1.

1 INTRODUCTION OF DIGITAL PAYMENT SYSTEM

1.2 EVOLUTION OF PAYMENT SYSTEM

1.3 METHOD OF DIGITAL PAYMENTS

1.4 ADVANTAGES OF DIGITAL PAYMENTS

1.5 CHALLENGES OF DIGITAL PAYMENTS

1.6 DIGITAL PAYMENTS IN GUJARAT

1.7 DIGITAL PAYMENTS IN INDIA

1.8 DIGITAL PAYMENTS IN WORLD SCENARIO

1.9 CAGR IN DIGITAL PAYMENTS

1.1 INTRODUCTION TO DIGITAL PAYMENTS

Digital payments refer to the transfer of money or payment of goods and services
through electronic means, such as computers, mobile phones, or the internet. With the
rapid advancement of technology, digital payments have become increasingly popular
and convenient for consumers and businesses alike.

There are several types of digital payments, including mobile payments, online
payments, and peer-to-peer payments. Mobile payments allow users to make
payments through their mobile devices, often using near-field communication (NFC)
technology or mobile apps. Online payments, on the other hand, enable users to pay
for goods and services on the internet through credit or debit cards, digital wallets, or
bank transfers. Peer-to-peer payments allow individuals to transfer money to each
other directly, often through mobile apps or online platforms.

Digital payments offer several benefits, including convenience, speed, and security.
Consumers can make payments at any time, from anywhere, and businesses can
receive payments faster and more efficiently. Digital payments also reduce the need
for physical cash, which can reduce the risk of theft and fraud.

However, there are also risks associated with digital payments, such as hacking and
identity theft. It is important to take appropriate measures to protect personal and
financial information when making digital payments, such as using secure websites
and apps, monitoring bank accounts regularly, and setting strong passwords.

Overall, digital payments are an increasingly popular and convenient way to make
payments, and with proper precautions, they can be a safe and secure option for
consumers and businesses.
By 2023, it is anticipated that 66.6 billion transactions total of $270.7 billion in India will
switch from cash to cards and digital payments.

Digital payments are ones made via digital or internet channels without the exchange of
actual money. Such a payment, which is sometimes referred to as an electronic payment (e-
payment), occurs when money is transferred from one payment account to another in which
both the payer and the payee utilise a digital device, such as a cell phone, computer, credit,
debit, or prepaid card.

A person or a firm could be the payer and payee. This means that in order for digital
payments to be made, both the payer and the payee must have a bank account, an
online banking method, a device from which they can make the payment, and a
medium of transmission. To meet these requirements, both parties must have signed
up with a payment provider or an intermediary, such as a bank or service provider.

Both online and in-person transactions for digital payments can be made to the payee.
For instance, both digital payment transactions would occur if a customer made a
purchase from a local grocer and paid him over UPI while doing so in-person.

Digital payments can be made using a variety of methods, including mobile wallets,
PoS terminals, NEFT, AEPS, and UPI. Having surpassed the threshold of $1 trillion
in transaction value, UPI is the most popular mechanism. According to a research by
"The Economic Times," as more users and businesses use it, internet transactions
have increased by 76% since 2020. By 2025, digital payments will account for 71.7%
of all transactions.

Reserve banks are crucial in India. The RBI of India, which serves as the nation's
Central Bank and plays a critical role, has taken numerous measures to create a solid,
safe, efficient, and secure system. The "Payment and Settlement Systems Act"
governs payment systems in India (PSS Act). For the purpose of establishing and
modernising the nation's safe payment system, the PSS Act was passed into law in
December 2007. A different approach has been used by the central bank. The
country's predominant characteristics of its wide geographic dispersion and the
extensive network of Indian banking system branches need the logistical collecting
and distribution of paper instruments.

1.2 EVOLUTION OF DIGITAL PAYMENTS

With the introduction of electronic payment systems in the late 20th century, the
development of digital payments began to take place gradually.

