Abstract
The digital payment system is playing a crucial role in promoting the financial inclusion programme in India. The main objective of this paper is to analyse the present status of digital payment and financial inclusion in the country. The study, which is based on secondary data, finds that all items of digital payments such as real-time gross settlement (RTGS), retail electronic clearing, prepaid payment investment (PPIs), electronic funds transfer/national electronic funds transfer (EFT/NEFT), immediate payment service (IMPS), usage at point of service (PoS), debit cards, mobile banking, credit cards and a number of ATMs are increasingly being used in India. The performance of digital payment transactions and mobile wallet transactions has been improving. In addition, the performance of financial inclusion programmes indicates that the contribution of public sector banks in terms of the number of accounts opened, balance in accounts and number of RuPay cards issued was the highest in comparison with other banks in India. This study also highlights the major challenges faced by digital banking in the country. The overall performance of digital banking indicates that digital payment is an essential part of financial inclusion in India.
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