Digital Payments: Gift Or Curse

Today’s generation is an era of digitalization in the banking sector industry as well business dealings. Therefore digital payments have been adopted by the public with full favourism. Digital payment means all the transaction are done in digital way for example through ATM, POS, Debit Card, Credit Card, Electronic transfer fund, mobile banking, Internet banking, Bank apps etc.

Digitalization has altogether effected public and as an outcome India has converted into cashless economy. Now there is less utilization of paper currency. The shinning side of digital payments is that it saves time from not visiting bank as well as standing in long queues for withdrawing and depositing of money. The smart phones and e-wallets have made payment very easy, immediately the amount gets transferred from one account to another account. Debit card and Credit card have build up less dependency on paper currency. Cashless economy has helped out government from tax evasion black money, corruption and many other scandals. As a coin has two sides, digital payments also carry big pitfalls which are that, poor and illiterate people are more in India and they don’t know about payments through digital way. Even public from towns and village, not acquainted with smart phones which is a big hindrance for the success of payment digitally. Internet facility and security are proper but threat of cyber fraud, hacking, etc has also joined in digital payments. Because of using electronic services extra charges have been affixed to customers which becomes a burden for them. It has been concluded that through digitalization in banking sector working system becomes very smooth but at the same time awareness and literacy plays vital role among people of rural areas related with medium of payments. Therefore, it should be followed to make India, an eminent country.


Ms Ruchi Gupta

Assistant Professor- Department of Commerce &Management, Kalinga University

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