IMPACT OF THE DIGITAL REVOLUTION IN E-PAYMENT PLATFORMS ON E-COMMERCE AND THE GIG ECONOMY: A CATALYST FOR ECONOMIC TRANSFORMATION IN MUMBAI

The rapid advancement of digital payment platforms has revolutionized the e-commerce industry, significantly influencing economic growth, especially in metropolitan cities like Mumbai. With the increasing adoption of UPI, mobile wallets, and blockchain-based transactions, digital payments have enhanced financial inclusion, improved transaction efficiency, and fostered small and medium enterprises (SMEs). Additionally, these platforms have become the backbone of the gig economy, enabling seamless financial transactions for freelancers, delivery partners, and digital service providers in Mumbai.

The gig economy in Mumbai has witnessed substantial growth due to the ease of digital transactions, allowing instant payments, flexible work opportunities, and wider market reach. From ride-hailing and food delivery services to freelance digital work, e-payment systems have empowered workers by reducing cash dependency and increasing financial security. However, challenges such as cybersecurity risks, transaction failures, and regulatory concerns persist. The study highlights both the positive and negative impacts of digital payment adoption on Mumbai’s gig workforce. As Mumbai continues to evolve into a smart financial hub, understanding the role of digital transactions in e-commerce and gig work is crucial for sustainable economic growth.