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Azeez N. P., A., Imdadul Haque, M., Akhtar, S. Digital Payment and Economic Growth: Evidence from India. Applied Economics Quarterly, 68(2), 79-93.
Azeez N. P., Abdul; Imdadul Haque, Mohammad and Akhtar, S. M. Jawed "Digital Payment and Economic Growth: Evidence from India" Applied Economics Quarterly 68.2, 2022, 79-93.
Azeez N. P., Abdul/Imdadul Haque, Mohammad/Akhtar, S. M. Jawed (2022): Digital Payment and Economic Growth: Evidence from India, in: Applied Economics Quarterly, vol. 68, iss. 2, 79-93, [online]


Digital Payment and Economic Growth: Evidence from India

Azeez N. P., Abdul | Imdadul Haque, Mohammad | Akhtar, S. M. Jawed

Applied Economics Quarterly, Vol. 68 (2022), Iss. 2 : pp. 79–93

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Corresponding author. Department of Economics, Aligarh Muslim University, Aligarh, Uttar Pradesh, India, 202002.

Department of Economics, Aligarh Muslim University, Aligarh, Uttar Pradesh, India, 202002.

Department of Economics, Aligarh Muslim University Aligarh, Uttar Pradesh, India, 202002.


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Technological advancements have been the driving factor responsible for the structural composition of the financial markets and the development of digital financial technologies. The widespread use of information and communication technology (ICT) and artificial intelligence in the operation of the global financial sector is the hallmark of this development. Access to and usage of financial services have changed significantly due to this revolution and, more recently, the pandemic, which embraced digital solutions. Digitization of the economy promotes economic growth through inclusivity, efficiency, and innovation. The availability of electronic payment systems triggers a positive economic impact through rising consumption and production, thereby creating more employment and income and, in turn, strengthening economic growth. It benefits consumers and merchants as these payment methods are safer and more efficient, convenient, transparent, and affordable. Many empirical studies support the idea that digital financial development is crucial for enhancing efficiency and productivity and promoting a country’s economic growth. The study explores the relationship between gross value added, credit transfer, debit transfer, card payment, and prepaid instruments in India taking quarterly data from 2011 to 2019 and using the Autoregressive Distributive Lag (ARDL) model. The study reports a cointegrating relationship between the variables and discusses the implications of this relationship.

Table of Contents

Section Title Page Action Price
Abdul Azeez N. P. / Mohammad Imdadul Haque / S. M. Jawed Akhtar: Digital Payment and Economic Growth: Evidence from India 79
1. Introduction 79
2. Literature Review 81
3. Research Methodology 82
4. Analysis of Summary Statistics 84
5. Analysis 85
6. Conclusion 88
References 89
Appendix 92