CHALLENGES AND OPPORTUNITIES OF DIGITAL PAYMENTS IN RURAL INDIA

DR.JAGADEESHA.K.M

CHALLENGES AND OPPORTUNITIES OF DIGITAL PAYMENTS IN RURAL INDIA

Authors: DR.JAGADEESHA.K.M

Unique Paper ID: 167196
Volume: 5
Issue: 7
PageNo: 392-395

Keywords: Demonetization Market penetration Digital Transactions Digital Payment Rural Segments

Abstract:
India is known as rural India, Rural India has significant impact on the economic progress of the country, and with the emerging changes of market and the impact of demonetisation, alongside the digital initiatives carried out for rural segments, the need for improving the trends of digital payments model in rural India is very important. Considering the benefits like transparency in transactions, scope for curtailing parallel economy and improving the ease of business, it is very essential that the transformation towards digital payments, even in the rural economy is empowered. Some of the revolutionary developments in the recent past like launch of many digital wallets like – Paytm, Mobiwik, Free Charge etc. and government launching many UPI (united payment interface) solutions and BHIM app for smooth transition to digital payments, there are significant developments taking placeDespite the fact that the social trends are being very positive in rural segments for embracing the digital payments, still there are considerable challenges too in succeeding the paradigm shift. The futuristic steps like enabling digital payment transactions based on Aadhar numbers could be a game changers if handled effectively. In this manuscript, the factors that impact and support towards digital transactions in rural economy is reviewed taking stock of current trends, market analysis, readiness of the infrastructure and the stakeholder accountabilities, to gain insights to the critical success factors to be addressed. It is imperative from the review of research reports, statistics over the digital payment trends, that if some of the key macro challenges, business limitations and consumer related issues are addressed, there could be potential developments envisaged in the process.

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Cite This Article

ISSN: 2349-6002
Volume: 5
Issue: 7
PageNo: 392-395

CHALLENGES AND OPPORTUNITIES OF DIGITAL PAYMENTS IN RURAL INDIA

Available:https://ijirt.org/Article?manuscript=167196

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Impact Factor
8.01 (Year 2024)

UGC Approved
Journal no 47859

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