Digital Payment System in India: A Brief Study

Abstract

The demonetization caused the use of digital payments to skyrocket. An exponential increase in the use of digital payment is possible thanks to government initiatives like Digital India and rising mobile and internet usage. More transaction transparency thanks to the shift to digital payments strengthens the nation's economy. For a smooth transition to digital payments, various improvements have recently been made to the payment system, including the introduction of digital wallets, UPI, and BHIM apps. This research paper's goal is to examine the benefits of payment system digitization. Indexed term- Digital Payment, Cashless, Digitalization, E- payment, financial technology, Adaptability.