Unlocking Value: Harnessing Digital Payments Data for Economic and Business Innovation

Authors

Abhijith Vijayakumar Binsu

Abstract

This paper explores the multifaceted landscape of digital payments data, examining its potential to drive economic and business value while addressing critical challenges. The rapid proliferation of digital transactions has generated a wealth of data, offering deep insights into consumer behavior, financial trends, and operational efficiencies. We analyze the diverse sources and types of payments data, including transaction metadata and behavioral insights, and discuss the regulatory and ethical considerations surrounding their utilization. The paper delves into the business applications of payments data, highlighting its role in enhancing consumer insights, improving fraud detection, and optimizing operational decision-making. Furthermore, we examine the broader economic and societal implications, focusing on financial inclusion, macroeconomic analysis, and the impact of emerging technologies like AI and blockchain. Recognizing the inherent risks, including data privacy concerns, cybersecurity threats, and regulatory complexities, we propose strategies for responsible data governance and ethical monetization. Finally, we offer recommendations for policymakers, businesses, and researchers to foster a secure, innovative, and equitable data-driven financial ecosystem, emphasizing the need for standardized regulatory frameworks, privacy-preserving technologies, and consumer-centric policies.

Keywords

digital payments, data analysis, financial technology, consumer behavior, fraud detection, regulatory compliance, data privacy, financial inclusion, macroeconomic analysis, data monetization

Unlocking Value: Harnessing Digital Payments Data for Economic and Business Innovation. Abhijith Vijayakumar Binsu. 2023. IJIRCT, Volume 9, Issue 3. Pages 1-8. https://www.ijirct.org/viewPaper.php?paperId=2503102