Absract

Absract :- In every business, the simple act of collecting payments from consumers is actually quite complex if they collect through digital method. Organizations want to make it easy and convenient for customers to pay, so they offer multiple choices of payment types and channels. Customers can mail a check, phone in a credit card number, pay in person with cash, directly debit a bank account, and more. However, making it easy for the consumer often makes it more complex—and costly—for the business. To further complicate the situation, there are several major trends that are changing the face of Payment technology. Mobile wallet is set to increase from 8 to 15 percent of payments in 2020. The most successful online store in India in 2016 was Amazon.in with an approximate 438 million U.S. dollars in net e-commerce sales. Flipkart was ranked second with close to 399 million U.S. dollars in net sales .For example, a full two-thirds of all bills are expected to be paid electronically by 2012—up 20 percent from 2007—with most of the growth destined for Web and phone applications .This paper reviews five current and predicted bill payment technology for the next five years and discusses some of the key planning parameters your company should consider to best prepare for and benefit from the changing payment landscape. In India,there is different payment technology that increase the digitalization like Airtel Money, Citi Master Pass, Citrus Pay, Ezetap, Freecharge , HDFC PayZapp , ICICI Pockets, JioMoney, Juspay, LIME, Mobikwik, MomoeXpress, MoneyonMobile, Mswipe, Ola Money, Oxigen, PayMate, Paytm, PayUmoney, State Bank Buddy. These Apps help cashless payment technologies in India, these are some of the best digital wallets in India you must opt for. According to a survey by celent, the ratio of electronic payment transactions has deliberately increased between 2004 and 2008. All these has happened as a result of advances in technology and increasing e-payment of the ease and efficiency of internet and mobile transactions. In India, the RBI has played a important role in facilitating e-payments by making it compulsory for banks deal high value transactions through Real Time Gross Settlement (RTGS) and also by introducing NEFT (National Electronic Funds Transfer) and NECS (National Electronic Clearing Services) which has encouraged individuals and businesses to switch and do maximum payments and selection in electronic mode .