Article

Impact of Digitalization on Emerging Economy Studies

5(1) 31–41, 2019
Indian Rural Banking Customer: © 2019 International
Management Institute
With Reference to Payment Reprints and permissions:
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Systems DOI: 10.1177/2394901519825912
journals.sagepub.com/home/emi

Renu Singh1
Garima Malik1

Abstract
Moving on from the physical clearance of the cheques to the CTS technology, from brick and mortar
model of the banks to the internet banking and mobile banking, launch of BHIM and UPI application,
digitalization has become a buzz word in today’s era. Information Technology today has a crucial role to
play in an efficient banking system, and Indian banks have placed a strong infrastructure to leverage its
benefits by moving on to contextual banking and open Application Programming Interface. Though rid-
dled with lot of risk, banking services have steadily moved forward with digitalization to offer customer
services at their fingertips and laptop screens. With Indian Banking Industry competing the world class
technology, the rural banking customers still face challenges in embracing digital payments. The article
attempts to present the opportunities and challenges recently emerging in the rural banking sector with
special emphasis on digitalization and to analyze the importance of digital literacy in today’s banking sce-
nario. This study provides the insights of the digital technology and ways adopted by banks in rural India
and to understand the perception and behavior of rural customers toward these services.

Keywords
Digitalization, rural banking, customer services, information technology, payment systems

1
Amity College of Commerce and Finance (ACCF) Amity University, Noida, Uttar Pradesh, India.
Corresponding author:
Renu Singh, C-Block, Amity University (Dell-Campus), Sector 125, Noida, Uttar Pradesh 201303, India.
E-mail: renu_rsingh@yahoo.in
32 Emerging Economy Studies 5(1)
Introduction
With the advancement of technology, the initiation
of digitization and e-banking has been formulated
in a global world. India is one of the developing
countries that has significantly initiated the
revolution of digital payment system a lot faster by
joining other countries, specifically in the financial
sector. In addition, as the revolution of digital
payments has been spread into rural areas, its
impact is transformative in nature based on
exploring the opportunities in the technological
era. Based on statistical terms, it has been analyzed
that around 86.6 per cent of payments were made
through cash in India in the financial year 2012
and in the years 2012–2013 more than 7,600 crore
of float was seen in the economy. As per such
statistics, the initiation of a cashless economy
evolved among policymakers leading to the
digitalization of the economy (Ravi, 2017). As per
the World Bank’s report, ‘India is the second
largest telecommunication market. Despite 25 per
cent of mobile users in India, digital literacy is
merely 6 per cent of India’s total mobile users’
population’. Although the government has
declared zero balance accounts, people are not
reciprocating equivalently in terms of transactions
or account usage.
Information technology (IT) is one of the key
aspects of an efficient banking system, and Indian
banks are playing hard to explore the opportunities.
However, there are significant risks to security,
based on online banking or digitization, but its
effects are being appreciated by Indians
extensively. Mr Narendra Modi initiated the
campaign for ‘Digital India’, which forecasted that
more than 12,000 rural post offices are being
linked with payment banking through digitization.
In addition, the prime reason for initiating
digitization in India is to control the flow of black
money (Venkatesh & Nandini, 2013).
Objectives of the Article
The Government of India has adopted the idea of
Digital India. Under this campaign, digitalization
of the entire banking system is a key task of the
whole campaign. The government is looking to
digitalize the entire banking infrastructure where
digital transactions will be promoted over other
forms of conventional transactions such as cheque,
withdrawal, and so on. However, this campaign
faces several issues, and among them the two
biggest issues are: First, the rural infrastructure of
India is severely back dated, and even the basic
forms of internet are absent in most part of rural
India, which is the basic necessity of digital
banking. Second, almost 65 per cent of mobile
users’ population in India is smartphone users, and
most of the users from rural areas even lack the
basic knowledge of operating smartphones and
even ATMs, and still to this day they rely only on
basic banking instruments such as cheques,
withdrawal, and so on (Bapat, 2012).
Digital Payment Procedure in Rural
India
The job seekers in distinct rural schemes have
attained a new target by integrating more than half
a million volunteers also called banking corre-
spondents’ (BCs) number. The new target is to
enroll shops and people in e-economy by providing
effective training based on cashless transactions.
