Paper Details

Money is a medium of exchange. As civilization advanced, money took on diverse forms. Payment instruments and mechanisms in India also have a long history.During the old days, the payment instruments consisted of coins.The Reserve Bank of India was established in 1935 and given the authority to print the currency notes called “Rupaya”. Different types of payment instruments and advancements in the instruments' design and payment systems have emerged as a result of the growth of information and communication technology (ICT). Online banking started in the 1990s due to the availability of the Internet which has changed the entire scenario of financial services and an era of digital payments started. Today we do not need to be physically present at bank premises to carry out various transactions because everything is present virtually and happening at our fingertips. The present article was written with four objectives in mind. First, to study the evolution of digital payments in India. Second, to study different types of digital payment systems prevailing in India. Third to study the growth and current status of different modes of digital payments in India, and fourth challenges faced in digital payment adoption by the Indian population. Analysis revealed that although the adoption of digital payments is increasing day-by-day cash is still the king in India. There are various reasons due to which digital payment adoption is slow.

Digital, Payments, India, Growth, transactions, UPI, mobile, money, bank.