Regarding digital payments, some sources indicate that India is miles ahead of the rest of the globe. An increase in digital payments in India and elsewhere during the epidemic has let more people access banking services.
Almost 60% of all digital payments are made using UPI systems now. Today, even a vendor with a fruit cart may be paid using a smartphone app. These numbers make online payments look great, but they still need to be the silver bullet everyone's looking for.
For the sake of argument, let's say that you need to get to a hill station from the capital. How often have you had trouble using your GPS while driving or paying with a UPI at a little business in the middle of the hills? More than once! All currently available payment apps that support UPI-based payment require a stable internet connection to process financial transactions. Although all online payment methods are available regardless of location, they depend on internet availability, which is why many of us prefer to carry cash whenever we leave the metro areas.
For this reason, the value of offline payment methods has become apparent now. The voice options available offline do not require access to the internet or a smartphone. In an offline setting, the customer can contact the IVR number and confirm their UPI information and PIN over the phone before completing their chosen financial transaction. Users may make wire transfers, check their account balance, and recharge their DTH, pre-paid mobile network service, or FASTag just by using their voice using this safe and easy payment solution.
From a technical standpoint, many online financial dealings are executed employing a dedicated app. Like any other technological interface, such apps might have problems such as bugs, server outages, etc after this comes the possibility of fraud via QR codes. A QR code is a square barcode that may be scanned and decoded by the camera on a smartphone to quickly browse a website, initiate an app download, or even transfer funds to the intended recipient. Businesses frequently use QR codes as a means of providing contactless access to their services. However, this practice leaves them vulnerable to security issues.
Connectivity, hardware, and digital expertise are all necessary for modern digital payment systems to function. Nevertheless, a problem is those with access to a smartphone and the internet need to be more comfortable using both. Non-smart feature phones and areas with spotty internet access currently have no viable options for using mobile applications smoothly.
