A Study on Digital Payment System in India

A Study on Digital Payment System in India
Author(s):
B.Vijaya Lakshmi
Keywords:
Digital payments, Digital India, Cashless economy, On line transactions
Abstract
The Digital payments are the money transactions that are carried out digitally with no physical exchange of currency. The Government of India has initiated flagship programme called “Digital India” launched on 2nd July 2015 under the leadership of our Honorable Prime Minister Shri Narendra Modi, the Vision of the program is to transform India into a digitally empowered cashless economy. The main agenda is to create awareness among the consumers and merchants on various digital payments and apparently to transform Indian economy to “Paperless and Cashless” economy. In order to achieve this, promoting and mandating Digital Payments has been one of the highest priority of digital payment to all the citizens of the country in an easy, quick, affordable, convenient and secured manner. The main objective of the research paper is to understand the concept of digital payment system and to assess the scope of digital payment services in India. The study highlighted the importance of digital payment services in India.
Article Details
Unique Paper ID: 153808 Publication Volume & Issue: Volume 8, Issue 8 Page(s): 64 - 68
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