Digital payment system in India –A study of growth trends, challenges and impacts on small scale entrepreneurs

Abstract Using of digital payment system has been increased even in rural parts of Indian today. Digital Payment is useful for transfer the value from one payment account to others using a digital device or channel. Different digital payments methods to diverse user needs, including mobile wallets, online banking, and card based systems There are many factors that are responsible for these increased trends in digital payment transaction. These factors are initiatives taken by government, advancement in technology; change in customer’s behavior, Introduction of digital payment system has caused to boost up in the digitalization process, in Indian. Government has taken many initiatives to improve the digital payment infrastructure to make this system accessible and cost effective. The digital payment system has brought a great revolution in the society the government has taken continuously various initiatives to facilitate and enhance digital payment all over Indian. Faceless paperless, cashless is one of the important objectives of digital India. In the contemporary business and emerged as a transformative force in Indian. Through the present trends study an attempt has been made to explore the growth trends in the retail digital payment transaction in Indian, and its positive and negative impacts on the small-scale entrepreneurs. The present study has also focused on the top digital payment systems linked with banks; challenges faced by small scale entrepreneurs in the digital payment transactions.