Impact of Digital Economy on Developed India@2047

Abstract

Digital Payments has paved way to another spectrum of banking by allowing the customers to conduct their day-to-day banking transactions for their convenience. The Digital payment systems in developing nations like India are growing rapidly due to the penetration of internet and mobile phones. Banking transactions scenario has changed rapidly from typical to convenience banking which offers enamours opportunity to move towards cashless and less cash society The present paper is to study recent trends in digital payments, benefits, opportunities, performance, challenges and hurdles of digital payments in India. The main purpose behind integrating banking services with technological innovations is absolutely convenience; the research paper will make detailed analyses the concept in general and examines in particular about the above stated objectives and finally to succeed the vision of Viksit Bharat@2047.