An Overview of Digital Payments Systems in India

Abstract

The Information Technology (IT) has revolutionized the various aspects of our lives; particularly it has provided an easy way to go for digital payments. During the Demonetization period, the Government of India forced the people directly or indirectly to do all commercial transactions via Digital mode. The common people started to move from traditional payment system towards Digital Payments systems which ensured safe, secure and convenience. With giant technological leaps in the smart phone and easy internet access has led Indian market to accept Digital Payments. The percentage of the digital payments through other modes is also increasing in a significant speed. The objective of the present study is to know about the various types of Digital payment transactions that are used by the common people in their day- today’s lives. This study is chiefly based on Secondary data. Result indicates that the Digital revolution has made the cash less transaction an easy one. As a result that in 2015-2016, a total of 4018 billion has been transacted through mobile banking when compared to 60 billion in 2012-13.The reach of mobile network, Internet and electricity is also expanding digital payments to remote areas. So, it is without doubt said that future transaction system is cashless transaction.