Banking & Finance

Digital payment systems have been a ‘game-changer’ in India and have made a phenomenal socio-economic impact. It has resulted in enhancing community resilience by providing an efficient and cost-effective means of making remittances, and enhanced ease of access to account holders in paying bills, fees and other payments conveniently. India has emerged as an architect of a new digital economy wherein the growth of digital payments has been exponential and have extended its reach through different channels like internet banking, mobile banking, two factor/multifactor authentication, debit card schemes like RuPAY and Unified Payments Interface (UPI), - an immediate payment system by National Payments Corporation of India, Open Network for Digital Commerce etc. Further, the direct transfer of government assistance/funds to targeted beneficiaries through 'Direct Benefit Transfer' (DBT) has brought transparency and efficiency in outcomes. Linkage between DBT, Aadhaar enabled Payment System (AePS) & UPI platform for enhancing digital financial inclusion has harmoniously enabled wide range of safeguards in the digital payment space. Financial inclusion and productivity can be advanced through Digital Public Infrastructure.