Digital Payment Systems Research Articles

A Study on Consumer Preference of UPI With Reference to Ahmedabad City

This study investigates the associations between age and preferences for various payment methods, particularly focusing on Unified Payments Interface (UPI). Utilizing a quantitative approach, we tested multiple alternative hypotheses to explore how age influences payment preferences and perceptions. Results indicate that younger consumers tend to favor UPI due to its convenience, while older adults exhibit a preference for traditional payment methods such as debit and credit cards. Concerns about security and usability are notably more pronounced among older users, suggesting the need for tailored educational initiatives and user-friendly designs. The findings contribute to existing consumer behavior theories by integrating age as a critical factor in technology adoption. Practical implications emphasize the importance of targeted marketing strategies, enhanced user experiences, and effective communication regarding security features to foster greater acceptance of digital payment systems across all demographics. Recommendations for future research include longitudinal studies, cross-cultural comparisons, and an exploration of emerging technologies in the payment landscape. Understanding these dynamics is crucial for stakeholders aiming to enhance digital payment adoption and ensure inclusivity in the financial ecosystem

Analysis of the Use of the Dana Application as a Digital Payment Tool in Facilitating Consumer Purchasing Transactions

This research aims to achieve the following objectives: (1) to explore how the implementation of the DANA e-wallet facilitates consumer transactions at the Ya'ahowu Market in Gunungsitoli City; (2) to examine the usage patterns of the DANA application within the Ya'ahowu Market; and (3) to identify the challenges and risks associated with using the DANA application in simplifying transactions for consumers at the market. The research methods employed include observation, interviews, and documentation collection, with five respondents participating in the study. Based on interviews with key informants, the study found that the increasing adoption of e-wallets, such as DANA, has significantly streamlined transaction processes at Ya'ahowu Market. Informants revealed that, prior to the introduction of the DANA application, transactions were conducted solely in cash. However, since the app’s integration, both buyers and sellers at Ya'ahowu Market have embraced e-wallets, recognizing their potential to simplify transactions and enhance overall market efficiency. This shift demonstrates the market's effort to keep up with technological advancements in digital payment systems.

A comprehensive survey of cybercrimes in India over the last decade

Since the 1990s, the integration of technology into daily life has led to the creation of an extensive network of interconnected devices, transforming how individuals and organizations operate. However, this digital transformation has also spurred the rise of cybercrime, criminal activities perpetrated through networks or computer systems. Cybercrime has become a global concern, presenting significant challenges to security systems. Although advancements in digital technology have enhanced efficiency, they have also opened new avenues for exploitation by cybercriminals, highlighting the urgent need for advanced cybersecurity measures. The escalating number of cyberattacks and associated risks in the past decade highlights the critical importance of protecting sensitive data and safeguarding information systems. Cybercrimes range from financial fraud and phishing scams to identity theft and online harassment, posing substantial risks to both individuals and organizations. In response, governments, law enforcement agencies, and cybersecurity units have intensified their efforts to address these threats. In recent years, India has experienced a significant surge in cybercrime incidents, with a notable increase in cases involving ransomware, data breaches, and social engineering attacks. The growing penetration of internet services, the expansion of e-commerce, and the rapid adoption of digital payment systems have made individuals and organizations more vulnerable to cyber threats. Key areas affected include banking, healthcare, and government sectors, which are frequently targeted due to the sensitive nature of the data they handle. To combat these risks, there is an increasing focus on public awareness, cybersecurity education, and robust regulatory frameworks. This paper provides an in-depth analysis of cybercrime, with a focus on developing innovative prevention strategies, strengthening internal security protocols, and classifying key cybercrime terminologies to better understand their implications for digital infrastructure.

How Fintech Adoption, Digital Payment Systems, and Consumer Trust Shape Financial Performance of MSMEs

This study investigates the impact of fintech adoption, digital payment systems, and consumer trust on the financial performance of micro, small, and medium enterprises (MSMEs). Using data from 400 MSMEs, the research employs multiple regression analysis to explore the relationships between these factors. The results reveal that fintech adoption has the strongest positive influence on financial performance, followed by digital payment systems and consumer trust. Additionally, consumer trust moderates the relationship between digital payment systems and financial performance, highlighting the importance of customer confidence in driving business success. These findings emphasize the need for MSMEs to embrace digital financial solutions and build trust with their customers to improve their financial outcomes. The study provides practical implications for MSME owners, policymakers, and industry leaders, encouraging the adoption of fintech and digital payment systems as crucial tools for achieving competitive advantage and financial sustainability.

