An overview on electronic payment systems in India: Problems and prospects

Abstract

The term "digital payment" is used to refer to the activity of transmitting monetary value for products and services without the actual exchange of currency.Electronic payment systems enable this by relying on a wide range of digital infrastructures and technology to ensure the safety and efficiency of monetary transactions.The rapid surge in popularity of digital payment methods can be directly attributed to their numerous advantages over conventional currency exchanges.The Reserve Bank of India (or RBI) is the governing body for the Indian monetary system.This construction places an emphasis on safety and security without losing originality or inventiveness.The purpose of this research is to learn more about India's digital payment system and the challenges it faces, as well as any possible remedies.