“Obstacles in the Way of Digital Payment” – An Analytical Study

In the current highly competitive landscape, leading organizations find it increasingly challenging to maintain a competitive edge against global rivals in a world characterized by increasing interconnectedness. Electronic payments, encompassing a spectrum of financial transactions conducted devoid of traditional paper-based documents, have gained prominence. These transactions include the use of debit cards, credit cards, smart cards, e-wallets, e-cash, electronic cheques, and more. However, the acceptance and utilization of e-payment systems exhibit substantial variations across the globe, with some methods enjoying widespread adoption while others languish with lower utilization rates. This study is designed with the objective of meticulously identifying the multifaceted issues and challenges that confront electronic payment systems. Additionally, we will present potential solutions to enhance the digital payment system. It’s important to note that while digital payment systems offer numerous opportunities, they also bring along lots of potential threats and challenges. The Rajkot District is the focus of the study, with 104 participants. Convenience-based sampling was used to choose the participants. Interview schedules and a Google form were used to collect primary data. The data was analyzed and interpreted using simple percentage analysis and the Likert scale. The study’s findings highlight the region’s persistent reliance on cash transactions. As a result, there is a clear need for increased customer awareness programs targeted at teaching customers about the convenience and benefits of digital payment channels as a replacement for cash transactions.