Literature Review on Adoption of Digital Payment System

Shailza; Madhulika P. Sarkar

Shailza Research Scholar, School of Management Studies (SOMS), Indira Gandhi National Open University (IGNOU), New Delhi, India https://orcid.org/0000-0001-5414-2467
Madhulika P. Sarkar Assistant Professor, School of Management Studies (SOMS), Indira Gandhi National Open University (IGNOU), New Delhi, India

Keywords: Digital Payment System | Demonetization | UPI | Mobile Payments

Abstract

Purpose: The purpose of the study is to review the existing literature on digital payment system. The study attempts to access the progress made in terms of adoption of Digital Payment System. And also discusses the factors which impact the attitude of consumers for the adoption of digital payment system.
Design/ Methodology/ Approach: The paper reviews the literature on Digital payment system. Both conceptual and empirical studies have been reviewed.
Findings: Digitization of the economy has become extremely important and unavoidable to keep pace with the fast-growing cashless global economy. In accordance with the other developed and developing nations, India is also trying to shift its preference of payments from cash driven to cashless economy. In digital payments system, consumers pay using instruments other than cash such as Debit/Credit cards, Digital wallets, Net banking, and Mobile payment Applications etc.