ABSTRACT
Money is a medium of exchange. As civilization advanced, money took on diverse forms. Payment instruments and mechanisms in India also have a long history. During the old days, the payment instruments consisted of coins. The Reserve Bank of India was established in 1935 and given the authority to print the currency notes called “Rupaya”.
Different types of payment instruments and advancements in the instruments' design and payment systems have emerged as a result of the growth of information and communication technology (ICT). Online banking started in the 1990s due to the availability of the Internet, which has changed the entire scenario of financial services and ushered in an era of digital payments.
Today, we do not need to be physically present at bank premises to carry out various transactions because everything is present virtually and happens at our fingertips.
The present article was written with four objectives in mind:
To study the evolution of digital payments in India.
To study different types of digital payment systems prevailing in India.
To study the growth and current status of different modes of digital payments in India.
To examine the challenges faced in digital payment adoption by the Indian population.
Analysis revealed that although the adoption of digital payments is increasing day-by-day, cash is still the king in India. There are various reasons due to which digital payment adoption is slow.
INTRODUCTION
India's payment ecosystem has undergone a tremendous change over the past two decades, with digital payments becoming the preferred payment option for both consumers and businesses. The advent of technology, the widespread use of smartphones, and the internet played a significant role in this evolution.
The transition from conventional paper-based transactions to electronic fund transfers and, finally, to digital payments has been remarkable. With the introduction of various payment modes such as mobile wallets, UPI, and internet banking, digital payments have become more accessible, convenient, and secure.
FLASHBACK TO HARAPPAN CIVILISATION
The first documented coinage is deemed to start with 'Punch Marked' coins issued between the 7th-6th century BC and 1st century AD. These coins are called 'punch-marked' coins because of their manufacturing technique. Mostly made of silver, these bear symbols, each of which was punched on the coin with a separate punch.
Dynastic Coins
Dating of regular dynastic coin issues is controversial. The earliest of these coins relate to those of the Indo-Greeks, the Saka-Pahlavas and the Kushans. These coins are generally placed between the 2nd century BC and 2nd century AD.
Hellenistic traditions characterise the silver coins of the Indo-Greeks, with Greek gods and goddesses figuring prominently, apart from the portraits of the issuers. These coins with their Greek legends are historically significant, as the history of the Indo-Greeks has been reconstructed almost entirely on their evidence.
The Saka coinage of the Western Kshatrapas are perhaps the earliest dated coins, the dates being given in the Saka era which commences in AD 78. The Saka era represents the official calendar of the Indian Republic.
Foreign Coin Hoards found in India
Ancient India had considerable trade links with the Middle East, Europe (Greece and Rome) as well as China. This trade was carried out over land partly along what came to be alluded to as the silk route and partly through maritime trade. By the time of Pliny, the Roman historian, Roman trade with India was thriving, and indeed creating a balance of payments problem for the Roman Empire. In South India, which had a thriving maritime trade, Roman coins even circulated in their original form, albeit slashed at times as a gesture disclaiming intrusions of foreign sovereignty.
The Traditional Cash-Based Payment System
Cash was the dominant form of payment in India for a long period. According to reports from the Reserve Bank of India (RBI) and various studies conducted in the past, more than 80% of transactions in India were conducted in cash as late as 2016. This figure indicated the extent to which cash had permeated everyday transactions across both rural and urban areas. Although digital payments began to rise after 2016, cash remained central to the economy.
Cash Usage in Different Sectors
Formal vs Informal Economy: A substantial portion of India's informal economy, which accounted for nearly 50% of the GDP, relied heavily on cash transactions. According to estimates, approximately 90% of the transactions in this sector were made in cash. Small businesses, street vendors, and rural economies primarily used cash for their transactions. These businesses lacked easy access to banking infrastructure, making cash the most practical and widely used option.
Rural Economy: In rural India, where digital literacy and internet connectivity were limited, cash was the most common and accessible mode of transaction. Reports from the National Bank for Agriculture and Rural Development (NABARD) in 2015 indicated that over 70% of rural transactions, especially in agriculture and small-scale trade, were conducted in cash. Cash played a crucial role in agricultural payments, labor wages, and small trading activities.
