Digital payments system and rural India: A review of transaction to cashless economy
Dr. Ravi CS
Rural areas, home to two thirds of the country’s population, at present 870 million people. Rural India has significant impact on the economic progress of the country, and with the emerging changes of ICT penetration, and rural users will constitute about half of all Indian internet users in 2020. The digital initiatives carried out for rural segments, the need for improving the trends of digital payments model in rural India is very significance. Considering the benefits like transparency in transactions, it is very essential that the transformation towards digital payments, even in the rural economy is empowered. Many changes took place in the recent past like launch of many digital wallets like - Paytm, Mobiwik, Free Charge etc. and government launching many UPI (united payment interface) solutions and BHIM app for smooth transition to digital payments. The objective of this research paper is to study the positive impact that Digitization of payment system in Indian economy will have on the development of Rural Indian Sector.