Digital Finance in India and Developed Countries A Comparative Analysis

Abstract : The literature regarding performance and shift in the financial system with the advent of the technological shift reveals that the policy formulated by the economist, financial analyst, and the policy makers is for the betterment of the people in the transaction process. India is endowed with a huge population with different literacy rate. When we go into the rural sector huge population don’t have the knowledge of the basic financial terminology even this is also seen the urban areas. The discussion reveals the loopholes as per the case studies given where the policymakers have to rethink before implementing the digital finance. The digital payment is a subpart of the digital finance segment with a total transaction of US dollar 3859 billion in 2019 which is the largest segment in the Fin Tech. With the advent of the technology revolution China holds the biggest market in the world in digital payment with a transaction of 1596 billion in 2019.