Section Article

“Socio-Economic Implications of Digital Payment Systems: A Theoretical and Empirical Analysis of Cashless Economy Transformation”
Author(s): Preeti Bhoker Research Scholar Dr. Monika Chaudhary Professor

Abstract
Digital payment systems have had a major impact on transforming the worlds financial system such that it cannot be viewed in the same way as it was before. Digital Payment Systems Socio-Economic Impact on the Transition to Cashlessness is a study focused on the influence of digital payments as one element of the process of becoming a cashless society. This analysis examines institutional economics financial inclusion and the theory of technology acceptance in evaluating the socio-economic effects of digital financial systems. It finds that digital payments have been significant in enhancing the accessibility of the financial system bringing down transaction costs and improving efficiency in developing countries. However there are serious challenges associated with digital payments including the digital divide security problems and access to the right technologies and they could impede digital financial inclusion. There are also disparities in how positive the influence of digital payment systems on economic growth and financial inclusion has been across different socio-economic classes.