Reg. ID: IJSDR_212513

Published Paper Id: IJSDR2409036

Downloads: 000347065

Research Area: Commerce

Country: Varanasi, Uttar Pradesh, India

Published Paper PDF: https://ijsdr.org/papers/IJSDR2409036

Published Paper URL: https://ijsdr.org/viewpaperforall?paper=IJSDR2409036

ISSN: 2455-2631 | IMPACT FACTOR: 9.15 Calculated By Google Scholar | ESTD YEAR: 2016

An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 9.15 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator

Publisher: IJSDR(IJ Publication) Janvi Wave

This work is licensed under a Creative Commons Attribution 4.0 International License and The Open Definition