The rise and growth of digital payments in India

Abstract

India stepped into digital India. The digital India program taken up by the Government of India is mainly to transform India into a digitally empowered society. Faceless, paperless and cashless is one of the professed roles of Digital India. According to the Government of India, the digital payments will increase the employment, minimize risk related to cash like robbery, corruption and storage of huge amounts by way of cash and promotes transparency in operations and attains governance. This paper focuses how the transformation has taken place in the payment industry from coins to paper, to plastic money and now to e-wallets.