2024, Vol. 5, Issue 2, Part I
Revolution of payment applications in Indian digital payment system
Author(s): M Manikandan and V Stephenraj
Abstract: The objective of this research is to analyze the evolution of payment applications that have influenced the digital payment landscape in India. The groundwork for the "digital public infrastructure" was established by the government and further developed through a strong Public- Private Partnership. This study aims to explore the conceptual framework of the Unified Payments Interface (UPI), which has accelerated India's shift towards cashless transactions by enabling direct payments linked to bank accounts. UPI operates as a public-private partnership (PPP) spearheaded by the National Payments Corporation of India (NPCI), incorporating various interoperable platform applications such as Gpay, Paytm, and PhonePe. For this research, a series of statistical tests were conducted to validate the reliability and effectiveness of the tool, utilizing a sample of 200 respondents from Chennai. The hypothesis was evaluated using Smart PLS 3.0 SEM to assess the number of users within India's digital payment system and their associated impacts. The results indicate that the Indian digital payment system has been instrumental in combating black money and fostering a cashless economy with reduced corruption. In conclusion, as India's digital payment ecosystem continues to evolve, it is anticipated to play an increasingly vital role in promoting financial inclusion, stimulating economic growth, and advancing social development.
DOI: 10.22271/27084515.2024.v5.i2i.424
Pages: 756-760 | Views: 60 | Downloads: 21
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How to cite this article:
M Manikandan, V Stephenraj. Revolution of payment applications in Indian digital payment system. Asian J Manage Commerce 2024;5(2):756-760. DOI: 10.22271/27084515.2024.v5.i2i.424
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