Digital Financial Literacy and Digital Payment
Financial literacy refers to an understanding of money and the capacity to use it to make informed personal financial decisions. Hogarth and Hilgert (2002; Hogarth and Hilgert, 2002). It is a set of abilities and information that enables a person to make informed and effective financial decisions. Increased financial literacy and aptitude, according to Mahdzan and Tabiani (2013), leads to better financial decision-making, which allows for better planning and management of life events such as education, home purchase, and retirement. This is particularly true for India, which possesses a competitive advantage in the form of a demographic dividend that is just waiting to be realized. Financial literacy has been a topic of discussion all around the world. A person’s capacity to understand, handle, analyze, and explain personal finance matters is referred to as financial literacy. It is a set of abilities and information that enables a person to make informed and effective financial decisions. It is the ability to make well-informed decisions and reach concrete conclusions about the use and management of money. Consumers are increasingly shifting their focus away from traditional financial literacy and toward digital financial literacy. The interesting aspect of digital financial literacy is that more individuals are opting for digital payments, and the value of debit and credit cards, as well as online and mobile banking, is increasing. Digital payments are transactions that take place entirely digitally or online, without the need for a physical exchange of funds. This means that both the payer and the payee exchange money via electronic mode. The Indian government has taken a number of steps to promote and support digital payments in the country. The government’s goal for the ‘Digital India’ campaign is to establish a ‘digitally empowered’ economy that is ‘Faceless, Paperless, Cashless.’ Digital payments come in a variety of forms and approaches.
Table of Contents
- Introduction
- Digital Financial Literacy and Digital Payment
- Review of Literature
- Objective of the Study
- Methodology
- Conclusion and recommendation
- Reference