A Study on Digital Payments System with Perspective of Customer’s Adoption
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Asst. Professor, SSN SoM
Publication date: 2019-03-16
Eurasian J Anal Chem 2018;13(Engineering and Science SP):emEJAC181225
The demonetization resulted in tremendous growth in digital payments. With the government initiative such as Digital India and increased use of mobile and internet are means to exponential growth in use of digital payment. This transformation towards digital payments benefits in more transparency in transactions which empowers the country’s economy. In recent days many changes took place in the payment system like digital wallets, UPI and BHIM apps for smooth shift to digital payments. The paper talks about the services that the customers prefer from the payment banks. It also captures how convenience/ease is helping payment banks to expand customer base. The role of demographics as deciding factors for customers in choosing payment banks is studied in this paper. The paper further studies the effect of reference groups on the customer’s decision to choose a bank. Payment gateways have emerged as the most significant contributor in pushing Cashless and electronic payments. The surge of smart phones and internet connectivity of 3G and 4G is reflected in the robust growth of payment gateways in India. The present study is focused on Customer preference towards payment gateways with respect to Charges and Risks and effectively analysed the impact of demographic variables on the usage of Payment gateways.