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Customer Preference and the Barriers to adopting digital payments In India.

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Customer Preference and the Barriers to adopting digital payments In India.

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  1. Customer Preference and the Barriers to adopting digital payments In India.

  2. The digital payment landscape has leveraged and multiple levels with the technology and innovation combined as a dynamic force to change the financial ecosystem of India. The digital payments were viewed with scrutiny a few years ago and according to recent research by the KMPG-Digital Payments analyzing the cyber Landscape and seen that there 88% of the people prefer digital payment modes over the traditional ones. But there are a few barriers that add to the slow down of the digital adoption by the customers in India. To Pay Landline Postpaid Bill Online is still a far reality for millions in the country.

  3. India is a vast country consisting of the varied geographies and fragmented clusters of population. These are contributing to the difficulties in the rural inclusion to the digital space. Cyberspace is vast and yet due to the lack of knowledge about the digital payments and loss of control over the transaction are the main reason s for the villagers not onboard the digital bandwagon. All was not wrong with the demonetization act implemented in November 2016. Hence the payment of the utility bill payments became the need of the hour with only 14% of the cash in circulation. And DTH Recharge apps Android and IOS became the alternate modes of payment for Indian society was craving to adopt for digital payments. This offered the path to the establishments of the payment service providers with innovation that helped the people.

  4. The payment system consists of the merchant, the customer and the PSP(payment service provider). The PSP is of two types, banks and nonbank. Many of the trending PSP is of the non-bank entities that are providing efficient payment modes to its’ customers. The multi-utility bill payment like  Postpaid Mobile Bill Payment Online through the online digital payment modes provided the ease of payment and the immediate payment confirmation. Hence more people are inclining towards the digital payment modes of payment. This is solving many problems of the people through digital solutions.

  5. The Fintech companies are trying to provide all kinds of payment solutions through the Mobile applications that are user-friendly and built on the most secure technologies like the blockchain technologies that is the underlying technology for crypto currencies like bitcoins. With this kind of technology included in the bill payment sector. Also added with the artificial Intelligence, Mobility, IoT and cloud are changing the digital landscape through technologies of the future. Hence the mobile apps like Electricity bill online payment app  backed with the security protocols are providing secure payment platforms for bill payment.

  6. These technologies are only concentrated on the urban quanta that is already rapidly shifting towards the alternate modes of payment. Thus there is a high demand from the customer end for the superior payment options and interfaces. But in the rural sectors where bill payment is still a herculean task, there are times when people suffer from continuous disconnection of the amenities for a long duration of time. As traveling to the bill collection centers costs daily wages of the villager for Water bill payment.  Hence technology and innovations are bringing together a new infrastructure called Mobile Van that is facilitating bill payment and banking facilities to the remotest villages.

  7. The cash dependant regions are turning digital through this technology as the ATP Kiosk accepts bill payment by accepting can as a bill payment mode and makes the transaction digital. It also accepts other digital modes of payment including the credit/debit card payment. These are urging more people to turn towards the digital modes of payment. Hence the payment can be made in time and without any hassles. The mini ATMs are providing the banking facility of cash withdrawal to the villages where there is no access to ATMS and banks in the vicinity. Also, infrastructures to Pay gas bill online are being focussed in the rural regions after the

  8. CONTACT US MAILING ADDRESS 8th Floor, B.M.T.C / T.T.M.C Building,6th Block, Koramangala, Bangalore-560095. EMAIL ADDRESS info@xpay.life PHONE NUMBER +91-88843 56000

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