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A Literature Study Of Consumer Perception Towards Digital Payment Mode In

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Article  in  Psychology (Savannah, Ga.) · February 2021

DOI: 10.17762/pae.v58i1.1270

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PSYCHOLOGY AND EDUCATION (2021) 58(1): 3304-3319 ISSN: 00333077

A Literature Study Of Consumer Perception Towards Digital

Payment Mode In India

Dr. Ranjith P.V.1, Dr. Swati Kulkarni2, Dr. Aparna J Varma3

1
Associate Professor, CMS Business School, JAIN (Deemed-to-be University)
2
Assistant Professor, SIES College of Management Studies
3
Associate Professor, Dept. of MBA, GSSSIETW. Mysore, Karnataka- 570015
Email: [email protected], [email protected], [email protected],

ABSTRACT
Digital transactions are taking over most of the transactions in the world and India is no exception. Various
studies have proved that efficient payment system will speed up the liquidity flow of an economy. In the era of
digitisation, transactions using technology is the best way of being agile and giving better service to consumers.
The study is about understanding consumers‘ perceptions with respect to online and digital payments and safety
of these transactions in this world of connected technologies. It is important for marketers to know the perception
of consumers towards cashless methods of transactions and this study helps in this. The study is qualitative in
nature and uses literature reviews to analyse the concept of digital transactions. The reviews delve insights into
the various challenges and advantages of using digital transactions. The findings reveal that digital transactions
are accepted in India and usage is increasing year by year. The study finds the advantages and challenges which
is faced by consumers while adopting digital payment.
Practical Implications: The study will help future researchers for formulating conceptual models and deriving
more stimulating insights into the topic.

Keywords: Digital Transactions, Consumer, Perception, Security and Safety of Transactions

INTRODUCTION

The digitalization of the payment (PMJDY), Unified Payment Interface

mechanism is a milestone in the era of (UPI) and the demonetization policy
Faceless, Paperless, and Cashless economy implemented in 2016. The PMJDY is a
of Digital India. Digital India, favourable flagship program launched by the
regulatory environment, new payment Government of India to promote financial
service, and improved customer experience inclusion. This initiative made sure that all
are considered as the major drivers for the the citizen is having a bank account and
growth of Indian digital payment systems. these accounts are the default channel
Digital India program has created a (Direct Benefit Transfer) for any
platform for a knowledge-based electronic government payments to the
transformation in governance for its citizen accountholders.
by engaging both central and state Demonetization has helped digitization to
government. The three major areas focused grow. Factors like mobile connectivity,
by this program are a) Infrastructure as infrastructure, electronic delivery,
utility to every citizen b) Governance and technology, information technology etc
services on Demand c) Digital have helped digitization to grow in India.
Empowerment of citizen. This initiative Advantages are ease of use, faster
has considered as a significant intervention transactions, reduced pollution of
in digital financial inclusion which has environment, more satisfied customers,
brought the unbanked population of the and social upheaval. Lack of education,
country under the mainstream economy. adaptation of technology, less support from
The other key actors that backed one of government, costs of implementation,
boost to digital transactions are the safety issues, infrastructure problems and
Prandhan Matri Jan Dhan Yogna lack of training are challenges for

