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Stream/Area:
-
Subject:
-
Paper ID:
10.55041/IJSREM.GSTCOS098
Volume:
10 |
7 |
Jul 2026
Pages:
1-6
Publication Frequency:
Monthly (12 issues per year)
License:International Journal of Scientific Research in Engineering and Management follows the Creative Commons Attribution 4.0 (CC BY 4.0) License, allowing free use and distribution with proper attribution.
Department of MBA,
CMR Institute of Technology, Hyderabad.
Department of MBA,
CMR Institute of Technology, Hyderabad.
Digital Payments have become a key factor in promoting financial inclusion by providing easy, fast, and secure access to financial services. In India, digital payment methods such as UPI, mobile banking, internet banking, and digital wallets have enabled people to perform financial transactions conveniently without visiting banks. These technologies have helped bring unbanked and underserved populations into the formal financial system, especially in rural areas, while supporting government initiatives toward a digital economy. Digital Payments improve financial inclusion by reducing transaction costs, increasing transparency, and enhancing access to banking services. They also facilitate direct benefit transfers and encourage financial participation among individuals and small business. However, challenges such as digital illiteracy, cybersecurity risks, and inadequate internet connectivity continue to affect their adoption. Overall, digital payments play a significant role in expanding financial inclusion and supporting India’s economic development.
KEYWORDS
Digital payments have emerged as an important means of ensuring financial inclusion through efficient, secure, and affordable means of accessing financial services. Digital payments have grown extensively in India through innovations like UPI, mobile banking, internet banking, and digital wallets, enabling individuals and organizations to carry out financial transactions in a convenient manner. This has ensured that the population residing in rural areas is reached out to in order to include them within the ambit of economic growth and development.Based on the findings, it may be concluded that digital payments have been instrumental in increasing the efficiency of accessing financial services, ensuring transparency, lowering transaction costs, and facilitating participation in the formal financial sector. However, certain challenges like low literacy levels, issues pertaining to cybersecurity, and poor digital infrastructure need to be taken care of before the benefits of digital payments can be fully realized. Nevertheless, digital payments can prove beneficial in enhancing financial inclusion in the future.
1. Demirguc-Kunt, A., Klapper, L., Singer, D., Ansar, S., & Hess, J. (2022). The Global Findex Database 2021. World Bank Publications. 2. Patel, R. (2022). Digital Wallet Adoption and Financial Inclusion in India. International Journal of Financial Studies, 10(4), 55–68. 3. Rani, S., & Kaur, P. (2022). Impact of Digital Payments on Financial Inclusion in Hyderabad. Journal of Banking and Finance Research, 14(2), 45–58. 4. Gupta, A., & Verma, S. (2023). Role of UPI in Enhancing Financial Inclusion among Small Businesses. Indian Journal of Economics and Business, 22(3), 112–126. 5. Mehta, R., & Sharma, V. (2025). FinTech Innovations and Financial Inclusion in India: Opportunities and Challenges. International Journal of Financial Technology, 8(1), 25–40.
Publication Date
7/4/2026
Peer Review Type
Double-Blind Peer Review
Review Rounds: 2
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Conflict of Interest
The authors declare no conflict of interest related to this research work.
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