India's Success with the Digital Payment System

Dr. Chitranjan Singh

DOI: 10.54741/mjar.2.6.6

Digital payments have recently taken a large chunk of the payments market in India, which is undergoing profound changes. The transition from a purely cash-based economy to one with fewer paper currencies began. The objective of a digitised India is being actively pursued by the Reserve Bank of India and its relevant organisations. India now has one of the largest and fastest-growing digital payment ecosystems in the world thanks to almost one billion cards and more than two billion prepaid payment instruments (PPI), such as online wallets, mobile apps, e-wallets, and other digital payment modalities. In actuality, e-commerce was encouraged by the internet's infrastructure expanding exponentially. For facilitating retail digital payments, the Unified Payment Interface, or UPI, is recognised as a ground-breaking payment system. This paper's major goal is to gradually identify innovations in India's digital payment industry. By using the PESTEL approach to identify political, economic, technological, environmental, and legal issues, it also analyses the payment facilitation sector.

digital payment demonetization technology banking industry