Impact of E -Payment Techniques (online transactions) in Indian Economy

(Journalism

India is world's second largest nation with a population of 1.3 billion, which is approximately 18% of the global population. To meet the financial service needs of a growing population requires a sustainable approach in the form of digital payment system. In order to transform India into a digitally empowered society and knowledge economy, the Government of India launched Digital India programme in 2015. The programme focuses on three main vision areas: digital infrastructure as a core utility to every citizen, governance and services on demand, and digital empowerment of citizens. Through the programme, the government wants to ensure the availability of high-speed Internet, provide mobile phones and bank accounts to every citizen, ensure availability of services in real-time from online and mobile platforms, make financial transactions electronic and cashless, and ensure digital literacy and availability of digital resources across the country. This paper discusses the different types of digital payment systems in India and the rise of transactions through the Digital Medium. The paper draws the impact of Demonetization of Five Hundred and Thousand Rupees notes towards the rise of Digital Payments in India. The paper analyzes the amount of transactions through digital modes in the recent years.

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