Digital Payments- A New Digital Age of Payments

In today’s world, the world has become increasingly connected through various digital platforms. It is due to the rise of technology and the internet. Moreover, there have been various developments to make payments via the internet as well. These are highly secured services offered by world-class finance technology or fintech companies. India has several such online payment startups, and most of them support all the diverse methods available to make such digital payments. Digital payments started to pick up pace with the growth of e-commerce companies followed by emergence of digital wallet companies Such as Google Pay, Phone pe, amazon pay, paytm, payzapp, Bhim, Yono pay etc. The focus of this paper is to study challenges faced b financial institutions and to explore various innovations in digital payments.