International Journal of Economics, Commerce and Research (IJECR) ISSN (P): 2250–0006; ISSN (E): 2319–4472 Vol. 10, Issue 1, Jun 2020, 47–52 © TJPRC Pvt. Ltd.
DIGITAL PAYMENTS AFTER DEMONETIZATION NIRMAL. S1, SIVARAMAN. S2 & Dr. P. MARIA. DOSS3 1,2
Research Scholar (Ph.D.), Department of Commerce, Presidency College, Chennai, Tamil Nadu, India 3
Assistant Professor, Department of Commerce, Presidency College, Chennai, Tamil Nadu, India
ABSTRACT Demonetization has been the positive stride taken by the Government for the transformation of economy. Demonetization is an operation by which currency notes are not anymore of a lawful tender. After demonetization, all the old currency notes which have been demonetized will be terminated to be of legal tender, and hence such money cannot be used to perform transactions further. There will be a rapid increase in the usage of digital payments in the forthcoming years. Digital payments will be active to the vast mammoth of India, in online and offline means. Digital payments in India, by all ways, will grow by at least 50 times in five years, accompanied by increasing rise towards digital payments, a substantial segment of Indian population – both consumers and merchants - can start
This study has been conducted to find the Digital payments after demonetization among consumers with special reference to Kannur district. Both primary as well as secondary data has been used for the conduct of the study. Sample have been drawn on the basis of simple random sampling. A structured questionnaire has been used for the collection of data among consumers.
Original Article
enjoying the benefits of digital payments and formal banking and financial services.
KEYWORDS: Demonetization, Digital payments, Indian Economy & Cashless
Received: Oct 21, 2019; Accepted: Nov 11, 2019; Published: Jan 22, 2020; Paper Id.: IJECRJUN20207
INTRODUCTION At present India has 300 million users, contributing to the third largest in the world. Almost out of this, 50% of these users access internet through mobile. And these 150 million individuals are playing the catalyst role in the digital payments. As per the latest reports released by Boston Consultancy Group, by the end of 2020, the Indian digital payments will reach $ 500 billion. The most striking thing regarding Indian Digital Payments is that micro transactions are being mostly done (transactions of value lower than 100), through customer to merchant transactions. Types of Digital Payments BANK CARDS USSD
www.tjprc.org
This is the mostly used type of cashless payment These banking cards are used for making online transactions, pos machines and for digital payments. Different sorts of cards are now at one’s disposal, such as debit cards, credit cards and prepaid cards. USSD or Unstructured Supplementary Service Data is another technique used for making digital payment. This technique does not need any mobile data and can be used without downloading any mobile app. USSD is sponsored by NPCI –National Payments Corporation of India. USSD was started for the underserved sections of the communities and bring them towards banking.
editor@tjprc.org