TRENDS IN THE GROWTH PATTERN OF DIGITAL PAYMENT MODES IN INDIA AFTER DEMONITIZATION

Abstract

A phenomenal growth can be observed in digital payments in India in the past few years.
The purpose of this study is to analyze the growth pattern of different modes of digital payments
in India for the past four years estimating the key factors or restrains responsible for trends in
digital payments. Descriptive statistics has been used as the methodology for this research by
doing a trend analysis of transition in digital payment modes in India. Quantitative data
collection is undertaken for 4 years from 2015-16 to 2018-19 and analysis is done through bar
graphs and trend line. Mobile phones, internet explosion and new bank accounts are estimated to
be the main digital payments enablers. The findings of the research would provide practical
insight into the Fintech, Banks, economists, and decision-makers in this sector regarding the
adoption and growth of digital payments in India.