Abstract
The term "Digital Payment" refers to making payments to other individuals through the Internet or other electronic means, rather than using paper currency. The Government of India initiated Digital Payments in response to the announcement of the demonetization of currency notes on November 8, 2016, to increase transparency in transactions and eliminate black money. This was a step towards a cashless economy. Furthermore, digital payments were also promoted to ensure that banks have sufficient cash available to provide credit to individuals. A significant portion of society has adopted Digital Modes of Payment; however, some individuals are still apprehensive about using Internet banking, debit cards, and electronic cash. In recent years, the payments industry in India has been changing a lot. Thanks to better digital infrastructure, government policies, and initiatives, the availability of new technologies, disruptive innovations, and changing customer habits, the payments market has been steadily moving towards digitization. This research paper clearly deals with digital payment systems and the problems faced by people in recent days.
Keywords: Digital, Payments, Future, Challenges, Mobile payment
References
1. Baghla, A. (2018). A study on the future of digital payments in India. International Journal of Research and Analytical Reviews, 5(4), 85-89.
2. Bezovski, Z. (2016). The future of the mobile payment as electronic payment system. European Journal of Business and Management, 8(8), 127-132.
3. Khando, K., Islam, M. S., & Gao, S. (2022). The Emerging Technologies of Digital Payments and Associated Challenges: A Systematic Literature Review. Future Internet, 15(1), 21.
4. Ravikumar, T., Murugan, N., Suhashini, J., & Sriram, M. (2022, February). Technologies Driving Digital Payments in India: Present and Future. In Proceedings of Second International Conference on Sustainable Expert Systems: ICSES 2021 (pp. 71-78). Singapore: Springer Nature Singapore.
5. Shah, Z. A. (2017). Digital payment system: Problems and prospects. EPRA International Journal of Economic and Business Review, 5(8), 194-201.
6. The data is retrieved from http://cashlessindia.gov.in/digital_payment_methods.html
7. The data is retrieved from https://www.meity.gov.in/modes-digital-payment
8. Angamuthu, B. (2020). Growth of digital payments in India. NMIS Journal of Economics and Public Policy.
9. Franciska, A. M., & Sahayaselvi, S. (2017). An overview on digital payments. International Journal of Research, 4(13), 2101-2111.
10. Pandey, S. K. (2022). A Study on Digital Payments System & Consumer Perception: An Empirical Survey. Journal of Positive School Psychology, 6(3), 10121-10131.