A STUDY ON COMPARATIVE ANALYSIS OF DIGITAL PAYMENTS INDIA V/S AMERICA
Author(s):
KAMSALA POOJA, DR. AMULYA M
Keywords:
Digital payments, Economy, Fintech, Comparative analysis, COVID-19
Abstract
With the assistance of the Indian government, we achieved a milestone in the era of digital payments in 2016. The government has issued directives to move towards a cashless society, and the National Payments Corporation of India (NPCI) has developed UPI (Unified payment interface), the first of its kind in the whole world. Every element of Indian society has seen significant transformation as a result of the digital surge. But in reality, digital payments were introduced to the American market earlier. For many years, PayPal's online payment platform had an impact on daily life in America. In this paper we have tried to escalate the comparative analysis between the countries like India V/s America how the Digital payment transactions got substantial growth in India and why not in America as a biggest leading country in all the angels. Indians have substantially changed their payment methods since COVID-19. There had already been a considerable shift out of cash and cheques and towards real-time, digital transactions, but COVID-19 exacerbated the need for payment solutions that could keep up with evolving consumer behavioral trends. The study is based on secondary data by using appropriate research methodology we try to bring out the reasons to steady growth of DIGITAL PAYMENTS in USA and How Fintech played a vital role to accelerate the boom of DIGITAL PAYMENTS in India. Over 141 crores of population in India more than 81.05% is literally using DIGITAL PAYMENTS wherein, USA lagging with 60-65% of usage in real time payments as per 2023 statistics
Article Details
Unique Paper ID: 164683

Publication Volume & Issue: Volume 10, Issue 12

Page(s): 2347 - 2352
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