A STUDY ON DIGITAL PAYMENT SYSTEM IN INDIA

Abstract

India used to be predominantly a cash-based economy, but in recent years, the digital payments industry in India has seen a shift as a result of increased technology innovation and an emphasis on digitalization. Consumers take advantage of digital's convenience and speed payments. This does not imply that cash transactions are completely absent from economic contexts, but rather that the total amount of cash payments is kept to a bare minimum An electronic payment system, also a cashless economy or environment is one in which a society has little or no currency and must rely on electronic channels such as debit cards, online banking, multifunctional ATMs, mobile payments, and electronic funds transfer internet banking to conduct transactions. A cashless environment does not imply a disregard for money; rather, it refers to a society in which people perform transactions on the internet. In today's economy, money is transferred electronically. The growth of e-payment culture, as well as the expansion of infrastructural facilities, are essential to attain the goal. In this project, the topics that are covered Overview of global payment system, India's digital payment system, varieties of digital payment systems in India, advantages and disadvantages, RBI initiative on digital payment and fraud in digital payment, and India's payment system moving ahead A comparison of banking cards, UPI, NEFT, RTGS, IMPS, and mobile wallets is also included. Keywords: Digital Banking, Internet Banking, Digital Payments, Mobile Payments, Digital Economy, Demonetization, Mobile Wallets.