Abstract : An in-depth look at how digital payment systems are changing the way people shop in India is the subject of this report. Digital payments, according to the Indian government, will increase employment, reduce risks associated with cash, such as corruption and robbery, and eliminate the need for people to carry or store large amounts of cash. All transactions will now be cashless or digital, allowing people to send money quickly and securely. By removing cash from the economy, this policy advances modernization and globalisation. Providing digital tools like debit cards, mobile banking, and mobile wallets is a major role of the banking sector in digital payment systems To ensure a smooth transition to digital payments, numerous changes have been made recently to the payment system, including the introduction of digital wallets, UPI, and BHIM apps. It is the goal of this project report to examine the potential benefits of India's digital payment system. Slow internet connections and additional fees for digital transactions are major roadblocks to the widespread adoption of this payment system in India. Despite the fact that India has been following a digital payment policy for over a year, some sectors in India still rely heavily on cash transactions, which is a major impediment to the country's economic development. The terms "digital payments," "e-payments," "online payments," and "cashless transactions" are used here to refer to electronic means of payment.
Keywords : Internet, Digital Payments, Mobile banking, Technology
