Nikita Gill, O.P. Jindal Global University
Overview
In the era where the internet and smartphones have become easily accessible, our modern, day to day activities must tend to become digital. The same has happened to the practice of payment made by one person to other.
The monetary payments made without actual currency notes and through the portal of the internet or the services incidental thereto are termed as digital payments. All the transactions of digital payment are done online.
There are many modes for utilization of digital payment services, they include bank-issued cards (debit/credit), mobile wallets, net banking, UPI, NEFT, IMPS etc.
The basic service that all of these digital payment methods provide is the ease of making payment through a money transfer with the help of the internet and other network utilities. In a nutshell, they provide the service of making payment to others through the internet.
The majority of the services listed above are nothing but a manifestation of banking activities. However, services like UPI and Mobile Wallets are not as regulated as banking activities. Therefore, in the course of this research, the main focus shall be on digital payments through UPI, its elasticity and its sustainability as a service.
First, it stands for Unified Payments Interface (UPI), it is a system that empowers a person to make payments through multiple bank accounts by just using one application. It is done by merging multiple banking features into one place. It is the brainchild of the National Payments Corporation of India (NPCI). As of now, we have covered the services that fall within digital payment with special emphasis on UPI.
