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Digitalization of Economy and Electronic Payment System – Overcoming the Challenges for India

M. S. Pahwa1 , M. Dadhich2 , I. Chhabra3

Section:Research Paper, Product Type: Journal Paper
Volume-06 , Issue-09 , Page no. 55-59, Nov-2018

CrossRef-DOI:   https://doi.org/10.26438/ijcse/v6si9.5559

Online published on Nov 20, 2018

Copyright © M. S. Pahwa, M. Dadhich, I. Chhabra . This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

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How to Cite this Paper

IEEE Style Citation: M. S. Pahwa, M. Dadhich, I. Chhabra, “Digitalization of Economy and Electronic Payment System – Overcoming the Challenges for India,” International Journal of Computer Sciences and Engineering, Vol.06, Issue.09, pp.55-59, 2018.

MLA Style Citation: M. S. Pahwa, M. Dadhich, I. Chhabra "Digitalization of Economy and Electronic Payment System – Overcoming the Challenges for India." International Journal of Computer Sciences and Engineering 06.09 (2018): 55-59.

APA Style Citation: M. S. Pahwa, M. Dadhich, I. Chhabra, (2018). Digitalization of Economy and Electronic Payment System – Overcoming the Challenges for India. International Journal of Computer Sciences and Engineering, 06(09), 55-59.

BibTex Style Citation:
@article{Pahwa_2018,
author = {M. S. Pahwa, M. Dadhich, I. Chhabra},
title = {Digitalization of Economy and Electronic Payment System – Overcoming the Challenges for India},
journal = {International Journal of Computer Sciences and Engineering},
issue_date = {11 2018},
volume = {06},
Issue = {09},
month = {11},
year = {2018},
issn = {2347-2693},
pages = {55-59},
url = {https://www.ijcseonline.org/full_spl_paper_view.php?paper_id=499},
doi = {https://doi.org/10.26438/ijcse/v6i9.5559}
publisher = {IJCSE, Indore, INDIA},
}

RIS Style Citation:
TY - JOUR
DO = {https://doi.org/10.26438/ijcse/v6i9.5559}
UR - https://www.ijcseonline.org/full_spl_paper_view.php?paper_id=499
TI - Digitalization of Economy and Electronic Payment System – Overcoming the Challenges for India
T2 - International Journal of Computer Sciences and Engineering
AU - M. S. Pahwa, M. Dadhich, I. Chhabra
PY - 2018
DA - 2018/11/20
PB - IJCSE, Indore, INDIA
SP - 55-59
IS - 09
VL - 06
SN - 2347-2693
ER -

           

Abstract

One of the foremost important and flagship objective of the Government of India is Digital India. It can be seen that Government has been conducting various experiments for making Digital India, some were successful while other failed. At present it would be difficult to declare the success, however, an attempt of making India a “Cashless, Paperless and Faceless” economy, at least made the country move some step toward the goal. The present paper endeavors to throw some light on the concept of “India as a Cashless Economy” and efforts to understand the challenges of this transition phase. The research design is exploratory. An attempt has been made to relook the system of cashless payment with an objective to review how the challenges may be overcome. The data used is secondary from RBI website as well as from various online sources.

Key-Words / Index Term

Cashless payment, digitalization of economy and electronic payment

References

[1] Dave, R. (2016, November 23). 3 Types of Cashless Transaction Options via Prepaid Payment Instruments for you. Economic Times - ET Prime, p. Editorial. Retrieved September 19, 2018, from https://economictimes.indiatimes.com/wealth/spend/a-look-at-various-cashless-options/articleshow/55508641.cms
[2] Maji, P. (2017, November 8th). Demonetisation Keeps Digital Payments up; Cashless Transactions Grow 13.5% in September 2017. Business Today. Retrieved September 20, 2018, from https://www.businesstoday.in/money/banking/demonetisation-digital-payments-cashless-transactions-ewallets-credit-card-debit-card-paytm/story/263466.html
[3] RBI. (2009). Payment and Settlement Systems. Retrieved September 19, 2018, from Reserve Bank of India: https://www.rbi.org.in/scripts/PaymentSystems_UM.aspx
[4] RBI. (2015). Master Circulars. Retrieved from Reserve Bank of India: https://rbi.org.in/SCRIPTS/BS_ViewMasCirculardetails.aspx?id=9869