Digital payment systems in an emerging economy

This study investigates the factors influencing the adoption of digital payment systems in Cambodia, employing a quantitative approach with 359 Cambodian participants. The research integrates concepts from the Technology Acceptance Model (TAM) and the Theory of Planned Behavior (TPB) to explore the relationships between perceived ease of use (PEU), perceived usefulness, public attitudes, perceived behavioral control, financial literacy, and the adoption of digital payment systems. Using Partial Least Squares Structural Equation Modeling (PLS-SEM), the study identifies a significant positive relationship between PEU and attitudes toward digital payment systems, corroborating the TAM's assertion that ease of use is a crucial determinant in technology acceptance. The findings also highlight the critical role of perceived usefulness, extending its implications to include convenience, security, and transactional efficiency. The study underscores the influence of public attitudes and perceived behavioral control on adopting digital payment systems, particularly in an emerging economy. In addition, it reveals the impact of financial literacy, not only as a determinant of adoption but also as a mediator in the relationship between public attitudes and adoption. Behavioral nudges are also identified as significant influences in this context. The research contributes to understanding digital payment adoption in emerging markets. It provides digital financial technology insights for practitioners, policymakers, and educators.

Exploring the impact of digitalisation on rural women's socio-economic status: A bibliometric and scoping study

The rapid development of digital technologies has the potential to accelerate the socio-economic change of rural women. This study provides insights obtained from a thorough scoping assessment and bibliometric analysis of the current literature on the topic. The study focuses on the diverse digital tools and platforms that have played a crucial role in improving the economic involvement, education, health, and social standing of women living in rural areas. The key findings suggest that digitalization enables rural women to easily access markets, financial services, and educational resources. As a result, it promotes entrepreneurial activity and self-employment among them. In addition, the study uncovers important recurring themes, specific geographic areas of interest, and key individuals who contribute significantly to the subject. This demonstrates a worldwide interest in utilizing digitalization for the advancement of gender equality and rural development. Notwithstanding the favourable results, there are still enduring hurdles in the form of limited digital skills, inadequate infrastructure, and socio-cultural obstacles. The digitalisation can challenge these persistent inequalities through its vast potential for education, financial inclusion, and health care access, also in entrepreneurial ways. In addition, services such as mobile banking or digital payment systems means that women now have better tools to manage their own finances and gain access to microloans for e-commerce. Education platforms and e-learning resources can improve literacy and develop skills to help women become more effective in employment. The study highlights the necessity of implementing focused policies and programs that tackle these difficulties to guarantee development that is both inclusive and sustainable. Proposed future research aims to enhance the comprehension of how digitalization affects the socio-economic transformation of rural women.

Digital payment systems in emerging economies: Lessons from Kenya, India, Brazil, and Peru

Digitalization of retail payments has facilitated financial inclusion. This is recognized to stimulate growth, alleviate poverty, and address gender disparities in the financial sector. This paper closely examines four prominent payment solutions in the developing world, namely M-Pesa in Kenya, UPI in India, Pix in Brazil, and Yape in Peru. These payment systems differ enough in their key characteristics to draw useful lessons from their successful implementation. We employ a descriptive approach based on a three-dimensional conceptual framework that emphasizes the role played by payment service providers, the role played by regulators and central banks, and the degree of payment system interoperability. We then attempt to make this framework operational by suggesting a way to quantitatively represent the four payment systems examined. While these varied experiences demonstrate that there is no one-size-fits-all solution, they highlight the necessity of active public-private sector cooperation and placing the end user at the center of such initiatives.

The Size of Transactions, Types of Products, and the Choice Between Electronic Payments and Cash Usage

Fueled by recent policy advancements and technological progress, India’s digital payment system is on the verge of becoming a noteworthy success story. Concurrently, data also highlights the continued reliance on cash. While broad national-level data can provide insights into overall citizen preferences, we utilize a survey-based data-set to gain insight into how factors such as ’transaction size,’ ’nature of the product,’ ’consumer perception,’ ’trust’ in digital payments, and the costs associated with digital transactions influence consumer payment behavior. While demographic factors like age and income play a role in these choices, we discover compelling evidence that an individual’s choice of digital payment methods is strongly shaped by their perception of these options, transaction size, trust, associated costs, and the product category. Notably, we observe that as transaction size increases, the use of digital payment methods tends to decrease.

