Main Article Content
Abstract
The real time fraudsoccurring in the digital payment systems shows the laggings of older legacy measures for the prevention of frauds in the India’s digital payment systems (Sharma, S 2019). This requires new strategies and plans to address the challenge and the need for innovation, competition and collaborations to build a consolidated platform on which the users can rely (RBI 2019). Keeping this in mind the present paper aims to know how Innovation, competition and collaborations in the digital payment systems are helping in building a Consolidated Digital Payment System.Data collection for the present study has been done from 375 respondents from the urban as well as rural areas of Amritsar, Jalandhar and Ludhiana district of the State of Punjab. The data was analyzed using statistical tools like mean, standard deviation, cronbach’s alpha, EFA with SPSS 20.0. The outcome of the study identified revealed the suitability of 21 item scale for the conduct of study in Punjab. The outcome of study identified three factors which were competition (variance explained 23.851), collaboration (variance explained 18.402) and innovation (variance explained 14.465). The results of this study directs the participants in the digital payment systems and the policy makers towards building a consolidated DPS that will be more secure and helps in gaining the trust of users.