A Study on Growth of Electronic Payment System in Banking

The growth of digital ecosystem in India has been driven by a number of factors, including the government’s push towards digitalization, an increase in internet and Smartphone penetration, and the rise of e-commerce. The Indian government has been actively promoting the use of digital technologies through various initiatives such as Digital India, Make in India, and Startup India. Electronic Payment System (e-Payment) is a type of payment conducted via electronic or online mediums. Online payment systems eliminate the need for cash or cheque payments. It is a unique payment method that allows you to conduct online transactions via digital wallets, bank cards and internet banking systems. The funds are directly debited from your bank account. The digital payment system also promotes a cashless world. People don't have to carry their money. The Indian government is also another at the forefront of these promotions. The digital payment system meaning is being spread to allow more people to learn about this technology. This study is based on the growth of economy and impact on users.