The following major turning points in the development of electronic payments:

1. Electronic Funds Transfer (EFT) is a method for moving money electronically

between bank accounts that was originally developed in the 1970s.
2. Credit and debit cards were introduced in the 1980s and 1990s, marking a
significant advancement in the development of digital payments. Due to the
convenience of making transactions without cash, these cards quickly
overtook other forms of payment.
3. Online Payments - In the 1990s, as the internet expanded, online payments
began to catch on. When PayPal was first offered in 1998, users could send
and receive money online.
4. Mobile payments have become more popular as smartphones have become
more common. With the help of apps like Apple Pay, Google Wallet, and
Samsung Pay, customers may use their cellphones to make purchases by
tapping or scanning.
5. Digital payments have been transformed by cryptocurrencies like Bitcoin,
which were originally released in 2009 and provide a decentralised, safe, and
quick payment mechanism independent of conventional financial institutions.
 6. Contactless Payments - In recent years, contactless payments have gained
popularity, allowing customers to make purchases by merely passing their
cards or mobile devices in front of a payment terminal. As a safer and
hygienic substitute for cash during the COVID-19 pandemic, this technology
has been widely used.

The development of digital payments has been influenced by both changes in

consumer behaviour and technological advancements. We can anticipate more
advancements in digital payments as technology develops, making consumer
transactions quicker, safer, and more practical.

1.3 METHODS OF DIGITAL PAYMENTS

1. Banking Cards:

Banking cards are plastic cards supplied by financial organizations that let
consumers access their bank accounts to make purchases, withdraw cash, or
send money electronically. They are also known as payment cards, debit/credit
cards, or payment cards. These cards frequently have a chip or magnetic stripe
that saves account information and enables the card to be read by electronic
card readers.

Debit cards are used to make purchases at retailers, withdraw cash from
ATMs, and send money online. They are linked to a customer's checking or
savings account. Typically, in order to authorize transactions, a PIN code must
be submitted.

On the other hand, credit cards give users the option to borrow money from a
financial organization in order to make purchases and subsequently repay the
loan over time, frequently with interest. The maximum amount that can be
borrowed from them often has a credit limit, and in order to avoid late fees and
 penalties, the customer is typically required to make at least the minimum
monthly payment.

Advantages:

 Cash can prevent against misuse in addition to helping with card payments,
making it highly convenient.
 A debit card can be obtained by anyone with a bank account.
 Unlike a credit card, a debit card limits a user's spending to the amount that is
available in his account. You should be aware of these 5 debit card benefits.

Limitations:

 A person's personal credit is ineffective when using a debit card.

 The bank imposes a variety of fees and levies on debit cardholders.
 If a person's card is lost occasionally, there may be a risk.

2. USSD [Unstructured Supplementary Service Data]:

Unstructured supplemental service data is referred to as USSD. This is one of the

top mobile banking services for people with low incomes. To complete a mobile
transaction, this type of payment can be utilised without downloading an app. This
method does not require a mobile data facility. This approach offers features
including balance inquiries, bank statements, and fund transfers.

Advantages:

 USSD has a very low or negligibly low cost.

 This system responds quickly and accurately.
  You might use this as a consumer-driven payment system.
 Because this method uses an automatic answer, customers must wait.
 This approach is suitable for widespread use.
 It is real-time and location-based, among others. (USSD Advantages: 10
Arguments in Favor of Its Usage by Companies, 2019)

Limitations:

 The massage cannot be saved or forwarded using this manner.

 Unlike other widely used short codes, the USSD code is not simple to
remember.
 It's occasionally unreliable owing to session-based timeouts.

3. AEPs [Aadhar Enabled Payment System]:

AEPs are a way to withdraw funds from a bank account. Aadhar data is utilised
for authentication purposes in this context. For a variety of banking transactions,
including cash deposits, cash payments, cash withdrawals, balance inquiries, and
fund transfers, among others, from bank AEPs. Aadhar verification is used in all
financial operations. With this technique, there is no need to visit a branch,
provide card information, or sign any paperwork. With a valid Aadhar number, it
is quite easy to use.

Advantages:

 Because fingerprints cannot be faked, AEPs are extremely quick and secure.
 Neither a debit card nor a signature are necessary with this approach. With
correspondent accounts, there is no need to go to the bank.
 For AEPs transactions, the person must supply their Aadhar number, bank IIN,
or name and fingerprint. UIDAI may impose a small fee for offering these
services.
  The union government covered all AEP costs up until December 31, 2019,
which is the most significant factor. Thus, AEP transactions were free prior to
then.

Limitations:

 If banking information is linked to Aadhar information, there is a possibility

that information or details could be misused or disclosed. Also, it might lead
to a significant issue.
 Because Aadhar data are maintained by private companies, the privacy of the
individual may be compromised.
 This strategy is difficult to utilise because a sizable section of the population
still lacks literacy, and as a central authority that may create new rules &
regulations operates, it may have an impact on cardholders.