Small and Medium Enterprises (SMEs): Small and medium-sized enterprises (SMEs), which contributed significantly to employment and output in the Indian economy, also operated in cash-heavy environments. According to the Ministry of Micro, Small, and Medium Enterprises (MSME), cash accounted for around 80% of the total transactions in the informal MSME sector. This was largely due to the informal nature of the businesses and lower transaction costs.
Cash in Indian Society and Culture
Cultural Factors: India had a longstanding cultural relationship with cash, which was shaped by traditional and socio-economic factors. Many individuals, particularly in rural and semi-urban areas, preferred cash transactions because of their immediate and tangible nature. According to a 2014 survey by the Financial Literacy and Consumer Protection Department of RBI, about 60% of rural households continued to rely on cash for daily transactions, even for small purchases. Cash was perceived as more secure, personal, and trustworthy compared to digital modes of payment.
Financial Inclusion and Literacy
Challenges in Financial Inclusion: One of the key reasons behind India’s reliance on cash was the lack of widespread financial inclusion. As of 2016, around 19% of adults in India did not have access to a bank account, according to the World Bank. This was a significant barrier to the adoption of digital payment systems, especially in rural and semi-urban areas where banks and ATMs were often scarce.
Digital Literacy: Although India made progress in increasing digital literacy, a 2017 report from the National Association of Software and Service Companies (NASSCOM) found that over 60% of the rural population had limited or no understanding of digital financial services. This lack of awareness and knowledge contributed to the continued reliance on cash.
Trust and Security Concerns
Another key reason for the continued preference for cash was the lack of trust in digital payment systems. According to a 2015 survey by the Indian Council for Research on International Economic Relations (ICRIER), 45% of respondentsexpressed concerns over the safety and security of digital transactions. Issues like hacking, fraud, and technical errors discouraged people from moving away from cash payments, particularly among older generations who had not grown up with technology.
Challenges of a Cash-Based Economy
Black Money and Tax Evasion: One of the biggest challenges of a cash-based economy was its role in promoting black money, tax evasion, and corruption. Cash transactions, especially those that were unrecorded or informal, were harder to trace, making it easier for individuals and businesses to hide income and avoid taxes. According to the Ministry of Finance, an estimated 23% of India’s GDP in 2016 was linked to black money and unreported cash transactions. The Indian government’s demonetization initiative in November 2016, which aimed to reduce the circulation of high-value currency notes (500 and 1,000 rupee notes), was a direct attempt to tackle this issue. While demonetization led to a temporary reduction in the circulation of unaccounted cash, reports from the RBI showed that the demonetization had little long-term impact on reducing cash usage in the economy.
Operational Inefficiencies: Cash transactions also posed significant operational inefficiencies for businesses and financial institutions. Handling, storing, and transporting large amounts of cash incurred considerable costs. According to a 2015 report by the Institute for Financial Management and Research (IFMR), businesses spent nearly 1.5-2% of their annual revenue on cash management costs, including logistics and security measures. For banks, maintaining a large physical currency reserve also proved to be costly and inefficient.
Financial Exclusion: While India made strides towards improving financial inclusion, many rural residents remained unbanked. A 2015 report by the RBI showed that approximately 50% of rural households did not have access to formal banking services. This continued financial exclusion limited the adoption of digital payment systems, leaving cash as the primary mode of transaction in many parts of India.
The Shift Towards Digital Payments
UPI - UNIFIED PAYMENTS INTERFACE
UPI transactions have continued to register significant growth, with a 57% and 44% increase in transaction volume and value respectively. These figures align closely with projections for the 2023-28 period. UPI has solidified its position as a dominant payment rail in India’s retail digital payments landscape, accounting for over 75% of the total transaction volume in FY 2023. This trend continued into FY 2023-24, where the transaction volume reached 131.12 billion, and the transaction value reached INR 199.9 trillion.
