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VOL. 5, ISSUE 1 (2023)
Growth of digital payments in India: Creating convenient paperless, faceless and cashless payment services
Authors
Prakash Kumar Thakur, Dr. Sunil Kumar
Abstract
Digital payment methods are becoming popular with the customer in new cashless
economy. It is expected that by 2025, digital payments are expected to grow
from $ 6.6 trillion to $ 10.5 trillion by 2025. This was possible as different
methods of digital payments are now available like debit card, credit card,
NEFT, RTGS, UPI etc. The onset of COVID pandemic has also given push to digital
payment system as people now want to move towards paperless economy
particularly younger generation, who are more techno-savvy. There is growing
perception that digital payments are not only safe but it is easier to use with
efficiency, effectiveness, transparency, and accessibility. Against this
background, in the present paper a modest attempt has been made to depict
current status of digital payments in India. Further, the problems and future
scope of digital payment system in India have also been highlighted.
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Pages:88-93
How to cite this article:
Prakash Kumar Thakur, Dr. Sunil Kumar "Growth of digital payments in India: Creating convenient paperless, faceless and cashless payment services". International Journal of Management and Commerce, Vol 5, Issue 1, 2023, Pages 88-93
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