Research Front

Author(s) :

Mr. Parabatarao Bhimarao Baisane, Dr. Subhash Masanappa Suryawanshi.

Volume/Issue :

Abstract :

India is a progressive country and is rapidly moving towards digital development. With the emerging of digital technology, its influence has also been observed in developing country like India. And its impact is clearly visible in the Indian Financial Sector. At present, people rarely carry loose cash in their pockets, yet they continue to perform financial transactions easily. Much of the credit for this transformation should be given to the Unified Payments Interface (UPI) platform, which provides digital payment services. Among the various digital payment platforms, UPI has emerged as the most widely used system for instant money transfer. Researcher examine the relationship between digital payments, financial growth, and financial inclusion in India. The study is based on purely secondary data which is collected from government reports, banking statistics, and various research publications. The findings indicate that digital payment platforms, particularly UPI, have significantly increased financial transactions, improved access to banking various services, and promoted financial inclusion. However, challenges such as digital illiteracy, cyber-security risks, and infrastructure limitations still affect the smooth adoption of digital payments where the people of India are not literate well in some areas. The study concludes that digital payments are a key driver of financial growth and play.

No. of Downloads :

2