Emerging Trend and Changing Pattern of Payments System in India

Abstract

India is a Global leader in Digital transactions due to the Internet revolution, Smartphone usage, demonstrations, and the pandemic impacting individual payment behavior, which changed them from transitional to digital way payments. Digital payments in India are proliferating. If the trend grows like this, the future of the Indian economy will be in digital finance, in which UPI (Unified Payments Interface) transactions will have a predominant role in India. Digital finance will pull the economic factors into digital economic factors like demand for money, supply of money, value of money, consumer surplus, etc., which will influence the digital value and be influenced by the digital psychological factors. If the change occurs, new issues and challenges will appear in digital finance. The biggest threats are cyber security, data privacy con, summer production…etc. The Government has plans and initiatives to try to control the challenges of digital finances. But still lacking behind the emerging trend and growth of digital payments. The Government needs to face this challenge with solid policies and updated technology cyber teams, which is a piece of cake for government control over cybercrime. This trend grows like this will benefit both the public and the Government through free cash flow and recording transactions with transparency, which will increase the economy in real-time. This study focuses on the emerging trend (Digital transaction) and Changing patterns (transitional way digital payments to UPI digital transactions) of payments system in India and assesses the future trend of digital transactions in India.