Digital payments applications need to be user-friendly, consume less Battery and Data, be available from the language and use innovative tools to enhance usability, according to Consumer Unity and Trust Society (CUTS) International.
At exactly the exact same time, there’s a need to enhance confidence in service providers by reducing fraud, enhancing convenience and fixing accountability, ” it stated.
Different users may prioritise divergent challenges to be addressed for improving use of electronic payment modes. While consumers confront challenges like lack of interoperability and higher processing fees, retailers face challenges with respect to costly acceptance infrastructure, transaction failures and oblivious customers.
However, there is a good correlation between education of consumers, infrastructure accessibility and awareness of digital payments. However, there is a low conversion rate among conscious groups indicating that mere awareness is not sufficient for deepening electronic payments.
The non-profit organisation recently conducted three consumer perception and behaviour polls to gauge various aspects of digital payments. Overall, 5,000 respondents were interviewed across classes (customers, retailers, micro and small businesses, business correspondents, and entrepreneurs) from 11 states representing different demographic profiles.
The critical findings of polls and recommendations have been submitted to the RBI Committee on Deepening of Digital Payments.