Abstract
The traditional payment system has got its own limitation to adopt recent developments in the commercial world. The growth of Electronic payment systems is inevitable in the Indian industrial and business scenario. Digital India movement of Indian Government also focuses move towards E-Payment systems. Technology has immense contribution to the growth and development of the banking sector. There have been massive changes in the concept of banking after the digitalization of India's banking sector. Commercial banks in India are facilitating their customers to develop a convenient platform for E- Payment system. In this present study, the researcher studied the relationship between the seven factors technological factors, security, Trust, social influence, internet connectivity, Perceived ease of use, Perceived Usefulness, and Intention to use to measure the adoption of e-payment systems in Madurai district. The study results show that Trust, Perceived Usefulness, and perceived ease of use are statistically significant, indicating that this variable has a positive effect on Intention to use e-payment.
Highlights
Technology has always played a crucial role in our life
The result of multiple regression analysis and the model summary indicated that the overall model of the seven independent variables is significantly related to the users' Intention to use e-payment
Because the predicted values are obtained as a linear combination of technological factor, security, Trust, social influence, internet connectivity, perceived usefulness, and perceived ease of use the coefficient value of 0.858 indicates that the relationship between Intention to use and the seven independent variables is quite strong and positive
Summary
Technology has always played a crucial role in our life. With the advancement in technology, human life has changed. Technology has changed the concept of banking and payment system. It can understand that the growth of electronic payment systems is evidence of change in the payment methods from cash to cheques, to credit cards and debit cards, and currently to electronic payments. E-payment system has changed the concept of payment system in India from small amounts to large amounts from businessman to common person. People are looking for a convenient way of making payments rather than standing in the enormous queue in banks. Banking technology has changed a lot over the last decade. Users are finding it more comfortable in new technology than the traditional one
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