International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

A Widely Indexed Open Access Peer Reviewed Multidisciplinary Bi-monthly Scholarly International Journal

Call for Paper Volume 7, Issue 3 (May-June 2025) Submit your research before last 3 days of June to publish your research paper in the issue of May-June.
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Volume 7 Issue 3
May-June 2025

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The Impact of Digital Payment Systems on Traditional Banking in India: Challenges and Opportunities

Author(s) Ms. Mauli Srivastava
Country India
Abstract This paper examines the growing influence of digital payment systems on the operational structure, customer engagement, and long-term sustainability of traditional banks in India. With the support of government initiatives like Digital India and Jan Dhan Yojana, coupled with the explosive growth of smartphones and internet access, services such as Unified Payments Interface (UPI), mobile wallets, and digital banking apps have revolutionized the financial ecosystem. Using a mixed-method approach that includes a structured survey of 100 banking customers and in-depth interviews with 5 senior banking executives, the research reveals a transformative shift in how financial services are accessed and delivered. The study finds a significant decline in physical branch visits and ATM usage, alongside a growing preference for mobile-first banking experiences. While digital payment systems pose substantial challenges to legacy banking models—particularly in terms of revenue streams, cybersecurity, and customer retention—they also present opportunities for innovation, operational efficiency, and financial inclusion. The paper concludes by offering strategic recommendations for banks, fintech firms, and policymakers to collaboratively foster a secure, inclusive, and future-ready financial ecosystem.
Keywords Digital Payments, Traditional Banking, UPI, Fintech, Consumer Behavior, Financial Inclusion, India, Banking Innovation
Field Business Administration
Published In Volume 7, Issue 3, May-June 2025
Published On 2025-06-01
DOI https://doi.org/10.36948/ijfmr.2025.v07i03.46773
Short DOI https://doi.org/g9m2dd
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