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The Transformation of India's Economy through Digital Payments Benefits, Challenges

  • Unique Paper ID: 166362
  • Volume: 11
  • Issue: 2
  • PageNo: 934-946
  • Abstract:
  • Digital payments represent the modernized version of traditional payment methods and encompass various technologies such as bank transfers, Mobile Money, QR Codes, as well as payment instruments like credit cards, debit cards, and UPI. India has witnessed a significant surge in the adoption of digital payment methods, aligning with the global trend. The country has experienced a remarkable increase in the usage of mobile wallets, UPI, and BHIM, among others. The government's demonetization initiative played a crucial role in accelerating the adoption of electronic payment methods. This shift towards cashless transactions has had a profound impact on both the Indian economy and society. This research paper aims to examine India's notable transition to digital payments, exploring its wide-ranging effects on the economy and the numerous benefits it has brought to society. This research paper also addresses the security challenges associated with the adoption of digital payment methods in India.
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  • ISSN: 2349-6002
  • Volume: 11
  • Issue: 2
  • PageNo: 934-946

The Transformation of India's Economy through Digital Payments Benefits, Challenges

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UGC Approved
Journal no 47859

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