India’s Digital Payment Revolution: Implications for Economic Growth
Publication Date : 10-03-2026
Author(s) :
Volume/Issue :
Abstract :
Banking business is changing with time. Today's banking business is an anytime banking and anywhere banking. Customers are getting 24 hours services with the help of online banking technology. Indian economy is an emerging economy. In this economy financial transactions have started to be done using electronic methods. A program of financial reforms has been implemented in India since July 1991. The Narasiham Committee's recommendations to the government in November 1991 and 1998 mainly focused on providing autonomy to banks. Banks have brought about an evolution in the dynamics of their business and financial transactions by using electronic tools such as computer internet for their financial transactions. The Reserve Bank enacted the Payment and Settlement Act in 2007 .The main objective behind this is to reduce the use of cash in financial transactions and increase the use of electronic devices and banking products to move the economy towards a cashless economy. The government has also supported this transformation through initiatives like Digital India, which promotes digital infrastructure and online services. As a result, India has become one of the world’s fastest-growing digital payment markets. However, despite these benefits, challenges such as cyber security risks, internet connectivity issues, and lack of digital literacy still exist. Addressing these challenges is essential to ensure the sustainable growth of digital payments. Following are the digital platform which is used digital payments for various business transaction.
No. of Downloads :
0