Digital Payment System Towards Better Business Opportunities

India is predominantly a cash-based economy where apprehensions of going digital, perennially persist. According to a report by Credit Suisse Group AG, 72% of India’s consumer transactions take place in cash; double the rate as in China. Nevertheless, a paradigm shift was observed when India announced demonetization on 8th November 2016 followed by Covid19 pandemic which further amplified the use of digital payment in India manifold. An unsolicited push gave birth to the new economy that strives for digital inclusion and sees rapid expansion year on year. As of November 2019, India had over 115.5 crore wireless telephone subscribers resulting in a Tele-density of 88.90%. (Reserve Bank of India, 2020).This increase in smartphone devices and cheaper internet services has supported this growth and adoption of various digital means of payment. This research paper is highlighting the inclination of India towards digital payment and its effects on the people and economic system of India.