AN INTRODUCTION TOWARDS DIGITAL PAYMENTS THROUGH MOBILE WALLETS.

Abstract

The demonetization resulted in tremendous growth in digital payments. With the government initiative such as Digital India and increased use of mobile and internet are means to exponential growth in use of digital payment. This transformation towards digital payments benefits in more transparency in transactions which empowers the countrys economy.

This paper seeks to identify the present trend towards the adoption of digital payments in India. The term Digital Payment means making payment to other person with the help of internet or through electronic mode instead of paper money. The initiative of Digital Payments was taken by Government of India after the announcement of demonetization on 8th November 2016. Digital Payments was initiated to bring transparency in transactions and eliminating black money. It was actually a move towards cashless economy

The Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. Faceless, Paperless, Cashless is one of professed role of Digital India. It is very essential that the transformation towards digital payments. Many changes took place in the recent past like launch of many digital wallets like - Paytm, Mobikwik, Free Charge etc. and government launching many United Payment Interface (UPI) solutions and BHIM app for smooth transition to digital payments. The paper highlights on the various modes of payments, benefits of cashless economy and preparedness for the implementation of the cashless economy by Indian Government.