With the world adopting cashless transactions at a rapid pace, India has also witnessed a major change in the way the business transactions are conducted now. According to a recent report, the country is expected to be the fastest-growing in terms of digital payments transaction value by 2023 panning a CAGR of 20.2 per cent.
But, for a cash-dependent economy like India, there are many hurdles on the way to achieve a complete seamless digital transaction business ecosystem. The country’s exploding population and the economy’s cash-reliant nature adds to the problem and makes the financial inclusion more difficult. A person’s reluctance in carrying out a digital transaction can be attributed to a number of reasons like:
1.No Adequate Infrastructure
For an economy to go cashless, it needs to have a proper infrastructure in place that can help him make payments anytime, anywhere. India lacks the kind of infrastructure and most of the digital payment is smartphone reliant.