preprints.org > business, economics and management > business and management > doi: 10.20944/preprints202407.2424.v1 (registering DOI)

Preprint Article Version 1 This version is not peer-reviewed

Version 1 : Received: 28 July 2024 / Approved: 30 July 2024 / Online: 31 July 2024 (07:40:01 CEST)

The rapid evolution of digital payment systems has significantly transformed the retail industry, reshaping how transactions are processed and enhancing the overall shopping experience. This research explores the adoption of digital payment technologies in retail settings, focusing on the motivations, challenges, benefits, and impacts associated with their implementation. Retailers are increasingly driven by the need to meet consumer demands for convenience and speed, as well as to gain a competitive edge in a saturated market. Digital payment systems, including mobile wallets, contactless payments, and online payment gateways, have become essential tools for retailers seeking to streamline operations and improve customer satisfaction. The study highlights several key findings, including the challenges related to technical integration, security concerns, and cost implications. Technical difficulties in integrating new payment systems with existing point-of-sale infrastructure, coupled with the need for robust security measures, present significant obstacles. Despite these challenges, the long-term benefits of digital payments, such as increased transaction volumes, higher average transaction values, and valuable data insights, often outweigh the initial investment and ongoing costs. The research also underscores the positive impact of digital payments on customer behavior, noting improvements in transaction speed, convenience, and overall satisfaction. Furthermore, the findings reveal variations in the impact of digital payment systems across different retail settings, including large department stores, independent retailers, and e-commerce businesses. The ability to tailor digital payment solutions to the specific needs of each retail environment is crucial for maximizing benefits and ensuring successful implementation. Overall, the study provides a comprehensive understanding of the role of digital payment systems in modern retail and offers insights into the future trajectory of these technologies.

Digital payment systems; retail adoption; consumer behavior; technical integration; security measures; operational efficiency; e-commerce

Business, Economics and Management, Business and Management

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