Exploring the Influence of Market Trends on the Evolution of Digital Payments: A Comprehensive Qualitative Study of Fintech Expert Insights and Existing Research

This study, titled "Exploring the Influence of Market Trends on the Evolution of Digital Payments: The paper entitled “A Comprehensive Qualitative Study of Fintech Expert Insights and Existing Research” examines the effects of Artificial Intelligence and Cryptocurrencies on Digital Payment Systems. Based on the analysis of the identified themes, personalization has a positive impact on perceived usefulness through provision of customized services and easy cross border transfer of funds. Some of the features that have been incorporated in these systems include integrated savings and automated features which enhance the value of these systems. The following are the improvements in the areas of security and trust, fraud detection, and accessibility features. This work also discusses the concept of trialability in the technology adoption process, and barriers that exist in the form of technological constraints, data privacy concerns, and consumer awareness. Emerging technologies such as quantum computing, voice recognition, and the integration of the IoT will continue to revolutionise the future of digital payments and make it faster, safer and more individualistic. Meta-analysis supports the view that technology literacy is an essential factor influencing user comfort and acceptance, whereas cryptocurrencies and Artificial Intelligence represent drivers of strategic progress in payment systems with risks connected to legal issues and privacy being the barriers to further development.

A measurement-device-independent quantum secure digital payment

In contemporary society, digital payment systems are crucial, yet vulnerable to security breaches. Based on the principles of quantum physics, quantum digital payment (QDP) protocols offer a theoretically superior security paradigm compared to those reliant on computational complexity. Nevertheless, those QDP protocols in practice are frequently compromised by imperfections in measurement devices, facilitating valuable information interception by malicious entities. Addressing this vulnerability, we propose a measurement-device-independent quantum secure digital payment (MDI-QSDP) protocol, designed to enhance security in digital payment systems by eliminating side-channel attacks on measurement devices. This protocol extends the framework of a novelly developed measurement-device-independent quantum secure communication (MDI-QSC) protocol, which supports secure dialogic exchanges without prior key sharing. Utilizing the proposed MDI-QSC protocol, participants can not only engage in secure direct communication but also establish a private key for subsequent encrypted interactions. Our MDI-QSDP protocol incorporates a robust authentication mechanism, ensuring that only legitimate participants can initiate transactions, thereby bolstering security. A comprehensive security analysis of the proposed protocol demonstrates its resilience against identity theft, information leakage, and other potential security breaches. Furthermore, simulations employing practical experimental parameters validate the protocol’s applicability and effectiveness in real-world scenarios, thereby confirming its potential to significantly enhance the security of future quantum digital payments.

Navigating The Digital Shift: Challenges And Opportunities For Traditional Retailers In India's Evolving Marketplace

The retail industry in India is experiencing a monumental shift driven by the rapid adoption of digital technologies. As e-commerce platforms, digital payment systems, and data analytics become increasingly integrated into the retail landscape, traditional brick-and-mortar stores find themselves at a crossroads. This digital transformation is not merely a technological upgrade but a fundamental change that reshapes business models, consumer interactions, and market dynamics. India, with its burgeoning internet penetration and widespread smartphone usage, presents a unique environment where digital innovation meets a diverse consumer base. The proliferation of global and local e-commerce giants such as Amazon, Flipkart, and JioMart has set new standards for customer expectations and operational efficiency, compelling traditional retailers to reevaluate their strategies (Invest India). However, the transition to digital is fraught with challenges. High costs of technology adoption, lack of digital expertise, and resistance to change are significant barriers that traditional retailers must overcome to remain competitive in the digital age

The Influence of Internet of Things (IoT), Digital Payment Systems, and 24/7 Customer Support Services on Improving Tourist Experience at Tourism Destinations in Bali, Indonesia

This study investigates the influence of Internet of Things (IoT), digital payment systems, and 24/7 customer support services on improving travelers' experiences in tourism destinations in Bali, Indonesia. Using a quantitative approach, data were collected from 200 respondents through a structured Likert scale questionnaire, with analysis conducted using Structural Equation Modeling-Partial Least Squares (SEM-PLS 3). The results show that all three factors positively and significantly contribute to enhancing tourists' experiences, with 24/7 customer support services having the strongest impact, followed by digital payment systems and IoT. The findings highlight the importance of continuous customer support, secure and convenient digital transactions, and seamless IoT-enabled services in creating a positive tourism experience. These insights provide practical implications for tourism operators and policymakers in Bali, underscoring the need for technological investments to meet modern travelers' expectations.