Considering the current growth trend, market penetration of UPI use cases, global expansion of UPI, market dynamics and technological advancements, it’s projected that the daily transaction volume may reach 1 billion during FY 2027-28. This is a shift from the earlier forecast of achieving this target in 2026-27. Furthermore, the daily transactions are expected to increase to 1.4 billion by the end of FY 2028-29.
Securing UPI transactions: The transition to biometric/face ID verification
The National Payments Corporation of India is considering integrating biometric authentication into its Unified Payments Interface (UPI) transactions as a replacement for the current PIN or password-based methods, NewsBytes reports. The existing methods have vulnerabilities, including susceptibility to cyber threats such as phishing, hacking, and social engineering attacks. Face and fingerprint biometrics are the modalities being considered, according to the report. Implementing biometric data would significantly improve the security of UPI transactions, mitigating the risk of payment fraud. To enable biometric authentication for UPI payments, users need to link their Aadhaar number to their bank account. This is necessary because Aadhaar already contains the user’s biometric data, including fingerprints and iris scans. When making a transaction, the Point of Sale machine captures the user’s biometric data and verifies it against the stored data for authentication. Although this method enhances the security of digital payments, the centralized storage of biometric data presents security and privacy risks. Strong data protection measures are imperative to foster trust in the system and promote widespread adoption.
Reassessing the UPI ecosystem architecture: Preparing for growth and transaction management
As UPI continues to expand, it is crucial for stakeholders to reassess their architecture within the UPI ecosystem. The entry of new TPAPs and the emergence of innovative use cases, such as UPI integration with credit cards and credit lines, are likely to increase processing demands on core systems. To effectively manage the anticipated spikes in transaction volume, exploring the deployment of UPI infrastructure on cloud platforms for transaction processing is essential. Leveraging cloud technology can enhance scalability, flexibility and reliability, ensuring that the UPI ecosystem can accommodate future growth while maintaining optimal performance. By proactively addressing these challenges, stakeholders can strengthen the UPI framework and support its ongoing evolution in the digital payments landscape.
Credit cards on UPI
Credit cards linked to UPI have emerged as the dominant payment method, with users spending over INR 22,000 per month. On average, credit card transactions via UPI occur 21 times per month, which is four times more frequent than traditional physical credit cards.² Credit cards on UPI have propelled the overall RuPay transaction volume and values in the past year, with the RuPay credit cards market share seeing a growth of almost 233%³ during FY 2023-24. This can be attributed to the implementation of UPI on credit cards by leading issuers. The volume and value of transactions including RuPay cards in force are expected to increase over the next few years. The average transaction value for RuPay credit cards on UPI stands at INR 1,125 which is significantly lower than overall credit card transactions which hovers around INR 5,100 and almost double of UPI P2M transactions which stand at INR 650. This shows that credit cards on UPI transactions have created their own place in this market. Considering the payment mode is currently being used by early adopters, credit cards on UPI seems promising. UPI's ease of use and the technology already being well penetrated in the market at both ends of the spectrum (i.e. consumers and merchants) is attributed to the growth seen by this particular use case. As the country has accepted UPI on all fronts – i.e. consumers, retailers and ecosystem participants – use of cash from smaller to medium expenses has reduced. Now, one ATM transaction is converted into 10+ UPI transactions. This has created a technical debt on the banks and ecosystem participants. One of the ways in which this liability can be leveraged by the asset side of banking is to aggressively penetrate the credit lines of UPI. Due to UPI, numerous new customers have been linked with the payment ecosystem who were unserved earlier. Transaction data, coupled with basic underwriting checks through participants like account aggregators, can thus prove to be pivotal in bringing about this change.
Cards
As per RBI data, PSU banks have been the primary issuers of debit cards while private banks emerged as the primary issuers of credit cards in recent years. This disparity can be attributed to the risk-taking capacity and ability shown by private banks who have been comfortable in issuing unsecured assets like credit cards. Meanwhile, PSU banks’ contribution and focus has been towards opening new accounts and issuing debit cards under financial inclusion schemes like Pradhan Mantri Jan-Dhan Yojna (PMJDY).
