International Journal For Multidisciplinary Research

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Money in the Digital Age: Exploring the Dynamics of the Digital Economy and Online Payment System Advancements

Author(s) Bimal Jaiswal, Agnivesh Singh
Country India
Abstract This research delves into the transformative evolution of online payment systems in India, unraveling a narrative shaped by government initiatives, burgeoning internet and smartphone usage, and a thriving e-commerce sector. Key players such as the Unified Payments Interface (UPI) and the Bharat Interface for
Money (BHIM) app, introduced by the National Payments Corporation of India (NPCI) in 2016, have been instrumental in redefining the digital economic landscape. Notably, UPI has demonstrated exceptional growth, showcasing a compelling year-on-year performance.From its inception in 2017, witnessing a staggering 900% YoY growth and handling transactions valued at
INR 67 billion, to the close of 2022 where it contributed nearly 86% of India's GDP, UPI's journey exemplifies a paradigm shift in online transactions. Despite challenges like the COVID-19 pandemic, UPI's momentum persisted, with a 72% YoY growth in 2021, resulting in transactions worth INR 5.6 trillion.
The digital payment ecosystem's expansion is fueled by the increasing reach of the internet and smartphones, while the thriving e-commerce industry is projected to grow at a CAGR of 31%, reaching $200 billion by 2026. Private firms have played a pivotal role, with 16 distinct digital payment modes identified through stakeholder consultations with the Ministry of Finance and the Reserve Bank of India.This study not only highlights the monumental growth and significance of digital payments in India but also underscores the convergence of e-commerce and digital payments, reshaping the financial landscape. UPI's journey signifies the widespread adoption of digital transactions, driven by convenience,
accessibility, and government-led initiatives. The amalgamation of e-commerce and digital payments fosters financial inclusion, propelling India towards a cashless society. The dynamic environment outlined in this research paper unveils vast opportunities for innovation and growth in the digital payment sector,
leaving an indelible mark on India's economy and financial landscape.
Field Sociology > Banking / Finance
Published In Volume 5, Issue 6, November-December 2023
Published On 2023-12-25
Cite This Money in the Digital Age: Exploring the Dynamics of the Digital Economy and Online Payment System Advancements - Bimal Jaiswal, Agnivesh Singh - IJFMR Volume 5, Issue 6, November-December 2023. DOI 10.36948/ijfmr.2023.v05i06.10962
DOI https://doi.org/10.36948/ijfmr.2023.v05i06.10962
Short DOI https://doi.org/gs98rk
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