Study of uptake in digital payments and decision parameters considered by consumers

Abstract

Digital payments in India will more than double to $135.2 billion in 2023 from $64.8 billion in year 2019, according to an Assocham-PWC India study. Among factors which led to the exponential growth in digital transactions are demonetization and discounts on mobile wallets and UPI transactions. Funding from a diverse set of domestic and international stakeholders also contributed to the growth in the digital payments. The non-contact feature of the digital payments is also highly helpful in facilitating transactional requirements in COVID era. As the Indian digital payment market has achieved some maturity, the time is right to study different consumer segments and its requirements and what makes them to choose any particular platform. The customer perception of digital payments is major criteria for its uptake. Primary research data was collected from 140 respondents in Bangalore. ANOVA and frequency analysis were used to examine and analyse the responses. As per the results obtained from the analysis, we concluded that factors such as age, gender and income don’t show significant variance in perception towards opting for digital payment mode and that education was one of the major influencers in digital payment adoption.