Digital Payment: A Case Study with Respect to India

Abstract

In its earliest form, Commerce was a system of trading of one item or service for another. Ancient wall paintings and manuscripts show that humans long ago was engaged in trading animal skins and meat for other services and goods. Thereafter gradually the idea of currency emerged and in primitive societies people used shells or beads as money. Then with the advancement of metallurgy, Gold and silver coins became the standard of exchange around 500 B.C and we see that in Mesopotamia and Egypt, gold bars were used as cash but they had to be measured each time a trade was made. Thereafter we see that as both gold and silver coins had a standard value throughout the globe it helped in trade between countries. Thereafter with the development of the societies throughout the world better systems of settling transactions developed which led to the development and acceptance of modern day digital payment systems for settling transactions. In this paper we will study in details the advantages and disadvantages of adopting digital payment systems and how it had gone to help in development of India. The present study has been exploratory, casual and empirical in nature and the data needed for research work has been collected by using both direct and indirect method of data collection.