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Best Practices to Increase Awareness of Digital Payment System in India

Alex Peter by Alex Peter
April 14, 2022
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Digital payment technology allows anyone to conduct online or offline transactions securely and efficiently using a smart device. Digital transactions grew to around 90%, from 232,000 in FY19 to 430,000 in FY21. In FY2021-22, digital payments volume increased by 33% YoY in India. By 2025, digital payments are expected to increase to around 72% of all payments in India. 

With the digital payments technology making such exponential growth in India, consumers and companies need to embrace them quickly. The digital payment system in India is still open to innovations and improvements. Besides that, businesses need to follow appropriate practices to increase awareness and encourage customers toward the transaction technology. Let’s look at a few best practices that work.

Government Initiative

The Indian government has the Digital India programme, a flagship programme with an aim to transform the country into a digital economy with a digitally-empowered society. Through the programme, the government promotes cashless transactions by supporting the development of user-friendly, low-cost digital payment systems. Various payment modes are part of the programme, including bank cards, net banking, mobile banking, e-wallets, pre-paid cards, micro ATMs, PoS, AEPS, and USSD. They primarily focus on remote and rural areas of the country to take a nationwide approach.

Adopting New Technologies

Digital payment systems have a major influence on a country’s economic prosperity. They impact everything from digital payments to fund transfers via the latest technology. The broad adoption of technologies like e-wallets, AEPS, UPI, and USSD, signifies growing awareness about using new payment methods.

Distributing Incentives

Delivering value to customers increases their purchasing power. It drives customers to make more digital payments. Techniques similar to cashbacks are an excellent way to boost digital payments usage among people. When people receive discounts or cashbacks while paying through a digital model, they feel encouraged to learn using the platform and increase their benefits.

Diversifying Payment Modes

Indian customers are still new to digital payments and cashless transactions. Some prefer one payment method while others feel safer using others. For instance, a buyer using an e-wallet may not be as comfortable paying through net banking. Therefore, a business accepting digital payments must choose a reliable payment gateway supporting different payment modes from the customers. Some must-have payment modes include credit cards, debit cards, net banking, e-wallets, UPI, EMI, etc.

Implementing Robust Security Measures

A large percentage of Indian consumers still have trust issues using digital payment methods. They fear their hard-earned money getting stolen when they share their financial information online. Businesses must enhance their security measures to gain people’s trust. Implementing encryption and identity management techniques is vital for each transaction, small or big. Ensuring customer data security with each transaction is a must to increase awareness about the digital payment system in India. 

Creating a Faster Buyer Experience

Digital payments reduce a business’s operational costs and improve its efficiency. Frictionless onboarding and immediate funds access make digital payments faster and easier, driving greater adoption. It simplifies the transaction and offers buyers a more effortless, safer, and faster transaction experience.

Including Digital Payment Systems in Social Media Platforms

According to Essence social commerce survey 2021, 88% of respondents use social media to buy items in India. Therefore, integrating social media with digital payments is an excellent way to revolutionise consumer behaviour and improve their experience. Integrating digital payments in applications like Snapchat, WeChat, WhatsApp, and Instagram is a perfect way to enable fast digital payments from a platform they feel safe with.

Practices to Increase Awareness in the Rural Areas

  • Using print media, social media, and electronic media to create awareness
  • Organising camps, fairs, rallies, gram sabhas, nukkad nataks, etc. in coordination with NGOs, banks, public representatives, and government officials
  • Opening digital literacy centres in states and districts to educate people
  • Surveys and door-to-door campaigns to aware and literate the masses 
  • Imparting knowledge to students at schools, universities and colleges and training them to spread the knowledge
  • Awarding shopkeepers who do well in digital payments
  • Operating digital LED vans on designated routes to train through the audio-video mode
  • Launching incentive schemes to promote digital payments, like fertiliser shops and fair price shops offer discounts on digital payments
  • Setting demo stalls at local festivals to impart knowledge about digital payments 
  • Providing free Wi-Fi at tourist spots, market areas, and prime locations to promote online payments

The practices mentioned here have successfully promoted paperless, faceless, and cashless transactions. Businesses must embrace them to increase awareness about payment solution in India and contribute toward developing a cashless society.

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