However, an incentive of `100 is being offered to
every village shop for attaining any form of
payment through digital platform, but it is an intim-
idating task for the BCs across India. In addition, it
has been analyzed that around 2.5 million people in
rural areas of India have enrolled themselves in
cashless transactions and around 55,000 merchants
have moved into a digital platform for payments
(Purmal, Alam, & Zam Zam, 2013). However,
Singh and Malik 33

these strategic changes have been evident after the

Government of India initiated demonetization on
8th November. The two payment systems, namely
UPI and USSD, have been eased up by the National
Payment Corporation of India. In addition, people
in villages are much more comfortable with finger-
prints rather than other security features. However,
it would assist towards higher rates of enrollment.
Some critiques stated that around 34 per cent
out of 1.1 million active workers have an Aadhaar-
Figure 2. Usage Rate After Demonetization in Rural
linked bank account based on the center’s rural job
India
scheme based on Mahatma Gandhi National Rural
Source: Jaleel and Sharma (2017).
Employment Guarantee Scheme (MGNREGA). In
addition, a review meeting conducted by the Kant Disclaimer: This figure is for representational purpose only.
It might not appear clear in print.
panel identified that 35 per cent of ration shops
had hand machines out of the 160,000 to analyze
As stated by Rajagopalan and Prakash (2013), the
biometrics of MGNREGA workers (Pritchard,
effectiveness of cashless payment has emerged
Rammohan, Parasuraman, Sekher, & Choithani,
after the initiation of demonetization, specifically
2013). However, it has been analyzed that rural
in urban India. Figure 2 depicts the lower usage
youth are much more inclined to find ways to go
rate of the digital payment procedure, namely, UPI
cashless, which is massive in the current scenario.
in rural India with the increased use of debit and
Figure 1 depicts the rise of digitization in India,
credit cards. This, in turn, states that there is a huge
which is significant. The figure also states that by
requirement of maintaining the effectiveness of
the end of the financial year 2019, the number of
digital transactions and formulating cashless
digital buyers in India would rise by 239.7 million,
economy specifically in rural regions for
which critically depicts the effectiveness of digital
maintaining standardization extensively and yield
payment in the banking sector of India.
the benefit of the cashless economy.

Figure 1. Number of Digital Buyers in India from 2014 Figure 3. Decline in Digital Transactions in Rural
to 2019 (in Millions) India—January to April 2018
Source: Chakravorti (2016). Source: Waghmare (2017).
Disclaimer: This figure is for representational purpose only Disclaimer: This figure is for representational purpose only
and might not appear clear in print. and might not appear clear in print.
34
Figure 3 reveals that in the financial year 2018
from January to April, there is a significant amount
of decline in the digital transaction made in rural
India. This kind of decline has been due to the
lower knowledge of the rural banking system and
lack of awareness about digitization and its effec-
tiveness. The other reason could be the recapitali-
zation which happened during demonetization,
and people had more cash and such people who
even were digitally literate started transacting with
hard cash. With the technological advancement,
the digital banking was initiated, but lack of
knowledge and lower ability to handle such system
led to such a decline in each following months
resulting in 763,000,000 million (Chavan, 2013).
As put forward by Zhang, Jiang, Qu, and Wang,
(2013), rural sector holds critical importance for
the economic development of India. The initiation
of demonetization was a turning event in India that
led to critical changes in market dynamics. Post-
demonetization has forecasted significant growth
in the number of users using digital payment
interface and PoS, which was unlike pre-
demonetization. Increasing the bandwidth to rural
locations and initiation of e-wallets as well as
incentives based on UPI are transforming the
digital world (Soedarmono, Machrouh, & Tarazi,
2013; see Figure 4).
Although there has been exponential growth in
the usage rate of digitization in India, its
effectiveness in rural India has not been reached at
Figure 4. Pre- and Post-demonetization Impact
Source: Raj (2018).
Disclaimer: This figure is for representational purpose only
and might not appear clear in print.
