Digital Payment Research Articles

The Mediating Impact of Organizational Innovation on the Relationship Between Fintech Innovations and Sustainability Performance

The paper explores the impact of digital payment systems, blockchain technology, and AI/machine learning on innovation and sustainability in financial organizations. As part of the analysis, the study has adopted an explanatory research design and has used SmartPLS in order to analyze the data collected from 230 professionals of different fields through a structured questionnaire. The results show positive effects of digital payment systems and blockchain technology on organizations’ innovations with the impact of digital payments being the most pronounced. Empirical results suggest that these technologies are important to improve sustainability performance, depending on measures of internal consistency and discriminant validity among the proposed constructs. Al, also machine learning, has the highest relevance with environmental sustainability, thereby underlining the importance and work of such measures. Based on the Resource-Based View (RBV) theory, the study also explains the need for the organization to assimilate these innovations to enhance the organizational operations, customer satisfaction, and compliance with the laws. The study highlights fintech’s potential to address environmental issues and enhance societal goals, but geographical limitations may obstruct its transportability.

Defeating the Dark Sides of FinTech: A Regression-Based Analysis of Digitalization’s Role in Fostering Consumers’ Financial Inclusion in Central and Eastern Europe

Financial technologies metamorphose economies with customer-focused innovation. In this way, financial inclusion is fostered and economic growth is increased. However, risks, trust issues, and ethical concerns stem from the faster advancement of digital technologies and expanding financial innovation. Thus, this paper aims to understand the risks and barriers associated with FinTech and consumer adoption, focussing on the impact of digitalization on financial products/services’ acceptance. The research investigates the impact of digitalization on financial services and the recognition of the role played in the global economy by FinTech. For this reason, the regression analysis was used to explore the influence and correlation of various variables on FinTech in Central and Eastern European (CEE) countries, such as Internet usage, online shopping, paying bills via the Internet, and making and receiving digital payments. The results show differences between three clusters of CEEs in terms of FinTech adoption. While several past studies have explored the advantages of FinTech, few studies have investigated the risks associated with its adoption, trust, and barriers to its usage in different country contexts. The present paper fills the gap by analysing the data on Internet usage, online shopping, paying bills via Internet, and sending or receiving digital payments in CEE countries. The study recommends that FinTech companies share information online not only to present their offerings to users, but also to promote financial education through clear and straightforward communication about the features of their services. This approach can indirectly benefit society by contributing to financial development, inclusion, social stability, and, consequently, sustainable development.

Adoption and User Behaviour Towards Digital Payments by Millennial

The rapid adoption of digital payment systems has transformed the financial landscape, particularly among millennials, who are at the forefront of this technological shift. This study explores the adoption and user behaviour of digital payment methods among millennials in India. The research aims to identify the key factors influencing the decision to use digital payments, including convenience, security, trust, and government initiatives. Additionally, it examines how socio-cultural influences, mobile payment applications, and peer networks impact the payment choices of this demographic. Through a survey of 250 millennials, the study reveals that ease of use, trust in security features, and promotional incentives are the primary drivers of digital payment adoption. It also identifies challenges such as concerns over data privacy and digital literacy. The findings suggest that while millennials are increasingly adopting digital payment systems, their behaviour is shaped by a complex interplay of technological, economic, and social factors. The study provides insights into strategies for improving the digital payment ecosystem and encourages further research into the evolving behaviour of young consumers.

A Study on Comprehensive Analysis of Fintech Unicorn Companies In India

This analysis of Indian fintech unicorn companies explores their significant impact on India’s financial landscape and global fintech. Motivated by their rapid growth and role in promoting financial inclusion, the study also examines the regulatory environment and the substantial investor interest these companies attract. Key focus areas include the competitive landscape, global implications, and gaps in existing knowledge. The research methodology incorporates literature reviews and industry report analysis, assessing historical valuation data, financial statements, and key metrics of selected companies. Findings reveal a vibrant fintech ecosystem in India, with startups specializing in digital payments, lending, and insurance. Valuation trends among these unicorns vary, highlighting the industry’s dynamism. A moderate positive correlation between investment and revenue underscores the role of funding in driving growth. The study provides valuable insights for policymakers, investors, and industry leaders, aiding strategic decisions and enhancing understanding of Indian fintech’s global influence.