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digitization. Better systems, security, and population, poor internet connectivity, lack
collaboration from all concerned can of exposure on digital payments,
hasten the process of digitization {Shallu et unwillingness to adopt digital medium for
al (2019)} economic transactions etc create a major
Demonetarization has triggered the hinderance for the country to go for a
widespread use of digital transactions; cashless economy.
however, studies show that UPI has gained This paper is an attempt to study the
more traction in the long run by perception about online payments and gain
popularizing the digital payment methods. insights into the various challenges in this.
It has been observed that UPI overtook all (using literature study)
the digital financial transaction instruments
by increasing the volume of transaction by IMPORTANCE OF THE STUDY
450% at the end of the financial year 2018- This study is an attempt to identify the
2019. According to the industry experts the thinking of consumers with respect to
affordability of smartphones and internet online payments and about the safety of
data too have accelerated the widespread these payments. Though, a lot of research
acceptability among the customers from has been done on consumer perception
different strata of the society. towards credit card payments, very less has
Information and Communication been done on other modes of payment and
Technology sector is also playing a the challenges faced by the consumers for
significant role in the development of the digital payments. This study aims to
society and digitization of the economy. understand the frequency of Digital
The economy is also called as a digital payments and factors affecting, or
economy or internet economy. challenges faced by the consumers while
Digitalization is found everywhere from using digital payment modes these may
manufacturing, purchase to payments. affect consumer perception.
With the advancement of the internet,
online banking facilities and other mobile OBJECTIVES
applications have made consumers more a. To understand concept and the different
convenient to do their transactions modes of digital payment
anywhere and at any time. Adoption of b. To understanding consumers‘
cashless/ digital transaction comes with its perceptions with respect to online
own benefits. A customer who use digital and digital payments and safety of these
payment can pay directly from his bank transactions
account, track and maintain his
transactions, receive cash back offers and SCOPE OF THE STUDY
rewards and collect any kind of payments The literature reviews taken for the study
remotely. The same holds good for a are primarily from India. The studies varied
merchant as well. There are various from usage studies to behavioural studies.
methods of online payments that are being These were analysed for the main results.
used by the customers like credit or debit This is mainly restricted to studies of
cards, Unified payment interface, mobile digitisation in payment.
wallets etc to name a few. But acceptance
of these digital payments methods depends RESEARCH METHODOLOGY
on consumer perception. Although with the
developments in technology in the form of ―The study is exploratory in nature. It uses
big data, internet of things, etc. are getting literature reviews and secondary
its momentum, cashless economy has its information for the findings. The direction
drawback too. The identity theft and other of the study is towards giving secondary
cybercrimes, technologically unprepared data information for future researchers to

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work. As there is no primary data the study and is not exhaustive in terms of the
reliability depends on the secondary data literature. It does not use any quantitative
collected.‖ data. The paper identifies main thrust areas
from literature and projects them.

Drawbacks of the Study Digital Payment and Methods

The paper is a literature study and is
preliminary in nature. It is not an in-depth
Digital Payment can be defined as any Banking using Mobile – This enables the
payment made using digital customer to conduct different types of
instrument/mode which involves a payer financial transactions remotely using a
and payee. As a part of making the country mobile phone or tablet. Each bank has its
Digital India the government initiated own apps for mobile banking.
various digital payment methods like as Micro ATMs – These are card swiping
follows to facilitate the cashless machines used by business correspondents
transaction: of banks to provide basic banking services
Banking Cards - involves both Credit and to customers who are far away from
debit cards which provide security, branches. This creates a platform for the
convenience, and flexibility for their rural population to get the benefit of
customers. It ensures security of the financial inclusion through easy access of
transaction through a two-factor micro banking services.
authentication -secure PIN and OTP.
Aadhaar Enabled Payment System LITERATURE REVIEW
(AEPS) – This uses the banking system to
help in payments using online method. The India is the second-largest smartphone
customer should have an Aadhaar Card market in the world after China. The
liked with a/c which will be used for smartphones and other facilities with
transaction authentication. Micro ATM and strong back up of Internet providers like
biometrics are the other requisites for this Reliance Jio have boosted usage of the
operation. digital wallets, electronic payments.
Unified Payment Interface (UPI) – Mobile connectivity and internet are very
―Merges multiple bank accounts into a important for online payments. As of
single mobile application.‖ The November 2019, the active internet users in
prerequisites for this payment system are a India are 504 million (Digital in India 2019
smart phone and internet connectivity with by IAMAI and Nielsen). Financial service
a mobile PIN. institutions and other firms have tried a lot
Mobile Wallets – Facilitates a way to carry in increasing online payments and
cash in digital wallets by linking governments have also increased efforts to
debit/credit information in the mobile make increased penetration of internet. The
devise to mobile wallet application. Some penetration in rural India is also increasing
of the popular digital wallets are Paytm, substantially). The digital payment market
Airtel Money, SBI Buddy, etc. is estimated to be $ 69,168 million in
Point of Sale – It is considered as the time 2020(statistica.com). This is contributed by
and place where a retail transaction is the technological developments happening
completed. in this filed and emergence of digital
Internet Banking – It enables the wallets.
customers to do the banking transactions Digital wallet is a software application that
over online. There are different methods helps users to digitally store money,
like National Electronic Fund Transfer payment credentials, and more. Consumers
(NEFT) which are used. can use this software to implement various

