India’s Digital Payment Landscape

Significance

• Transparency & accountability since there is a record for each and every transaction.
• Digital transaction moderates the cost of producing coins and printing currency notes.
• There is a track over the transactions performed digitally, which in-turn reduces corruption and red-tapism.
• Cash are being deposited in the banks so there is no chance for unaccounted money or tax evasion. Hence, leads to proper taxation.
• It has minimized the performance of illegal financial activities like Hawala transfers since less availability of hard cash in hand.
• It’s easy to identify how much and where the amount was spent by tracking of expenses.

Challenges

• Cash ....