Technology as a development theory has seen too many phases of acceptance and denial, both. However, gradually the swift changes were accepted and put to operation. As we know that India is already headed in a positive growth direction with trillion-dollar technology. The center at work is trying too hard to work its way through towards a prosperous future. Digital revenue of $1 trillion in 2022 and $1 trillions of economic value from the digital change by the year 2025. A lot of work is being built around infrastructure, technology, traffic, etc.
The era of digitization is already at its peak however, there are miles to go:
Below are the reasons why customers are still skeptical about digital wallets and usage:
1. Trust Problems: In the times of change, many are still adamant towards digital changes and stay stuck in their old ways of data transfer. The major glitch here could be trust issues with digital channels and platforms. They have doubts about the safety and security aspects. The idea of sharing your personal and account details can be quite scary. In fact, they have less understanding of the platforms. They do not want to learn and grasp knowledge. It is difficult to take that plunge without enough idea of the digital space.
2. Bad Habits: Some people are just used to a certain way of life and invite no change. They are willing to pay in cash but want to escape online payments. Most under the table businesses are conducted in cash too. These people are specifically avoiding to adapt to digital methodologies.
3. Transparency: In India, people are habitual of cash payments which are not taken on record. Along with that, more taxes are attracted in addition to the transactions. Cash payments are typically devoid of transparency and accountability. However, most works accomplished based on this theory can invite troubles for life. A full swing check on your financial affairs can create authenticity for follow up actions and dealings.
4. Behavior consistency– After following a certain pattern of life, you inadvertently keep walking the same path.
5. Complexity: Companies sell their platforms for instantaneity, however, online payments need time and patience. A few short steps at least are involved in conducting financial transactions. Payments in cash can relatively be faster and conducted in person.
Digital payments can be extremely helpful for individuals, companies, the government and the economy too.
Read more: HOW DOES A DIGITAL WALLET WORK?