Development of Financial Technology through E-Payment System in India

A new phase of digital transformation has initiated in 2010 for the very first time with the financial technology innovation and known as IMPS. The expectations driven and E-payment system reached to a new hike with benchmark performance. Many explorations have been executed in the economy from e-wallets to insurtech, e-funding to agritech, blockchain to cryptocurrencies (bitcoin investments). These finnovations stepped out with a strong foundation in the economical scenario to make the digitization an inseparable part of our economy. This research study proposes an element of electronic on the payment as a disruptive. The research methodology followed is descriptive in nature and started with comparing the paradigm shift in payment system. The time period that has been taken to make this study ranges five years, i.e., (2015-2020) and data is based on secondary sources. Annual reports of RBI are being taken into consideration to understand the particular changes and consumer preferences and adaptations efficiently. The outcome of the study shows that there is some lack of qualities in old type of payment system due to which people felt a need to adapt themselves according to the changing reality of digitized world. This research study will help researchers to analyze the future trends of FinTech companies and to understand the ways for E-payment sector to get a growth capability specifically in India. It will also recommends the scope of future study that could be performed empirically to have an analytical result about the various aspects through which consumers make their choices of making digitally payment.