Rising digital payments

28 JAN,2023 | MEDC


The increased adoption of digital payment mechanisms in India has been a boon for the economy. It has boosted a range of smaller businesses, as it enables rapid and secure bank-to-bank transactions, even for small sums. This is particularly beneficial for migrants, who are now found in the millions all over the country. As data costs fall further, and smartphones become more affordable, the digital payments ecosystem will expand in size. The adoption of digital technology may have been Covid’s biggest blessing in disguise. The enhanced digitalization of payments is both a cause and an effect of the enhanced formalization of the economy brought about by GST. The combined potential of GST and India’s evolving digital infrastructure for the formalization of payments is encouraging.

*Picture Credit -Google 

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