FACTORS INFLUENCING CUSTOMER’S TOWARDS DIGITAL PAYMENT – A STUDY OF SURAT CITY
Keywords:Digital Payment, Digital Users
Introduction – With increase use of internet and mobile as well as the initiatives taken by the government have lead to the growth of usage of digital payment. Digital payment helps to develop an efficient payment system which increases the confidence of the customers and increases the transparency in the system. The digital payment is vital for financial formation as it reduces the cost of financial services.
Research Methodology – The present study follows a descriptive research design. The study focuses to identify the factors that are considered while using digital payment and the frequency of usage and modes of digital payment. The variables for the study are identified through review of literature with modification. The data for the study is primary and is collected through structured questionnaire. The analysis of the data is done through both descriptive as well as inferential statistics like factor analysis. .
Major Findings – The major findings of factor analysis is that the most important factor that is considered by the customers while using digital payment is cost and convenience of use.
Managerial Implications – The outcome of the study would provide an insight to digital payment services providers regarding various factors that customers consider while using digital payment. This will help the service providers to provide better services as per needs of the customers and will be able to serve them better.
Fenchi M. C., Sambath P. & Sokheng P. (2018) – “Factors Influencing on Consumer’s Digital Payment Adaption – A Comparison of Technology Acceptance Model and Brand Knowledge”. Proceedings of the21stAsia-Pacific Conference on Global Business, Economics, Finance & Social Sciences (AP18Taiwan Conference)Taipei-Taiwan. December 21-22, 2018. Paper ID: W813. http://globalbizresearch.org/Taiwan_Conference_Dec_2018_1/docs/doc/2.%20Global%20Business,%20Economics%20&%20Sustainability/W813_Abstract.pdf
Jean-Michel S. (2008) – “The Adoption and Diffusion of Electronic Wallets”. Journal of Internet Banking and Commerce, Vol. 13, No. 1, pp. 1 – 11. https://www.researchgate.net/publication/228280001_The_Adoption_and_Diffusion_of_Electronic_Wallets
K.SumaVally & K. Hema D. (2018) – “A Study on Digital Payment in India with perspective of Consumers adoption”. International Journal of Pure and Applied Mathematics, Vol. 118, No. 24, pp. 1-9. https://acadpubl.eu/hub/2018-118-24/2/378.pdf
Muhammad Auwal K., Aidi A. & Siti Z. S. (2015) – “Adoption of e-payment Systems: A Review of Literature”. Proceedings of the International Conference on E-Commerce, pp. 112 – 120. https://www.researchgate.net/publication/303329794_Adoption_of_e-Payment_Systems_A_Review_of_Literature/link/573d2cf808aea45ee841a78c/download
Ngoc D. (2014) – “Consumer Adoption In Mobile Wallet – A Study of Consumers in Finland”. https://www.theseus.fi/bitstream/handle/10024/86343/Ngoc_Doan.pdf?sequence=1
P. Ganesh & A. Khaleelur Rahman (2018) – “Factors influencing customer’s Digital Payment Result with suggestion to Tiruchirappalli District”. IJER, November –December. https://www.ijeronline.com/documents/volumes/2018/Nov%20-%20Dec%2018/ijer%20v9i6%20nd(6).pdf
Prema.C – “Factors Influencing Consumer Adoption of Internet Banking in India” https://pdfs.semanticscholar.org/f230/fee266678b0680db95b37990521c92b9a02e.pdf
Punwatkar & Manoi V. (2018) – “Adaption of e-Wallet Payment: An Empirical Study on Consumer’s Adoption Behaviour in Central India”. International Journal of Advanced in Management, Technology and Engineering Sciences, Vol/ 8, Issue III, pp. 1147 – 1156.
Ravikumar T, Suresha. B, Sriram M., Rajesh R. (2019) – “Impact of Digital Payments on Economic Growth: Evidence from India”. International Journal of Innovative Technology and Exploring Engineeting (IJITEE), Vol. 8, Issue 12, pp. 553 – 557. https://www.researchgate.net/publication/337010989_Impact_of_Digital_Payments_on_Economic_Growth_Evidence_from_India
Shamsher S. & Ravish R. (2017) – “Study of Consumer Perception of Digital Payment Mode”. Journal of Internet Banking and Commerce, Vol. 22, no.3. pp. 1-21. http://www.icommercecentral.com/open-access/study-of-consumer-perception-of-digital-payment-mode.pdf
Tripathi, S. (2020). A study on adoption of digital payment through mobile payment application with reference to Gujarat state. International Journal of Trend in Scientific Research and Development.
Vinitha K. & Vasantha S. (2017) – “Factors Influencing Consumers’s Intention to Adopt Digital Payment – Conceptual Model”. Indian Journal of Public Health Research and Development, Vol. 8(3): 170