Recent Papers

India is moving towards a Digital revolution. The nation under its Digital India programme which based on technology and which aims to transform India to a digitally empowered society and a knowledge economy. In this Digital revolution, digital and internet payments have emerged highly. Government decisions like demonetization and situations like the Covid-19 pandemic where cash suffered as a mode of payment, digital payments rose to success. The advantages of technology, smartphones, wireless communication has also highly complemented the growth of Digital payments. The rise of Digital payments and especially of one of its method Unified Payments Interface (UPI) platform has been commendable. So, this paper aimed at exploring how the people of India, especially the Youth of the country is being influenced by the same. A survey is conducted among 105 respondents of the youth of India to collect data from people between the age of 15 -24 years, and the study is conducted on how much the respondents are aware, the advantages and disadvantages of Digital payments and UPI, most used Digital payments methods and applications, and also is there any relation between age group and awareness of digital payments using a Chi-square test. Secondary research elements such as previously published papers, journals, articles and essays have also contributed to understand the importance of Digital payments in this study. The main implication of the study is that Digital payments are helping the youth in more than one way. It is making the youth more financially and technologically literate and gives them a chance to handle their finances. Digital payments are also contributing highly to financial inclusion as well as economic development of the country. The conclusion of this paper shows that Digital payments and especially UPI have impacted very positively because of the convenience, speed, easy access, modernity and financial freedom they give the youth. Even though there is certain fear of scams, frauds and privacy breach, the advantages overcome those as majority of the youth respondents prefer digital methods over traditional method of cash payments. With the combined efforts of the Government, Financial Institutions and the public, India can easily achieve its idea of a cashless digital economy. - Sukirti Chawla

Copyright © 2024 Sukirti Chawla. This is an open access article distributed under the Creative Commons Attribution License.