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types of cashless transactions (McKinsey, enhance financial inclusion and integrate

May 2015). This is very much used for the parallel economy with mainstream.
digital payment. The major deterrent for Report by ETBFSI (2019) gave insights
India‘s growth in this sector is the reach about digital payments. The report gave
and quality of internet. India was ranked insights about customer demand which has
128 out of 140 countries in terms of internet increased more than 100% in the last few
download speed as per the research done by months. Credit and debit cards were used
The Hindu (December 2019). This must be maximum and digital payment was done
improved for digital payment to be more mainly in food sector, financial services,
successful. and tourism. The maximum usage was
Though digital payment has reduced in found in Bengaluru and wallets usage in
different key sectors affected by COVID- cities have also increased.
19, a lot of other sectors have seen an Digitalization is playing an important role
increase of utilisation like online retail in every field of business, from purchase to
stores, gaming industry, utility payment etc payments (Yuvaraj & Eveline 2018).
(PWC Report, 2020). Kumar and Chaubey (2017) have found
Usage of mobile payment has increased from their study that process of digitization
over the years for payment. Indians are is happening very slowly and people are
moving from cash to cashless economy adopting it as there is no other choice.
slowly. Podile and Rajesh (2017) in their With the advanced technology and
paper entitled ―Public Perception on availability of the internet, consumers find
Cashless Transactions in India‖ were of the convenience in online banking facilities
view that majority of the customers in the and other mobile applications. It has made
country have adopted the electronic consumers more convenient to do their
payment system for their transactions. transactions anywhere and at any time.
Sumathy and Vipin (2017) identified that Although consumers fear for their privacy
the major drivers that accelerated the and security in transacting online,
growth of Indian Digital Payment Systems developments in technology in the form of
are found to be favourable regulatory big data, internet of things helps us to move
environment, the emergence of next towards a cashless economy. The
generation payment service providers and importance of awareness creation by suing
enhanced customer experience. digital marketing and social media was
To understand the awareness level of a discussed by Andrew Stephen in 2015.
cashless economy, a study was done by The speed of adoption was discussed by
Garg and Punchal (2017) in which benefits, some researchers. D. Sudhir Babu, P.
and challenges of a cashless economy were Lakshmi Narayanamma (2018) found that
studied. The conclusion showed the electronic payments help in buying
preference of people towards cashless products faster. Gokilavani et al (2018)
economy because they feel it helps to fight found a significant difference in the socio-
against illegal activities, corruption, etc. economic status of consumers and their
This theory is supported by Das and perception towards digital payments in his
Agarwal (2010) in their article on study on perception of customers towards
―Cashless P a y m e n t System in India- A Digital Payments. Customer perception
Roadmap‖. The country needs to move plays a major role in the adoption of digital
away from cash-based towards a cashless payment. Service providers for digital
(electronic) payment system. A cashless payments should also take proper care to
economy will h e l p i n reducing currency avoid undue delays in processing
management costs, track transactions, payments.
check tax avoidance / fraud etc. and All these points are also supported by other
studies. A study on technology by Reiss,
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D.G in 2018 found that improvement in analyses internet banking acceptance and
Information and communication found that acceptance of technology and
technology and reduction in cost of risk management are the reasons for
providing internet will make digital customer acceptance. Priyanka Philip
payment more widespread. This was also (2020) found that internet banking
mentioned with the added observations of improves the operating efficiency of the
ease of use and convenience by (Kotecha bank. Lin W-R et al (2020) talked about the
P.S. in 2018), (Neha Mehta, Sweety Shah importance of online banking, need to
,2020), (Vinitha. K, Vasantha maintain its efficiency and reducing costs
Shanmugam,2017) (Alaknanda Lonar et al, so that customers will be happy, and banks
2018) and (Anoushka Sharma et. al. can retain them.
(2015). Teoh et al (2013) in his study of Importance of demographics and factors
Malaysian respondents who used e- influencing consumer adoption was given
payment also found that the most by Satadruti Chakraborty , Dipa Mitra
favourable factors affecting e-payments (2018) (M. Kavitha and K Sampath
were ease of use and self-efficacy. But they Kumar,2018). The importance of
found that there was a negative relationship demographic factors like education level
between trust and security. Ardiansah et al was also stressed upon by the study by
(2019) found a positive relationship Shamsher Singh and Ravish Rana in the
between purchase intention and ease of use. year 2017 who also talked about
D.N.V. Krishna Reddy, Dr.M. Sudhir importance of internet penetration and
Reddy (2015) found that digital medium usage of smartphone. The importance of
provides ease of use and safety and security age and education in influencing digital
in payments. These issues were also payments was also studied by Vally &
discussed by Akhila Pai (2018) Divya in 2018. Dr.K. Kamatchi Eswaran
Along with ease of use, social factors and (2019) found that only education has an
perception of brands are also found to be impact of adoption of digital payment.
