With the fast advances in innovation and changing socio-economics and way of life of individuals, the conventional methods of money transactions is replaced with offering approach to digital transactions such as mobile banking, internet banking, UPI payment modes, E-Wallets, credit card,Debit card etc. The rate of acceptance of these technology was initially slow but it showed a rapid increase after demonetization in November 2016. This helped the people who were unaware of these facilities and those who were ignorant towards these modes to start the usage of these facilities. This paper aims in finding the effectiveness of these digital transactions in transforming the economy. For analyzing this, a survey was conducted among 132 people on the modes of payment they use and what they feel is the most convenient mode of transacting money. The usage pattern of the customers suggest that the majority of them use online modes of payment for transaction of money. They also find online transactions convenient than the physical cash transactions. Therefore the digital payment providers have seen an increase in its usage and is growing day-by-day which ultimately provides more employments in these sector and also help in transforming the economy to a cashless one.
Keywords : online banking, EFT, e-wallets, economy.