ADOPTION OF DIGITAL PAYMENTS AMONG GLOBAL CONSUMERS A SYSTEMATIC REVIEW

The fast-paced evolution in digital technologies has been instrumental in bringing about a paradigm shift in the way financial transactions are carried out, resulting in a massive transition to digital payment methods. The pervasive connectivity offered by ICT has been instrumental in bringing about a major transformation in the financial market and its operations. Also, the tendency for digitization and utilization of the internet has brought in massive modifications to the way the economy around the world operates. The aim of this systematic review is to critically examine digital payment adoption among consumers globally. The idea is to synthesize prevalent literature to explain major factors that impacted patterns and trends in digital payment adoption. Overall, a total of 1454 studies were found out of which 22 studies were chosen after eliminating studies based on the inclusion and exclusion criterion. The findings from this study indicated that digital payments largely impacted economic growth over short-term periods but did not influence economic growth in the long run. Digital payments were also beneficial for commercial banks in terms of augmenting their productivity and profitability. In addition, based on the findings of the review, it was also noted that digital or electronic payments had a positive impact on productivity and business growth, mainly in the financial sector. However, from the findings it could also be understood that overall digital inclusivity within rural regions can only be enhanced with proper infrastructure, technical skills and literacy levels, and by improving connectivity.