Financial Literacy and Its Impact on Digital Payment Adoption: A Chhattisgarh Perspective

Authors: Manoj Minj

Country: India

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Abstract: The digital revolution in India has witnessed remarkable growth in mobile wallets, Unified Payments Interface (UPI), and payments banks. Despite this progress, gaps remain in the uniform adoption of digital payments across different socio-economic groups. This research investigates the role of financial literacy in influencing the adoption of digital payments. A mixed-methods approach involving surveys and interviews was applied across urban (Raipur, Bilaspur), semi-urban (Takhatpur), and rural villages near Bilaspur and Takhatpur. Findings suggest that higher levels of financial literacy positively correlate with awareness, trust, and sustained usage of digital payment systems. The study highlights demographic moderators such as education, age, and income, and concludes with policy recommendations to integrate financial literacy into the national digital agenda.

Keywords: Financial literacy, Digital payments, UPI, Payments banks, Financial inclusion, Chhattisgarh

Paper Id: 232725

Published On: 2024-06-25

Published In: Volume 12, Issue 3, May-June 2024

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