Cash to Clicks Impact of UPI in India Landscape

The overview of the Unified Payments Interface (UPI) represents a crucial shift in India's economic landscape, fundamentally altering how financial transactions are conducted. By moving the country from a heavy dependence on cash to a vibrant digital payment system, UPI has sparked significant change. Its innovative design simplifies financial transactions, providing an easy-to-use platform for both individuals and businesses. More than just a convenience, UPI has become a key driver of financial inclusion, connecting both the banked and unbanked populations.

Harnessing Artificial Intelligence (AI) and Blockchain Technology for the Advancement of Finance Technology (FinTech) in Businesses

This brief investigation seeks to explore the significant impact and offer a thorough analysis of the transformative potential of artificial intelligence (AI) and blockchain technology in revolutionizing financial technologies (FinTech) within the context of African business environments. Central to this study is an examination of how AI-driven solutions and blockchain technology can improve efficiency, accessibility, and innovation in financial services. Currently, African businesses face numerous challenges that hinder their overall success. Among these are the prevalence of fraud in Africa’s economy and the absence of credit scoring and reliable risk management, leading to bad debts and poor capital management. The businesses also lack data infrastructure, regulatory compliances, customer engagement and personalisation data privacy, cybersecurity and volatile currencies. Through intensive evaluation, we will be venturing into and showcasing how applications of AI and blockchain technology address these hurdles via techniques involving fraud detection, risk mitigation, advanced credit assessments and scoring for underserved communities, loan origination systems, and automated customer support utilising tools like chatbots, bolstered market analytics, streamlined regulation conformance, and augmented financial inclusivity encompassing digital payment platforms, saving mechanisms, loans, investments, and insurance products. By leveraging AI, African businesses can propel FinTech innovation and progression, foster economic prosperity, and drive sustainable development. The paper comprehensively analyses the current state of AI-driven FinTech solutions in Africa, identifying key factors that can unlock a new era of financial innovation, potential challenges businesses may face in implementing these technologies and our comprehensive research on their solutions.

Advancing financial inclusion through digital payment platforms in emerging markets

Advancing financial inclusion in emerging markets has become a critical focus for economic development, and digital payment platforms are playing a transformative role in this process. These platforms offer a scalable solution to bridge the gap between the unbanked population and formal financial services, enabling individuals and businesses to access affordable and secure financial products. The rise of mobile technology and widespread internet penetration have provided the infrastructure for digital payments to thrive, particularly in regions where traditional banking systems are underdeveloped. Key enablers include mobile money services, fintech innovations, and supportive regulatory frameworks that promote adopting digital financial solutions. Digital payment platforms facilitate faster, more efficient transactions, reduce the reliance on cash, and open up opportunities for marginalized groups, including women and small business owners, to participate in the formal economy. They also enhance financial literacy by offering accessible financial education tools, which empower users to manage their finances more effectively. However, challenges such as limited digital literacy, regulatory barriers, cybersecurity risks, and the digital divide must be addressed to maximize the potential of these platforms. Emerging markets have witnessed significant success stories, particularly in Africa and Southeast Asia, where mobile money platforms like M-Pesa and GCash have expanded financial access to millions. These platforms contribute to financial inclusion and stimulate economic growth by integrating more people into the financial system. Moving forward, collaborative efforts between governments, private sector stakeholders, and development organizations are essential to ensuring that digital payment platforms continue to drive financial inclusion sustainably and equitably.. Keywords: Financial Inclusion, Digital Payment Platforms, Emerging Markets, Mobile Money, Fintech, Unbanked Population, Economic Development, Financial Literacy, Digital Financial Services, Mobile Technology.

