Digital payments applications Will Need to be more user-friendly, consume less data and battery, be available in the local language and use innovative tools to enhance usability, according to Consumer Unity and Trust Society (CUTS) International.
At exactly the exact same time, there is a need to boost confidence in service providers by reducing fraud, improving convenience and fixing liability, it stated.
Different users might prioritise divergent challenges to be addressed for improving use of electronic payment modes. While consumers confront challenges like lack of interoperability and high processing charges, retailers face challenges with respect to expensive acceptance infrastructure, transaction failures and unaware clients.
But, there is a positive correlation between schooling of users, infrastructure availability and awareness of digital payments. However, there is a minimal conversion rate among conscious groups suggesting that mere consciousness is not sufficient for deepening digital payments.
The non-profit organisation recently ran three user perception and behavior polls to evaluate different aspects of digital payments. Overall, 5,000 respondents were interviewed across categories (consumers, retailers, micro and small businesses, business correspondents, and entrepreneurs) in 11 states representing different demographic profiles.
Generally, approximately 44 percent of conscious disadvantaged groups (females, maybe not young, rural, low/uneducated and low/ no income) and 50% of aware advantaged groups (male, young, urban, highly educated and high income) are users of digital payments, stated CUTS International.
The critical findings of polls and recommendations are submitted to the RBI Committee on Deepening of Digital Payments.