Digital payments adoption most effective through A-B-C-D principle

As 80% of consumers in India switch preferences for digital payments, merchants from kirana shops to street vendors should be enabled to accept them.

The Reserve Bank of India (RBI) powered Payments Infrastructure Development Fund (PIDF), operationalized recently, has launched the engaged exertion to scale payments acceptance architecture for limited scope shippers in level 3 to 6 focuses and North Eastern states. The goal behind the PIDF is to achieve “pan India terminalization”, or to give all Indian dealers a digital payment acceptance touchpoint.

Understanding the needs and experiences of local traders will be instrumental to accomplishing nationwide terminalization. We would say, digital payments adoption is most effective and enduring when it follows what we call the ‘A-B-C-D’ principle. This is to say, payments acceptance instruments should be ‘Accessible’ and ‘Affordable’, demonstrate the ‘Benefit’ they bring, ‘Convenient’ to adopt, and ‘Dependable’.