important for influencing customer A contradicting view was given by Singh
adoption of digital payment (Chua Chang and Rana (2017) whose study showed that
Jin et al, 2020). This was also supported by the demographic factors do not really show
the research done by Andrew T Stephen any impact on the implementation of digital
(2015). The loyalty factor was also payment mode. Another angle was given
discussed by Dr.S. Manikandan and J. by Vaishnav Kameswaran, Srihari Hulikal
Mary Jayakodi (2017). Brijesh Sivathanu Muralidhar in 2019 whose study found how
(2018) mentioned in his article mentioned visually impaired customers used cash and
the importance of how customers want to digital systems for payment in metropolitan
behave and resistance to new innovations India.
on the usage of digital payment. Junadi, Other studies also investigated these
Sfenrianto (2015) studied the main factors factors. Factors determining digital
which influenced the reason behind digital payment and how this payment influence
payment in Indonesia and found 5 major how consumers purchase was found out
factors, namely, culture, perceived safety, from a study in Nigeria which also found
expectation of performance, expectation factors like digital literacy, financial
with respect to effort and impact of society. inclusion, service with respect to internet
Gokilavani, R, Kumar Venkatesh. D, and infrastructure as the important
Durgarani. M, Mahalakshmi R (2018) also elements for adoption of digital payment
studied the different factors affecting rate in Nigeria. (Oyelami, L.O et al,2020).
of adoption of digital payment. The Another study found out a positive
importance of digital payment in banking relationship between benefits and trust
was stressed by 2 papers. Roy, SK (2017) whereas there was a negative relationship
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between risk and trust. This trust motivation factors for the acceptance of
influenced customer intention to use digital mobile payment systems in India (Gupta,
payment. (Jungkun Park et al,2018). K. and Arora, N. ,2019). Usage intention,
Efficiency, safety, convenience, savings in usage of new methods and price discounts
cost and time, ease of use and privacy of etc influence mobile wallets usage among
consumers have positive and high impact consumers and government owned
on the rate of adoption of digital payment platforms like BHIM was found to be safer.
of consumers(.R. Gokilavani,2018) ( (Neelu Tiwari, Naveen Kumar Singh,
Cherinet Boke Chakiso, 2019). The 2019). A study by Dr. Mamta Brahmbhatt
importance of economic and other benefits (2018) found that preference of the wallets
along with safety factor in influencing was high in the city and the customers there
digital wallet payment was put forward by were aware of government initiatives. The
Sushil Punwatkar and Dr. Manoj Verghese role of government and that of government
(2018). Trust, safety and how much the owned platform was also specified by Prof.
system helps the user are also found to be Pushpa S. Abbigeri, Dr. Rajeshwari M.
factors which help the digital transactions Shettar (2018). Hendy Mustiko Aji et al
in gulf countries (Wassan Abdullah (2020) also studied impact of government
Alkhowaiter, Aug 2020). Vaidya et al support on usage of mobile wallets and
(2020) also talked about the importance of they found out that these effects of this
convenience in digital payment along with support vary between countries. An
connectivity issues and more penetration of analysis using unified theory of acceptance
smartphones. and use of technology model with
The importance of third-party payments personality difference as main factor with
which have a high positive relationship customer related sub factors found that
with the ability of finance companies to expectation from the system, usage
create value for the customers was studied intention and problem solving are the main
by Yao Meifang et al,2018. This factor was thrust areas for consumer adoption of
also highlighted by the study on the kind of mobile payment( Pushp Patil et al, October
advantages delivered by banking using 2020) (E.Slade et al,2015). Pushp P. Pati
mobile by Sampaio C.H. et al, 2017. The et al also talked about usage of theory of
importance of mobile wallets was studied acceptance model and unified theory of
by several researchers. Ramesh Sardar acceptance and use of technology model
(2016) study found out that mobile wallets (2018)
contributed to the development of cashless J. Sobana Shanthini Dr. J. Immanuel
electronic payments. The author Nallathmbi (2018) found that usage of
investigated the inter-operability of the cashless transactions like debit and credit
mobile wallets so that customers can cards was frequent, but security was the
benefit from easy and fast transactions The main challenge in adoption. Lavanya R
importance of social influence and risk of (2019) also spoke about digital banking
using mobile wallets were found to be services and government initiatives and
some of the factors for usage of wallets for their role in usage of digital payments in
payment (Madan.K, Yadav. R,2016). Cost her article. Prasanth et al (2019) found that
was found to be the important factor for although plastic money is used a lot due to
adopting digital wallet (P. Tiwari, V. Garg, its convenience, safety and trust are the
and A. Singhal ,2019). Personal factors, main deterrents in using them. Financial
technical factors and environment knowledge, non-acceptance, Infrastructure
influence mobile payment (Maris problems and economy problems were
Karsen,2019). Expectations with respect to found to be most important challenges of
performance and other technical factors are adoption of digital payment in rural sector.
more relevant than social or individual Improving these measures and trust are the
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solutions suggested by government of areas of protection. They also found that

