Drivers of Digital Payment Growth in Emerging Economies: An Analytical Study of BRICS Nations

Abstract

Aim: The paper investigates the motivators behind the use of digital payments in the BRICS countries (Brazil, Russia, India, China, and South Africa) and highlights the reasons why digital payments are growing at such a fast pace in these emerging markets. The study singles out technological, economic, regulatory and social drivers of digital payment systems in these nations. Methodology: This paper resorts to secondary source research, within which the existing data produced by online and real payments are processed and analysed to trace the development of online payment in BRICS nations. Such sources are Hegel governmental reports, financial databases, reports on fintech industries and case studies. Transactional data of mobile wallets, online banking platforms, and other financial technologies is also used in the analysis. Findings: The paper provides an eye-opener into the impact of government policies, financial inclusion efforts, technology, mobile phone penetration, and development of infrastructure on the adoption of digital payment in the countries. Recommendations: The paper provides governments in BRICS countries with policy changes to advance digital payment clothing, which will yield sustainable economic growth and financial inclusivity.