Study of Evolution of Transactions to Revolution of Digital Transactions and Changes in Currency Transactions

Abstract

No one can dispute or reverse the results of a digital transaction. This allows users to establish confidence in the Digital Payments infrastructure. As the world's second most populous nation, India's digital payment infrastructure and user reaction (in terms of settled transaction volumes) warrants close examination. In this study, we explore the proliferation of digital transaction platforms in India and the various digital payment methods now in use there. The article correlates the increased use of digital payment methods in India with the demonetization of 500 and 1000 Rupee notes. In this study, we examine the growth in the use of digital payment methods during the last several years. Finally, the study discusses the difficulties and effects of the economy on digital payment systems.