The Indian credit card market has achieved a noteworthy milestone, exceeding 101 million cards in force by the close of the FY 2024-25. This achievement highlights the market’s robust growth trajectory, with future expansion appearing inevitable. According to PwC’s market intelligence, the credit card market is expected to double its cards in force by FY28-29, reaching 200 million cards. This growth projection is supported by a CAGR of 15%. The industry, which has seen a 100% increase in issued cards over the past five years, is anticipated to replicate this growth within the next five financial years. In terms of transaction volume and value, the market is projected to witness substantial growth. Credit card transactions are expected to increase by 21% in volume and 18% in value, leading to an estimated 9 billion transactions and total spending of INR 40,000 billion by FY28-29. This continued expansion underscores the dynamic and rapidly evolving nature of the Indian credit card market.
Debit cards in the country have seen a muted growth in terms of the number of cards issued in the year and the volume and value of the debit plastic took a significant hit during FY 23-24. The transaction volume in FY23-24 was down by 33% as compared to that in FY22-23, while spends on debit cards have reduced by 18% YoY. On an average, debit card usage has come down significantly. This degrowth can be attributed to the inclination towards UPI due to ease of use and small to medium merchants pushing for UPI due to 0% MDR. The degrowth is also fuelled due to a lack of a lucrative reward structure on debit cards as compared to credit cards and lower levels of awareness of existing reward structures.
As for credit cards, the average transaction value has been significant over the years, from INR 3,422 in FY18-19 to INR 5,141 in FY23-24, gaining 50% in the last five years.
The number of transactions per card per year during FY22-23 and FY23-24 saw a YoY growth of 12% and 3%respectively.
With the introduction of credit cards on UPI, this number is expected to grow by at least 10 transactions per year per card (CAGR of 5%) till FY28-29, thus increasing customer-level transaction contributions to the payment mode.
POS and e-commerce average transaction value seems to be consolidating itself at INR 3,400 and INR 6,300respectively, with a slight degrowth of the same over the course of a year.
Online merchant acquisition
In recent years, online merchant acquisition in India has surged, propelled by the nation’s swift digital transformation and the Government’s strong push towards a cashless economy. These technologies empower businesses to onboard merchants quickly and in a cost-effective manner, opening doors to new markets and merchant demographics. Consequently, merchant networks are growing at an accelerated pace, bolstering the digital economy and promoting financial inclusion by integrating more businesses into the formal financial system.
Government initiatives
The Digital India initiative driven by the Government is accelerating the payment gateway adoption. Online payment platforms and services are expanding nationwide, leading to the rapid emergence of numerous payment gateway vendors joining with innovative technologies which is leading to providing more compatible and affordable solutions in the market.
Digital payments penetration
The surge in online payment methods is fuelling the expansion of India’s payment gateway market. This is primarily driven by customers’ growing preference for UPI, digital wallets, cards, and buy now pay later (BNPL) options. The convenience and widespread adoption of these methods are transforming the way people in India handle transactions over payment gateways.
White-label payment gateways
Another key factor is the customisation of payment processing through white-label solutions. These gateways empower businesses to accept online payments via various methods, such as credit cards, digital wallets and bank transfers. This flexibility not only enhances the customer experience but also allows businesses to offer personalised payment options. Additionally, white-label gateways maintain brand consistency by seamlessly integrating with existing systems. This trend is transforming the way businesses manage online transactions, making the process smoother and more efficient.
E-commerce and ONDC
Growing e-commerce transactions in the Indian market are fuelled by several key factors – widespread internet access, affordable internet services and a significant increase in smartphone users. Payment gateways have become indispensable to e-commerce, providing a seamless and secure payment experience through easy-to implement APIs. This integration ensures that customers enjoy a smooth and hassle-free shopping experience.
