Digital payments apps need to have this to increase usability; read what report says.
Report says that digital payment apps need to start consuming less data and battery life in order to enhance usability.
The trends for 2019 are pretty clear: noncash payments are on the rise everywhere around the world and the best practice examples are set by the markets in the UK, Australia and Sweden which are making some of the best transitions towards this digitalized payment era.
Digital payments system needs
The growing trend towards the noncash payments represents a direct result of the overwhelming rise in the e-commerce sector, but that’s not all. Consumers today are adaptable to disruptive technologies and are generally open to trying new types of digital payment methods.
This consumer appetite is made up of their access to infrastructure, as well as the emergence of government-backed initiatives, such as real-time transfers and the backing of electronic currencies, that make digital payments more enticing to both consumers and merchants.
How digital payments will rise even further
Digital payments apps need to consume less data and battery to enhance usability, a recent report said. Furthermore, the apps would be better suited to the users if they become more user-friendly, by incorporating local languages and use innovative tools to enhance usability, according to Consumer Unity and Trust Society (CUTS) International.
Nearly, 44% of aware disadvantaged groups including females, a bit more elder, coming from rural regions, low or uneducated and low or no income and 50% of aware advantaged groups including male, young, urban, highly educated and high income are users of digital payments, the report also said.
“Different users may prioritize divergent challenges to be addressed for enhancing use of digital payments’ modes. While consumers face challenges such as lack of interoperability and high processing charges, merchants face challenges with respect to expensive acceptance infrastructure, transaction failures and unaware customers,” it added.
The report also mentions that increasing trustworthiness should become a priority, given that frauds, inconveniences and accountability issues still are pretty high.
The key findings of surveys and recommendations have been submitted to the RBI Committee on Deepening of Digital Payments.
Cumulatively, 5,000 respondents were interviewed for the study across categories including consumers, merchants, micro and small enterprises, business correspondents, and entrepreneurs from 11 states across the country representing different demographic profiles.