Tracing the Success of QRIS Policy Implementation in Surabaya City’s Parking Levy System

This research explores the effectiveness of the Surabaya City Government’s policy on parking levy payments via the Quick Response Code Indonesian Standard (QRIS). The study aims to analyze the policy’s success in increasing Regional Original Income (Pendapatan Asli Daerah or PAD) and enhancing community welfare by improving the payment experience for parking users and supporting efficient management by parking attendants. Using Van Meter and Van Horn’s policy implementation framework, which includes six critical factors—policy standards and objectives, resource allocation, characteristics of implementing organizations, inter-organizational communication, implementer disposition, and socio-political and economic environment—the study evaluates both the facilitating and hindering elements of the policy. A qualitative descriptive methodology was employed, with data gathered through literature reviews, field observations, and structured interviews with key stakeholders, including government officials, parking service providers, and users. Analysis revealed that QRIS implementation has been beneficial in promoting transparency and efficiency in revenue collection, supporting PAD growth. However, challenges such as varying levels of digital literacy among users, limited internet access in certain areas, and reluctance among some parking attendants to adopt digital systems were identified as barriers to optimal implementation. Key findings suggest that the policy’s long-term success hinges on consistent inter-agency coordination, community engagement initiatives to raise digital payment awareness, and ongoing training for parking attendants to improve digital proficiency. The study concludes that achieving sustainable success in implementing non-cash transactions for parking levies requires a holistic approach, integrating community awareness, inter-organizational support, and policy adaptability. This research offers valuable insights for policymakers seeking to improve public service delivery through digital transactions. It highlights the importance of adaptive management in fostering community welfare alongside regional revenue growth.

Intelligent Carbon Metering and Settlement Method of New Power System Based on Blockchain Technology

Blockchain technology is an important technical basis for ensuring carbon trading and plays a fundamental role in maintaining fairness in the carbon trading market. This paper proposes a carbon emission metering and settlement method and a system based on blockchain technology which creates the digital identity of electric meters and stores it in the blockchain. Verifiable credentials are generated based on the digital identity, energy data, and time stamp. The system records the energy data read by the verified meter to the blockchain cloud platform for carbon emission statistics. In the payment and settlement stage, through application of the blockchain and its combination with a digital payment wallet, the regional energy network consumption settlement value is generated according to the regional power supply and electricity consumption, and the settlement value is used as the benchmark to measure the carbon emissions in the region. Through the data analysis of practical application cases in an industrial park in China, this study concludes that the carbon emission statistical settlement method based on blockchain technology solves the problems of untrustworthiness, unreliability, and inconsistency in the statistical and settlement methods during the statistical settlement of electric energy statistics and energy consumption carbon emissions.

Digital Dynamics in BRICS: Exploring Digital Access and Policy Challenges

As the global economy continues to digitize, BRICS nations are at a pivotal juncture in leveraging digital technologies for economic growth. This paper investigates the dynamics of digitalization in these countries focusing on the three major parameters of digitalization- internet penetration, cost of internet and digital payment. It also analyses government strategies in these countries. As BRICS accounting for a significant share of global GDP yet experiencing disparities in digital service export and adoption, understanding these dynamics is essential for adopting comprehensive policies that harness their digital potential. The research highlights the historical context of BRICS as an influential economic bloc, its rapid digital transformation influenced by emerging technologies. Additionally, the study emphasizes the importance of internet penetration as a fundamental enabler of socio-economic activities, correlating better internet infrastructure with increased economic participation. Employing a comparative analysis methodology, this research examines the performance of individual BRICS nations, revealing challenges and opportunities in enhancing connectivity and fostering financial inclusion through digital payment systems. The study also analyses the relationship between cost of internet and internet users in the BRICS countries. This study ultimately aims to put forward analysis about the diverse digital ecosystems within BRICS, advocating for collaborative strategies to navigate inherent challenges while maximizing economic growth and inclusivity.

Impact Of UPI Transaction on Purchasing Decision of Customers: A Survey in Chennai City

In today’s digital age, the Unified Payments Interface (UPI) has significantly transformed consumer purchasing behavior, making transactions more seamless and efficient. This study investigates the impact of UPI transactions on customers' purchasing decisions in Chennai, analyzing awareness, usage patterns, and the role of demographic factors. Data collected from 121 respondents reveal a high awareness and adoption rate of UPI, with a substantial portion of participants preferring UPI over cash for everyday purchases. Regression analysis indicates a strong positive correlation (r = 0.65, p < 0.01) between UPI transaction frequency and consumer purchasing activity. Additionally, age and income are shown to significantly influence UPI usage. The findings highlight UPI’s role in enhancing consumer convenience and security while promoting more frequent and impulsive buying behavior. The study offers insights for marketers and policymakers to leverage digital payment trends for improved consumer engagement.

