The Evolution Of Digital Payment Systems: India’s Leading Role

Abstract

The rise of digital Payment systems is become a crucial component of contemporary economies, allowing for easier transactions, increasing financial inclusion, and boosting economic growth. This research looks at the growth and effect of digital payment systems in India, comparing it to other rising economies including Chile, Sri Lanka, Chile, etc. Using a panel regression statistical analysis, we investigate the causes and impacts of digital payment uptake in these nations. The report shows India’s pioneering position in the digital payment sector, which is fuelled by strong government regulations, technology breakthroughs, and creative financial solutions. Key results show that India’s digital payment ecosystem outperforms its competitors in a number of areas, including user adoption rates, transaction volumes, and the integration of digital platforms into everyday business. Countries in our list display diverse patterns and obstacles in their digital payment development, determined by their respective socioeconomic situations. This comprehensive comparative study highlights the crucial elements influencing the viability and constraints of digital payments systems in emerging economies, providing valuable information for decision-makers in government, business, and technology improve global digital financial infrastructure.