THE CHANGING TRENDS IN PAYMENTS: AN OVERVIEW
Journal Title: International Journal of Business and Management Invention - Year 2018, Vol 7, Issue 7
Abstract
The present era is entering into a new pace in payment system by using digital wallets filled with coupons and offers. The Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. Faceless, Paperless, Cashless‖ is one of professed role of Digital India. Considering the benefits like transparency in transactions, scope for curtailing parallel economy and improving the ease of business, it is very essential that the transformation towards digital payments. Many changes took place in the recent past like launch of many digital wallets like - Paytm, Mobiwik, Free Charge etc. and government launching many United Payment Interface (UPI) solutions and BHIM app for smooth transition to digital payments. The paper highlights on the various modes of payments, benefits of cashless economy and preparedness for the implementation of the cashless economy by Indian Government. The study found that, the payment system initiatives taken by the government and RBI have resulted in greater acceptance and deeper penetration of non-cash payment modes.
Authors and Affiliations
Prof. Pushpa S. Abbigeri, Dr. Rajeshwari M. Shettar
Keywords
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