THE FUTURE OF DIGITAL PAYMENTS IN INDIA
Credit penetration and availability
India has seen a recent surge in credit penetration. Number of individuals availing of credit facilities has grown substantially, driven by an awareness of financial products and services. This uptick in credit usage has targeted various sectors including retail loans, SME financing and agricultural credit. In the last year, banks and institutions saw higher growth in high-credit average ticket size (ATS), while low-credit ATS witnessed a slower growth, which is increasing credit awareness testament to the caution banks have shown while providing credit to consumers who are NTC or new to bank (NTB). The overall loan value in the country has grown by 21%. The contribution to this growth came from across the geography types, with 25% growth in rural areas, 21% growth in semi-urban areas and 14% growth in the urban cities of the country.
Increasing credit awareness
Customers have increasingly become self-aware about tracking their debts and looking for available credit opportunities. Typically, credit monitoring is done to obtain new credit products, to better manage debts and to improve credit score. The increase in credit awareness and monitoring can lead to an efficient and growing lending market.
Interoperability of net banking
The RBI is set to introduce interoperability for internet banking transactions, with an expected rollout in the current year. 14,15 Currently, banks have to individually integrate with each PA used by different online merchants, which is a complex and cumbersome process given the numerous PAs in the market. Moreover, the absence of a unified payment system and standardised rules leads to delays in merchants receiving payments and increases settlement risks. The initiative of interoperability in the net banking system will reduce integration requirements and enable faster go-to-market, streamline payment processes, resulting in faster settlements for merchants and enhancing user experience. It will reduce operational complexities for banks and PAs, fostering a more competitive and inclusive financial ecosystem. This move is expected to mitigate settlement risks, drive innovation in the payment sector and lower platform and usage charges.
PSYCHOLOGICAL DRIVER OF DIGITAL ADOPTION IN INDIA
Trust and Security Concerns
One of the fundamental psychological factors influencing digital payment adoption is trust. Many Indians, especially in rural areas, have traditionally relied on cash transactions due to a lack of trust in digital methods. Studies show that concerns about the security of online payments, fraud, and cybercrime have a direct impact on the willingness to adopt digital payment systems.
Trust Issues: A 2017 survey by the Indian Council for Research on International Economic Relations (ICRIER) found that 45% of respondents cited concerns over the security of online payments as a significant barrier to adopting digital payments. Concerns about data theft, fraudulent transactions, and the safety of storing financial information online have made some consumers hesitant to trust digital payment platforms.
Government Measures: The Indian government and financial institutions have worked to address these concerns by implementing security protocols like two-factor authentication (2FA) and end-to-end encryption. However, as of 2021, a World Bank report found that nearly 40% of individuals in rural India still expressed doubts about the safety of digital transactions. This psychological barrier continues to be a significant challenge.
Perceived Ease of Use and Convenience
Psychologically, the perceived ease of use and convenience are critical motivators in the adoption of digital payments. Individuals tend to favor technologies that simplify their lives and enhance convenience. The rapid success of UPI, introduced in 2016, can largely be attributed to its simplicity and the ability to make seamless payments with just a few taps.
Statistical Support: According to a 2020 survey by the National Payments Corporation of India (NPCI), UPI witnessed over 3.5 billion transactions per month, with a significant percentage of users highlighting the simplicity of using the system. The report indicated that UPI's success was largely due to its ease of use, enabling users to transfer money directly from one bank account to another via mobile phones without the need for additional apps or complex steps.
Psychological Influence: The theory of convenience suggests that people are more likely to adopt technologies that minimize effort. UPI’s real-time transfers, the ability to pay bills, and the ability to send money to friends and family in a few seconds have created a strong positive psychological association with ease and accessibility.
Loss Aversion and Cash Dependency
In psychology, loss aversion refers to the tendency for people to prefer avoiding losses over acquiring gains. In India, a country where cash has been a dominant form of payment for decades, switching to digital payments has been perceived as a potential loss of control over one’s money. Many individuals are hesitant to abandon cash due to the psychological comfort it offers.
Statistical Insight: A 2019 survey by Pew Research found that 70% of people in rural India still preferred cash over digital payments, citing a lack of understanding and control over their finances. For many, cash has been seen as tangible and something that provides a clear, immediate understanding of one’s financial situation. Digital payments, by contrast, are often viewed as abstract and detached from immediate financial reality.