Evaluating Cash Versus Digital Payment Methods in Global E-commerce

This research examines the roles of cash and digital payment methods in global e-commerce, focusing on transaction efficiency, security, and consumer preferences. While digital payments like credit cards and digital wallets offer convenience and speed, cash remains crucial in regions with limited technology due to its universal acceptance and privacy benefits. Despite growing digital payment adoption, cultural factors still favor cash in certain areas. The paper concludes that a balanced approach, integrating both payment methods, is essential for businesses to cater to diverse global consumer needs.

THE INFLUENCE OF CAPITAL, DIGITAL PAYMENTS, AND FINANCIAL LITERACY ON MSME INCOME IN JIMBARAN TRADITIONAL VILLAGE

In Bali Province, there are 412,265 MSME units which continue to increase every year. The government provides assistance to help MSMEs develop their businesses in the form of capital assistance and loan rate relief. However, MSME players have not implemented much financial management and there is still a lack of good use of digital payments. The small amount of capital owned, the low level of financial literacy and the use of digital payment for MSMEs in Jimbaran Traditional Village can make the income earned from the business undirected. The purpose of this study was to calculate and analyze the effect of capital, digital payment, and financial literacy on MSME income in Jimbaran Village both partially and simultaneously. This research is quantitative research with data analysis techniques using multiple linear regression tests. The sample was taken using purposive sampling method and 50 MSMEs were obtained. The independent variables in this study are capital, digital payment, and financial literacy, while the dependent variable in this study is income. The results showed that capital, digital payment and financial literacy partially had a positive and significant effect on MSME income in the traditional village of Jimbaran and there was a positive and significant effect between capital, digital payment, and financial literacy simultaneously on MSME income in the traditional village of Jimbaran.

UPI's Influence on India's Economic Transformation: Financial Inclusion

The UPI, since its inception in 2016, has revolutionized the financial industry of India. This paper discusses the all-encompassing and deep change brought by the UPI in the areas of economic growth, incorporation of finance, and cashless economy. Digital transactions have become fluent and real-time accessible under the UPI, thus empowering individuals and businesses to easily access previously untapped populations. The digital payments promoted through UPI reduce cash dependency, which controls tax evasion and circulation of black money along with possible operational inefficiencies. The paper focuses on the critical aspect on how the platform has supported economic growth through financing innovation in fintech, drives the expansion of SMEs, and increases overall transparency in transactions. Moreover, UPI has acted as a significant enabler to help the state achieve the government initiatives - Digital India, which helped boost the country's GDP through acceleration of digitalization with improvement in financial inclusion. Despite such a massive success story, the adoption of UPI continues to pose difficulties in rural areas primarily on account of lower degrees of digital literacy and infrastructure. With the prospects that the cross-border transaction will bring in the future, UPI can further establish economic growth. This research article is a reason for mixed feelings - with one hand, the revolutionary impact that UPI has on India's economy, and on the other hand, the challenges that must be overcome for it to reach its fullest potential.

The Role of Fintech in Increasing Retail Participation in the Indian Stock Market

The rapid growth of financial technology (fintech) has brought substantial changes to retail investor activity in the Indian stock market. This study examines how fintech developments have boosted retail participation from 2017 to 2024, primarily through mobile trading platforms, robo-advisors, and digital payment solutions. Using a quantitative research method with secondary data, the study tracks the year-over-year increase in retail shareholders, noting a significant rise particularly after 2021. The findings point to factors such as the Digital India initiative, growing adoption of fintech, and evolving market conditions as key drivers that have reduced entry barriers for retail investors. The analysis establishes a connection between the advancement of fintech and improved access to the stock market, underlining fintech's significant contribution to democratizing investment opportunities. Nonetheless, ongoing issues like regulatory challenges and financial literacy gaps remain, highlighting the need for continued efforts to maximize fintech's potential in fostering sustainable growth in retail investment.

