Abstract
The history of cashless economy dates back to the barter system days, but the cashless economy now, is focused on the transfer of digital information using different intermediaries. The banking sector around the globe is experiencing IT revolution. India, too, in a span of 35 years has seen many innovations in technology which are pushing the boundaries of payment processes. The retail electronic payment system has progressed in India providing enough opportunities to move towards a cashless economy. E-banking is a fairly new concept in India. The Digital India Programme, 2015 has a vision to transform the nation into a digitally empowered nation. The RBI has rolled out Vision Statement for three years, to provide guidelines in order to enhance the use of ICT in banking sector. The present study aims to analyse the strengths, weaknesses, progress and challenges of the digital payment system in India from 2013 to 2018.
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