Emerging Economy Studies 5(1)
such extent, which degrades the vitality of
digitization (Goutam, 2015). Several incentive
schemes are being formulated by policymakers to
offer rural India zero account, but very few people
are using such an approach. As stated by Acharya,
Khandwala, & Öncü, (2013), literacy and
knowledge can assist people to use innovative
products and services that can contribute to
enhancing the economy as well as social aspects.
Cashless Economy with ‘Aadhaar
Pay’ in Rural India
In order to motivate illiterate and poor people in
the rural area of India, the government is striving
hard to promote Aadhaar Pay, which would assist
users to make financial transactions with
fingerprints. In addition, it would become an
alternative mode of the card and online
transactions where customers would use PIN and
password for transactions (Lal, Dwivedi, & Rana,
2015). Through this payment mode, a merchant
would require the Aadhaar number, the name of
the bank, as well as the fingerprint of the customer
for formulating a cashless payment system. A
report cited by the Times of India about UIDAI
stated that the application is highly compatible
with android-based phone irrespective of its price
as it just requires finger biometric device attached
to it (Choudhury, 2013). In addition, this would
ensure that the digital transactions are validated;
PIN-less as well as card-less transactions can
enhance the security system as well. Furthermore,
it would not require any smartphone for
transactions for the customers. The Government
of India has initiated state banks to enroll 30–40
merchants per branch to formulate cashless
payments for the customers. This has assisted to
promote the concept of Aadhaar Pay among
merchants in rural India extensively focusing
toward growth and innovation. Syndicate Bank,
Andhra Bank, State Bank of India, IDFC Bank as
well as Induslnd bank are the first five banks to
initiate the live services offered by Aadhaar Pay
with the effective promotion (Kumar, 2013). On
the contrary, few other banks are still in the
Singh and Malik
process of inducting pilots in the application. The
main purpose of such a strategy is to analyze the
transactions made via the application for
incentivizing merchants based on scalability and
long-term sustainability of the system.
In addition, the government is trying to reduce
the cost of the biometric device, which costs
`2,000, by working on an incentive model which
would encourage the merchants to use (Goswami,
2016). Based on technological advancement, the
increase in breaches has also been increased due to
malicious attackers or hackers that raise serious
concerns toward digital payment system. However,
transactions made using Aadhaar Pay are highly
secured (in terms of processes and technology) as
compared to another digital mode of transactions.
If any merchant misuses or exploits the finger-
prints for personal use, he or she will be immedi-
ately caught by the government because the
location of the merchant would be traceable
through the application of Aadhaar Pay (Jain &
Natarajan, 2011). Figure 5 significantly states the
effectiveness of digital payments and an increase
in usage rate among customers from earlier
periods. However, there are also other significant
aspects after demonetization that state the
requirement of significant development in the
digital payment system in order to enhance its
usability and security. The transition to ‘go
Figure 5. Impacting Factors of Digital Payments
Source: Shakir, Wasim, and Safiuddin (2017).
Disclaimer: This figure is for representational purpose only
and might not appear clear in print.
35
cashless’ has been much more accelerated after
demonetization in November 2016 by the
Government of India (Kumar & Siddharthan,
2013). Altogether, these changes and shift toward
digital world have offered essential benefits to the
customers, government, regulators, as well as
bankers extensively as it assists to enhance trans-
parency as well as expand the formal economy
significantly. However, with such integration of
‘Aadhaar Pay’ system in rural India, it has certain
limitations as well. As the system highly requires
internet coverage for facilitating person-to-person
transfer via a fingerprint scan, the internet connec-
tivity in rural areas is still a critical challenge. In
addition, unreliable connectivity of internet can
degrade the entire system leading to failure of such
an agenda (Özkan-Günay, Günay, & Günay, 2013).
It has been identified that around 14 banks in
India are integrated into Aadhar Pay system that
assists to enhance the economic structure of India
extensively (Bonizzi, 2013). In 2009, the
Government of India acknowledged the need of a
central data depository where the vast personal
details and biometrics of the Indian citizens will be
stored, and in return, Indian citizens will receive a
social security like number call Aadhaar Number.
