Due to the Indian government’s demonetization initiative, India is experiencing challenges with cash transactions. While the country is transitioning towards digital payments, demonetization has accelerated this shift. The government is also promoting financial transactions via mobile payments using Aadhar numbers. Aadhar-enabled solutions, like mobile payments apps linked to Aadhar numbers, facilitate cashless transactions. The National Payments Corporation of India (NPCI) introduced the Aadhaar Payment Bridge System to channelize government subsidies into Aadhaar Enabled Bank Accounts. All stakeholders are actively working to promote a cashless economy. Urban populations in India are already embracing mobile payments and e-wallets, while many individuals from middle and higher economic strata are using cards for transactions. NPCI’s Unified Payment Interface (UPI) allows for multiple bank account transactions, including fund transfers and merchant payments, through a single mobile app, leveraging the Immediate Payment Service (IMPS) platform. UPI was launched on April 11, 2016, with banks introducing UPI-enabled apps on Google Play Store from August 25, 2016. 
How is UPI beneficial to banks?
- Enable seamless merchant transactions
- Single click, two factor authentication
- Payment based on single/unique identifier
- Universal application for all transactions
- Innovative, safer and secured
- Leveraging existing infrastructure
How will UPI help end consumers?
- Single application for accessing different ban accounts.
- Use of more secure virtual ID, no credential sharing
- Raise compliant directly using mobile app
- Round the clock availability of app
- Single click authentication
Banks and merchants in India are trying to find out best ways to make digital payment reality in overall India. Various providers, including POS terminal companies, are striving to innovate cheaper card acceptance infrastructure to promote online transactions across India. Government’s latest move has definitely brought the digital payments in central debate. Many digital experts consider the POS system as a slower process and has less scalability. The generation of mobile payments has already started the wave of digital payment revolution in India.
Solution of Payment Gateway Integration to Facilitate Seamless Purchases
To facilitate online payments and transactions, payment gateway integration is essential. For most of the merchants, integration of payment gateway solution is the most challenging part. It makes easier for the customer and ensures the security of customer’s data. For merchants, it minimizes the amount of manual tasks and labor. Thus payment gateway integration allows you to accept a wide array of payments from all over the world. 
Tighter Security Required for Using e-wallets
With the rise in digital payments, the security of consumer’s data also need extra attention. We need to build an extra secure payment ecosystem that should follow the RBI’s mobile payment guidelines as well as the strongest encryption algorithms to ensure complete security and safety of consumer’s data and mobile payment transactions. Currently, Paytm, Freecharge and Mobikwik are leading organisations of mobile payment industry, followed by new entries like Citrus Pay, Instamojo, TranServe and many more. There is still a lot to do to create a complete and vibrant mobile payment ecosystem that would help millions of merchants and consumers to accept digital cash. 
What to do to move India forward towards cashless economy?
For more and more cashless transactions, we need more organizations to focus on more of Paytm and Free charge type of app development. To achieve the complete cashless economy, we need to focus on technologies for online payment mobile apps development.
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