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CASHLESS ECONOMY CONSUMER PERCEPTION AND TOWARDS DIGITAL PAYMENT SYSTEM (ADU).pptx
1. TITLE OF THE STUDY
CASHLESS ECONOMY: CONSUMER PERCEPTION
TOWARDS DIGITAL PAYMENT SYSTEM
2. INTRODUCTION
CASHLESS ECONOMY is in which currency is not exchanged within an
economy and all transactions are conducted through digital networks
The Indian government has made a lot of initiatives to encourage and
support the use of digital payments.
As part of its 'Digital India' program, the government aspires to create a
'digitally empowered' economy that is 'Faceless, Paperless, and Cashless.'
Various ways of digital payments are available to promote cashless
transactions and convert India into a cashless society. In addition, the Indian
government is working to promote digital transactions.
3. OBJECTIVE OF THE STUDY
To know the different modes of digital payment and customer perception on
the adoption of digital payment system.
To analyse Pros and Cons of digital payment
To analyze and investigate people's awareness of cashless transactions.
To determine how individuals feel about using different types of cashless
transactions.
To examine the opinion regarding the challenges and benefits of using cashless
transactions among people.
4. DIGITAL PAYMENT MODES
Various digital payment solutions are offered as part of
encouraging cashless transactions and transitioning India
into a cashless society.
5. PROs AND CONs OF DIGITAL PAYMENT
PRO’s
Human errors are being reduced
Greater efficiency in making payments
Improved decision-making
Increased client satisfaction
High level of logical reasoning
High-performance computing
Accessibility
It can be used in a variety of vital fields
Repetitive tasks can be automated
CON’s
Unemployment
Concerns about privacy
Great danger to mankind
Consumption habits are influenced
Insufficient data privacy
Prejudice
Implementation is expensive
6. RESEARCH METHODOLOGY
RESEARCH DESIGN: The current study relies heavily on
primary data and secondary data. This research focuses on
the cashless society and customer perceptions of digital
payment options.
AREA OF SAMPLING: For the study, Customers were
approached to obtain data using a convenient sampling
method. As a result, the decision was made to conduct for
150 people.
TOOLS USED: The Percentage method and the Likert
Five-Scale, Chi-Square method are used to evaluate the
data method.
7. DIFFERENT MODES OF DIGITAL PAYMENT OF THE RESPONDENTS
MODE OF PAYMENTS
NO. OF. RESPONDENTS
TOTAL
SCORE
MEAN
SCORE
RANK
HS
5
S
4
N
3
DS
2
HDS
1
BANKING CARD 52
(260)
47
(188)
31
(93)
12
(24)
8
(8)
150
3.82 II
573
USSD 28
(140)
14
(56)
37
(111)
32
(64)
39
(39)
150
2.73 VII
410
AEPS 19
(95)
21
(84)
27
(81)
37
(74)
46
(46)
150
2.53 VIII
380
UPI 61
(305)
30
(120)
22
(66)
25
(50)
12
(12)
150
3.68 III
553
MOBILE WALLETS 32
(160)
26
(104)
38
(114)
30
(60)
24
(24)
150
3.08 V
462
INTERNET BANKING 39
(195)
35
(140)
26
(78)
29
(58)
21
(21)
150
3.28 IV
492
POINT OF SALE 58
(290)
43
(172)
27
(81)
13
(26)
9
(9)
150
3.85 I
578
NEFT 40
(200)
25
(100)
28
(84)
20
(40)
37
(37)
150
3.07 VI
461
RTGS 22
(110)
17
(68)
38
(114)
32
(26)
41
(41)
150
2.39 IX
359
TABLE 1
8. INTERPRETATION
It is stated from the table that the factor “Point on Sale” stands the First rank
with a mean score of 3.85. Followed by the variable, “Banking card” stands the
Second rank with a mean score of 3.82. The variable, “UPI” stands for the Third
rank with a mean score of 3.68. The factor “Internet Banking” stands the Fourth
rank with a mean score of 3.28. Followed by the variable “Mobile Wallets” stands
the Fifth rank with a mean score of 3.08. The variable “NEFT” stands the Sixth
rank with a mean score of 3.07. “USSD” stands the Seventh rank with a mean
score of 2.73. “AEPS” stands Eighth rank with a mean score of 2.53. Followed by
the variable, “RTGS” stands in the Ninth rank with a mean score of 2.39.
9. FINDINGS AND SUGGESTIONS
The research findings suggest that the use of digital payments has
increasingly become popular because of the enormous number of
smartphone users.
The government should encourage cashless transactions by eliminating
fees for cashless transfers, opening bank accounts, and enabling
transactions with debit and credit cards.
If local businesses and traders are motivated to encourage customers to
use cashless modes, they can play a significant part in establishing
cashless rural areas. Small company owners must be provided incentives
to trade in cashless modes to achieve this.
10. Concerning the issue of illiteracy, banks, academic institutions,
and financial agencies should implement special training
programs and orientations to promote financial literacy, including
knowledge of cashless transactions.
The regulating system must be strictly implemented, and the
agencies that use it must be staffed with people who can quickly
spot weaknesses that lead to insecurity.
11. CONCLUSION
According to the study, People's communication, purchasing things, paying
utility bills online, sharing information, and conducting business have all
changed as a result of the digital revolution.
The way people buy and use products and services has changed dramatically as
a result of technological advancements.
And this has significantly increased the adoption of cashless payment modes
of transaction.
The majority of respondents use digital payment as a quick and convenient
means of payment.
Customers benefit from the digital payment system since they provide security
and accessibility from any location.
