Impact of Digital Payment system on Consumers

Abstract:
The demonetization gave a tremendous boost to the digital payments system. With the
government’s initiative such as Digital India and increased use of mobile phone and
internet and various efforts made by the government towards cashless society are
means to exponential growth in the use of digital payment. The cash crunch in the market
has also led to a boost in digital payments. The transformation to digital payments system
resulted in more transparency in transactions which empowers the country’s economy.
Due the increased use of digital payments system the overall digital payment
infrastructure has witnessed a significant improvement. Digital wallets such as Paytm,
UPI and BHIM apps have made digital payment very smooth and secure which lead the
consumers to adopt to these digital payments’ methods. The paper talks about how
these digital payment systems have impacted the consumers in the day-to-day life. It
also captures the benefits that the consumers enjoy due the digital payments. The
present study is focused on studying the impact of digital payment on the consumer
with respect to payments, recharges, bookings and other aspects as well.