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Digital Payments

Digital Payments



#SSC-CGL2018 #SSC-CHSL2018 #IB #SBI-PO  (250 words)Important Topics for SSC, IB, BANK


Digital payments platform such as mobile wallet, payment bank, electronic authentication is on the surge in India with no indication of respite as it is projected to be 1 trillion dollars by 2023 which is at least five times of now. The entire system is a flagship program of Government to make India a digitally empowered economy.


In the last decade, the rise of smartphones has given a boost to digital payments in India which previously was solely dependable on ATM Cards, IMPS, NEFT and RTGS as the only mode outside traditional facilities. Other than smartphones, demonetisation stroke the final blow towards digital financing. As cash crunch shook the market, people desired for alternatives. And to tap this urgent need government introduced Aadhaar-enabled UPI under the supervision of National Payments Corporation of India(NPCI) to bring the robust change in the mode of economic activities. Since then many domestic and international firms like Alibaba backed Paytm, Flipkart backed Phonepe, Google Tez have tried to fit itself into profiting Indian digital market. PSBs are not far behind as they too joined the pull. While the benefits of digital payments are exponential so are the risks. As growing digital theft of identity and security challenges like phishing and hacking are rising, the sole point of having a hassle-free alternative digital system is under grave threat.


Prospect of digital payments in India are great as consumers are accepting it wholeheartedly. Nevertheless more its popularity grows, more will be the concern.  While companies implementing it should focus more on security and privacy, consumers too should maintain good security habit. 

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