From Cash to Code: Digital Payment Adoption and Its Ripple Effects on Economic Landscape in Indian Petro-Retail | Chapter 2 | Contemporary Research in Business, Management and Economics Vol. 2

The pervasive influence of digitalization has transformed operations across industries, enhancing efficiency and effectiveness at every stage. Concurrently, the widespread exposure to modern technologies and social media has shaped customer behaviour and expectations. The COVID-19 pandemic has further accelerated the adoption of digitalization, emphasizing the global imperative for safe, secure, and hygienic processes. This shift is particularly evident in the realm of digital payments, which has undergone a substantial transformation in the global market and has become crucial in the context of the evolving Petro Retail industry. This paper investigates the extent of digital payment adoption and its impact on the Indian Petro Retail landscape, considering the industry's transition from a "Product-based" to a "Service-based" model. The integration of digital technologies has revolutionized the functioning of various industries, influencing operational efficiency and effectiveness. Concurrently, changes in customer behaviour and expectations, driven by technology and social media, have reshaped the landscape. The COVID-19 pandemic has accelerated the global shift toward digitalization, highlighting the imperative for safe, secure, and hygienic processes. In this context, the adoption of digital payments plays a pivotal role, particularly in the Petro Retail industry, which has witnessed a significant transformation. This study employs a comprehensive approach to assess the extent of digital payment adoption in the Indian Petro Retail sector. Data collection involves a thorough examination of industry trends, customer preferences, and technological advancements. Surveys and interviews are conducted with stakeholders to gauge their perspectives on the impact of digitalization on payment processes in Petro Retail. The findings reveal a noteworthy shift in the Petro Retail landscape, indicating a substantial adoption of digital payments. The industry's transition from a traditional "Product-based" model to a more service-oriented approach has been accompanied by a surge in the use of digital payment methods. The results also highlight the industry's responsiveness to the global demand for safe and secure payment processes. The implications of digital payment adoption in Indian Petro Retail are discussed, considering the industry's evolving nature. The shift from product-centric to service-centric offerings aligns with the changing preferences of customers, emphasizing the importance of safe, secure, and hygienic payment methods. The discussions delve into the challenges and opportunities presented by this digital transformation, addressing both industry and consumer perspectives. The paper concludes by outlining the broader implications of digital payment adoption in Indian Petro Retail. Insights from this study can inform industry stakeholders, policymakers, and businesses on the significance of embracing digitalization for enhanced safety, security, and hygiene. The findings contribute to the ongoing discourse on the intersection of digital technologies and the Petro Retail sector, offering valuable insights for future strategic planning and decision-making.

 

Author(s) Details:

Santanu Purohit,
School of Business, University of Petroleum & Energy Studies, Dehradun, India.

Sujoita Purohit,
Mohanlal Sukhadia University, Udaipur, Rajasthan, India.

Please see the link here: https://stm.bookpi.org/CRBME-V2/article/view/13663