4. Unified Payments Interface (UPI):

The National Payments Corporation of India created the real-time payment

system known as UPI, or Unified Payments Interface (NPCI). UPI enables
customers to immediately transfer money between bank accounts using a
mobile device without disclosing sensitive information or bank account
information.

A virtual payment address (VPA), which serves as a special identification for

the user's bank account, can be linked to a user's bank account using UPI.
Users can then use the VPA to send money to other users who also have bank
accounts that support UPI or to make payments to them.

UPI transactions can be started and finished with the help of a mobile app, and
because they are processed in real-time, the recipient receives the payments
nearly immediately. Because of this, UPI is a very practical and effective
payment option for both individuals and companies.
Advantages:

 The cheapest and free way to transfer money is through UPI.

 By adopting UPI, it will cut down on trips to the ATM and relieve users from
having to carry cash.
 Information like credit card numbers or bank account information are not
required. Information about the account must be provided. A user must enter
an easy-to-remember virtual payment address.
 Compared to other digital payment methods, UPI is more secure because it
does not require information like a card number or CVV.
 UPI methods offer immediate transfers because they operate around-the-clock
and on all days of the year. Strikes at banks or their peculiar hours won't stop a
transaction.
 A single UPI app can manage numerous accounts.
 UPI offers a money collection service as well, which sends money to parties.
 UPI has mostly replaced digital wallets since it is less expensive.

Limitations:

 UPI transactions require a stable internet connection to function properly. Poor

connectivity or network outages can disrupt UPI transactions and cause
delays.
 UPI imposes certain transaction limits, such as a maximum transaction amount
per transaction and per day. This can be a limitation for businesses and
individuals who need to make larger transactions.
 While many banks and financial institutions in India offer UPI-enabled apps,
not all banks are part of the UPI network. This means that some users may not
be able to use UPI for transactions.
 Many users may not be aware of the proper procedures for using UPI or may
not be comfortable with using technology for financial transactions. This can
result in errors and delays in transactions.
 5. Mobile Wallet:

To utilise a mobile wallet, a user must download an app. A mobile wallet can hold
many pieces of information, including encoded account and card information. The
mobile wallet can be used for payments and purchases, but first, one must add
funds to his virtual wallet. There are many mobile wallet apps accessible in the
nation, including Paytm, MobiKwik, which is free. For the service provided, there
can be a transaction fee. A mobile wallet is secure. Compared to physically
swiping cards, it is safer.

Advantages:-

 Customers find it more convenient, and a mobile wallet is more affordable

because no intermediaries are needed.
 It saves money because there is no need to maintain an expensive POS system.
 Mobile wallets can be accessed from anywhere, at any time, as long as the
user has an internet connection. This makes it easier for users to manage their
finances, pay bills, and make purchases, regardless of their location.
 Many mobile wallets offer rewards and incentives, such as cashback,
discounts, and loyalty points, for using their services. This can help users save
money and earn benefits while making payments.

Limitations:-

 Mobile wallets are not accepted everywhere, and not all merchants have the
infrastructure to accept mobile wallet payments.
  Mobile wallets may not offer all the features and services that are available
with traditional bank accounts, such as cheque deposits and ATM
withdrawals.
 Mobile wallets require a stable internet connection and a compatible device to
function properly. Technical glitches or network outages can disrupt
transactions and cause inconvenience to users.
 Mobile wallets are vulnerable to fraud and hacking, which can result in the
loss of funds or sensitive information. Users need to take appropriate security
measures, such as setting strong passwords and avoiding using public Wi-Fi,
to prevent such incidents.

6. Prepaid banking cards:

It require money to be loaded in order to be used for purchases. The debit card and
the customer's bank account must be linked; the bank account may not be linked
with a card. A depository account may be at risk via a banking card. There are
many different kinds of cards, including credit cards, debit cards, and ATM cards.
Plastic cards with magnetic stripes are issued by banks. This card contains an
identification code that a machine will read. The card that banks issue contains the
client's name, the name of the issuer, and the card number. The first bank card was
issued by Barclays in London.

Advantages:

 Benefits include the fact that bank-prepaid cards do not require a credit check
and that banks cannot provide credit, preventing debt accumulation.
 Prepaid credit and debit cards are functional.
 A lot of prepaid cards provide cashback advantages.

