The Future of Computing: Ubiquitous Applications and Technologies

Challenges in Digital Payments and Financial Cyber Frauds in Rural India

Author(s): Rahul Rajput* and Bindu Thakral

Pp: 56-69 (14)

DOI: 10.2174/9789815238990124010006

* (Excluding Mailing and Handling)

Abstract

Improving digital payment trends in rural India is crucial given the growing impact of ICT penetration, demonetization, and digital activities for small businesses in rural sectors. The shift to digital payments can offer benefits such as transaction transparency, reducing parallel economy, and improving ease of doing business. Although various digital wallets such as Paytm, Mobikwik, and PhonePe have been introduced and the government has launched UPI solutions like the BHIM app, rural banking consumers still struggle to embrace digital payments due to the lack of digital literacy. India has a large rural population, but only a small percentage is digitally literate, hindering digital payment adoption. This research study examines the significance of digital literacy in the current banking environment, focusing on issues, opportunities, and difficulties related to the adoption of digital payments in the rural banking sector.


Keywords: Digital transactions, Demonetization, Digital payments, Digital divide, Government, PoS, Rural, Rural india.

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