An Empirical Study on the Emerging Trends and Potential Challenges in Advancing Digital Financial Services in India

The study provides insights about the present status of digital financial services available and widely used in India. A tremendous increase has been seen in the transactions volumes that are made through the various available digital modes of making payments. The word digital payment, Digi payment, or digital currency has become a household name; whether it is a small vendor or big companies, all of them are using this mode of transaction, making India a cashless economy. However, it suffers various challenges and hindrances affecting its key consumer benefits. The present study describes current trends in digital transactions through UPI, BHIM, IMPS, RTGS, NEFT, PPI, Debit, and Credit Cards. It identifies the critical challenges linked with the use of these Digi platforms. It also highlights current and future government and central bank schemes and efforts to overcome the difficulties linked with digital financial services in India.