India. (Renu Singh, Garima Malik,2019). safety issues in digital payment is more
Another study found out factors like costs, complex than normal security issues.
safety of transactions, acceptability of There is an important role of small retailers
digital payment methods and ability to in making cashless transactions popular.
handle the transactions are found to be the The study among 117 retailers in UP found
main challenges in adoption of electronic that ease of transactions and safety issues
payment in India (Masudul Hasan were the deterrents from using digital
Adil, Neeraj R. Hatekar,2020) .If a bank mode. (Subho Chattopadhyay,2018).
invests on information technology then that Reduced knowledge, less market, trust,
will help in consumer usage of digital safety issues and not having enough
payment and their online communications of benefits were found to
presence.(Santiago Carbó‐Valverde et al, be most important challenges for adoption
2020). Deepak Gupta, Asha (2020) also of digital payments in retailers (Francisco
found from a study 384 respondents in Liébana Cabanillas,2016). Similar study
Haryana that most respondents face among retailers in Pune city also found that
difficulty in digital transactions due to poor high percentage of them allowed usage of
infrastructure, poor online literacy, and digital payment with similar problems of
connectivity) The support of government, knowledge, trust, and connectivity issues
mechanism of addressing consumer (Upendra Lele, 2019). Vendors do not
concerns and knowledge of consumers are adopt digital payment much. A study of
very important in consumer adoption of vendors found that factors which influence
digital payments. Fintech plays an behaviour of respondents are important for
important role here. (Ankita Das, mobile payment. (Sumerta, 2018); (Madan,
Debabrata Das, May 2020) 2016); (Tan, 2016); (Yadav, 2015;). Ligon
E et al (2019) found in their study that
The security issues were also studied by supply-side factors like infrastructure,
several papers. Ardiansah et al (2019) price, and ability to use are not the
found that purchase intention is having a deterrents for a smaller number of people
weak association with security. Privacy is adopting digital payment. This was found
perceived as biggest risk in security of out using a study on more than 1000 small
mobile payment which in turn affect the level businessmen in Jaipur and they found
usage (Vess Johnson et al, 2017). However, that factors like willingness to use digital
the risk involved with security issues is the mode and taxes are the main deterrents.
major problem to the success of the digital Another reason for not using these methods
payments. This literature is supported by are lack of safety and other security issues.
Hem Shweta Rathore (2016) in a study on T.M. Praveen (2020) in his article talked
―Adoption of digital wallet by consumers‖, about Artificial Intelligence, Internet of
in Mumbai. Maryam Barkhordari et al things, and other technologies have
(2017) analysed features having impact on enhanced the digital payment industry. Use
trust in digital payments in Iran. The study of digital identity using biometrics is also
found using structural equation modelling becoming highly relevant. Near field
that ways of transaction using technology communications and remote payments
and access to safety guidelines affect using mobile is picking up. The future
security whereas guidelines of safety and belongs to technology and scanning
safety measures influence trust. Good trust through mobile cameras will be enough to
helps in easy digital payment adoption. facilitate payments. Technology with a
Hassan et al (2020) studied the security human interface is going to be the new
aspect of digital payment and defined future. Use of bitcoin collection
factors like integrity, authorization etc as supervision system using blockchain
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technology was studied by P. Chen, B. make payments, recharge, booking, etc.,

