Journal Press India^®

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Recent studies have shown that the adoption of digital payment system is increasing in today’s era. Keeping in view the importance of digital payments, the present study aims to explore the existing marketing practices undertaken by banks and financial institutions towards digital adoption of financial products and services. Moreover, the study aims to identify reasons behind low adoption of digital payments among customers and develop a framework for approaching different categories of customers for adoption of digital payments. The research is exploratory and based on secondary sources of data. Different categories of customers have been identified as digitally empowered, free spirited and old timers; and a framework has been developed for approaching these categories for adoption of digital payments. The framework developed will help in conceptual understanding of what encourages customers to adopt digital payments.

Keywords

Digital payment; Customer-centric; Marketing strategies; Banks; Financial institutions.

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