A Study on The Future of Digital Payments in India

Abstract

The goal of this essay is to determine India's current trend toward the use of digital payments. The phrase "digital payment" refers to sending money to someone else electronically or via the internet rather than using cash. The Government of India launched the Digital Payments project following the announcement of devaluation on November 8, 2024. The introduction of digital payments was intended to increase transaction transparency and getting rid of black money. In reality, it was a step toward a cashless society. Additionally, digital payments were promoted. to provide the banks enough cash on hand so they can give people credit. Currently, a sizable portion of society has begun to use digital payment methods, but individuals are still afraid to use e-cash, debit cards, Internet banking, etc. The government first offered significant incentives for digital payments, however there has since been a decrease in this push. This study attempts to determine the factors that led Indians to embrace digital payments. It also attempts to learn about the issues consumers have when using digital payments