The Journey Of Digital India: An Unfinished Road

Abstract

The idea of digital payment is a recent adoption in the financial landscape of India. Advanced technology and economic prosperity have revolutionized the payment ecosystem in India from a paper-based to a less cash economy. This paper investigates India’s digital economy journey since its inception to the present time. Using secondary data for the period 2011-12 to 2022-23, the present study attempts to examine the growth and status of digital payments and the underlying factors enhancing such growth in the country. Also examines the correlation among the volume of digital payments and the driven factors thereof. The findings of the study show that there has been significant growth of digital payments that clearly reflects how fast the scenarios of digital infrastructure and consumer choices and preferences have been changing.  With technological advancements and upward economic mobility, India is moving towards a less cash or cashless economy