Authors : Dr. Punam S. Baheti
Page Nos : 114-118
Description :
India primarily was a cash obsessed economy. Then India changed the dependence of physical payment to digital payment. With the progressive regulatory policies and use of mobile internet, India’s digital payment story is new but exciting. E commerce had fueled the use of digital payments and digital wallet companies had followed with it. To promote digital payment for all types of transaction, Indian government had started Digital India initiative leading toward cashless society. The use of cheque and demand drafts is now a secondary option as 81% users prefer digital payment. The progressive regulatory policies and digitalization is so effective that it left China and a few developed country markets trailing digital transaction numbers. Covid 19 pandemic has also fueled the adoption of online transactions. The penetration and ease of using digital payment had made users to shift to net banking and other digital payment facilities to avail products including essential goods, groceries, retail, medical supplies, education, and others. The improved technology, high speed mobile internet and security features are also leading the growth of digital payments industry.
The study has uses Primary data and the results cleary indicate that future transaction system is cashless transaction because of its ease of use.