Exploring fintech innovations and their potential to transform the future of financial services and banking

This paper reviews the transformative potential of fintech innovations in reshaping the future of financial services and banking. The study critically examines how emerging technologies such as blockchain, artificial intelligence (AI), machine learning, and digital payment systems are disrupting traditional financial models and creating new opportunities for financial inclusion, operational efficiency, and enhanced customer experience. Through an extensive review of existing literature and industry reports, the paper identifies key trends and innovations within the fintech sector that are poised to redefine the banking landscape. The findings reveal that fintech innovations are significantly influencing customer expectations, regulatory dynamics, and competitive pressures in the financial industry. These technologies are driving the development of personalized financial products and services that cater to a broader demographic, including the underbanked and unbanked populations. The paper also discusses the challenges faced by traditional financial institutions in adapting to these changes, particularly the need for technological agility, regulatory adaptation, and the cultivation of consumer trust in digital platforms. The review underscores that fintech innovations have the potential to revolutionize the financial services industry, paving the way for a more inclusive, efficient, and customer-centric financial ecosystem. However, the successful integration of these technologies will require careful navigation of the associated regulatory, technological, and ethical challenges.

Exploring User Experiences with E-wallet DANA among Indonesian Millennials: E-satisfaction and E-loyalty Analysis

Millennials have been significantly shaped by advancements in internet technology, affecting their preferences and behaviors. This generation is characterized by comfort with digital tools, multitasking abilities, and a preference for flexibility. As technology evolves, millennials will also encounter challenges like the Fear of Missing Out (FOMO), which is particularly evident in the financial sector, which drives the adoption of digital payment systems and fintech solutions. This study analyzes millennial satisfaction with DANA, a prominent digital payment system in Indonesia, and investigate how satisfaction predicts loyalty. Using a quantitative approach, data were collected from 150 respondents, all of whom were millennials, using DANA via Google Forms on a 5-point Likert scale. This study employed Partial Least Squares (PLS) statistics to examine the correlation between customer satisfaction and loyalty. The results reveal a strong positive correlation, underscoring the importance of user satisfaction as a key driver of loyalty. These findings provide valuable insights for developing marketing strategies and enhancing customer retention in the digital payment industry.

IMPACT OF DIGITALISATION ON BANKING SECTOR

The banking sector has been substantially changed by the fast development of digital technology. The effect of digitalisation on general financial services, client contacts, and banking operations is investigated in this article. In banking, digitalisation has brought about the automation of formerly manual procedures, therefore improving client happiness, efficiency, and operating expenses while lowering running costs. Offering 24/7 access to financial services from anywhere in the globe, services such internet banking, smartphone apps, and digital payment systems have transformed the way consumers connect with banks. Furthermore, digitalisation has helped fintech to emerge, therefore undermining established banking structures and encouraging more innovation and competitiveness. Advanced technologies such artificial intelligence (AI), machine learning (ML), and blockchain have been embraced by banks to guarantee better security in transactions, provide tailored services, and help to guide decisions. Although digitalisation has many advantages, it also brings problems like cybersecurity threats, data privacy issues, and the necessity of large technological infrastructure investment. This study also addresses its function in financial inclusion by enabling underprivileged groups to use banking services. Banks have to strike a mix between innovation and regulatory compliance, risk control, and client confidence as the digital revolution unfolds. The results of this research imply that banks must embrace digital transformation if they are to stay competitive in an economy becoming more and more digital and also meet the changing demands of tech-savvy customers.

Factors Affecting the Acceptance of Modern Payment Systems in the Delhi NCR: An Empirical Study

Purpose: This study looks at the factors affecting the acceptance of modern payment systems in the Delhi NCR area. It expects to recognize key segment and conduct determinants affecting the reception of advanced payment innovations. Methodology: An observational methodology was utilized, including an overview of 135 respondents from the Delhi NCR locale. Information were investigated utilizing ANOVA and relationship examinations to evaluate the effect of factors like age, orientation, training, pay, saw security, and convenience. Findings/Results: The study finds that younger age groups, higher income levels, and higher education levels are significantly associated with greater acceptance of modern payment systems. Perceived security and ease of use also play critical roles in influencing adoption rates. Originality/Value: This research provides a comprehensive analysis specific to the Delhi NCR context, filling gaps in existing literature on digital payment adoption in emerging markets. It offers valuable insights for financial institutions and policymakers aiming to enhance the adoption of digital payment systems. Implications: The findings suggest that targeted educational programs and security enhancements could improve the acceptance of modern payment systems. Policymakers and financial institutions can use these insights to design strategies that address the barriers and promote the benefits of digital payments. Paper Type: Empirical research paper focused on the factors affecting the acceptance of modern payment systems, providing actionable insights for stakeholders in the financial sector.

