Challenges and opportunities of digital payment in Indian economy

In the era of competition and growth Business and consumers are interested to get faster, convenient, flexible and safer payment method for their financial solutions. The government of India has been taking several measures to promote and encourage digital payments in the country as cash is becoming obsolete and credit cards are being phased out. Cashless economy is one in which all the financial transactions done through the electronic channels such as Debit/credit cards, Mobile Banking and other mobile apps etc. By the digital payments physical circulation of money becomes very low. In Digital payment payee and payer both use the digital mode for sending or receiving money but digital payment is not only one instrument it can be called an umbrella term applied to a range of different instruments used in different ways.