Limitations:

 Prepaid card usage costs are collected in a number of ways.

  Even though it functions like a debit and credit card, it is not one.
 Prepaid cards cannot be used in transactions where pre-authorization is
required.

7. PoS terminal [Point of Sale Terminal]:

A portable gadget known as a PoS Terminal, or point of sale terminal, can read
credit cards. It is set up so that debit and credit cards can be used to make
purchases. Several POS terminal types include physical POS, mobile POS, and
virtual POS. Holden, 2021

Advantages:

 It simplifies the accounting process, gives detailed sales data, lowers staff
turnover, and makes managing employee work schedules easier.
 Its controls and user error reduction.
 It offers concise receipts and is extremely quick. 2018's Kanaya.

Limitations:

 POS systems can be expensive to purchase and install, especially for small
businesses. The cost of hardware, software, and maintenance can be a
significant investment for businesses.
 POS systems require a stable internet connection and proper maintenance to
function properly.
 Some POS systems may not support all types of electronic payments, such as
mobile wallets or cryptocurrency.
 Merchants need to take appropriate security measures, such as using
encryption and strong passwords, to prevent such incidents.
 8. Internet banking:

The practise of doing financial transactions online is called as internet banking. It

is also referred to as virtual banking or e-banking. Online fund transfers use
NEFT, RTGS, or IMPS. It is a service provided by banks and financial institutions
that allows customers to access their bank accounts and conduct financial
transactions over the internet.

Advantages:

 Internet banking allows customers to access their accounts and conduct

financial transactions from anywhere, at any time, as long as they have an
internet connection.
 Internet banking is accessible to customers 24/7, allowing them to manage
their finances and conduct transactions at their own convenience.
 Internet banking allows customers to view their account balances, transaction
history, and account statements online, providing greater transparency and
visibility into their finances.
 Internet banking allows for fast and efficient financial transactions, such as
fund transfers and bill payments, which can be processed in real-time.

Limitations:

 It can be a little challenging to use at first for a beginner.

 It cannot function without an internet connection.
 Information in online banking could be compromised by a third party.
 Other issues like a sluggish internet connection and password security could
exist.

9. Mobile banking:
 The practise of using a smartphone to conduct financial or banking transactions. It
is the primary function of mobile wallets, digital payment apps, UPI, and other
similar services. Many banks today have released their own apps that customers
may download and utilise.

With the advent of Short Messaging Service (SMS) technology in the early 2000s,
the idea of mobile banking first became popular. Customers might use text
messages to access their account information and carry out simple banking tasks
like checking account balances and transferring money.

Advantages:

 The first and most significant advantage of mobile banking is that it can save
time as bank visits are not necessary.
 With enhanced efficiency, frauds can be decreased and it is highly convenient
and secure to make payments or access bank accounts.
 Usually speaking, an internet connection is not necessary.

Limitations:

 There's a chance you'll get a bogus massage.

 If someone loses their mobile device, there is a significant risk involved.
 A bank's services may result in the collection of service fees.
 Antivirus software is incompatible with a lot of mobile phones.

10. ATM:

ATMs, or Automated Teller Machines, have become an integral part of the

modern banking system. They are electronic machines that allow customers to
access various banking services, such as cash withdrawals, deposits, transfers, and
account inquiries, 24/7, without the need for human assistance.
 A micro ATM is a scaled-down version of an ATM. It can carry out a variety of
operations, including cash deposits, withdrawals, fund transfers, balance inquiries,
Aadhar seeding, creating savings accounts based on e-KYC, and receiving service
requests. This device is carried by bank representatives in far-off places, yet it
cannot store any currency due to its portability. As a result, the cash is carried by a
bank agent.

Advantages:

 One of the primary advantages of ATMs is their convenience. They are

available 24/7, which means that customers can access their banking services
at any time, without having to wait in line at a bank branch or during regular
business hours.
 ATMs allow customers to complete their banking transactions quickly and
efficiently, without the need for human assistance.
 It is secure because without a PIN, a lost card cannot be used.
 It allows users to make payments without paying the usual transaction fees.

Limitation:

 The cash cannot be completely replaced by using ATMs everywhere and the
fact that many online scams use stolen bank information.

