In recent years digital payments have seen momentous growth in India. Even though the number of digital transactions is a positive sign for the economy, we are far from creating a robust digital payment ecosystem. There are several challenges that are hindering the growth of digital payments in the country.
Challenges for digital payment growth
- While a growing number of e-commerce platforms are adopting digital payment methods, consumers still prefer the option of paying by cash.
- Also, digital payments have yet to reach the hinterlands due to lack of awareness, lack of infrastructure, or lack of a push in the...