Current Volume 8
The Rise of Digital Payment Systems and Their Impact on Traditional Banking Services in India
Abstract
India has witnessed a remarkable transformation in its financial ecosystem with the rapid rise of digital payment systems. This thesis investigates how platforms such as Unified Payments Interface (UPI), mobile wallets, and app-based banking have reshaped the way individuals and businesses conduct financial transactions. The study explores the shift from traditional cash-based and branch-centric banking to a more agile, technology-driven model that emphasizes convenience, speed, and accessibility. Through a mixed-methods approach—combining quantitative surveys of bank customers and qualitative interviews with banking and fintech professionals—the research highlights the growing preference for digital payments, especially among younger and urban populations. It also examines the role of government initiatives like Digital India, Jan Dhan Yojana, and Aadhaar-enabled services in promoting financial inclusion and accelerating digital adoption. While digital payments have enhanced efficiency and broadened access to financial services, the study also identifies key challenges such as cybersecurity threats, digital illiteracy, and infrastructure gaps in rural areas. The findings suggest that traditional banks must innovate continuously, adopt digital strategies, and collaborate with fintech firms to remain competitive in this evolving landscape. In conclusion, the rise of digital payments in India is not just a technological trend but a structural shift in the financial sector, requiring coordinated efforts from banks, regulators, and consumers to ensure a secure, inclusive, and sustainable digital economy.
Citations
IRE Journals:
Vaibhav Singh , Ruchi Atri
"The Rise of Digital Payment Systems and Their Impact on Traditional Banking Services in India" Iconic Research And Engineering Journals Volume 8 Issue 12 2025 Page 552-556
IEEE:
Vaibhav Singh , Ruchi Atri
"The Rise of Digital Payment Systems and Their Impact on Traditional Banking Services in India" Iconic Research And Engineering Journals, 8(12)
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