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INTERNATIONAL JOURNAL OF SCIENTIFIC DEVELOPMENT AND RESEARCH International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2455-2631 | Impact factor: 8.15 | ESTD Year: 2016 open access , Peer-reviewed, and Refereed Journals, Impact factor 8.15 |
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| Paper Title: | Digital Revolution: Analyzing the Growth of Payment Systems in India |
| Authors Name: | Amit Kumar Singh , Vivek Kumar Gupta , Krishna Kumar Agarwal |
| Unique Id: | IJSDR2409036 |
| Published In: | Volume 9 Issue 9, September-2024 |
| Abstract: | 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. |
| Keywords: | Digital Payment System, Cashless Economy, Digital India, UPI and PPI. |
| Cite Article: | "Digital Revolution: Analyzing the Growth of Payment Systems in India", International Journal of Science & Engineering Development Research (www.ijsdr.org), ISSN:2455-2631, Vol.9, Issue 9, page no.328 - 337, September-2024, Available :http://www.ijsdr.org/papers/IJSDR2409036.pdf |
| Downloads: | 00024 |
| Publication Details: | Published Paper ID: IJSDR2409036 Registration ID:212513 Published In: Volume 9 Issue 9, September-2024 DOI (Digital Object Identifier): Page No: 328 - 337 Publisher: IJSDR | www.ijsdr.org ISSN Number: 2455-2631 |
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