UIDAI was formed to formulate and maintain this
vast database. To encourage poor and illiterate
people in rural areas to make digital payments, the
government is promoting Aadhaar Pay which
ensures financial transactions by just using
fingerprint as every user’s unique biometrics are
recorded in the Aadhaar database. Aadhaar Pay is
an app on the Android platform that will enable
merchants to conduct cashless transactions.
Paytm Approach in Rural India
For government and nationalized banks in India, the
biggest challenge was to provide affordable and
accessible services to the rural population of India.
India has around 640,868 villages with more than
800 million population belonging to the rural areas.
These places lack basic infrastructure such as proper
transportation, education and internet services.
36 Emerging Economy Studies 5(1)
Paytm, which is India’s largest digital payments
company, has used the demonetization to its
benefit and has launched their services in the rural
India.
Under their pilot scheme, Paytm offered
merchants to transact using their gateway and app
for transferring money to the farmers’ bank accounts
when the farmer is selling their produce. Paytm also
partnered with several agro companies to incorporate
their payment structure with their own platform.
Paytm also offered several credit schemes for the
rural population to boost the adoption of their
services. These schemes are generally for farmers
and can be used to procure new tractors, fertilizers,
seeds, and so on. These loans are generally provided
without any collateral to encourage digital flow of
cash and are protected under the Mudra scheme of
the government, and the entire documentation and
disbursement are done digitally. The eligibility for
these loans depends on the total amount of
transactions done by an individual on their platform.
Payment options can also be altered according to
the earning pattern of the borrower and varies from
quarterly payments to daily payments (Rangaswamy
& Arora, 2016).
Paytm also have been able to penetrate in those
areas where internet services are not available. It
was made possible by a new innovative method
where a customer can dial a toll-free number of
Paytm and enter the amount and phone number of
the receiver, and the amount will be transferred
provided the customer has registered his Paytm
account with his or her mobile number. This
provided a framework for digital banking to
operate in the most rural areas of India, and
this concept was later adopted by the Aadhaar
Pay app by the National Payments Corporation of
India (NPCI).
Challenges of Digital Payment
Faced by Rural India
The recent demonetization has nudged the entire
country toward cashless or at least less-cash
economy. However, there is huge disparity
between ‘Bharat’ (rural India) and ‘India’ (urban
India). Rural areas have multiple challenges in its
transition to cashless/less-cash economy, multi-
pronged approach needed to overcome these
challenges. Integration of rural economy with
formal economy is long due, and it is high time to
do that (Paul, 2007).
Various Challenges in Rural Areas Which are
Posing as Roadblocks for Digital Banking
1. Financial literacy and not literacy alone:
Being a part of the formal financial system
is a costly affair—for the minimum
requirement, it demands financial literacy
which is far more taxing than literacy.
Given that most individuals tend to grapple
while filling up cheque and bank forms,
even with literate, the transaction is a cost
in rural areas.
2. Digital illiteracy: The rural population is
less aware of digital world and computer/
smartphone. They even lack the basic
knowledge of operating a smartphone or a
computer. Poor internet connection is also
making the scenario worse.
3. Vulnerable system and the mistrust: The
misnomer is that if money has been parked
in a bank, they can be cheated or refrained
from withdrawing money, making them
even more wary to a digital transaction.
Further, the frauds that happen make the
things worse.
4. Selective to nonacceptance of digital
payments: As there are limited entities to
commit transaction in rural areas, non-
acceptance by any of such limited entitities
may soon result in non-digital payment
mode, despite the willingness to pay or so.
5. Limited number of transactions: Higher
number of transactions with the same
merchant may push an individual to redirect
toward ease of payment. However, in rural
Singh and Malik 37
areas, there are limited number of
transactions, and that too at the end of the
month, people might be less willing to
undertake transactions through the digital
mode.
6. Merchant sale: Adoption of the merchant
sales via PoS is very slow despite the
service provider’s effort by providing
various schemes and discounts.
7. Inadequate infrastructure: Smartphone
penetrations, internet connectivity, electric-
ity, banking services are not adequate. Even
the biggest nationalized banks of India are
finding it difficult to provide the basic
banking services to the rural population.
