1Department of Commerce, SPSGS Government First Grade College, Kanakagiri, Koppal Dist - 583283
2Department of Commerce & Management, Sri Poornaprajna Evening College, Udupi-576101
Currently, well over 90% of the retail transactions happening in India are cash driven. The rest of the pie is shared by cards, digital wallets and other digital payment options. While the government is pushing for digital adoption but, cash continues to be the predominant mode of financial transactions in India. Slowly yet steadily, digital payments seem to be gaining traction in India. The growth has been due to factors such as increased smartphone penetration, widespread Internet, booming e-commerce, a growing dependence on apps and more. India has recently witnessed a growth in m-commerce transactions, which is evidence to the wide availability and penetration of inexpensive smartphones and decreasing mobile data charges.