Demonetization: The 2016 demonetization initiative aimed at curbing black money and promoting digital payments inadvertently highlighted psychological factors. While the demonetization led to an increase in digital payment usage in the short term, reports indicated that it also led to feelings of anxiety and distrust among many citizens, especially those who were more accustomed to using cash. This example underscores the psychological loss aversion as people were reluctant to give up what they considered a safer and more transparent means of transaction.
Social Influence and Peer Behavior
Psychology also emphasizes the role of social influence in decision-making. Conformity and the tendency to follow the behaviors of others significantly affect the adoption of digital payments. In India, the rapid growth of digital payments has been fueled not only by marketing efforts but also by social influence.
Example: A report by Statista in 2020 revealed that 56% of respondents said that they adopted digital payment methods after seeing friends and family members using them. This trend is consistent with social proof theory, which states that individuals tend to follow the behavior of others when making decisions, especially if they are uncertain.
Psychological Impact: As more individuals, particularly in urban areas, began using mobile wallets and UPI for transactions, the social pressure to use digital payments increased. Social networks, media, and influencers played a key role in shaping perceptions about digital payments, making them seem more acceptable and “normal.”
Psychological Barriers to Digital Payment Adoption in India
Digital Illiteracy and Cognitive Load
Cognitive overload, or the psychological burden of learning and mastering new technologies, can prevent individuals from adopting digital payment methods. For many people in rural and less educated regions, the concept of mobile banking or UPI is perceived as complex, adding to the difficulty of adoption.
Digital Illiteracy: According to a report by NASSCOM in 2019, approximately 67% of rural Indians had little or no understanding of mobile banking or digital wallets. This digital illiteracy prevents many individuals from engaging with digital payments, as they find the technology intimidating or difficult to navigate.
Cognitive Load: The theory of cognitive load suggests that the mental effort required to learn a new system can discourage adoption. For individuals already overwhelmed with their daily routines, digital payment systems can seem like an additional burden. As a result, they may resist making the transition to digital payments.
Fear of Missing Out (FOMO) and Limited Experience
Another psychological driver of digital payment adoption is FOMO (Fear of Missing Out), where individuals may feel compelled to adopt a new technology because they do not want to miss out on its benefits, especially when they perceive others are using it.
Statistical Insight: A study by Pew Research in 2020 found that approximately 39% of urban Indians stated that they started using digital payment systems because their peers and colleagues were already doing so. This shows how peer influence can shape behaviors, and the fear of being left behind can drive individuals to adopt new technologies even if they initially had reservations.
Government and Psychological Initiatives to Promote Digital Payments
The Indian government has actively worked to reduce the psychological barriers to digital payments by addressing trust, security, and ease of use through several initiatives:
Aadhaar and Biometric Authentication: The use of Aadhaar (India's biometric identification system) for authenticating digital payments through biometric fingerprint scans has contributed to creating a sense of trust and security. People feel more confident knowing that their payments are verified with a unique, secure biometric feature.
Cashbacks and Rewards: To encourage adoption, companies like Paytm, Google Pay, and PhonePe have offered cashbacks and discounts for digital transactions. This plays into the psychological concept of positive reinforcement, where individuals are motivated to engage in digital payments when they are rewarded with incentives.
CONCLUSION
The evolution of payment methods has been a remarkable journey, shaped by both necessity and human ingenuity, spanning from primitive barter systems in the Stone Age to the complex, digital payment networks we use today. Early humans, driven by basic needs and the limitations of direct exchange, started by trading goods and services in kind. As societies grew, so did the need for more efficient and standardized forms of exchange, leading to the development of money—first in the form of shells, metals, and eventually paper currencies. Each step in this progression was not just a technological advancement, but also a psychological adaptation to growing social complexity and the need for trust, security, and convenience in transactions.
As we moved into the modern era, payment methods evolved dramatically, with the introduction of checks, credit cards, and electronic banking. These advancements were not only a response to the growing scale of global commerce but were also influenced by our psychological need for greater convenience and the desire to avoid the risks and limitations associated with carrying physical currency. The psychology of trust played a significant role in these transitions—people needed to trust the institutions backing these new payment methods, and these institutions had to build systems that ensure security and ease of use.
