Topic Name:
Digital Payments and Fintech: Transforming the Future of Financial Transactions in the Digital Economy
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Objectives:
Issues Involved
Digital Literacy and Awareness: Efforts to enhance digital literacy and awareness have made progress; however, a significant portion of the population continues to lack a comprehensive understanding of and trust in digital financial services. Targeted awareness initiatives and education programs are critical to equipping individuals with the necessary knowledge and skills to effectively utilize digital payment systems.
Digital Financial Inclusion: Building trust is a cornerstone of increasing digital payment adoption. Transparent communication, intuitive platform designs, and robust customer support can help alleviate users' apprehensions. Despite advancements in digital infrastructure, such as widespread smartphone use and improved internet access, the digital divide remains pronounced, especially in rural and semi-urban areas, limiting the reach of digital financial services.
Cybersecurity: The shift towards digital payments in India faces persistent challenges related to security and trust. Issues such as fraud, data breaches, and cybersecurity threats continue to erode consumer confidence, thereby slowing the move away from cash-based transactions. Strengthening security measures is crucial to bolster trust in digital platforms.
Regulatory Framework: A well-defined and supportive regulatory environment is vital to encouraging competition, fostering innovation, and protecting consumers within the digital payment ecosystem. However, the current regulatory landscape in India is fragmented, with overlapping authorities, inconsistent compliance standards, and regional variations creating uncertainty. This lack of cohesion hinders the seamless growth of digital payment systems and their potential impact on the economy.
The evolution of digital payments significantly influences the Indian economy by driving financial inclusion, fostering innovation, and improving transaction efficiency. Addressing these challenges will be essential for realizing the full potential of digital payments in shaping a more connected and inclusive economic future.
Team Lead :
Name : Dr Geetha Iyer
Email ID: Geetha.iyer@nmims.edu
Team Members
Name: Dr Alaknanda Lonare
Email ID : Alaknanda.lonare@nmims.edu
Name: Dr Kalyani Mulchandani
Email ID : Kalyani.mulchandani@nmims.edu