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

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The Digital Payment Systems in India - Nature and its Role in Promoting Economic Growth

Author(s) Vibha Prasana Dicondwar
Country India
Abstract This paper examines the impact of fintech on digital payments in India, highlighting its role in revolutionizing the payment ecosystem. Over the past decade, digital payments have seen exponential growth, with retail digital transactions increasing nearly 100-fold from 162 crore in 2012-13 to over 16,416 crore in 2023-24. Innovations such as UPI, IMPS, RTGS, and NACH have diversified the payment landscape, making transactions faster, safer, and more efficient. The RBI’s Digital Payment Index has also seen a four-fold rise since 2018, underscoring the sector’s rapid advancement.

Key drivers of this transformation include fintech innovations, increased mobile and internet penetration, and RBI’s focus on security, such as mandatory two-factor authentication. While domestic payments have become seamless, cross-border transactions remain costly and slow, prompting RBI’s efforts to integrate India’s digital payment infrastructure with global systems.
Fintech has also played a crucial role in financial inclusion, making banking, payments, and lending more accessible. However, challenges such as the rural-urban divide, internet connectivity issues, and cybersecurity threats persist. Despite these hurdles, India’s digital payment system is among the most advanced globally, driven by continuous innovation, strong regulatory oversight, and an inclusive financial ecosystem.
Published In Conference / Special Issue (Volume 7 | Issue 3) - Two Day International Conference on Commerce & Economics (ICCE-2025) (May 2025)
Published On 2025-05-10
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E-ISSN 2582-2160
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