Published Paper Details:

The Indian economy has been witnessing a profound transformation in its payment landscape, driven by the rapid adoption of digital payment systems. Over the past decade, technological innovations, policy initiatives, and behavioural shifts have accelerated the move from cash-based transactions to digital modes. Digital payments encompass a variety of platforms such as Unified Payments Interface (UPI), mobile wallets, Aadhaar-enabled Payment Systems (AePS), point-of-sale (PoS) transactions, debit and credit cards, internet banking, and QR code-based payment systems. This paper examines the evolution of digital payments in India, the drivers of their adoption, and their impact on economic growth, financial inclusion, transparency, and cost efficiency. Using secondary data from RBI reports, NPCI statistics, and global studies, the paper analyse the correlation between digital transaction volumes and macroeconomic performance indicators. The findings indicate that while digital payments have led to significant improvements in efficiency and transparency, challenges remain in the form of rural infrastructure gaps, cyber risks, and uneven digital literacy. The paper concludes by offering recommendations for strengthening the digital payments ecosystem to maximize its contribution to the Indian economy.