Digital payments and phygitall
What are digital payments?
Driven by recent policy initiatives and technological developments, India’s digital payment system is becoming a promising success story. At the same time, the data also show that the use of cash is increasing. Aggregated country-level data can reveal a wide range of citizen preferences, but new data sets based on online surveys were used to explore factors such as ‘perception’ and ‘trust’ of digital payments, and experience with online fraud. We understand how is influences the payment behaviour that influences consumers. Demographic factors such as age, gender, and income are relevant factors influencing this choice, but an individual’s use of digital payment methods may affect their perception of these tools, as well as the payment framework and banking practices in general. We found compelling evidence that it is influenced by trust in system in general. We found that the degree to which past experience with online fraud discourages the use of digital payments varies according to the purpose of the transaction.
Why phygitall focuses on digital payment?
Cash might seem convenient because it is ingrained in our habits and is still readily accepted in more places, but digital payments offer convenience by saving time and effort. . There are other problems with using cash. While offering a viable alternative to support informal or parallel economies, digital payments present themselves as a desirable tool for institutions to address this traceability issue. In fact, governments around the world have taken drastic measures at great expense to rid the market of “black money”. Behavioural science studies show that people are “painful to pay” when paying with cash rather than digitally, and this contributes to payment delays. While cash does not appear to have direct transaction costs like digital money, it still has costs for both governments and end users. A 2014 study found that a Delhi resident spent about 6 million hours accessing cash and he spent £91 million, while the Reserve Bank of India (RBI) and commercial banks combined accounted for currency-related operating costs in the same year. has spent about £210bn in cash. However, there are also huge implicit costs of digitizing existing systems and making people change. That is why phygitall is dedicated to focus more and more on the digital payments strategy so that they can create a better and safe payment get away environment. To know more about digital payments and how phygitall is helping the stream, click here to register for free for the upcoming DIGITAL PAYMENTS FOR ONLINE BUSINESS SUMMIT.