India as a cashless economy: Importance of digital payments

What do people look for in a Mobile phone? Look, features, color, performance, technical
specifications and more importantly, how easy Smartphone are to use. This is due to the
fact that people do almost every task on their cellphones now a day’s i.e. Shopping,
booking and paying bills. So, mobile payments and the ease of doing them, are soon going
to become an important reason why people buy a smartphone as much as for making calls
and texting.

The consumer today has shifted to the digital payment for a lot of reasons, and Smooth
money transactions are one of them. The appearance of non-banking tech players along
with retailers and e-commerce enterprises and the Arrival of features such as Biometric
security which Google introduced with Android 10 is now coming to Google Pay and
integrated rewards from Starbucks, have to connect the customer’s expectations changing
from Digital payments solutions.

Digital Payments are simply payments made through digital Platform. They transform a
traditional cash transaction to a cashless one. All transactions are completed online. Some
of the advantages of digital payments are benefit Customers no longer need to carry cash
or visit an ATM Lower risk, Digital transactions are much safer and Secure than traditional
transactions because they are processed by secure digital Platform which are hard to
tamper with. Easily traceable, Information of payments are stored in a seller specific data
bases. Both seller and customers have easy access to payment information. This avoids
ambiguity and uncertainty while tracking payments.