Sustainable Practices on Digital Payment Methods in India—An Analytical Review
摘要
Digital payments play a vital role across all sectors in general, particularly in the banking sector. The concept first emerged in 1996 when the Industrial Credit and Investment Corporation of India (ICICI) began offering online payment services to account holders, facilitating operations at retail branches. Digital payment methods are generally categorized as paperless, cashless, and faceless. The primary objectives of digital payment instruments in India are driving the growth and adoption of a variety of applications, including Unstructured Supplementary Service Data (USSD), Unified Payment Interfaces (UPI), mobile wallets, bank credit cards, Point of Sale (POS) systems, mobile banking, internet banking, NEFT (National Electronic Funds Transfer), RTGS (Real-Time Gross Settlement), and micro-ATMs. The specific objectives of this study are: (i) to examine the sustainable practices of various forms of digital payment methods in India; and (ii) to analyse the trends and growth of digital payment methods in India. The study is based on secondary data sources, collected from various sources such as government and institutional sources. It highlights the importance of sustainable practices for transparency and urges vigilance against fraud, emphasizing that banks never request sensitive account details. The central bank and government must enforce stringent regulations to safeguard digital payment systems.