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Abstract

The document discusses the impact of Information Technology on digital payments in India, particularly during the Demonetization period which encouraged a shift from traditional to digital transactions. It highlights the significant growth in mobile banking transactions, increasing from 60 billion in 2012-13 to 4,018 billion in 2015-2016, driven by advancements in technology and internet access. The study concludes that the future of transactions is likely to be cashless, with digital payment systems becoming more prevalent even in remote areas.

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Mahimalluru Charan Kumar
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26 views1 page

Abstract

The document discusses the impact of Information Technology on digital payments in India, particularly during the Demonetization period which encouraged a shift from traditional to digital transactions. It highlights the significant growth in mobile banking transactions, increasing from 60 billion in 2012-13 to 4,018 billion in 2015-2016, driven by advancements in technology and internet access. The study concludes that the future of transactions is likely to be cashless, with digital payment systems becoming more prevalent even in remote areas.

Uploaded by

Mahimalluru Charan Kumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Abstract

The Information Technology (IT) has revolutionized the various


aspects of our lives; particularly it has provided an easy way to go
for digital payments. During the Demonetization period, the
Government of India forced the people directly or indirectly to
do all commercial transactions via Digital mode. The common
people started to move from traditional payment system towards
Digital Payments systems which ensured safe, secure and
convenience. With giant technological leaps in the smart phone
and easy internet access has led Indian market to accept Digital
Payments. The percentage of the digital payments through other
modes is also increasing in a significant speed. The objective of
the present study is to know about the various types of Digital
payment transactions that are used by the common people in
their day-today's lives. This study is chiefly based on Secondary
data. Result indicates that the Digital revolution has made the
cash less transaction an easy one. As a result that in 2015-2016, a
total of 4,018 billion has been transacted through mobile
banking when compared to 60 billion in 2012-13. The reach of
mobile network, Internet and electricity is also expanding digital
payments to remote areas. So, it is without doubt said that
future transaction system is cashless transaction.

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