Jiang and C. Wang(2017).The study found done with the help of mobile wallets.
that this system can effectively manage Different deals, discounts provided, the
transactions using digital medium with cashback and other kinds of incentives help
more security and also can do it efficiently. in attracting consumers to transactions
Avital, M., Hedman, J., & Albinsson, L. without using cash.
(2017) in their study analysed the use of Another factor which has contributed to the
blockchain technology in creating a digital emergence and development of digital
legal tender which can act as an instrument payment is crypto currency. It is important
for value exchange. The role of for analysing the role of crypto currency in
authentication of mobile devices and digital transactions and one paper which
through that safety of transactions of discussed this in detail in terms of
customers was discussed by Yoo, importance is Agarwal et al (2018).
S. (2017). The importance of blockchain
technology for safety purposes for the Agarwal et al (2018) discussed role of
internet users was also studied by Paul crypto currency in money supply. They
J.Taylor et al in their article published in believed cashless economy and digital
2019. Companies can use crypto currencies economy really helped people in
for payment purpose which might help in transactions. Research study suggested the
speedy transactions thereby maintaining importance of digital modes of money
relationships with existing customers and transactions. The study gave the
acquiring new customers. (Achilleas importance of creation of reliable Crypto-
Boukis, 2019) Currencies by National Governments. It is
Bitcoin will play a major role as a virtual important to develop confidence in
currency in future. There is a need to have customer's mind through transactional
stringent rules and regulations for this efficiency in money market. Thus,
concept and a framework is vital. Government involvement to generate the
Respondents of the surveys in India are Crypto-Currency has become very
however increasingly demonstrating their important and critical for tomorrow‘s
acceptance of mobile-based payment normal economic and business conditions
methods, compared to their global in the economy
counterparts. A high percentage of The close relationship has been observed
respondents like to pay through either cash between the money supply, Gross
or debit card, the two of which are closely Domestic Product, and price level over the
placed in terms of their preferences, at 66% period. Milton Friedman and others have
and 67%, respectively, and this behaviour expressed that supply of money gives a fair
could pose a serious challenge to players in picture of the economy in coming time and
the digital payment industry. A cashless the level of prices and inflation in the long
society is influenced by lot of parameters. run.
The government has a role to play to help Decisions on Monetary Policy by Central
customers adapt to cashless transactions. banks are based on the money supply.
Especially this is true in the wake of the Though for last few decades, the
pandemic in the world. In India, one of the relationships between various measures of
primary factors is the impact of the money supply and variables such as
government on consumers towards GDP growth and inflation have been
cashless transactions. Both private and observed to be quite unstable. The reasons
public banks also promote and help their have been largely due to the free flow of
customers towards cashless transactions by currency across borders with online means
offering mobile banking and net banking of movements of funds/savings.
facilities. Consumers can monitor, transact,
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SUMMARY OF FINDINGS 8. Challenges : Factors like costs, safety of

