A Study of Digital Payments: Trends, Challenges and Implementation in Indian Banking System

ThechallengesandemergenceofaglobaleconomyandaDigitalFirstWorldhascreatedfinancial disruptionsine-commerceande-businessaroundtheglobe.ThecollaborationsofbankswithFintech companieshaveledtodigitalizationbeinganimportantcomponentoftheirbusinessandmarketing strategy.Theapplicationofe-bankinghasbeendemonstratedasaneffectivecostreduction,risk managementandprovidesquickservicestothecustomers.Nowadays,e-bankingserviceshavealready ensuredopportunities to reduce expendituresonphysical structures.However, in someprevious studiesithasbeenshowedthate-bankinghashelpedbanksandfinancialinstitutionstoreducecosts, increaserevenue,andincreasecustomerexperience.WiththegrowthofdigitalbankinginIndia,itis significanttoanalyzetheactualsituationofcustomersatisfactioninthebankingsector.Thisarticle evaluatesthevariousnewdigitalbankingtechnologiesinthebankingsectorofIndiawhichhave gainedmomentumaftervariousbankingreformslikethedigitalfinancialinclusion,demonetization andGST implementation. It also identifies the relationshipbetween the increasing trends in the usageofelectronicbankingandacustomerparadigmshiftfromtraditionalcashandpaper-based chequepaymentsystemsandevaluatesvariouschallengesandopportunitiesintheimplementation ofdigitalization.Thisresearchwascarriedoutusingmultiplemethodologies. KeywoRDS Digital Banking, E-Banking, Mobile Banking, Payment Systems, Risk Management