An Analysis on the Performance of Electronic Payments Systems in India Using the TOPSIS Method

Abstract

In recent years, India's electronic payment systems have undergone a substantial expansion and transformation. Digital payments are now more common in the nation because to a number of government programmers and technology developments. This introduction gives a summary of how well India's electronic payment systems perform while underlining the major elements that have contributed to their success. The implementation of programmers like demonetization in 2016, which aimed to lessen the reliance on physical currency and boost digital transactions, has expedited India's transition to a cashless economy. Economic Impact: A nation's economy is greatly influenced by the use of electronic payment systems. Examining their success in India offers information about the development and uptake of digital transactions, the transition to a cashless society, and the effects on financial inclusion. Such study aids informing financial policy and strategy decisions by regulators, economists, and industry professionals about the economic effects of electronic payments. Financial Inclusion: A key element of inclusive economic development is access to financial services and goods. Examining how electronic payment systems operate in India can help determine how effective they are at promoting financial inclusion, especially for underprivileged people. Targeted actions and legislative changes to close the financial gap can result from an understanding of the challenges and opportunities associated with digital payments.The process for examining the effectiveness of electronic payment systems in India might include a number of processes and research techniques. Here is a recommended approach. Decide on a clear study objective, such as assessing the effectiveness, uptake, or effects of electronic payment systems in India. Gather pertinent “data from a variety of sources, such as government reports, business magazines, academic journals, and financial organizations”. Data can contain user demographics, transaction volumes, values, trends, and technological infrastructure.“E-payment systems,ATM, Mobile Money, Net Banking, Credit (Debit)card”.“Reliability, Ease of use, Responsiveness. Security, Usefulness, Cost”.Mobile Money achieves the highest rank of 1, followed by ATM at rank 2, Credit (Debit) card at rank 3, and Internet Banking at rank 4.Mobile Money achieves the highest rank of 1, followed by ATM at rank 2, Credit (Debit) card at rank 3, and Internet Banking at rank 4.by using TOPSIS method we obtained ranks for the performance of e payments system in India.