Digital payments will pay off in time

Global investment banking giant Morgan Stanley conducted an Alpha Wise Survey of micro and small merchants, that shows that the future of digital payments look promising in the country.

The bank surveyed 1,522 MSMEs to understand their digital payments trends and willingness to adopt new payment means. The study concludes that though digital payments adoption is very high at 77% the share of transactions is still low at 25%.

Also while the merchants are open to entering the formal channels of credit, only half have formal access. GST is expected to solve a lot of teething problems as well coupled with increased digitisation, according to the study.