IMPACT OF DIGITAL PAYMENT ADOPTION ON THE FINANCIAL PERFORMANCE OF MICRO AND SMALL BUSINESSES IN NAGPUR

Abstract

The study investigates how the financial performance of micro and small companies (MSBs) in Nagpur is affected by the use of digital payments. It demonstrates how the financial performance of MSBs is greatly enhanced by the integration of digital payment systems, which raises customer happiness, improves cash flow management, and increases operational efficiency. However, challenges such as technological infrastructure limitations, security concerns, and resistance to change are identified. The study provides practical suggestions for entrepreneurs, decision-makers, and financial organisations to support the implementation of digital payments in an efficient manner, allowing MSBs to maximise their financial performance and support regional economic growth. The study emphasises how critical it is to comprehend how digital payment methods affect the financial stability of neighbourhood businesses.