1.4 ADVANTAGES OF DIGITAL PAYMENTS

Compared to conventional payment methods, digital payments have a number of

benefits. Many of these benefits include:
Convenience: One of the biggest benefits of digital payments is the ease with which
they can be made. Consumers can use their laptops or mobile devices to make
payments at any time and from any place.

Speed: Real-time processing of digital payments makes them speedy and

advantageous for companies that must immediately receive payments.

Security: Digital payments are protected against fraud and identity theft by many
layers of encryption and verification.

Cost-effective: Digital payments are frequently less expensive than conventional ones.
Physical transaction fees are not charged, and processing fees are frequently lower.

Digital payments are perfect for persons who live in rural places or have limited
access to traditional banking services because they are accessible to anyone with a
smartphone or computer.

Transparency: Users can easily keep track of their spending thanks to the transparency
of digital payments, which have thorough transaction records.

Environmentally friendly: Digital payments are environmentally friendly as they

eliminate the need for paper checks, reducing paper waste and environmental impact.

Overall, digital payments offer numerous advantages over traditional payment

methods and are becoming increasingly popular as more people embrace digital
technology.

1.5 CHALLENGES OF DIGITAL PAYMENTS

Digital payments have transformed commerce and provided numerous advantages

like simplicity, security, and effectiveness. To fully fulfil the potential of digital
payments, there are still a few issues that need to be solved.
Following are a few of the main difficulties:

1. Security: As digital payments have become more popular, cybercrime like

identity theft, hacking, and phishing scams has risen. For the system to
continue to be trusted, digital transaction security must be ensured.

2. Lack of widespread acceptance: People who prefer using digital payment

methods may find it difficult because not all companies and people accept
them. Promoting the adoption of digital payments can be accomplished by
broadening its acceptance.

3. Infrastructure: To operate effectively, digital payments need a strong

technological foundation, which includes hardware, software, and dependable
internet access. There may not be sufficient infrastructure in some places to
allow digital payments, which would restrict usage and adoption.

4. Education: Many people are either unfamiliar with or unsure of how to use
digital payments. Programs for education and training can aid in spreading
awareness and encouraging the use of digital payments.

5. Cost: Digital payments, especially for little transactions, can occasionally be

more expensive than conventional payment methods. Digital payments can be
made more accessible to a larger range of people by lowering their cost.

Digital payments are governed by a number of different laws in many different

countries. While safeguarding consumers and businesses, ensuring consistency and
coordination across these policies can aid in fostering the expansion of digital
payments. Building a robust, safe, and inclusive digital payments ecosystem will
require cooperation between governments, corporations, and other stakeholders to
address these issues.
1.6 DIGITAL PAYMENTS IN INDIA

In India, digital payments have increased significantly in recent years, particularly

following the government's decision to demonetize currency in 2016.

The following are a few crucial elements of digital payments in India:

1. Paying Systems: In India, payment methods like Paytm, Google Pay, PhonePe,
and others have grown in popularity. Credit/debit cards, net banking, and
mobile wallets are just a few of the payment methods that are available
through these gateways.

2. Governmental Programs: The Unified Payments Interface (UPI) and Bharat

Interface for Money are only two of the measures the Indian government has
developed to promote digital payments (BHIM). Even in rural places, these
programmes have made it simpler for consumers to make digital payments.

3. Growth of Fintech Startups: There has been an increase in fintech businesses

offering cutting-edge digital payment solutions in India. From tiny enterprises
to individual consumers, these startups are aiming to appeal to different
market sectors.

4. Cashless Transactions: A notable rise in cashless transactions has also been

attributed to digital payments in India. Nowadays, a lot of companies accept
digital payments, and some have even ceased taking cash altogether.
Digital payments provide advantages, but there are also security issues to be
concerned about. In India, fraud and hacking events have been recorded, prompting
requests for the implementation of tighter security measures.

Overall, with more and more individuals utilising them every day, digital payments
have become a vital aspect of the Indian economy. Although there are still issues to be
resolved, digital payments in India have a bright future.

1.7 Digital Payments in world scenario

Due to the convenience, security, and speed of digital payment, it has gained
popularity on a global scale. Following are some examples of global trends and
advances in digital payments:

Paying using a mobile device Mobile payments have expanded in popularity as

smartphone adoption rises. The use of various mobile payment systems has increased,
including Apple Pay, Google Pay, and Samsung Pay. The way people make payments
has completely changed in developing nations because to mobile payment platforms
like M-Pesa.

