STUDY ON USAGE OF DIGITAL PAYMENT APPLICATIONS IN INDIA (original) (raw)
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Digital payments and consumer experience in India: a survey based empirical study
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In the dynamic world of digital transactions in India, the symbiotic relationship between convenience and vulnerability has become increasingly apparent. This study aims to know how digital payment and fraud connect in Indian economy. The primary objective of this study is to know the relationship between financial fraud with digital payment infrastructures, value of digital payments, and volume of digital payment. The data is collected through RBI's official quarterly reports from September 2022 to May 2023. The collected time series data for all the variables has been analyzed for descriptive statistics. These series were tested for stationarity using Augmented Dickey-Fuller test (ADF-unit root test), Correlogram, and time series chart. The correlation and regression analysis has been performed on this time series data using SPSS and EViews software. From the correlation results this study reveals that there is no significant correlation between value and volume of fraud with payment infrastructure, value of digital payment, and volume of digital payment. The value of UPI transactions has a significant negative impact on digital payment fraud, indicating a potential protective effect.
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The roles and responsibilities of women in Indian society have undergone a tremendous evolution in the last few years. Increasing numbers of women have entered the Indian workforce in the past few decades. While women struggle to catch up financially, the consumer financial world is evolving at an extraordinary pace. The last few decades have seen a boom in consumer financial products due to technology and financial development, the popular access to financial markets and the breakdown of regulatory barriers in the banking sector. These trends make it imperative that we better understand the evolving nature of gender-based inequities across our current socioeconomic systems and intentionally examine those areas that are most essential in accelerating the narrowing of these gaps. One such technological development is Digital Payment System. Digital payment is financial transaction made without the use of traditional paper money. Digital payment system has different level of acceptanc...
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The Indian payments sector is undergoing far reaching changes, with digital payments capturing a sizable slice of the cake in recent years. The changes began from a fully cash economy to a less-paper-currency system. The Reserve Bank of India and its nodal agencies are working hard to make the digital India goal, a reality. Nearly one billion cards and more than two billion Prepaid Payment Instruments (PPI) such as online wallets, mobile applications, e-wallets, and digital payment modalities have pushed India into one of the world's fastest growing and largest digital payment ecosystem. In fact, an exponential increase in internet infrastructure boosted e-commerce. Unified Payment Interface, popularly known as UPI, is regarded as a revolutionary payment solution in the market for facilitating retail digital payments. The main objective of this paper is to identify innovations in India's digital payment landscape in a phased manner. While doing so, it also analyses the payment facilitating industry by applying PESTEL model to identify political, economic, technological, environmental and legal factors. Design/Methodology/Approach: This study examines India's digital payment landscape in terms of its gradual progress. Using the PESTEL model, it also analyses external factors that contribute to a less cash economy. Secondary sources were used to gather data for the study, which included reports, circulars, rules, and statements made by the Reserve Bank of India and other relevant organisations. Findings/Results: According to the study, India's digital payment segment has seen tremendous success since the implementation of UPI by the National Payment Corporation of India (NPCI) in 2016. The government's Direct Benefit Transfer (DBT) programme enabled the country to achieve financial inclusion of all citizens having access to banking services. Government legislation, regulator intent, social behaviour, increased smartphone usage, lower internet costs, and others significantly impacted the growth of the digital payment industry by ensuring secure, faster, cost-effective, and secure payment solutions. Originality/Value: This study examines the digital payment industry in India using the PESTEL methodology, which allows us to see the industry from all sides.
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