The review of literature gives the following transactions, acceptability of digital
findings based on selected works. The payment methods and ability to handle the
summary provides insights into perception transactions are found to be the main
of consumers with respect to digital challenges in adoption of electronic
payments. payment in India (Masudul Hasan
1. Demonetization, Digital India, and other Adil, Neeraj R. Hatekar,2020) . Also,
schemes have helped digitization and retailers must use digital payment more.
digital payment to grow over the last 9. Usage of mobile wallets: Cost was found to
decade. be the important factor for adopting digital
2. Advantages and Disadvantages of digital wallet (P. Tiwari, V. Garg, and A. Singhal
payment- Convenience, Cost savings and ,2019). Personal factors, technical factors
ease of use can be considered as few of the and environment were found to influence
biggest advantages whereas reach, mobile payment (Maris Karsen,2019).
infrastructure and safety issues are biggest
drawbacks. Efficiency, safety, RESULTS AND DISCUSSION
convenience, savings in cost and time, ease
of use and privacy of consumers have Literature study finds that still
positive and high impact on the rate of apprehension towards digital payment due
adoption of digital payment of to security concerns, but convenience is
consumers(.R. Gokilavani,2018) ( Cherinet drawing the consumers of this medium.
Boke Chakiso, 2019). Articles also mentioned different benefits
3. Security Concerns-Privacy and Security as reasons for using digital payment. Still
issues were found to be deterrents in there are a lot of people who are not using
adoption of digital payments Ardiansah et this due to lack of awareness and other
al (2019) (Vess Johnson et al, 2017). reasons. If the security concerns are
4. Importance of demographic variables like addressed and more awareness is created
age which influence consumer adoption especially in villages, more people will
was given by Satadruti Chakraborty , Dipa adopt digital payment which will make the
Mitra (2018) (M. Kavitha and K Sampath process easier and faster. There are a lot of
Kumar,2018). independent variables like innovation
5. Third Party Payments: Yao Meifang et al resistance, behavioural intention which are
(2018) and Sampaio C.H.et al (2017) already considered for the study but there
studied the influence of third-party could be a lot more. So, there is scope for
payments and advantages delivered by further studies with these which will make
mobile banking like convenience of the study more robust. This is going to be
transactions. one of the areas for future research. Also,
6. Features of digital payment: Main features future research can focus on using
were ease of use and convenience by structured interviews, observation, and
(Kotecha P.S. in 2018), (Neha Mehta, projective techniques to gain new insights
Sweety Shah ,2020), (Vinitha. K, Vasantha into consumer perception. If secondary
Shanmugam,2017) (Alaknanda Lonar et al, data is collected, then content analysis can
2018) and (Anoushka Sharma et. al. be used. New methodologies of data
(2015). collection and data analysis will help in
7. Importance of bitcoin system using gaining new insights into the topic. The
blockchain technology- Studied by P. importance of digital payment and its
Chen, B. Jiang, and C. Wang (2017) who benefits like ease of use are highlighted in
found the importance of bitcoin technology the paper. Along with this the importance
in ensuring safety in transactions. of social factors and demographics are
discussed. Security issues and reach are
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found to be the main problems in digital concern, but it depends on how consumers,
payment whereas there is need for digital banks, and other agencies use and handle
payment to be made more accessible the information. Therefore, the study tries
among retailers and distributors. to find out consumer thinking about the
Technology like blockchain and bitcoin digital payments. The literature review
along with artificial intelligence are going reveals that majority of the consumers