Although the Jan Dhan Yojana boosted
financial inclusion, but most of the accounts
made under the scheme are dormant and
less or no transactions are done in them.
8. Nature of rural economy: Most of the needs
of rural people depend on cash transactions,
and to introduce the concept of digital
payments is a very daunting task. Cash
serves better than digital transaction
because rural economy is mostly informal
or unorganized.
9. Poor economy: The rural population of
India is still poor, and the per capita income
is considerably less than the national one.
This makes even the basic necessities
unaffordable for the rural population.
The key solutions, according to the Government of
India, through which digital inclusion can be
solved are as follows:
1. Improvement in infrastructure: Low-cost
smartphone is especially designed for rural
areas with regional languages. Smooth and
speedy implementation of the Bharat Net
Project ensured supply of electricity, better
and cheap internet connectivity by creating
hotspots and rationing of free data as
proposed by TRAI on monthly basis,
improvement in banking services especially
online services. Reformation and better
implementation of PURAs are extremely
essential.
2. Digital literacy: Digital literacy is one of
the biggest hurdles in transition toward
cashless economy. Common Service Center
(CSC) under the aegis of Digital India
program should be fast tracked, computer
education in schools promoted, self-help
groups (SHGs) should be trained and
encouraged to spread digital literacy.
3. Trust building: Though trust building takes
time, suitable advertisement strategies and
promotion of cashless economy can help.
Incentives such as ‘Lucky Grahak Yojana’
and ‘Digi-Dhan Vyapar Yojana’ are steps in
right direction.
4. Revamping of rural economy: Rural
economy should be formalized to the extent
possible. This can be done by easy
availability of loans in formal sector,
incentives for adopting digital economy,
digitization of land records, better
implementation of JAM, and so on.
Customer Perspective Towards
Digital System
Ratan Watal, former Finance Secretary, stated that
digital payment systems grew 55.8 per cent by
overall size in India due to demonetization, and 25
per cent growth was observed in 2016–2017.
According to the Reserve Bank of India (RBI), the
adoption rate of digital payments had accelerated
following demonetization in the last financial year
but has slowed in recent months of 2017. Total
digital transactions in April 2017 of `109.58
trillion are 26.78 lower from `149.58 trillion in
March 2017. The mass capacity of digital
transactions has witnessed an unexceptional
growth in the adoption rate of digital payments.
38 Emerging Economy Studies 5(1)
According to the report of credit card database, the
number of card selling is increased that influence
point of sale (PoS) of banking sector. In other
words, people of India started making payments
by a debit or credit card over cash withdrawal from
ATM for making a cash transaction. Accordingly,
the total number of debit card-related transactions
has increased to 1.2 billion from 818 million in the
financial year of 2016. Besides, ATM transactions
are almost the same at 700 million, the transactions
at PoS terminal have increased three times from
108 million in the financial year 2016 to 329
million in January 2017.
The technological innovation has unlocked
numerous methods of digital payments by which
the consumers could make transactions in a
convenient and acceptable manner. The factors
such as apparent comfort of use, soulfulness and
adoption of digital wallet as payment method
helped a lot. These critical influences are
designated as architects that play critical part in
adoption process of digital payment solution. The
usage of digital wallet among youth in Punjab was
found to be associated with societal influence and
usefulness, controllability and security, and need
for performance enhancement. However, the
adaptation of digital payment covers few
drawbacks such as a lack of critical mass,
complexity, premium pricing and apparent
dangers. ‘Payment Mode Influencing Consumer
Purchase Model’ was proposed by Braga and
Mazzon. This model considered factors such as
temporal orientation and separation, self-control
of people and payment paradigms for making a
digital wallet as an original compensation manner.
Consumer perspective of mobile payments and
mobile payment technologies are two most
important factors of mobile payments research.
Mallat studied consumer adoption of mobile
payments in Finland. The study found that mobile
payment adoption depends on lack of other
payment methods and certain situational factors,
as it is vigorous and constantly changing.
