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@article{207347,
        author = {Paramjeet Singh and Dr Ajay Kumar and Bhaskar Sen},
        title = {Growth and Structural Transformation of India's Retail Payment Ecosystem: An Analysis of Major Digital Payment Platforms},
        journal = {International Journal of Innovative Research in Technology},
        year = {2026},
        volume = {13},
        number = {2},
        pages = {4527-4536},
        issn = {2349-6002},
        url = {https://ijirt.org/article?manuscript=207347},
        abstract = {The rapid growth of digital payment systems has transformed India's retail payment ecosystem by improving the speed, accessibility, and efficiency of financial transactions. This study examines the growth and changing contribution of major digital payment platforms in India's retail payment system. The analysis is based on secondary data obtained from the Reserve Bank of India (RBI), the National Payments Corporation of India (NPCI), and scheduled banks for the period 2017-18 to 2022-23. Trend analysis, percentage share analysis, and comparative analysis were used to assess the performance of nine major retail payment systems in terms of transaction value and transaction volume. 
The findings reveal a substantial increase in both the value and volume of digital payment transactions during the study period, indicating the rapid expansion of India's digital payment ecosystem. The study also identifies a significant shift in the composition of retail payment systems, with the Unified Payments Interface (UPI) emerging as the dominant payment platform, while the relative contribution of traditional payment systems such as the Cheque Truncation System (CTS) and the National Financial Switch (NFS) declined considerably. The findings highlight the growing importance of technology-driven, real-time payment systems in supporting an efficient and inclusive retail payment infrastructure. The study provides useful insights for policymakers, financial institutions, and other stakeholders for strengthening India's digital payment ecosystem and promoting a digitally enabled economy.},
        keywords = {Digital payments, Retail payment system, UPI, NPCI, Digital economy, Financial inclusion.},
        month = {July},
        }