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The Indian government has taken a number of steps to promote and support digital payments in the country. The government's "Digital India" initiative aspires to build a "digitally empowered" economy that is "Faceless, Paperless, Cashless." Digital payments come in a variety of forms and mechanisms.Digital payments, often known as E-payments, are a method of making electronic payments between a payer and a payee. Both the payer and the payee use digital techniques to conduct any type of transaction. For users, consumers, and the economy, digitalization brings openness, correctness, reliability, and security.
This paper focuses on comparing various digital payment options and attempting to shed light on the need for and importance of a digitalized economy in terms of financial transactions, as well as assisting citizens of the country in shifting their mindsets toward various different modes of cashless transactions, particularly following the demonetization of the economy in the year 2016 and Covid-19Pandemic in the year 2020.
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