Study of the recent trends in digital payment methods in India
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Date
2024
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Indian Academicians and Researchers Association
Abstract
In today’s world of digitization, a concept of digital payment is familiar to all. In India it emerged in the last decade through internet banking and since 2016 onwards there is rise in digital payment transactions and Government of India is taking initiatives to promote digitization in all sectors and to bring transparency in financial transactions. Missions like digital India and Cashless India are part of it.
Digital payment method is a part of cashless India’s mission. It involves an online transaction without actual exchange of hard cash and without physical visit to bank. The present study highlights the meaning of digital payment, different types of digital payment methods offered by Government, Banks and other private sectors in India. The study also highlights factors influencing digital payment methods, its benefits and challenges involved in implementing it. The study is based on secondary data and it is of conceptual nature. The finding of the study is that digital payment brings convenience in making payment. It allows to make payment online. It is speedy and less risky. It is available for use 24 x 7. However, it faces challenges like availability of internet connection, electronic device and operating bank account of user.
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SOCIAL SCIENCES
Citation
International Journal of Advance & Innovative Research. 11(1(XII)); 2024; 364-368.