Articles

The growth of digital payment ecosystems in India has been one of the most significant developments in the financial and commercial landscape of the 21st century. Following demonetization in 2016 and the introduction of the Unified Payments Interface (UPI), the Indian economy entered a new era of cashless transactions. By 2018, the rise of mobile wallets, UPI-based apps, and e-payment platforms had begun to penetrate Tier-2 and Tier-3 cities, transforming the very foundation of commerce in emerging markets. These changes provided convenience, transparency, and inclusion, yet they also created managerial challenges related to consumer trust, financial literacy, cyber threats, and regulatory compliance. This paper examines the evolution of digital payment ecosystems in emerging Indian markets with a focus on managerial challenges. It situates the discussion within the post-2016–2018 context when digitalization accelerated and explores how businesses, consumers, and policymakers shaped the trajectory of digital payments. The paper highlights the opportunities created by this transformation, the challenges that emerged in smaller towns and semi-urban areas, and the future prospects for digital commerce in India. Keywords: Digital Payments, Emerging Markets, UPI, Managerial Challenges, FinTech, E-Wallets, Cashless Economy, Consumer Behavior, Financial Inclusion, India

This study investigates the determinants of corporate governance practices in Indian listed companies from 2012 to 2018, using a balanced panel of 500 firms across manufacturing, services, and IT sectors. We employ dynamic panel GMM estimation to address endogeneity and persistence in governance indices. Our key findings indicate that board independence positively impacts firm performance, with a coefficient of 0.214 (t-stat=3.45, p<0.01), while CEO duality reduces performance by -0.187 (t-stat=-2.98, p<0.05). Institutional ownership shows a significant positive effect (beta=0.098, p<0.10). The model's R-squared is 0.32, and the Hansen J-test confirms instrument validity. Policy implications highlight the need for stronger independent director norms and separation of CEO and chairperson roles to enhance governance quality.