With population of more than 1.2 billion the country requires new and modern financial services. The rapid economic growth, modernization and information technology becoming an essential partner in everyday life; the demand further accentuates. Therefore, the payments business is also on the verge of revolution where the recent bout of demonetization has played the much needed role.
The demonetization of high value notes by the erstwhile government has impacted all the stakeholders of the economy of India. It has forced the people to go for digital methods of payments, where the affinity for cash payments is high.
The fear of unknown and lack of awareness among people can be attributed to as major impediment in this process of cashless country. In this context The Central Bank of the country has taken number of steps to ensure that this endeavour of cashless society is on right track.
This research paper discusses all these aspects. It presents the current scenario of digital payments across the globe and the position of India in this respect. It also identifies the major roadblocks which may reduce the speed of digitization in the country. It also discusses what measures can be adopted to boost the digitization process to make India a cash less Society.
Impact Factor
2022: 6.012
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