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Payment system in the country have key role in the development of the country. Efficient and secure payment and settlement systems are essential components of a well-developed financial system. The Payments System provides the arteries or highways for conducting trade, commerce and other forms of economic activities in any country. An efficient payments system functions as a lubricant speeding up the liquidity flow in the economy and creating a momentum for economic growth.Digitization of payment system means shifting from paper based payment system to digital/ electronic payment system. India is now in phase of digitization of payment system.The Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of professed role of Digital India. Digital payment system is an integral part of digital India programme and prime important for cashless society. Digital payment system offers many advantages such as substantial monetary savings of the government, financial inclusion, higher tax revenue, reduction in poverty, strengthening banking system, effective tool to address the problems of corruption, black money and fake notes etc. The aim of the present paper is to present the overview of payment system of India and explain the necessity of digital payment system for attaining inclusive growth of India. |
