Impact Of Digital Payment In India

The future of payments is current shifting to another path with how technology is changing and is currently modifying how we process our payments and how we store data. It is going away from low-tech and paper based tools, expensive and bulky registers, and physical card swipes. And it is introducing and renovating online commerce and online payment. This is happening due to the decrease of money supply and checks in the current market because people are starting to pay more and more there bills online. As the economy improces and corporations and business gets larger they have started a large-scale implementation of processors in electronic payment technology in their business ands services. Also, credit and debit are growing amongst consumers and it has been the highest that it has even been in history.

As technology advances over the years, we have experienced and noticed that the trend in how payment are received have shift tremendously. Twenty years ago, check was the preferred way of payment. In today’s world, more and more payments are done by credit cards. Credit card transactions are instance that provides a faster payment method.

24. How can Indian banks use legal recognition of digital signature for development of business.

Payment processing has become more universal. Each transaction, whether it's in-store, eCommerce or mobile, needs to deliver a seamless integrated buying experience at any time of the day and on any device being used.

The most important payment app is Applepay, which is famous and well-known throughout the world. Applepay not only shows its simpler payment, but is also makes consumers account become higher security. From the interviewing , people also hold the good view on Applepay because Applepay truly bring more advantages and convenience to them. Then trend that outweigh people are choosing Applepay is soaring. It is a fact that Applepay definitely enhances people lives quality.

Mobility has brought a huge difference in the IT industry. Most companies are dependent on doing business via mobile devices. Most individuals with mobile phones, this is their only connection to information and entertainment.(class notes) Every company is now looking to emerge on top by using the latest mobility features that are not only efficient, but also effective. Mobility will allow for easy access of company documentation, easy collaboration and communication between teams both here and also offshore. In this paper today I will write about Mobile payments and how it affects retail competitiveness and operations.

* Online payment methods that improve along with the Internet, which is almost accessible to everyone, everywhere. The popularity of paper check payments has decline versus this online services. To add to this, the increase

. Mobile payment users >190 MM in2012, which is over3 % of total mobile users worldwide a level considered as "mainstream”

There are differences in the implications for those who use prepaid cards and those who use digital payment services. Prepaid cards are used to make financial transactions just like those carried out by credit cards, but their market is catered toward those with lower incomes – roughly 23 million Americans. Digital payment services, however, are more likely to be used by those in the middle-to-upper classes. Digital payment services must be tied to credit cards and bank accounts. This difference in market share results in different impacts for prepaid card and digital payment service users. The implications for digital payment service users relate to fees, market share for the companies, transaction times, and data security. The implications for prepaid card users relate to

Many financial institutions across the world have adapted to the change towards the cashless society by implementing electronic funds transfer via automated teller machines (ATM’s) and of late, the internet. By having a simple plastic card, society could completely eliminate the need for cash. The benefits range from the end user through to the government and the

Reaction is impulsive and rigorous in case of a threat. It is mild and lukewarm in case of an opportunity. Same is the case with going cashless. Cyber security is one of the retarding factor which can cast doubt in the mind of people, especially in those areas lagging behind in financial literacy. The mass should be made aware of the benefits of going cashless. At the same time, they should have the faith that their digital money is safe. India fares quite high in the United Nation’s Telecommunication Union's index of cyber security, placed in the' maturing category' at 23rd position out of 165 nations. However, most of the ATMs in India still run on the outdated Windows XP which is vulnerable and proned to cyber attacks. The case of 3.2 million debits of Yes Bank, Axis Bank, HDFC, SBI, ICICI compromised last year makes cyber security a challenge that need to be given due importance else people will not have the confidence to go digital.

Answer to this question gives an idea of which payment method customers prefer more, and, this gives an idea if customers prefer more features, or the cost of the app.

Online payment processing services perform transactions at a much greater speed than manual processing. As well as ensuring error-free computations and faster processing time. Which means

To answer my main question “Will mobile payments replace credit cards?”, I have conducted an online survey as part of the primary research. I received 92 responses from the survey. A 2009 study by Deloitte predicts that by the end of 2015, seventy percent of mobile payment users will be under the age of 40 and that the annual spend of these Millennials (also referred to as Generation Y) will reach $2.45 trillion dollars in the US alone.(Dennehy D, Sammon D, 2015). So, I have focused mainly on the age groups 18-29 which were 69% and 30-44 which were 21% of the total responses (Exhibit 1). 88% of the people were aware of the mobile payments (Exhibit 2) and 33% were extremely comfortable with the concept of mobile payments (Exhibit 3). The research clearly tells that people are aware of the technology and are comfortable using it. Respondents of the survey were concerned by the security threats that mobile payments impose, but then companies while putting this idea into implementation have to primarily take care of the security aspect of the mobile payments concept (Exhibit 4). As per the usage of mobile payments, respondents have primarily (52%) used mobile payments for online bill payments (Exhibit 5) while the retail usage is 30% which clearly suggests mobile payments still have a long way to go in future.

Based on the finding of this study, all of users believe that there are two main factors adoption which are perceived usefulness and perceived ease of use leading them to use the e-payment. First of all, all of the respondents revealed that the reason of leading them for adoption of e-payment are the system available and beneficial for consumers at unconventional location and anytime. This opinion is in the lines of the research studies by Chinho and Conghoang (2011) on the factor of perceived usefulness. Users feel that the E-payment system can easily access and acceptance in anywhere compares with the traditional commerce by using cash in certain locations. Nowadays, most of the people would access the banking website such as Maybank2u to obtain the information and verify the transaction activity. The E-payment system are acceptable by public make the consumer convenience by surfing the website to purchase the item rather than going out to the shop. Besides that, all of the respondents also mention about that E-payment system are user friendly. Most of the people are preferred for simplicity which are clear and visible step or procedure in order to easily use with the E-payment system. The clear and visible procedure of the interfaces have lead users' intention learn how to use e-payment. These opinions are in the lines of the research conducted by Sanjeev and Krishna (2013) on the factor of perceived ease use. By using e-payment, users can save a lot of time because the