International Journal of Science, Engineering and TechnologyAuthors: Vittal Jadhav
Abstract: Digital Payments have been radically shifting the relationship between consumers and financial technologies (FinTech) through their rapid platformization. Not only are technological innovations responsible for this transformation, but the strategic orchestration of consumer behavior is possible through algorithmic systems, user interface designs, and platform‐driven incentives. However, emerging evidence presents mounting evidence that the ‘interest’ of the consumer is manipulated rather than organic through persuasive design, data-driven nudges, and user behavior manipulation. From a more general perspective within the realm of algorithmic governance and platform capitalism, this paper interrogates how digital payment platforms collaborate in the fabrication of consumer interest in order to sell engagement, extract data, and monetize that data. To explore this phenomenon, the study employs a multi-method research design that combines critical discourse analysis of platform communication strategies with empirical insights from consumer surveys and platform usage data. Among the key findings of the research are that cashback offers, gamification, and personalised recommendations are not just practical utilities for the platform but also tools that influence consumer behaviour, enabling them to make choices in line with the platform's interests. The paper also points toward regulatory blind spots in managing the complex implications of the power dynamics integral to FinTech interfaces. Ultimately, the study suggests that consumer agency in digital finance is being reconsidered and that more transparency is required, along with the adoption of ethical design principles and policy interventions to protect consumers in a more platformized economy.
