Digital Payment Mode: Reasons for growth and Hurdles in its way

Digital Payment Mode refers to the use of methods other than cash for payment. In Digital payment mode, payment is made by using digital modes for payment. There are various methods for digital payment such as debit card, credit card, mobile wallets etc. Digital payment mode is very convenient and an instant way for making payment. It saves time for both; the consumer and the receiver. But there are many factors which are creating a hurdle in the growth of digital payment mode such as Privacy issue, Lack of trust, Resistance to change and difficulty in using the system.