DIGITAL PAYMENTS: INCREASING SIGNIFICANCE IN THE INDIAN CONTEXT

Neeraj Amarnani and Arpita Amarnani

No 2019-30-07, Working papers from Voice of Research

Abstract: Digitisation is having a significant impact in all walks of life, including the way monetary transactions take place, even in a cash-intensive society such as India. The present paper seeks to explore if digital payments have made significant progress in India and are now gaining pre-eminence as a mode of payment, by examining multiple sources of secondary data. It establishes that the Government has taken concrete, albeit controversial measures such as demonetization, as well as direct benefit transfers, designed and implemented payments infrastructure such as Immediate Payments Service (IMPS) and Unified Payments Interface (UPI). These and the proliferation of smart devices and better internet access have led to a large increase in digital payments. However, cash still seems to dominate the marketplace, though to a marginally lesser extent, and it will take a significant behavioural shift from the consumers to eventually enable digital payments to be the dominant mode of payments in India. Key Words: Digital Payments, Payment systems, Fintech, Financial Technology, IMPS, UPI Policy

Date: 2019-06
New Economics Papers: this item is included in nep-pay
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