INFOKARA RESEARCH ISSN NO: 1021-9056 DIGITALISED PAYMENT THE ERA OF RISING FINTECH Ms. R.Hishitaa, I MBA, SRMIST, Vadapalani e mail id:
[email protected] Dr.S.Gayathry Professor, Department of Management Studies, SRMIST, Vadapalani e mail id:
[email protected] ABSTRACT For a long time, Indian citizens have remained skeptical about evolving along with the pace that technology has set.But in recent years, the country has embraced change, and it has brought so much advancement in terms of how payments are simplified. An Electronic payment protocol is a series of transactions,at the end of which a payment has been made, using a token issued by a third party.Consumers expect a safe, convenient and affordable globalised payment platform. The security features for such systems are privacy, authenticity and no repudiation. India being a developing country,encourages innovation. A factor behind the rise of digital payments is the Indian Reserve Bank’s recent policy of Demonetization.One of the fintech innovations that have completely revolutionized how payments work in India is the UPI – an instant, real-time payment system developed by the National Payments Corporation of India (NPCI).Tez, built over the UPI interface, was launched in India in September 2017. Google has rebranded its payment app Google Tez to Google Pay to tap into the growing Indian digital payment space.Google Pay has now become the king of UPI apps.The purpose of this paper is to provide a brief background about the most downloaded finance app, Google Pay andits impacton the Indian Economy. KEYWORDS-e payment, payment protocol, digital payment space Volume 8 Issue 11 2019 888 http://infokara.com/ INFOKARA RESEARCH ISSN NO: 1021-9056 DIGITALISED PAYMENT – THE ERA OF RISING FINTECH 1.1.