PAYMENTS IN INDIA GOING DIGITAL: A STUDY WITH REFERENCE TO CREDIT CARD PAYMENTS

Payment systems in any country are the most essential part of the economic system of the country. Digital payment is a way of payment made through digital modes. Cards are provided by banks to their account holders which remain the most used digital payment mode till now. Many of us use cards for transferring funds and making digital payments. Credit cards are innovative instruments in the area of financial services offered by commercial banks. The movement from paper based payment system to electronic means of payment facilitates quicker and safer transactions. The movement can also be easily tracked. This also adds to the accountability of funds in an economy. The high incidence of cash transactions has an undesirable effect of inability to track transactions leading to loss of revenue in the form of tax evasion.