India's Digital Payments Methods: A Study of Their Potential, Challenges, and Strengths

Abstract

India will soon become a cashless nation.  To lessen the country's reliance on cash and combat money laundering, the Indian government started the "Digital India" campaign. Numerous payment methods are growing and sprouting in order to make India a cashless nation and keep up with rising trends in using digital payment systems. India is a developing nation with the most of its territory being rural. It is shocking that just 6.5% of its population is computer literate, which raises concerns about the adoption of digital payment systems.  The study paper focuses on the issues with India's digital payment system and its effects on the country's economy and population.  The research report also tries to describe the potential of the digital payment system in the future.