A STUDY ON ADOPTION OF DIGITAL PAYMENTS- A CUSTOMER'S PERSPECTIVE

This paper seeks to identify the present trend towards the adoption of digital payments in India. The
adoption of digital payment systems has witnessed tremendous growth since the last few years and
continues to grow at a very fast pace all around the world. This has led to a decrease in the traditional
modes of payment. This phenomena took momentum with the demonetization move in 2016 followed by the
pandemic strike in the year 2020. The technology revolution and government initiative of a cashless
economy, followed by the demonetization saga has enabled the evolution of multiple non-banking players
in the payment space. This paper presents conclusive evidence that the adoption of digital payments reduces
the demand for cash. It also discusses how the use of digital payments can further take a leap by adopting
certain measures to curb the security & other concerns and also suggests ways to promote it in untapped
segments. The paper also highlights the growth of digital wallets and how it has eased the lives of people
wherein you can go cashless and conduct hassle free transactions. While these e-wallets have made
substantial grounds in the Indian economy system, it becomes eminent to analyze the customers' perception
towards these e-wallets. In this paper, the authors’ attempt to analyze the sentiments of digital wallet users
in India over its applications.