A STUDY ON DIGITAL PAYMENT SYSTEM IN INDIA.

Abstract [English]

Demonetization created huge growth opportunity for digital payment in India and the digital wallet companies garbed the opportunities with both the hands to expand their market share. The Government of India has been taking several measures to promote and encourage digital payments in the country. As part of the Digital India campaign, the government aims to create a digitally empowered economy that is Faceless, Paperless, and Cashless. There are various types and modes of digital payments. Some of these include the use of debit/credit cards, internet banking, mobile wallets, digital payment apps, Unified Payments Interface (UPI) service, Unstructured Supplementary Service Data (USSD), Bank prepaid cards, mobile banking, etc. Digital payment methods are often easy to make, more convenient and provide customers the flexibility to make payments from anywhere and at any time The future of digital payments in India looks bright with the expected growth in the number of internet users and e-commerce market size.