Abstract
The digital payment sector in India is growing rapidly, enabling the country to shift from a cash-centric to a "Digitally Empowered Economy." Having one of the world's largest payment networks and a thriving digital economy, even while cash remains the major means of transaction, digital payments have increased significantly owing to advances in fintech or financial technology. According to the Digidhan dashboard, digital payment transactions in India accelerated from 2071 crore to 8840 crore between 2017-18 and 2022-23.Fintech, or financial technology, is a key player in this evolution, developing innovative solutions that make financial services more accessible, affordable, and convenient for millions of Indians. In this context, a study was carried out to learn about the numerous fintech options accessible to make digital payments in India, as well as to analyze the transformation of digital payments in India utilizing various fintech solutions. According to the survey, Bhim UPI and IMPS have had a significant stake in digital payments over the last six years, while debit and credit card usage has been falling in recent years due to developments in financial technology and innovations.
Keywords: Fintech, Digital payments, Transformation.
References
1. Jack, William, and Tavneet Suri. 2014. Risk Sharing and Transactions Costs: Evidence from Kenya’s Mobile Money Revolution. American Economic Review 104: 183–223.
2. Banna, Hasanul, M. Kabir Hassan, and Mamunur Rashid. 2021. Fintech-Based Financial Inclusion and Bank Risk-Taking: Evidence from OIC Countries. Journal of International Financial Markets, Institutions and Money 75: 101447.
3. Nguyen, Quang Khai. 2022. The effect of FinTech development on financial stability in an emerging market: The role of market discipline. Research in Globalization 5: 100105.
Websites:
https://ihmcl.co.in/netc/
https://cleartax.in/g/terms/nach-national-automated-clearing-house
http://cashlessindia.gov.in
Impact Factor: 5.2 IJAR. (2017). 3(6), 525–530. www.allresearchjournal.com