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Understanding the technological evolution in electronic payments system in India and the acceptance

Author

Listed:
  • Baiju J. Nair
  • B. Baskar
  • Tomy K. Kallarakal
  • Kesavulu Poola
  • V.R. Uma
  • S. Girish

Abstract

Banking in India has seen amazing technical and infrastructure advancements during the last two decades. Businesses can use the payment and settlement system to receive and make payments for goods and services, as well as to repay money. The RBI's commitment to providing the general population with low-cost, accessible, and all-inclusive payment services has contributed in the quick acceptance and paradigm shift from paper to electronic medium. Using the larger TAM model, this article evaluates payment technology advancements from 2019 through 2022. According to the study, there was a 100% rise in UPI/IMPS and a 40% increase in NEFT compared to December 2018. The paper discusses the acceptability of the paradigm transition from paper to electronic payment media. The paper's scope is limited to three years, from January 2019 to December 2021. The study contributes to various findings and insights on India's embrace of digital payment and the payment paradigm change.

Suggested Citation

  • Baiju J. Nair & B. Baskar & Tomy K. Kallarakal & Kesavulu Poola & V.R. Uma & S. Girish, 2024. "Understanding the technological evolution in electronic payments system in India and the acceptance," International Journal of Process Management and Benchmarking, Inderscience Enterprises Ltd, vol. 16(4), pages 433-457.
    • Handle: RePEc:ids:ijpmbe:v:16:y:2024:i:4:p:433-457
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