E-wallets: These digital wallets, which allow users to store their payment information
and make purchases, have become more popular in recent years. Worldwide
popularity has increased for payment systems like PayPal, Alipay, and WeChat Pay.

Contactless payments: The COVID-19 pandemic has increased the use of contactless
payments, commonly referred to as tap-and-go. Near-field communication technology
is used in this payment method to facilitate transactions without making physical
contact.
Bitcoin and Ethereum are two examples of cryptocurrencies that have grown in
popularity as alternative digital payment systems. Despite being in its infancy, several
businesses have begun to accept cryptocurrency as payment.

Regulatory structure: Governments all across the globe are enacting legislation to
encourage the adoption of digital payments because they understand how important
they are. To enhance competition and innovation in the payment business, the
European Union, for instance, created the Payment Services Directive.

Overall, digital payment has assimilated into the global economy and is predicted to
develop more in the years to come.

1.8 CAGR IN DIGITAL PAYMENTS

For the past few years, the Compound Annual Growth Rate (CAGR) for digital
payments has been gradually rising. The global market for digital payments was
estimated to be worth $4.1 trillion in 2019 and is projected to grow at a CAGR of
13.7% between 2020 and 2025 to reach $8.5 trillion.

More individuals are remaining at home and depending on online transactions for
their everyday requirements as a result of the COVID-19 epidemic, which has
hastened the adoption of digital payments. The simplicity and security of digital
payments have grown commonplace among consumers, thus it is anticipated that this
trend will continue in the post-pandemic future.
After the demonetization campaign in 2016, which caused a boom in the use of digital
payment systems, India has seen substantial growth in the area of digital payments.
According to a report by Mordor Intelligence, the digital payments market in India is
projected to expand at a CAGR of 20.2% between 2020 and 2025.

According to a report by ResearchAndMarkets, the digital payments market in China

has also experienced rapid expansion in recent years, with the total transaction value
anticipated to reach USD 49.2 trillion by 2023, expanding at a CAGR of 21.8% from
2019 to 2023.

The growth of digital payments is also being fueled by the expanding use of
smartphones and the internet, as well as the accessibility of low-cost digital payment
options. The adoption of digital payments has been further accelerated by the growth
of e-commerce and the desire for contactless payment solutions.

In general, the continuous digital revolution and shifting consumer behaviour are
projected to keep the CAGR in digital payments robust in the upcoming years.

1.9 DIGITAL PAYMENTS IN GUJARAT

Digital payments have gained significant traction in Gujarat, a state located in western
India. With the Indian government's push towards a cashless economy, several
initiatives have been taken to promote digital transactions in Gujarat.

The Gujarat government has launched various initiatives to promote digital payments,
including cashback offers and incentives to encourage consumers to use digital modes
of payments. The state government has also taken steps to promote digital literacy and
awareness about digital payments among citizens.
In addition, various private players, including banks, e-wallet providers, and payment
gateway providers, have also launched several digital payment options, such as UPI,
mobile wallets, and internet banking, to facilitate cashless transactions in Gujarat.

According to the Reserve Bank of India (RBI), Gujarat ranks among the top ten states
in terms of the volume of digital payments transactions. In the financial year 2020-21,
the state recorded a total of 918.1 million digital transactions, with a total value of
INR 6.9 trillion.

Overall, digital payments in Gujarat are gaining momentum, and the state
government, along with private players, is taking significant steps to promote digital
transactions and create a more cashless economy.

Gujarat has joined the movement to make India a cashless nation since the prime
minister first declared it. The public was educated about the cashless system through a
variety of training and awareness activities. Such a program's major objective was to
promote digital payments and make people aware of how they might alter society. A
programme like this includes training for adolescents, communities, Anganwadi
workers, and Asha workers. Cashless transactions have become extremely common
since demonetization.

The following are some of the several digital transaction platforms: NFC or MST
transmission wave’s platform; Sound-based payments platform; Mobile Money
Identifier; UPI App-based payments platform; QR code-based payments system;
Aadhar enabled payment system; Net banking payments platform; Digital Wallet
Payment System; Magnetic stripe cards.

Some well-known Gujarati temples accept donations via e-wallet and ATMs to
encourage digital transactions. They also introduced swipe machines for this reason.
For the "Prasad," the trust has also begun to accept electronic payments. (Gujarat
temples start accepting offerings without cash, 2016) A major factor in any nation is
the growth of the central bank's national payment system.