Abstract
Now-a-days, all the payments are done via online mediums and require no physical exchange of money. The trend towards digitalization and the use of the internet paves the way for a cashless economy. The digital payment system enables consumers to move traditional cash payment system to electronic cash payment system. These rapid developments of digital payment technologies lead to make innovation in the financial sector, through which payers and payees both use digital apps to send and receive money. Thus, the payment system is rapidly changing from cash based payment to digital forms of payments. The people use digital payment system due to convenience, fast and cost-effective. The Government also supports digital payment system because it helps to increasing the tax revenues of the governments.
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