Digital Payments in India: An Analysis
Sangeeta Jerath

Dr. Sangeeta Jerath, Associate Professor, Gargi College, University of Delhi

Manuscript received on 30 September 2022 | Revised Manuscript received on 06 October 2022 | Manuscript Accepted on 15 October 2022 | Manuscript published on 30 October 2022 | PP: 47-54 | Volume-11 Issue-11, October 2022 | Retrieval Number: 100.1/ijitee.K930310111122 | DOI: 10.35940/ijitee.K9303.10111122
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Abstract: With the liberalisation of the Indian banking sector in 2014, the digital payment ecosystem has undergone a steady transformation which can be attributed to the usage of new technologies like Automated Teller Machines (ATM) and Magnetic Ink Character Recognition (MICR). Digital payment systems offer convenience and security while transacting. In 2010, a variety of payment products (stored value cards, wallets, and recharge vouchers) and service providers were introduced. The launching of Digital India in 2015, gave a further boost to the digitalization process. Initiatives have been taken to improve the payment infrastructure to make technology accessible and cost-effective. This study examines the growth of digital payments in India, growth in different modes of payment in India as well as growth in Indian Payment Infrastructures. For this study, data has been compiled from RBI Bulletin, RBI Annual Reports, RBI Reports and authentic websites. The analysis of Payment and Settlement System Statistics revealed exponential growth in the usage of various modes of digital payment. RBI has constructed Digital Payment Index (DPI) with a base period of March 2018 and a DPI score of 100. The high DPI scores released by RBI revealed the widespread use and deepening of digital payments in India. This has been made possible by the Government of India’s and the RBI’s consistent efforts to improve Payment Infrastructure. The study found that India is experiencing robust growth in the digital payments arena. 
Keywords: Digital Payment, Digital Payment Infrastructure, Electronic Money, Retail Payment, Cashless Economy
Scope of the Article: Digital Payment