Digital Payment System and its Future Feasibility- An Indian Overview

This paper describes the recent development taking place since last few year as India moving towards cashless economy which is ‘Faceless, Paperless, and Cashless’. Digital payment system in which there is no need for the exchange of hard cash. The transactions are made through electronic or digital mode. Payment industry paves the new methods to do payment anywhere anytime. Digital payment ensures the transformations which mainly focus on convenience, Competition, and Cost-Effectiveness. Paper discuss about predominantly on the topics pertaining to internet banking, mobile banking, mobile wallets, card payments, electronic and mobile payment systems, etc. Demonetization and Covid-19 pandemic drives the sudden adoption of digital payment and consumer behaviour towards digital payment is widely discussed. But still area of concern needs more emphasis are security problem, lack of technological knowledge and higher transaction cost. Due to the availability of internet as well as smart phone pave the way for digitalization. The paper covers the literature review about the digital payment adoption, modes of payment and throw light on future feasibility also.