There has been a rise in the demand for new forms of digital payments which are much more secure and reliable. This has been able to transform payments into an open ecosystem where various parties like FinTechs, banks, payment firms etc are trying to evolve the digital payment system by introducing new technologies. The government, on their part, are trying to come up with certain regulations in order to reduce the ecosystem threats.
We were able to notice a massive growth in the digital payment transactions in the span of 4 to 5 years but with the pandemic the growth was motivated by the need for cashless and contactless payments. Thus Non-cash transactions are seen to be on a robust growth path.