QUALITATIVE STUDY ON DIGITAL PAYMENTS TO DIGITAL ECONOMIES – STATE ECOSYSTEM PERSPECTIVE IN INDIA

Abstract

At the core of the global digital payments revolution, India is witnessing a seismic transformation of its payments landscape, with close to 81 billion transactions per annum powered by systems like the Unified Payments Interface (UPI). It has changed the way people used to do their financial interactions with one another and opened new doors for an economy that is growing every day. This progress is far from uniform across the states, with regional ecosystems playing a critical role in the adoption and integration of digital payments. Even so, Karnataka and Maharashtra are ahead in terms of both infrastructure and government policies, and in contrast, as a result, Bihar and Uttar Pradesh are having trouble with not only poor infrastructure but also lack of connectivity and socio-cultural resistance.