The digital revolution of the 21st century brought about another significant shift, with mobile payments, digital wallets, and contactless technologies making transactions faster and more seamless than ever before. In this era, convenience, accessibility, and immediate gratification have become key psychological drivers. As consumers, we seek payments that are instant, effortless, and free from barriers, and digital payments have increasingly met these desires. The introduction of cryptocurrencies and decentralized finance is now pushing the boundaries even further, challenging our traditional understanding of money and payments.
Psychologically, these transitions reflect the evolving nature of human behavior and the constant search for solutions that reduce cognitive load, minimize risk, and provide a sense of control over financial transactions. The shift from physical money to digital currencies is not just about technology; it’s about how our minds adapt to new systems of trust, security, and convenience. Ultimately, the evolution of payment methods mirrors humanity’s constant drive for innovation and efficiency, and as we continue to embrace new technologies, it will undoubtedly continue to reshape our behavior and societal structures. Just as early humans once relied on the tangible exchange of goods, today’s world is driven by intangible, digital forms of payment that continue to shape the way we interact with money, commerce, and each other. This journey is far from over, and the psychological forces at play will continue to influence the next phases of financial evolution, making the future of payments as dynamic and transformative as its past.
BIBLIOGRAPHY
Chen, J. (2023, September 28). Medium of Exchange Definition. Investopedia. Retrieved April 7, 2025, from https://www.investopedia.com/terms/m/mediumofexchange.asp
Note: Original entry listed 2020, but Investopedia articles often show the last updated date.
ApnaPay Admin. (2019, October 16). Digital India Payments: Growth, Evolution and Challenges. ApnaPay Blog. Retrieved April 7, 2025, from https://www.apnapay.in/digital-india-payments
Note: Author listed as "Admin ApnaPay" in original; publication date found via web archive if available or inferred.
HT Tech. (2024, August 26). How biometric authentication boosts UPI security: Key benefits and challenges for digital payments. Hindustan Times Tech. Retrieved April 7, 2025, from https://tech.hindustantimes.com/tech/news/how-biometric-authentication-boosts-upi-security-key-benefits-and-challenges-for-digital-payments-71724315696346.html
Mascellino, A. (2024, August 27). Indian regulator considers biometric authentication for UPI payments. Biometric Update. Retrieved April 7, 2025, from https://www.biometricupdate.com/202408/indian-regulator-considers-biometric-authentication-for-upi-payments
PwC India. (2024). The Indian Payments Handbook 2023-24: Steering through the payments revolution. PwC India. Retrieved April 7, 2025, from https://www.pwc.in/assets/pdfs/indian-payment_handbook-2024.pdf
Team Open. (2023, June 1). From Cash To Clicks: India’s Digital Payment Evolution. Open Blog. Retrieved April 7, 2025, from https://open.money/blog/from-cash-to-clicks-indias-digital-payment-evolution/
Chaser Team. (2023, November 14). The psychology of paying: Understanding customer payment behaviors. Chaser Blog. Retrieved April 7, 2025, from https://www.chaserhq.com/blog/psychology-of-paying
Note: Publication date reflects the 'last updated' date found on the page.
Jeff H. (2016, May 8). The Evolution of Payment Pain: Cash vs Cards. Dev Discourse. Retrieved April 7, 2025, from https://devdiscourse.com/article/business/320005-the-evolution-of-payment-pain-cash-vs-cards
Note: This source was accessed via the Bing redirect link provided in the original list. The direct link is used here.
McKinsey & Company. (2023). The 2023 McKinsey Global Payments Report. McKinsey & Company. Retrieved April 7, 2025, from https://www.mckinsey.com/industries/financial-services/our-insights/the-2023-mckinsey-global-payments-report
Note: Assumed this refers to McKinsey's annual report. The exact report intended might differ, but this is a likely candidate for the title "Payments 2025 and Beyond".