Trends, Security, Trust and Intention to Use Digital Payments in India - A Literature Review

Abstract

The relationship between finance and technology with internet use triggered the emergence of digital payment technologies. Such technological innovation in the e-payment industry is the foundation for financial inclusion. Digital payments have been emerging payment systems across the globe in recent years, and they are a beneficial and convenient way to receive and make payments digitally. The government quest towards a cashless economy has created a robust regulatory framework to safeguard the safety and security of digital transactions. The RBI is India major regulatory organization supervising digital payments and ensuring that all digital payments follow through with the compliances designed. This research study explores how the trends, digital payment mode has been used efficiently worldwide. How soundly developed and developing nations impending their economies with the help of digital payment usage. This research paper aims to study the present trends of the digital market along with its associated security features. The study tries to compile a comprehensive literature review on digital payment technologies. It also studies the security aspects and various threats of e-payment systems by collecting different literature reviews on security aspects. In summary, reviewing past studies reveals some loopholes and benefits of digital payment and future perspectives of the digital payment industries. The present study is a descriptive study to determine what shoppers consider when buying food and grocery products from different retail formats. Data are collected using a structured questionnaire from the respondents drawn from the Surat district of the South Gujarat region using a non-probability convenience sampling technique. In most nations, including India, security is the paramount concern for digital payment. Trust and privacy of users and information from third parties are crucial. The availability and reliability of digital Infrastructure, including internet connectivity, mobile networks, and payment processing systems, is crucial for digital payment services in framing the users intention towards digital payments.

Keywords: Digital payment, Security, Trust, Intention

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