SUSTAINABLE PRACTISES ON DIGITAL PAYMENT METHODS IN INDIA – AN ANALYTICAL REVIEW

Authors:

Dr.R. Thamilmani, Dr.R.Kasthuri

Keywords:

Digital payment methods, banking sector, internet banking, mobile banking and transparency.

Abstract:

Digital payments play a vital role in all sectors in general and in the banking sector in particular. The concept first existed in 1996 when the Industrial Credit and Investment Corporation of India started offering online payment services to account holders to facilitate retail branches. Most businesses rely on retail sales, and an increasing proportion of the goods and services sold require the easy movement of funds from one account to another. After demonetization, there have been many changes in the banking sector, resulting in the growth of innovation methods and technology, which has increased competitiveness in the global banking sector. The increasing adoption of digital payment methods has brought about major changes in society and the economy. Digital payment methods fall into three categories: paperless, cashless, and faceless. The main objectives of digital payment instruments in India are: This influences a growing number of digital payment applications, including unstructured complementary service data, integrated payment interfaces, mobile wallets, bank credit cards, POS, mobile banking, internet banking, NEFT, RTGS, and micro-ATMs. The specific objectives of the study are: i) to examine the various orderings of digital payment methods in India. ii) to analysis of trends and growth of digital payment methods in India. This study is based on the nature of the secondary data. The required data has been collected from various sources such as Ministry of Finance, Government of India, Reserve Bank of India, National Payments Corporation of India, and NITI-Aayog. Research to identify sustainable practices in digital payment methods has gradually increased the transparency of money transfers from one place to another. At the same time, account holders should be aware of the awareness and rules regarding frequent incoming digital payment inquiries and unknown calls from others and spam numbers, any banks don’t ask from account holders’ details. The central bank and government should be taken strict rules and regulations implemented to protection of the sustainable practices on digital payment methods in India.

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