Utilization of Digital Financial Transactions and Perspectives of Digital Payment among School Employees

This descriptive-correlational research determined the utilization of digital financial transactions and perspectives of digital payment of the employees in one private higher education institution in the Philippines and correlated these to their demographic and household profiles. A total of 115 employees participated in this study. Contingency coefficient, Chi-square test, and Spearman rho correlation test were used to determine the association of the variables. Findings reveal that the majority of the participants prefer cash for their financial transactions. In general, they are confident in making financial transactions using digital devices. They often utilize digital payment to pay for mobile recharge/loads and cable/internet, and many of the participants have been using digital payment methods for more than three years and above. Findings further show that, generally, the participants have positive perceptions toward digital payment. Single individuals, graduates of education courses, and families with two to three household members below 18 years old prefer cash transactions more than the other groups. There are demographic and household factors that are significantly correlated with confidence in and frequency of making digital financial transactions and the time period of using digital payment methods. Findings may imply the inclusion of digital and financial literacy in the development program for employees to increase awareness and understanding of the benefits, safety measures, and convenience of digital finance.

Analysis of the Benefits and Risks of Digital Payments on Cash Receipts at Hotels in Bali

The use of digital payments in cash receipts at hotels in Bali has increased in the period 2021 to 2023. Cash receipts with digital payments are processed by accounts receivable and income audit. This study aims to determine the benefits and risks of cash receipts via digital payments at Hotel "X". This study uses qualitative descriptive data analysis techniques. The results of this study indicate that the benefits of digital payments provide convenience in the transaction process so that the transaction process can be carried out faster and provide security in the transaction process. The risks arising from digital payments are human error, system errors and double payments.

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

Implementation of Digital Payment in Mitigation of Fraud Risk at Hotel Conrad Bali

This study aims to be a fraud risk mitigation strategy in managing payment transactions. This study is a qualitative study. Data collection by interviews, documentation studies, and observations. Data analysis techniques used in this study are data reduction, data presentation, and drawing conclusions. The results of this study indicate that digital payments in payment transactions at Conrad Bali use internet banking. Conrad Bali conducts a longitudinal risk evaluation to identify fraud and applies a clear separation of duties. Conduct routine audits of security systems and internal controls to ensure employee effectiveness. Authorization is carried out with three security procedures, namely transaction maker (account payable and paymaster), approver/checker (chief accountant, OIBH, director of finance, and general manager) and releaser (general manager and owner).

Bridging India's Financial Divide: The Power of Artificial Intelligence and Machine Learning

Artificial Intelligence (AI) and Machine Learning (ML) are transforming India's financial sector, enhancing decision-making, risk assessment, and personalized services. They extend financial services to underserved populations through scalable solutions like digital lending and mobile banking, fostering financial inclusion and bridging urban-rural gaps. Notable progress has been made through initiatives like the Pradhan Mantri Jan Dhan Yojana (PMJDY), which opened over 53 crore accounts by August 2024. However, challenges such as low literacy rates, inadequate digital infrastructure, and a large informal economy persist. AI and ML address financial inclusion gaps by automating KYC processes and improving onboarding through facial recognition and identity verification. Initiatives like Aadhaar provide digital identities, enhancing access to banking. ML algorithms expand financial access by analyzing alternative data for credit scoring. Companies like Lenddo and Tala leverage ML for loans, and AI revolutionizes fraud detection by analyzing transaction data in real-time. AI integration with digital payment platforms like UPI has transformed India's financial ecosystem, processing over 15 billion transactions monthly by August 2024 (NPCI). AI-driven micro-lending platforms like Capital Float and Aye Finance address a $380 billion credit gap (BCG) by assessing creditworthiness using alternative data. AI-driven chatbots and financial products tailored to rural customers improve financial literacy and services. In agricultural finance, AI introduces lending models and enhances crop insurance through satellite data and weather patterns. Programs like PMFBY and companies like Skymet use AI for faster claims processing. AI-driven solutions in RegTech simplify compliance and improve fraud detection. Fintech collaborations and government initiatives like IndiaStack, Aadhaar, and DigiLocker promote financial inclusion. Overcoming barriers like infrastructure challenges, data privacy concerns, and AI bias is essential for leveraging AI to provide equitable financial services in India. The constructive interaction between AI and blockchain further enhances financial inclusion, creating a secure, transparent ecosystem that drives economic growth and social well-being.