The document discusses digital payments in India, highlighting various methods such as online wallets, prepaid credit cards, and debit cards. It outlines the advantages and disadvantages of digital payments while emphasizing their convenience and the challenges posed by cybersecurity. The growth of digital wallets like Paytm, Mobikwik, and PhonePe reflects the increasing adoption of cashless transactions in the country.

1. DIGITALPAYMENTININDIA
BY
S. RUQIYA FIRDOUS
M.COM II YEAR
MMES WOMEN’S ARTS &
SCIENCE COLLEGE.

2. DIGITALPAYMENT:
Digital payment is a style of payment
which is made through digital modes.
In digital payment, Payer and Payee
both use digital mode to send and
receive money.
It is also called as Electronic Payment
All the transactions are made through
online. It is an instant and convenient
way to make payment.

3. DIGITAL PAYMENTS IN
INDIA:
Online or Mobile Wallets
Prepaid credit cards
Debit/Rupay cards
AEPS
USSD

4. ONLINEORMOBILEWALLETS:
They are used via the internet and through
smart phones applications.
Money can be stored on the app via recharge
by debit or credit cards or net-banking.
Consumer wallet limit is Rs. 20,000 per
month and the merchant wallet limit is Rs.
50,00 per month.

5. PREPAIDCREDITWALLETS:
 Pre-loaded to individual’s bank account.
 It is similar to a gift card, customers can
make purchases using funds available on the
card and not borrowed a credit from the
bank.
 Can be recharged like a mobile phone
recharge, up to a prescribed limit.

6. DEBIT/RUPAYCARDS:
 These are linked to an individual’s bank
account.
It can be used at shops, ATMs, online
wallets, micro-ATMs, and for e-commerce
purchase.
Debit cards have overtaken credit cards
in India.

7. AEPS:
 The Aadhaar Enabled Payment System
uses in 12-digit unique aadhaar
identification number to allow bank-to-
bank transactions at PoS.
 AEPS services include balance enquiry,
cash withdrawal, cash deposit and
Aadhaar to Aadhaar fund transfers.

8. USSD:
 Stands for Unstructured Supplementary
Service Data based mobile banking.
 It is linked to merchant’s bank account
and used via mobile phone on GSM
network for payments up to Rs.5,000 per
day per customers.

9. TOP 10 DIGITAL WALLETS IN INDIA:

10. PAYTM:
• Paytm is easily the top Digital wallet in
India today.
• Both by brand familiarity and user
adoption.
• They had crossed 200mn installs in
early 2017 and marching towards their
target of growing to 500mn users.

11. MOBIKWIK:
• It is slowly but steadily grew to become
the 2nd largest digital wallet by its shear
strength of user-experience and online
merchant integrations.
• They keep growing and give a strong
competition to paytm.

12. PHONEPE:
• PhonePe started as UPI payment app and
later was acquired by flipkark to be launched
as a digital wallet for the e-commerce giant.
• It definitely has a lot of smart people behind
the app as a first time user will find the app
really easy to use.

13. FREE CHARGE:
• Freecharge is a great story in the Digital
wallet world due to the transformation
journey it has travelled. What started as
a service to provide physical coupon for
online mobile recharges over years got
bought over by Snapdeal and also
pivoted to a complete digital payment
platforms.

14. AIRTELMONEY:
• It has one of the largest user bases.
However, most of the transactions
on the platform is limited to Airtel
bill payments for mobile, broadband
and other services.

15. JIO MONEY:
• JioMoney like airtel happens to be
available for a large user base due to
sheer VOIP revolution Jio is driving in
the country.
• They still have a long way to go in terms
of integrations and offers.

16. OLA MONEY:
• It is the payment wallet offered along
with the OLA cab booking app has a
large user adoption due it being one of
the market leaders in the mobility space.
• However, most people use it for paying
Ola bills or keeping money for cab rides.

17. AMAZON PAY:
• Amazon Pay is one of the newest
entrants in this space and grown
quickly piggy- backing on the
popularity of the Amazon e-
commerce Platform

18. BUDDYBY SBI:
• Digital wallet by SBI Bank which happens to
be the largest bank in the country in user
count.
• They are great for payments and transfers.
• This wallet is also available to users without
an SBI account which makes it easy to
register

19. PAYZ APP:
• This digital wallet is by HDFC bank
which like SBI is a major player.
• They focus on simplified one-click
payments which makes using it
extremely simple.

21. ADVANTAGES
Easy And
Convenient
Pay Or Send Money
From Anywhere
Discount From
Taxes
Written Record
DISADVANTAGES
Difficult For A Non-
technical Person
The Risk Of Data
Theft
Overspending

22. CONCLUSION:
• Many people actually agree with the
government on the usefulness of
cashless economy as it helps to fight
against terrorism, corruption, money
laundering. But one biggest problem
in the working of cashless economy in
India is cybercrime.
• Therefore, it is important to
strengthen Internet security from
protection against online fraud. The
growth of users of smart phones and
internet penetration in such area also
facilitated the adoption of digital
payment.