A Study on Digital Environment - Mode of Payments in Digital Banking System in India

Dr KOTA SREENIVASA MURTHY

Volume : VIII, Issue : IV, April - 2019

A Study on Digital Environment - Mode of Payments in Digital Banking System in India

Dr Kota Sreenivasa Murthy

Abstract :

A Digital environment defines an economic state whereby financial payments are not discharged with money in the mode of physical coins or banknotes, but rather through the shift of digital information between the transacting parties. A Digital environment is an economic system in which there is less or very less flow of cash in a society and goods and services are bought and paid through cashless mode. A Digital economy is an environment in which payments are made by cheques, debit cards, credit cards or direct transfer from one account to another or one person to another etc. The Government and the Reserve Bank of India (RBI) are pushing several efforts into society to decrease the use of cash in the economic transaction by promoting the cashless payment devices including prepaid instruments and cards. RBI�s effort to encourage these new kinds of payment and settlement facilities aims to achieve the goal of a �cashless� society. With less cash in hand and an unbounded masticate in sight; most people are highly attracted towards cashless transactions. Digital payments ing in recondition transparency, scalability, and accountability. The new idea will impel more dealers to accept digital money. Up until that time, it was assumed that money and payment systems had been invented and imposed by the state. Money is a social phenomenon, with its roots in the barter economy; payment systems evolved out of the barter economy-and empowered buyers and sellers-with the development of money as a medium of exchange. Cash may no longer be a leader. There are many types and modes of digital payments. The paper having objective that presenting various modes of digital payments like mobile wallets, debit/credit cards, internet banking, mobile banking, digital payment apps, Unified Payments Interface (UPI) service, Bank prepaid cards, etc.