Digital Payment System in India: Opportunitie...

Digital Payment System in India: Opportunities and Challenges

Author Name : Mr. Pawan, Nikhil Bhardwaj, Renu Tomar

DOI: https://doi.org/10.56025/IJARESM.2024.120624399

ABSTRACT In the modern economy, digital payments are crucial and provide multiple benefits over cash, such as straightforward transactions, increased security, and transparency. “Digital payment” refers to sending money to someone else electronically, as an alternative to using physical currency, such as over the internet or other devices. By providing digital instruments like debit cards, mobile banking, mobile wallets, etc., the banking industry plays a significant role in the development of digital payment. Across the world, there are more and more digital payment systems that enable very rapid retail payments between individuals. In India, several payment methods are now available around the clock, every day of the week. Digital payment systems have demonstrated that they are reliable and sustainable, and they continue to enjoy a high level of public trust. To make India cashless and increase trends in using digital payment systems, various payment methods are emerging and developing. This paper focuses on the importance of digital payments, the different modes of digital payment systems, and the growth factors of the digital payment system. The research paper is also trying to explain the opportunities and challenges of the digital payment system in India.