A Review of the Digital Payment Landscape in India and Future Perspective

Author(s)	Ms. Preetika Choudhary, Ms. Rakhi Kumari, Dr. V Shunmugasundaram
Country	India
Abstract	India's adoption of digital payment methods, such as the Unified Payments Interface (UPI) and mobile wallets, has become a significant factor in driving economic inclusion, formalization of trade, and other benefits. This paper presents a comprehensive overview of the Indian digital payment system, discussing current developments, identified key challenges faced by stakeholders, and providing recommendations for improving the system to ensure secure yet accessible and inclusive financial transactions. It also gives insights into future directions, and looks at ways in which the digital payments can contribute to financial inclusion, economic growth and a cashless economy.' It is an attempt to understand the different types of digital payment transactions that people use in their everyday lives and also to provide information about the current state of the industry and its potential for growth, as well as India.
Keywords	Digital Payment System, Digital India, Financial Inclusion, Cashless Economy, Financial Technology, Regulatory Framework, Indian Digital Economy
Field	Sociology > Banking / Finance
Published In	Volume 8, Issue 4, July-August 2026
Published On	2026-07-24
DOI	https://doi.org/10.36948/ijfmr.2026.v08i04.84372

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