Digital Payment Issues - Inputs on Root Causes
Below are some of the key issues as outlined by you in regards to digital payments. Kindly review and help identify specific root causes for these issues.
Once we know the root causes, we will have a separate discussion on solutions that should be implemented to make Digital Payments more effective in India.
We look forward to your inputs!
Department of Consumer Affairs
Digital Payments: Issues identified by Consumers
1. Many vendors still don’t accept payments through debit/credit cards
2. Those accepting debit cards ask for cash instead or a 2% extra cost to cover their debit card merchant charges
3. Debit/credit card transaction charges are quite high
4. Shopkeepers put a minimum limit for accepting credit card payment without surcharge
5. Some consumers prefer paying cash since swiping a card would mean paying taxes on top of the product cost
6. Many online vendors charge convenience fee which is significant in amount
7. When a transaction is processed but failed to execute fully the money gets blocked up for a week. People with limited budgets have problems so they never venture into digital payments
8. Banks charge an annual fee on debit cards due to which some people do not opt for it
9. The awareness about digital payments in rural India is very poor
10. Senior citizens are not able to take it up because of lack of knowledge and application
11. Most of the hospitals charge 2% extra if the bill is paid by a debit or credit card
12. Cases of hacking of internet banking accounts and credit cards is pretty common
13. Merchants feel that the POS machines have a high rental and usage charge
14. Internet issues hamper digital payments at retailers
15. BHIM app rarely works around midnight- no emergency fund transfers. Further, it tends to hang often
16. Many semi-urban and rural areas do not have 24-hour supply of electricity which makes digital payments impossible
17. The BHIM app linking with AADHAAR and biometric based payment module might lead to many cases of identity theft
18. The BHIM app has an issue with registering a user having more than one bank account and keeps giving an error
19. Post office savings accounts cannot be included in BHIM of UPI app making it unusable in rural areas. more
Once we know the root causes, we will have a separate discussion on solutions that should be implemented to make Digital Payments more effective in India.
We look forward to your inputs!
Department of Consumer Affairs
Digital Payments: Issues identified by Consumers
1. Many vendors still don’t accept payments through debit/credit cards
2. Those accepting debit cards ask for cash instead or a 2% extra cost to cover their debit card merchant charges
3. Debit/credit card transaction charges are quite high
4. Shopkeepers put a minimum limit for accepting credit card payment without surcharge
5. Some consumers prefer paying cash since swiping a card would mean paying taxes on top of the product cost
6. Many online vendors charge convenience fee which is significant in amount
7. When a transaction is processed but failed to execute fully the money gets blocked up for a week. People with limited budgets have problems so they never venture into digital payments
8. Banks charge an annual fee on debit cards due to which some people do not opt for it
9. The awareness about digital payments in rural India is very poor
10. Senior citizens are not able to take it up because of lack of knowledge and application
11. Most of the hospitals charge 2% extra if the bill is paid by a debit or credit card
12. Cases of hacking of internet banking accounts and credit cards is pretty common
13. Merchants feel that the POS machines have a high rental and usage charge
14. Internet issues hamper digital payments at retailers
15. BHIM app rarely works around midnight- no emergency fund transfers. Further, it tends to hang often
16. Many semi-urban and rural areas do not have 24-hour supply of electricity which makes digital payments impossible
17. The BHIM app linking with AADHAAR and biometric based payment module might lead to many cases of identity theft
18. The BHIM app has an issue with registering a user having more than one bank account and keeps giving an error
19. Post office savings accounts cannot be included in BHIM of UPI app making it unusable in rural areas. more
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Oct 31
When Senior citizens make payments online or through mobile there are many instances when one digit gets wrongly pressed and the money just gets lost in the quagmire of the banking system. This amount is not being settled promptly and the settlement system is not clear/transparent and is cumbersome. Hence, they do not risk using mobile or online systems for transferring funds/make payments. This is also the fear by women folk when they want to make payments. more
Oct 23
It is mostly because of charges at vendors. This shall be eliminated. Of course, connectivity is also playing its role in not using digital payments system. More important is that many shops are preferring cash to defeat taxes and become common. more
Oct 21
Almost all issues covered. The merchants need to absorb the charges levied by the banks, as they save enormous cost savings in doing away with the cash handling more
Oct 20
Basically a consumer is looking for low prices and hassle free purchase. To add transaction charges to the price defeats this logic. The microscope of income tax dept when extended to credit cards puts another dampener due to the fear element attached. Lastly I think the economy thrives only if there is spending. But curiously the policy is to lock up money in schemes more
Oct 20
