India is world’s second largest nation with a population of 1.3 billion, which is approximately 18% of the global population. To meet the financial service needs of a growing population requires a sustainable approach in the form of digital payment system. Digital payment services offer convenience, ease of transactions and security while transacting. This analytical study focuses on growth of digital payments with respect to its volume and value of transactions during the period 2012-2013 to 2018-2019. This study reports positive growth in terms of actual volume (24.11%) and value (15.84%) of overall digital payments in the country over the last 7 years. Further, the country is expected to generate 28,000 lakh transactions exceeding INR 15,20,000 billion in digital transactions in 2020-2021.
Keywords: Payment & Settlement system, Digital Payment, Retail payment, Cashless economy
Introduction and execution of the study
India’s financial system is continuously evolving with the help of emerging technologies to make Read Full Article