International Journal of Management, IT and Engineering
Year : 2019, Volume : 9, Issue : 3
First page : ( 283) Last page : ( 294)
Online ISSN : 2249-0558.

Digital systems of payment: A revolutionary step in the banking sector

Verma Lucky, Kumar Vikas

Research Scholar, Deptt. of Commerce, Kusrukshetra University, Kurukshetra

Online published on 24 October, 2019.

Abstract

The world is moving rapidly towards the digitalization. Most of the work is performed with the help of technology. Financial system, being the lifeblood of any country, occupies a significant place. Advancements in the banking and financial system in the form of introduction of digital payment modes has resulted in increased competition, timely and quick service needs. Digital payment systems refer to the process of conducting the financial transactions whether buying goods and services, and making payments via electronic modes. The 21st century has gifted Indian economy with the latest methods and means to make payments such as NEFT, RTGS, ECS and payment banks like Paytm Bank, Airtel Payment Bank etc. There are numerous electronic payment systems introduced over the time. Dependence on these approaches of payments will definitely lead to increased consumption expenditure which will surge economic growth. But there are certain issues that hinder the way of extensive use of electronic payment methods. This paper emphasizes on the use of virtual payment methods and its advantages. Later on the issues concerning the growth of electronic payment systems have been discussed.

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Keywords

Banks, Electronic Banking, Digital Banking, Reserve Bank of India.

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