UNPACKING THE RESISTANCE OF TRADITIONAL MARKET TO DIGITAL PAYMENT: A QUALITATIVE APPROACH

This research aims to discover how knowledgeable traditional market traders are regarding digital payment technology, what challenges traders face when trying or considering using digital payments, and how prepared traders are for traditional market digitalization programs. The research method used is qualitative research, which is conducted in-depth interviews with traditional market traders at Kebayoran Lama Market, South Jakarta. The research was conducted in June 2024 and visualized using NVIVO software. The interview results show that traditional market traders' understanding of digital payments shows that awareness, education, trust, and security factors play an essential role in adopting this technology. Overcoming the challenges of adopting digital payments requires a holistic approach that includes improving security and privacy, user education and training, developing technological infrastructure, reducing transaction costs, encouraging social and cultural influence, and increasing merchant support. Meanwhile, to increase the readiness of traditional market traders in facing digitalization, several strategic steps are needed, including comprehensive education and training to increase optimism and reduce discomfort, providing easily accessible technical support, security campaigns to explain digital payment system security measures, as well as promotions and incentives to encourage technology adoption.

CREDIT CARD FRAUD DETECTION USING MACHINE LEARNING

The rise of e-commerce and digital payment systems has been accompanied by an increase in financial fraud, especially involving credit cards. Ensuring the detection of fraudulent activities is crucial to protecting users' financial assets and preserving trust in online transactions. This study introduces a novel method for detecting credit card fraud by integrating machine learning (ML) techniques with a genetic algorithm (GA) for feature selection. Feature selection plays a vital role in improving fraud detection models by pinpointing the most relevant features linked to fraudulent transactions. The effectiveness of the proposed method is assessed using a dataset from European cardholders, a widely used benchmark in this research area. In terms of performance, the Isolation Forest Algorithm exhibits slightly higher accuracy compared to the Local Outlier Factor (LOF) Algorithm. Consequently, based on accuracy alone, the Isolation Forest Algorithm is deemed more effective for this specific dataset. Keywords: Credit card fraud detection, Machine learning (ML), E-commerce.

A Consumer Decision Analysis Using QRIS as a Digital Payment Tool

Digital technology has experienced rapid development in the last few decades. Increasingly developing technology has also entered the realm of finance and payment systems. A digital-based payment system can make it easier for people to meet their diverse needs and live their lives more effectively and efficiently. In the digital payment system, there are non-cash (cash) and cash (cash) payments. Non-cash digital payment methods (cashless) are one type of payment that is popular with the public because they can minimize the spread of viruses through money intermediaries, one of which is the use of the Indonesian Standard Quick Response Code (QRIS). This research aims to analyze consumer decisions to use QRIS as a digital payment tool. The sample in this research was 100 respondents. This research uses quantitative methods with descriptive research type. The sampling technique uses non-probability sampling using purposive sampling technique. The method used in data collection was a questionnaire with a Likert scale and data processing used SPSS 29 software to carry out validity testing of an instrument. Validity tests were carried out on the indicators in the online questionnaire which had been filled in by respondents. Keywords: Consumer Preferences, QRIS, Consumer Behavior

Determinants inhibiting digital payment system adoption: an Indian perspective

Purpose The main purpose of this study is to identify the determinants that inhibit the adoption or usage of digital payment systems (DPSs) in India. Design/methodology/approach This study used a qualitative technique, including in-depth semi-structured interviews. Data analysis was conducted using thematic analysis, incorporating both deductive categorisation and inductive coding to identify factors responsible for the non-adoption or discontinuation of DPS use. Findings The findings are in the form of themes and sub-themes that were generated from the data analysis: digital divide (DD), which includes the digital access divide, digital capability divide and digital innovativeness divide; socio-demographic divide (SD), which includes education, geographical location, gender, age and income; psychological barriers, which include a lack of perceived ease of use, vulnerability to risks, technophobia and a lack of trust; and other barriers, which include a lack of awareness, a cash-dominated society and a lack of interoperability. Research limitations/implications The factors identified in this research can be further validated and tested in future studies using quantitative data. This will enable stakeholders to better comprehend the impacts of these factors on DPS adoption or usage. Practical implications The study’s practical implications are specifically relevant to the Union Territory (UT) administration of Ladakh, as there is a DD and an SD among different sections of the population of the UT of Ladakh. UT administrations must prioritise efforts to eliminate these divides. The implications for banks and DPS providers are that they should conduct financial literacy training about DPSs in remote rural areas and invest in developing user-friendly and simplified DPS user interfaces to improve relationships with DPS users and their long-term retention. Originality/value The findings of this study reveal the three levels of the DD that determine DPS adoption or usage, which have not been discussed together in the literature in the DPS context and that must be addressed to expand DPS adoption, thus providing a more holistic view of the DD in the context of DPS.