Examining Adoption Drivers of Payments Bank Using Fuzzy Analytic Hierarchy Process Approach

Abstract

Payments bank are a new addition to the family of digital payment services and are largely unexplored by the consumers. Hence there is a need to comprehend the underlying critical success factors that play a crucial role in the mass adoption of Payments bank. Further, to make Payments bank a standard digital payment option, converting imprecise information acquired from the respondents into key business insights is required. Hence, the present study aims to explore and prioritize the key factors responsible for the adoption of Payments bank. The study used the Fuzzy Analytic Hierarchy Process on the sample obtained from the northern region of India to identify the structure of the pertinent concerns and determine the criteria and sub-criteria of Payments bank services. Results of the study postulated that ease of use and facilitating conditions are the most prioritized factors. At the same time, personalization is ranked as the least preferred factor among all the factors. The present study sample is limited to a few parts of India, so generalizations of results should be made with caution. However, the current study strengthens the literature on Payments bank as it is one of the early studies in this area. Further, the insights generated by the study will help marketers and policymakers to pay broader attention to key parameters responsible for the success of Payments bank.