The advancement in technology has brought about great changes in the finance world. In recent times, the finance sector has experienced several changes due to developments in digital payments. The transition from a traditional system of cash payments to digital payments can be attributed to various factors including technological developments, government policies, the availability of smartphones and internet connectivity among others.

One of the countries that has experienced immense growth in the digital payments sector is India through efforts such as Digital India, demonetization in 2016 and development of Unified Payments Interface.

Previously, consumers would utilize cash transactions while making payments for their goods and services. This provided an opportunity for consumers to physically interact with the money while purchasing goods and services. However, with the use of modern methods of transactions such as mobile wallets, debit/credit cards and unified payments interface, consumers do not engage in physical money transactions. This creates a change in the attitudes of consumers when making purchases. Due to the ease of transactions within seconds, consumers tend to make spontaneous purchases of various items.