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Role of payment systems in financial well-being: An examination from India

Book Chapter

Authors: Vijaya Kittu Manda; Anuradha Yadav; Lubza Nihar Khaliq

Book Name: Emerging Perspectives on Financial Well-Being

ISBN: ISBN13: 9798369317501; ISBN13 Softcover: 9798369345979; EISBN13: 9798369317518

Publisher: IGI Global

Editor(s): Dharmendra Singh, Rohit Bansal, Swati Gupta, Yasmeen Ansari

Publication Date: May 25, 2024

Pages: 228 to 251

Book Chapter Link on Publisher Website

Abstract: Payment systems play an essential role in the financial well-being of an individual. This chapter explores the connection between the two from India’s payment revolution perspective. A multi-dimensional typology encompassing psychological factors and financial outcomes provides comprehensive knowledge of financial well-being. The digital payment ecosystem in India, driven by the Unified Payments Interface (UPI), is a compelling case study. The chapter underscores the significance of access to financial services, financial literacy, financial inclusion, and financial protection in promoting overall well-being. Recent trends highlight the growth of fintech startups and their contribution to expanding access to financial services. Adopting digital payment systems has influenced spending patterns, saving habits, and credit behavior, shaping individuals’ financial behavior. However, challenges such as financial inclusion, literacy, and consumer protection need to be addressed.

Keywords: Payment systems, Financial well-being, Digital payment ecosystem, Financial literacy, Financial inclusion, Financial protection, Fintech innovations, Financial behavior, Emerging payment trends, UPI

DOI: https://doi.org/10.4018/979-8-3693-1750-1

| Scopus

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