International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

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Adoption of Digital Payments in Emerging Economies: Drivers, Challenges and Future Directions

Author(s) Prof. Varsha Balakrishnan, Prof. Anugraha C K, Prof. Kavya K, Prof. Sabnam Pradhan, Prof. Sandhya M
Country India
Abstract The rapid evolution of digital technologies has transformed the global financial landscape, making digital payment systems an essential component of modern economies. Emerging economies, in particular, have witnessed remarkable growth in the adoption of digital payment solutions due to increasing smartphone penetration, expanding internet connectivity, supportive government policies, and the rapid development of financial technology (FinTech) ecosystems. Despite this progress, the adoption of digital payments remains uneven across regions because of challenges related to digital infrastructure, cybersecurity, financial literacy, regulatory complexities, and consumer trust. This survey paper provides a comprehensive review of the current state of digital payment adoption in emerging economies by synthesizing recent academic research, industry reports, and policy initiatives. The study examines the evolution of digital payment systems, major payment technologies, and the key stakeholders involved in the digital payment ecosystem. Furthermore, it analyses the technological, economic, social, and regulatory factors that drive adoption while highlighting significant barriers that limit widespread acceptance. Particular attention is given to security and privacy concerns, including phishing attacks, identity theft, payment fraud, data breaches, and emerging cyber threats, together with the mitigation strategies adopted by financial institutions and payment service providers. The survey also compares digital payment adoption across selected emerging economies to identify common trends, country-specific practices, and successful policy interventions that promote financial inclusion and digital transformation. In addition, the paper reviews widely adopted theoretical models for technology acceptance and identifies existing research gaps that require further investigation. Finally, it discusses emerging technologies such as artificial intelligence, blockchain, biometric authentication, central bank digital currencies, and cross-border real-time payment systems that are expected to shape the future of digital finance. By integrating findings from diverse research domains, this survey offers a comprehensive reference for researchers, policymakers, financial institutions, and technology developers seeking to understand the evolving landscape of digital payment adoption in emerging economies and to support the development of secure, inclusive, and sustainable digital financial ecosystems.
Keywords Digital Payments, Emerging Economies, Financial Technology (FinTech), Mobile Wallets, Unified Payments Interface (UPI), Financial Inclusion, Consumer Adoption, Cybersecurity, Digital Banking, Cashless Economy.
Field Mathematics > Economy / Commerce
Published In Volume 8, Issue 4, July-August 2026
Published On 2026-07-09
DOI https://doi.org/10.36948/ijfmr.2026.v08i04.83327
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