Understanding consumer behaviour towards digital payment adoption

Abstract

The objective of this study is to understand the trends related to digital payment platforms, the various platforms that are currently being used and the consumer behaviour, perception, and preferences towards these digital payment platforms. We have tried to understand the journey and adoption of digital payments in India along with the changing consumer perspective towards the adoptability of digital payments. To study these objectives, we have done secondary research on digital payments, where in we understood how these platforms behave and applications like PhonePe, Paytm, Google Pay, Amazon Pay are being utilized by the consumers. We will focus on the topic of consumers behaviour towards the adoption of these digital payments and how aware are they about the security and data privacy issues when they make this decision. Through our study, we want to look at this journey of digital payments in India in order to understand the drivers of change in terms of consumer behaviour, the technologies that have played an important role, impact of key incidents like demonetization on adoption and roles of all stakeholders. We hope to build a holistic picture of the ecosystem and understand what does the future look like for digital payments.