Arthshastra Indian Journal of Economics & Research

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A Detailed Analysis of Selected Digital Payment Systems in India


Affiliations
1 BBA, Chartered Financial Analyst (CFA), USA (Pursuing), Shri Chimanbhai Patel Institute of Professional Training, Chimanbhai Patel Institute Campus, Opp. Karnavati Club, Next To Shapath IV, S.G. Highway, Ahmedabad - 380 015, Gujarat, India
2 BBA, UPSC Aspirant, Faculty of Business Administration (Formerly Known as N.R. Institute of Business Administration), GLS University Campus, Off. C.G. Road, Near National Handloom, Ahmedabad - 380 006, Gujarat, India

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The world is getting digitalized in all its aspects ; so is India. The payment systems in India have also been digitalized and their use is steadily on the rise. Digital payment systems are going to drive the growth story in the financial sector. We, in this explanatory research paper, attempted to perform a detailed analysis of selected digital payment systems from the universe of digital payments systems available in India. We concluded that the digital payments in India are increasing at a rapid pace, however, cash still remains a preferred mode of payment and transactions. Transaction failures, systems delays, and lack of proper infrastructure were identified as the prime hurdles being faced by the industry. We suggested going hyper local in order to improve the awareness of digital payments from grassischolar_main levels and launch an aggressive campaign for adopting digital payments by drawing parallels to the Swachh Bharat campaign, make some changes in payment systems, and digitize the government-to-government (G2G) and government-to-person payments (G2P) to save on various costs.

Keywords

Digital Payments, Demonetisation, Retail Payments, Payment and Settlement Systems.

JEL Classification : E42, G2, G53, L5.

Paper Submission Date : October 7, 2020 ; Paper Sent Back for Revision : December 7, 2020 ; Paper Acceptance Date : February 10, 2021.

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  • A Detailed Analysis of Selected Digital Payment Systems in India

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Authors

Shyam A. Kakkad
BBA, Chartered Financial Analyst (CFA), USA (Pursuing), Shri Chimanbhai Patel Institute of Professional Training, Chimanbhai Patel Institute Campus, Opp. Karnavati Club, Next To Shapath IV, S.G. Highway, Ahmedabad - 380 015, Gujarat, India
Harsh V. Jadhav
BBA, UPSC Aspirant, Faculty of Business Administration (Formerly Known as N.R. Institute of Business Administration), GLS University Campus, Off. C.G. Road, Near National Handloom, Ahmedabad - 380 006, Gujarat, India

Abstract


The world is getting digitalized in all its aspects ; so is India. The payment systems in India have also been digitalized and their use is steadily on the rise. Digital payment systems are going to drive the growth story in the financial sector. We, in this explanatory research paper, attempted to perform a detailed analysis of selected digital payment systems from the universe of digital payments systems available in India. We concluded that the digital payments in India are increasing at a rapid pace, however, cash still remains a preferred mode of payment and transactions. Transaction failures, systems delays, and lack of proper infrastructure were identified as the prime hurdles being faced by the industry. We suggested going hyper local in order to improve the awareness of digital payments from grassischolar_main levels and launch an aggressive campaign for adopting digital payments by drawing parallels to the Swachh Bharat campaign, make some changes in payment systems, and digitize the government-to-government (G2G) and government-to-person payments (G2P) to save on various costs.

Keywords


Digital Payments, Demonetisation, Retail Payments, Payment and Settlement Systems.

JEL Classification : E42, G2, G53, L5.

Paper Submission Date : October 7, 2020 ; Paper Sent Back for Revision : December 7, 2020 ; Paper Acceptance Date : February 10, 2021.


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DOI: https://doi.org/10.17010/aijer%2F2021%2Fv10i1%2F155366