A Study on the Growing Innovation and Changing Consumer Behavior Towards Digital Payment Services - in Metro Cities
Digitization has driven growth in the payments and the banking industry with services being quick in nature. The digital payment space is expected to grow to INR 4,323.63 trillion by the year 2024.India is seen to have adopted technological advancements and the onset of smartphones has aided the pay...
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| Format: | Article |
| Language: | English |
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Dunarea de Jos University of Galati
2022-04-01
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| Series: | Annals of Dunarea de Jos University. Fascicle I : Economics and Applied Informatics |
| Subjects: | |
| Online Access: | http://www.eia.feaa.ugal.ro/images/eia/2022_1/Neha_Askshmeet_Sholka.pdf |
| _version_ | 1818017270218096640 |
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| author | Gupta NEHA Kaur AKSHMEET Shetty SHLOKA |
| author_facet | Gupta NEHA Kaur AKSHMEET Shetty SHLOKA |
| author_sort | Gupta NEHA |
| collection | DOAJ |
| description | Digitization has driven growth in the payments and the banking industry with services being quick in nature. The digital payment space is expected to grow to INR 4,323.63 trillion by the year 2024.India is seen to have adopted technological advancements and the onset of smartphones has aided the payment services market as well. The global COVID-19 health crisis and government responses, such as lockdowns restricting economic activities, increased the need for contactless payments, accelerating the shift to digital finance in many economies. 106 responses collected through structured questionnaire from Metro cities and 7 factors such as varieties in offerings, convenience, awareness, infrastructure limitations, impact of Covid 19, efficiency and security issues are identified to influence the understanding of consumer behaviour with respect to digital payments. Secondary data collected through various reports reflected the positive shifts toward digital payment, but also highlights the unequal access to these services, especially among vulnerable groups. The adoption of digital finance includes risks such as those related to consumer protection and financial capabilities. Advances in digital financial inclusion are likely to be more sustainable and equitable when accompanied by policies that address the different circumstances facing consumers and provide for the skills development, regulatory protections and product designs suited to their needs. |
| first_indexed | 2024-04-14T07:25:01Z |
| format | Article |
| id | doaj.art-e35fc067f1ac42f08e288263c00542b3 |
| institution | Directory Open Access Journal |
| issn | 1584-0409 |
| language | English |
| last_indexed | 2024-04-14T07:25:01Z |
| publishDate | 2022-04-01 |
| publisher | Dunarea de Jos University of Galati |
| record_format | Article |
| series | Annals of Dunarea de Jos University. Fascicle I : Economics and Applied Informatics |
| spelling | doaj.art-e35fc067f1ac42f08e288263c00542b32022-12-22T02:06:03ZengDunarea de Jos University of GalatiAnnals of Dunarea de Jos University. Fascicle I : Economics and Applied Informatics1584-04092022-04-0128115617010.35219/eai15840409258A Study on the Growing Innovation and Changing Consumer Behavior Towards Digital Payment Services - in Metro CitiesGupta NEHA0Kaur AKSHMEET1Shetty SHLOKA2K. J. Somaiya Institute of Management Studies & Research, Vidyanagar, Mumbai, IndiaK. J. Somaiya Institute of Management Studies & Research, Vidyanagar, Mumbai, IndiaK. J. Somaiya Institute of Management Studies & Research, Vidyanagar, Mumbai, IndiaDigitization has driven growth in the payments and the banking industry with services being quick in nature. The digital payment space is expected to grow to INR 4,323.63 trillion by the year 2024.India is seen to have adopted technological advancements and the onset of smartphones has aided the payment services market as well. The global COVID-19 health crisis and government responses, such as lockdowns restricting economic activities, increased the need for contactless payments, accelerating the shift to digital finance in many economies. 106 responses collected through structured questionnaire from Metro cities and 7 factors such as varieties in offerings, convenience, awareness, infrastructure limitations, impact of Covid 19, efficiency and security issues are identified to influence the understanding of consumer behaviour with respect to digital payments. Secondary data collected through various reports reflected the positive shifts toward digital payment, but also highlights the unequal access to these services, especially among vulnerable groups. The adoption of digital finance includes risks such as those related to consumer protection and financial capabilities. Advances in digital financial inclusion are likely to be more sustainable and equitable when accompanied by policies that address the different circumstances facing consumers and provide for the skills development, regulatory protections and product designs suited to their needs.http://www.eia.feaa.ugal.ro/images/eia/2022_1/Neha_Askshmeet_Sholka.pdfdigital paymentsfinancial inclusionpandemictechnological advancements |
| spellingShingle | Gupta NEHA Kaur AKSHMEET Shetty SHLOKA A Study on the Growing Innovation and Changing Consumer Behavior Towards Digital Payment Services - in Metro Cities Annals of Dunarea de Jos University. Fascicle I : Economics and Applied Informatics digital payments financial inclusion pandemic technological advancements |
| title | A Study on the Growing Innovation and Changing Consumer Behavior Towards Digital Payment Services - in Metro Cities |
| title_full | A Study on the Growing Innovation and Changing Consumer Behavior Towards Digital Payment Services - in Metro Cities |
| title_fullStr | A Study on the Growing Innovation and Changing Consumer Behavior Towards Digital Payment Services - in Metro Cities |
| title_full_unstemmed | A Study on the Growing Innovation and Changing Consumer Behavior Towards Digital Payment Services - in Metro Cities |
| title_short | A Study on the Growing Innovation and Changing Consumer Behavior Towards Digital Payment Services - in Metro Cities |
| title_sort | study on the growing innovation and changing consumer behavior towards digital payment services in metro cities |
| topic | digital payments financial inclusion pandemic technological advancements |
| url | http://www.eia.feaa.ugal.ro/images/eia/2022_1/Neha_Askshmeet_Sholka.pdf |
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