to play a huge role in overall development prefer credit/debit card and they are
of digital payment in India. The role of comfortable using digital transactions.
government and other private organisations Security is found to be the most difficult
is also very important for making factor which prevents its usage. It was also
digitisation more widespread among inferred from the study that consumer has
villages and rural areas. It is also important enough awareness of the information
to remove safety problems in the area and security in cashless transactions. Cashless
create more awareness among people to transactions are to be encouraged as it
make it more popular as it is important provides convenience and agility. Even
method of payment due to its convenience. internet banking has become very popular
Good amount of primary research can be for transactions. Modern technology and
done by taking variables highlighted in the automation are going to take the
findings which can make future research transactions more user friendly in the
more robust. future. The studies also mention that
Government should invest more on reach digitisation is connected to self-efficacy
of internet and technology. More and is the need of the hour as consumers
awareness must be created among the want to shop more and want to pay through
public about the use of digital payment. online media and be innovative. There are
Internet speed must be increased. Private challenges of connectivity and
players in internet should also help in infrastructure, but the society is moving
improving reach of internet. Banking towards internet of things and artificial
should encourage more usage of credit and intelligence. So, consumers must be able to
debit cards. Mobile wallets must be adapt to these innovations, new additions
encouraged. Safety issues of usage of and techniques and move forward. The
internet must be addressed. Technology study is quite relevant in this era where
can play a role here. Retailers and technology and digitisation are essential for
distributors must be encouraged to use better consumer service. This study will
digitisation more. More studies must be help future researchers to formulate
conducted in these areas. Overall adequate primary data collection and
investment is required in this field. analysis which will ensure better results.
The future research can take a leaf out of
CONCLUSION these challenges and come out with new
innovative directions.
Transformations that take place in the The study is important for the industry as it
digital world have impacted in every phase highlights positive and negative factors and
of human life. Smartphones and internet highlights importance of technology and
facilities had made life simpler by a click safety issues. Very less studies have been
of a button. This ultimately increases the conducted in the role of digital payment
needs and expectations of the consumers. among the retailers. Also, less studies are
In the current scenario with the increasing there in the role of technology in digital
use of cashless payments has almost payment. There is need for more studies in
substituted the physical cash transactions. these areas which future researchers can
Though there are few limitations especially concentrate. There can be more studies by
when it comes to privacy and security using primary data collection and analysis
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PSYCHOLOGY AND EDUCATION (2021) 58(1): 3304-3319 ISSN: 00333077

with the help of confirmatory factor Ahangar, M. S. (2017). Factors

analysis. influencing adoption of e-payment
The need of the hour is that banking systems: an empirical study on
industry, mobile wallet companies, Iranian customers. Information
governments and companies must work systems and e-business
together to make digital payment more management, 15(1), 89-116.
accessible and thereby more successful. [9] Brahmbhatt, Mamtha (2018), ‗A
Study on Customers' Perception
Acknowledgements: Nil towards E-Wallets in Ahmedabad
City‘‘, IUJ Journal of Management,
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