Article Details

An overview of Digital Payment in MSMES Sector | Original Article

Ms. Priya Lakhotiya*, Uttam Kumar, in Journal of Advances and Scholarly Researches in Allied Education | Multidisciplinary Academic Research

ABSTRACT:

India has the second-highest population in the world at 1.3 billion, or around 18 of the total. A sustainable method in the form of a digital payment system is required to address the financial service demands of a rising population. The use of digital payment systems is advantageous because of the many benefits they provide, including convenience, simplicity of transactions, and safety. This research paper examines the development of digital payments from 2012–2013 to 2018–2019 in terms of volume and value of transactions. After seven years, the total volume and value of digital payments in the nation have increased, according to this survey. In addition, the value of digital transactions in the nation is projected to surpass INR 15,20,000,000,000 in 2020-2021, or 28,000,000 transactions per year. Micro, small, and medium-sized businesses (MSMBs) are the driving force behind economic development in every emerging nation. One drawback of electronic payment is that it may make it more difficult for customers to make purchases, especially if they have to add funds to their accounts before making purchases or if just one sort of electronic payment is accepted at a given counter. This research concludes that e-money is being redirected from its original purposepaymentto serve as a marketing tool for small and medium-sized enterprises.