Abstract
This research investigates the differences in the technology adoption behaviour of customers of Indian banks during the pre and post demonetization phase. The Survey results of 200 bank customers in India find that the Indians are still holding back from embracing the digital platforms to make payments. The study could not establish the constructive effects of demonetization in e-banking adoption behaviour, despite the significant growth in the use of small digital payment platforms like Paytm. However, the usage of Point of Sale (POS) machines for transacting payments has increased tremendously. The research finds drastic reductions in the use of other e-payment modes during and after demonetization. In that sense, the study concludes that the demonetization negatively affects the technology banking adoption behaviour of customers of Indian banks.
Highlights
Demonetization is the act of stripping a currency unit of its status as legal tender, and in some cases replacing it with new currency units (Litvack and Vigne (2017)
In this research on the digital banking technology adoption behavior of 200 respondents, both incremental and decremental changes had occurred in their usage of various e-banking services when they are compared in pre and post demonetization phases
Mean score analysis revealed that better awareness of e-banking services during the times of demonetization and their intention to support the government policy to control black money are the major factors influencing the adoption of e-banking behavior (Table 5)
Summary
Demonetization is the act of stripping a currency unit of its status as legal tender, and in some cases replacing it with new currency units (Litvack and Vigne (2017). The Government of India implemented this policy on 8th November 2016 and removing 500 rupees and 1000 rupees notes from its status of legal tender. Later the Government has been claimed or still claiming that the demonetization is proven a catalyst for consumption to be digitally driven and payments to go cashless. Even though this came as a panic situation, through this, the digital payment systems attracted more people into its usage
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