Assessing the Influence of the Digital India Initiative on Digital Payment Mechanisms: A Comprehensive Study  on Policy-Driven Digitalization

M. P. Silpa Krishnan; Shaji P. N

doi:10.59640/cbr.v15i1.55-70

M. P. Silpa Krishnan Sree Narayana College, Kollam, University of Kerala, Kerala, India
Shaji P. N Sree Narayana College, Cherthala, University of Kerala, Kerala, India

DOI: https://doi.org/10.59640/cbr.v15i1.55-70

Keywords: Digitalization policy, Digital India programme, Digital payment, Cashless economy, Paperless economy

Abstract

This research examines the impact of the Digital India program, initiated in 2015, on the progression of digital payments in India. The study applies linear trend models to analyse both the volume and value of digital payments before and after the program's implementation, revealing a significant upsurge in both aspects post-implementation. Despite a temporary downturn in 2020 due to the COVID-19 pandemic, the general trajectory recovered swiftly, indicating the digital payment system's resilience. The Compound Annual Growth Rate (CAGR) of 45% for total digital payment volume and 7% for total digital payment value further reinforces this growth. The study's outcomes underline the effectiveness of government-led digitalization initiatives in advancing a nation's financial sector and fostering a digital economy. This research carries implications for policymakers, financial stakeholders, and scholars investigating digitalization policies. The results offer a solid basis for future research exploring the influence of such policies on financial inclusion and economic growth.

Author Biographies

M. P. Silpa Krishnan, Sree Narayana College, Kollam, University of Kerala, Kerala, India

Research Scholar, Department of Commerce, Sree Narayana College, Kollam, University of Kerala, Kerala, India

Shaji P. N, Sree Narayana College, Cherthala, University of Kerala, Kerala, India

Associate Professor, Department of Commerce, Sree Narayana College, Cherthala, University of Kerala, Kerala, India

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