Digital Payments and e-RUPI for the New Age India: An Overview

Abstract

This paper presents an overview of Digital Payment in India which refers to the electronic transactions conducted between individuals, businesses, and government entities using digital channels. It involves the transfer of money or payments through online platforms, mobile devices, or other digital means, eliminating the need for physical cash or checks. India has witnessed significant growth in digital payment systems in recent years, driven by various initiatives and advancements in technology. In a country that has historically relied heavily on cash transactions, the advent of digital payment systems has ushered in a new era of convenience, efficiency, and financial inclusion. Digital payment in India has transformed the way financial transactions are conducted, moving the country towards a more inclusive, transparent, and efficient economy. The advent of UPI, mobile wallets, Aadhaar-enabled payments, and other digital payment systems has empowered individuals, facilitated business transactions, and enabled the government to deliver benefits and subsidies directly to beneficiaries. As India continues to embrace the digital revolution, the landscape of digital payment systems is expected to evolve further, driving economic growth and financial empowerment for all. Along with that, e-RUPI is a digital payment solution introduced in India to facilitate contactless and voucher- based transactions. Launched by the National Payments Corporation of India (NPCI) in collaboration with the Department of Financial Services, Ministry of Health and Family Welfare, and various other stakeholders, e- RUPI aims to enhance the efficiency and transparency of government welfare schemes and targeted subsidies. Keywords: Digital Payment, E-Rupee, UPI, Cash Transactions, NPCI, Mobile wallet.