The Upshot of Digital Banking
Author(s):
Sugavanesh Sivaraj, Sathya S, Aafreen S
Keywords:
Digital banking, Economic empowerment, Financial inclusion, Transparency.
Abstract
India, over the last decade has substantiated to a tremendous web revolution. Our honourable Prime minister Mr. Narendra Modi had launched ‘Digital India’ on 1 July 2015 as an umbrella term for the overall economic empowerment and the web revolution of the nation. This initiative is witnessed to be the factor promoting technological advancement and optimizing digital banking to a wider extent. Technology and connectivity improves the quality of life. The increase in internet penetration has leveled up digital banking amongst the youngsters who contribute about 41% of India’s population. The transparency in this responsive system holds account of every individual’s transactions to obliterate corruption. Digital banking paves way to any immediate transactions of an individual anytime and anywhere. In the payment and banking sector Aadhaar authentication can be used in multiple ways in order to bring about financial inclusion and simplify the method of transaction. Digital wallets such as Free charge, Juspay, Paytm, etc… has provided ease in the digital transactions through mobile applications. This paper is an outcome of the research made on digital banking and its attributes.
Article Details
Unique Paper ID: 146954

Publication Volume & Issue: Volume 5, Issue 2

Page(s): 535 - 538
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