A financial system is a system that allows the exchange of fund between lenders, investors, and borrowers. Financial systems operate at national and global levels. They consist if complex, closely related services, markets, and institutions intended to provide an efficient and regular linkage between investors and depositors. Money, credit and finance are used as medium if exchange in financial systems.The payment system has gained significance once the countries which are into digitization proved to be more effective in financial inclusion measures. India is stepping in to the leadership role in case of internet stage, as it is dominating many other countries like US in case of internet usage and anticipating a growth in such a way people have more access to mobile than that of electricity connections at home. Indian policies are changing to adapt to the new digital world. India is open to innovation and is expecting a large investment in Indian E-commerce industry. Even though internet comes with many disadvantages India is trying to use its maximum benefits in order to create transparency in the system and that is one of the reason why Government shifted towards E-governance. The aim of this paper is to find out the related literature form the past literature by using the secondary data analysis. There are many specific cryptocurrencies currently becoming popular and widely-used as currencies, commodities, and electronic payment systems. The most commonly-used cryptocurrency is, by far, bitcoin. However, other cryptocurrencies (like Ripple, Ethereum, lit coin, and more) are growing in both public acceptance and value.