Impact of Digital Payment on Indian Economy

The present era is the era of digitalization. Digitalization has provided opportunities for economicdevelopment in various sector of the economy. India's digital transformation has been remarkable in thelast few years- in which the rapid use of smartphones, internet connectivity and banking technology hassucceeded in rapid growth in the digital economy. The Digital Economy promise and Peril in the Age ofNetwork Intelligence in 1995. After this a revolution emerged in the field of digital economy and most ofthe countries of the world started adopting it. The Digital India Program started in the year 2015 is aProof. India's digital economy can grow 6 times to reach $One trillion Dollar by 2030. The impact ofdigitalization on India's economic development has been positive, yet there is a need to make all thecitizens of the country aware of Digital technology so that every person can benefit from the use ofdigitalization. Digital payments in India have the potential to transform the economy by promoting financialinclusion increasing transparency, and promoting economic growth. Today, the Indian economy hasmade. So much progress in the digital sector that it is being ranked as the third largest digital economyin the world after China and the United States. Not only Private Companies and businesses havecontributed to transforming the Indian economy into a digital economy, but the Government of India hasalso given its full support. The Ministry of India's main initiative, The Digital India Programme, aims tomake India a Knowldege- based society and economy "faceless, Paperless, Cashless" is one of theProfessed roles of Digital India.