Digital Payment System: A Feat Forward of India

Abstract

Digital India campaign launched on 2nd July 2015 by our Honorable Prime Minister Shri Narendra Modi. The stated role of Digital India is “Faceless, Paperless, Cashless”. To support Cashless as a part of Digital India Campaign government has initiated with different modes of digital payment system. As part of digital payment system few old and few new modes were promoted to develop cashless economy, which are the need of today for developing country like India. This paper is an attempt to study the trend in various modes of digital payments like NFS Inter Bank ATM Cash Withdrawal, NACH, CTS, IMPS, AEPS, BBPS, UPI, BHIM(UPI) and NETC in last three years. In this study it is found that in previous two years (2015-16 and 2016-17) and especially during the year 2017-18 (up to July 2017) there is remarkable growth in digital payment in volume and value both.

Keywords: Digital Payment System, Demonetisation, NACH, IMPS, ARPS, BBPS, UPI, BHIM, NETC