Impact of Digital Payments on GDP in India

Abstract

Digital payments have transformed the Indian economy, accelerating financial inclusion, lowering transaction costs, and increasing economic transparency. This research study investigates the influence of the growing use of digital payment systems on India's GDP, with an emphasis on quantitative consequences, government policies, and socioeconomic elements. This study provides a detailed examination of how digital payments contribute to economic growth and development in India, drawing on data from a variety of sources including the Reserve Bank of India (RBI), the National Payments Corporation of India (NPCI), and peer-reviewed publications. The findings show a substantial positive relationship between digital payments and GDP, highlighting the revolutionary power of digital financial technologies.