New Horizon Of Digital Payments in India and it's Growth

New Horizon Of Digital Payments in India and it's Growth

Registration ID: IJNRD_217711

Published ID: IJNRD2405223

DOI: Click Here to Get

Diva Banga

Digital Payment platform, Various digital payment platforms, Government schemes, UPI, Paytm, Usage of digital payment systems in Employemnt, agriculture, e-commerce, and banking sectors, BHIM- Rupay Card,

ABSTRACT ” If all of us start transacting through online and mobile banking, it will be our great contribution towards eradicating corruption and black money from our country.” By- Our honourable Prime Minister Narendra Modi Ji The quote highlights the transformative impact of digital payments on the economy, tracing its evolution from a predominantly cash-based system to a flourishing cashless digital economy. This brings to observes the widespread adoption of various digital payment platforms such as UPI, mobile wallets, internet banking, banking cards, AEPS, and micro-ATMs. The convenience, speed, and enhanced security measures of digital transactions have ingrained a habit of cashless transactions among people. Having been a participant in this transition, it is very crucial to note the seamless integration of technology into daily transactions across sectors like e-banking, cashless payments through phone numbers and QR systems, and e-commerce purchases. The contribution of an individual to acclimatize to this shift to the period following demonetization, where only a small percentage engaged in card swiping, and a significant portion still relied on cash exchanges. The subsequent rise of Fintech, particularly during 2018-2019, saw a substantial increase in UPI users, reaching 60 lakhs, and witnessed a remarkable surge in digital payment transactions, reaching 91 billion in 2023. As, talking about the digital payments in the 2024, On the nineteenth of February 2024, the Reserve Bank of India (RBI) will extend the account opening and closing periods for Paytm Payments Bank. The RBI gave Paytm Payments Bank (PPBL) until March 15, 2024 to halt deposits, credit transactions, or top-ups in all client accounts, wallets, and FASTags. On February 18, 2024, MoS IT Chandrasekhar stated that the RBI's move against Paytm Payments Bank has prompted fintechs to focus on legal compliance. Paytm's shares have lost more than half of their value since the banking regulator's clampdown, raising doubts about the sustainability of its business model. The study intends to investigate the significance of digital payments and various features of online payment methods. It includes a comparison of digital payment statistics from the current and prior years. The study aims to better understand the various applications of digital payments in India, including employment, agriculture, e-commerce, and e-banking. The analysis also looks at the total number of payment transactions during the last five years. The technique calls for a definitive study with a sample size of 200 respondents who actively utilize digital payment services. Data will be collected using a questionnaire and the snowball approach for form filling. The analysis involves statistical methods including the Chi test and ANOVA table, as well as graphical representations. The secondary study includes an evaluation of cumulative payment transactions over the last 5 years, a review of recent Paytm data, and an inquiry into the state-by-state distribution of digital payment transactions. While the digital payment system gains popularity, thus acknowledges the accompanying challenges, particularly the escalating crime rates. Recognizing the need for awareness and government intervention, also taking in consideration of emphasizing the enormity of managing a population that is exceeding more than 1.43 billion and highlights the government's ongoing efforts to drive the desired change. Digital payments are an enormous and a wide platform for the youth to join in and have smooth and vigilant transactions. As this platform is an ocean with deep and dark secrets which means the people who tend to do fraudulent things through the dark webs may target you one day. So, the platform requires to be vigilant and wise with keeping all your safeguards up and to enjoy the quick and jiffy transactions done on one clicks.

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"New Horizon Of Digital Payments in India and it's Growth ", IJNRD - INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT (www.IJNRD.org), ISSN:2456-4184, Vol.9, Issue 5, page no.c185-c192, May-2024, Available :https://ijnrd.org/papers/IJNRD2405223.pdf

Volume 9 Issue 5, May-2024

Pages : c185-c192

Paper Reg. ID: IJNRD_217711

Published Paper Id: IJNRD2405223

Downloads: 000121286

Research Area: Management

Country: Gautam Buddha Nagar- Noida , Uttar Pradesh , India

Published Paper PDF: https://ijnrd.org/papers/IJNRD2405223.pdf

Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2405223

Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar | ESTD YEAR: 2016

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