Consumer Perception Towards Adoption of Digital Payments in India

Abstract

The introduction of credit cards in the 1980s laid the foundation for digital transactions in India. Since then, the nation has seen a substantial increase in the usage of mobile phones and the internet, as well as in the acceptance of several digital payment methods. The rise of new firms and apps in the digital payment sector has been facilitated by this spike in demand. The Government of India initiated the Digital India program in 2015 with the aim of transforming the nation into a digitally empowered society and knowledge economy. The program is built upon three key visions: first, the provision of digital infrastructure as a fundamental utility accessible to all citizens; second, the delivery of government services and governance in a convenient and on-demand manner; and third, the digital empowerment of individuals. Under the Digital India program, the government strives to ensure widespread access to high speed internet connectivity, facilitate the distribution of mobile phones and bank accounts to every citizen, enable the availability of real-time services through online and mobile platforms, promote electronic and cashless financial transactions, and ensure the availability of digital literacy programs and digital resources throughout the country. By pursuing these objectives, the government seeks to bridge the digital divide and facilitate the integration of technology into the daily lives of Indian citizens, ultimately fostering economic growth and progress.