Abstract
The rapid digitization of financial transactions has revolutionized payment systems, yet traditional methods like cash and checks persist, particularly in semi-urban and rural regions. This study investigates the adoption, efficiency, security, and challenges of digital payment methods compared to traditional systems in the Greater Hyderabad, Telangana. Using stratified random sampling, data was collected from 107 respondents, including individuals and businesses, to analyse behavioural trends, barriers to adoption, and financial inclusion. Key findings reveal that the Unified Payments Interface (UPI) is the most widely used digital payment method (78%), while cash remains prevalent among 24% of respondents. Security concerns (27%), transaction failures (15%), and merchant resistance (18%) are significant hurdles. The study concludes with actionable recommendations for consumers, businesses, and policymakers, emphasizing digital literacy programs, enhanced cyber security measures, and infrastructural improvements to foster a seamless transition to digital payments.
Keywords
Digital Payments, UPI, Financial Inclusion, Cyber Security, Traditional Payments, Fintech Adoption.
Citations
IRE Journals:
J. Annapurna "A Comparative Study of Digital Payment Vs Traditional Banking" Iconic Research And Engineering Journals Volume 9 Issue 6 2025 Page 2366-2373 https://doi.org/10.64388/IREV9I6-1713203
IEEE:
J. Annapurna
"A Comparative Study of Digital Payment Vs Traditional Banking" Iconic Research And Engineering Journals, 9(6) https://doi.org/10.64388/IREV9I6-1713203
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