Transition to the use of digital payments faces more resistance than expected
It may be easier to understand why such a large number of consumers are still hesitant to adopt digital payments in any way
It isn’t a surprise that governments around the globe are investing heavily in building digital payment platforms and promoting cashless transactions. In fact, by 2025, the digital economy is expected to significantly increase.
What comes with increasing technology adoption and the growing use of digital platforms for money transfers is both interesting and intimidating. At a ground level, it may be easier to understand why such a large number of consumers are still hesitant to adopt digital payments in any way.
It Is Difficult To Trust What They Can’t See!
A handful of surveys have pointed out that some users do not like the perception that someone they don’t know has access to their savings. Contrary to this, physical banks and financial institutions seem to be more trustworthy given their accessibility.
It Is a Matter of Breaking a Habit, Something Many of Us Are Not Willing To Do
We are accustomed to using cash. Now, even when given remarkable platforms to send and receive money on digitally, the majority would prefer to purchase with cash only. Can we blame them? Old habits are hard to break after all!
People who have not grown habitual of using smartphones, laptops, or making digital payments, simply don’t find a good enough reason that could convince them to change. They opt to carry cash and “be in control” at all times, happily unaware of where the world is headed in regards to digital money.
The Process Seems Cumbersome To Many, If Not All
Another valid reason for resisting digital payments is that they sometimes involve more steps than paying through conventional “cash approach” would. Moreover, you can immediately transfer value with the use of cash. On the other hand, digital payment apps may involve days of wait, something most of the users are not comfortable with.
Local acceptance is another matter that needs to be addressed. You would hardly find a merchant who is not willing to accept cash but with digital money, selective options are open and this might only change slowly in the future.
So, Are There Any Benefits In Moving Towards Digital Payments?
This option is not without its convenience. For example, money transfer apps and online banking guarantees that you can pay from anywhere in the world as long as you have a good internet connection. Seriously, that is the only requirement!
Moreover, digital payments of bills can save you a lot of time. There would be no need to get in long queues to hand over cash at the counter when you can simply transfer the amount online.
The digital footprint provides a detailed record of the spending, transactions, and pending payments to help you track the money keenly. This can be a helpful tool in budgeting as well if you are trying to boost your savings over time.
Lastly, paper cash has always been a risk to carry. With digital wallets, the ratio of compromised money is drastically low. In fact, most platforms now come with encrypted technology as well as PIN security to further secure your money and future transactions.
Whether you decide to go with digital payments or not is a choice that you need to make yourself, keeping in view how comfortable you are with the process. If “adapting to something” new feels intimidating, it is best to take it slow or get help from a friend or family member who is more accustomed to the use of such platforms.
Better safe than sorry, right?