A Comparative Study on impact of digital payments on consumer spending habits
Keywords:
Digital payments, electronic payments, payment systems, financial inclusion, mobile walletsAbstract
Digital payments, also known as electronic payments, refer to the transfer of monetary value from one account to another using digital devices or channels, without the physical exchange of cash or checks. These payments are facilitated by sophisticated payment systems that include instruments, procedures, and interbank transfer mechanisms. As technology continues to evolve, digital payments have become more prevalent globally due to their convenience, enhanced security, rapid processing, and increased transparency. Key drivers of this growth include the rise of e-commerce, smartphone penetration, and the widespread use of mobile wallets. Governments and financial institutions are actively promoting digital payment adoption to enhance financial inclusion, reduce transaction costs, and stimulate economic development. With projections estimating the global value of digital payments to reach $248 trillion by 2026, it is evident that these systems play a critical role in shaping the future of the financial ecosystem.
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