DIGITAL MODE OF PAYMENT SYSTEM IMPACT IN RETAIL MANAGEMENT SYASTEM

Abstract

Digital payment, often known as microelectronic compensation, isthe process of transferring monetary value from one payment account to another using a digital device, such as a cell phone.An automatic compensation refers to a digital transaction that takes place between two parties.  The many forms of e-compensation include line and bank allocations, cards, mobile payments, and other methods.  Various factors can influence industries in determining the most effective type or types of automated payment systems for their merchants.   Numerical recompense facilities are platforms that facilitate transactions between two parties, the spender and the acceptor, using electronic means to exchange funds.   Electronic prices are increasing the accessibility of expenditure and financing.   Electronic payments are rapidly enhancing the efficiency of transactions.  The objective is to minimize the expenses and challenges associated with cash management, enhance the convenience of online transactions, and promote transparency in financial transactions between individuals.   The digital payment system is a significant factor in the rapidly expanding commercial landscape. The majority of organizations are actively engaging in digitalization.   The majority of significant company operations and transactions have transitioned into the era of digitalization.   The key objective of research is to analyses different modes of electronic payment systems, identify the factors influencing the adoption of robotic expense systems in retail operations, investigate the implementation and components of electronic payment in the city of Chennai, and assess the practices and preferences of respondents regarding payment methods, as well as the impact of electronic payment on retail operations.   The results indicate that electronic payment methods are beneficial for retail businesses.

Key Words: Cashless transactions, E-business, E-Payment, Online, Retail shop