Technical declines or transaction failures of digital payments in India increased during the pandemic. Accenture estimates that payment failures for multiple banks have now climbed up to 2% from less than 1% before the pandemic. These declines happen due to system errors, and network and bank IT infrastructure issues, and they pose a key challenge for digital payments, she added. The consulting firm sees certainty of payment and a quick recourse in case of transaction failure as a major challenge in adoption of digital payments in India. "Currently, the chargeback [or payment reversal] process in digital payments is not very robust," Sonali said.

Source: The Hindu June 04, 2021 08:47 UTC