Problems of IT that Restricted
Digitalization in Rural India
More than 70 per cent of the population of India
lives in the rural areas. After the demonetization of
2016, the government emphasized on using digital
payment services through usage of e-wallets,
online gateways, and PoS portals, and several
companies such as Freecharge and Paytm launched
their services in rural India, and also the
government launched services like BHIM app. To
do so, an individual needs access to working
smartphone with internet connection and also an
active bank account along with either debit card or
credit card. So, it can be identified that the IT
infrastructure is a huge roadblock in the path of the
Digital India campaign. According to a recent
report by TRAI, more than 50 per cent of mobile
users in India do not have an active internet
connection, which restricts them from using these
digital solutions.
Technological Advancement
According to the World Bank’s report, more than
290 million people in India lack the access to
electricity, which is a necessary ingredient for
technological advancement. According to TRAI,
India had more than 1 billion active mobile
subscriptions in 2016, but all the subscriptions are
not unique users and are only an indication of the
amount of sim cards sold by the telecom operations,
and around 25 per cent of them remain dormant.
Also, around 50 per cent of these subscriptions do
not have an active internet connection and are
offline. Recent schemes from the telecom operators
in India are showing a rise in mobile usage in rural
India, but majority of them are used for only calls
and lack basic internet connectivity.
Technological Infrastructure
The infrastructure of rural India is also worrying.
The next example shows the current scenario of
Singh and Malik 39
technological infrastructure in rural India. For
example, photocopy is a basic necessity, and it has
been observed that in many areas of rural India,
there is lack of even a photocopy service and
people end up traveling long distances to obtain
one. As a result, a photocopy which is supposed to
cost `2 ends up costing more than `100 and
sometimes the distance is so far that the individual
has to skip work for this, thus costing him or her
that day’s income. The Government of India has
acknowledged the fact that the internet services
are scarce in rural India and launched a scheme
called National Optical Fibre Network, which is
aimed at providing the internet connectivity to the
rural villages of India by enabling the local
panchayats with high speed internet. A budget of
around Rs 700,000 billion has been approved for
this ambitious project, and the government claims
that it has provided internet connection to more
than 60,000 panchayats, but in reality, the number
is a little more than 7,000.
Illiteracy
Illiteracy and superstition are also one of the major
roadblocks in the upgradation of technological
infrastructure in India. There have been reports
that local religious bodies and even panchayats
have banned the use of mobile phones in a
particular area. They also restrict children and
women from accessing the internet and gaining
basic education. According to the 2016 report by
GSMA, they found out that more than 70 per cent
of Indian women lack the access to internet. They
also concluded that less than 38 per cent of women
in urban areas and a little more than 10 per cent
women in rural areas have access to the internet.
Recommendations and Conclusion
This is critical for India to enable active innovation
in digital payment and connect this innovation to
drive the financial presence. The Indian
government should make the regulation of digital
payment sovereign from the roles of the central
banking. In this way, this law allows that payment
regulation is free of central banking. The function
of digital payment should be independent of
central banking utility of RBI. The primary
objective of digitalization on rural banking consists
of customer protection in the payment market. In
other words, the customer should not be responsible
for loss arising out of the illegal transaction or the
system malfunctions. Additionally, the SHGs
could support the persons in the campaign of
digital banking system within the rural area. Self-
help Groups would execute the duties of Bank
Mitras in order to serve post offices as well as
banks for the propagation of digital wave. In this
way, rural social infrastructures, for example,
Mahila Mandals, Youth Club as well as Panchayati
Raj Institutions, ought to increase for the spread of
economy of digital rural. However, the line
department representatives such as school teachers,
village development officers and health workers
would teach the local residence about digital
economy and the financial inclusion.
There are enormous possibilities that rural
economy could become the cashless economy in
India. Another way is by creating awareness about
digital transactions and financial literacy among
rural people by partnering with different
educational organizations and NGOs. It can also
provide multilingual online payment platforms,
that is, mobile apps in regional languages for ease
of transactions.
However, the digital payment can lead to new
potential developments as well as supporting in
upgraded condition of the digital payment
dispensation in rural sector.
Declaration of Conflicting Interests
The authors declared no potential conflicts of interest
with respect to the research, authorship, and/or
publication of this article.
40 Emerging Economy Studies 5(1)
Funding
The authors received no financial support for the
research, authorship, and/or publication of this article.
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