Innovations and Risk factors in implementing digital payments in Omni Channel Retailing, India: Conceptual Perspective

This article is designed to understand the Innovations and risk factors in implementing digital payments in Omni channel Retail, India. Since many FinTech companies are focusing on building service platforms for payments it can be implemented in retail sector by minimizing the risk. The Omni channel opportunity, unlocking the power of connected customer (By Deloitte to ebay Annual General meeting report, 2013). Determinants of mobile payment usage (Tan Chew Beng and Uchenna C. Eze, 2010) clearly states the 3 key determinants for digital payments are Consumer Crust (cost, feasibility, consistency) Business crust (Visibility, System feature, Customer check) Technology Crust (safety, SMS services, businessprogression) will influence mobile payment usage by customers. (Piyush Kumar and Dr. Dhani Shanker Chaubey, 2017) concluded the digital payment had set relief and force towarddigital payments post demonetization. Public adopted technology slowly, but don't required to pay in addition for digital transaction. (Iguácel Melero and Peter C. Verhoef, 2016) states Recasting the shoppers practice in Today's Omni-channel atmosphere has to touch all the payment platforms to its customers in order to complete the transactions both in online and offline shopping.(Mosquera, A., Olarte Pascual, C. y Juaneda Ayensa, E, 2017) refers customers prefer to be more conscious about their transactions details in new age payments of Omni channel shopping but tend to be more open for new technology payment platforms if they are more secure, reliable and faster. (Worldpay, 2015) states digital payments eliminates flow of cash physically in stores and but payment gateways software need to be improves in case of transaction failure money has to be instantly refund back to the source account to reinitiate the payments again.