A Study to Assess the Impact of Digital Payment in India

The payment solutions were made easier after the demonetization which led people to use more online payments and even made mobiles an essential part of the payment methods hence the need for technological advancement was met strongly .Social factors such as availability of mobile phones and computers plus government policies such as ‘digital India have enhanced the growth of the economy in regards to the utilization of electronic payment systems .Trust in the official economy is boosted by the increased transparency brought about by the switch to digital payment methods .In recent years, many changes have been made to the system, such as the introduction of new formats like digital wallets and mobile application like UPI and BHIM . Thus, the objective of the proposed research work is to understand how the digitalization of the payment system is beneficial. A survey about the first usage behavior of customers towards some of the new online payment solutions will be the focus of this research. A study of 130 people was conducted, from Haridwar area, of whom 66 were able to provide primary data.