Examining the pandemic shifts in payment: awareness and inclination in digital payments across demographics

Debates about the increase in digital payments during COVID-19 have primarily focused on behavioural change among consumers. Using India as a case study, this article documents how supply-side actors (political, economic, financial and technological) used the pandemic to generate a new public consensus about digital payments. The article argues that these actors framed the agenda to draw public attention on cash and digital payments during the COVID-19 pandemic, that this new consensus extended and deviated from narratives created during the Digital India (2015) and demonetisation (2016) debates, and that trade bodies and businesses unrelated to banking, finance and technology were active in setting this new agenda. Agenda-setting in the pandemic era continues to mould the payments trajectory in both India and elsewhere. In India, we argue, it has challenged aspects of cash that previously elicited trust: its materiality and associated social interaction. Consequently, older agendas have been promoted, and digital (and especially contactless) payments have assumed a new level of importance to economic life in India.

India used to be predominantly a cash-based economy, but in recent years, the digital payments industry in India has seen a shift as a result of increased technology innovation and an emphasis on digitalization. Consumers take advantage of digital's convenience and speed payments. This does not imply that cash transactions are completely absent from economic contexts, but rather that the total amount of cash payments is kept to a bare minimum An electronic payment system, also a cashless economy or environment is one in which a society has little or no currency and must rely on electronic channels such as debit cards, online banking, multifunctional ATMs, mobile payments, and electronic funds transfer internet banking to conduct transactions. A cashless environment does not imply a disregard for money; rather, it refers to a society in which people perform transactions on the internet. In today's economy, money is transferred electronically. The growth of e-payment culture, as well as the expansion of infrastructural facilities, are essential to attain the goal. In this project, the topics that are covered Overview of global payment system, India's digital payment system, varieties of digital payment systems in India, advantages and disadvantages, RBI initiative on digital payment and fraud in digital payment, and India's payment system moving ahead A comparison of banking cards, UPI, NEFT, RTGS, IMPS, and mobile wallets is also included. Keywords: Digital Banking, Internet Banking, Digital Payments, Mobile Payments, Digital Economy, Demonetization, Mobile Wallets.

After demonetization initiatives, most of the people in India started electronic payments for their transactions. Digital payment methods are often easy to make, more convenient and provide customers the flexibility to make payments from anywhere and at any time. These are a good alternative to traditional methods of payment and speed up transaction cycles. After demonetization in 2016, people slowly started embracing digital payments. Even small merchants and shop keepers started accepting payments through the digital mode. Slowly India is moving from cash to cashless economy. But still it has not been accepted by all. The reasons may be lack of trust, lack of technical knowledge, fear of traceability of transaction, habit etc. In rural areas, online financial transactions, e-commerce activities as well as digital payments still lag considerably, despite demonetization and the drive to promote digital payments over the last two years. The youth themselves not known much about this programme. The development of any country mainly depend on the youth power. Therefore, it is essential that the youth, the future generation, must know digital payment methods to make this programme successful. Further, rural India lags behind urban area in digital payment. In this paper “Perception Of Rural Youth Towards Digital Payment-A Study In Hebri”, a special attention has been given to rural youth and study has been made on their perception level towards digital payment. The youth of Hebri Taluk in Udupi district has been taken for study purpose. Statement of the Problem:In these days Digital Payments are an important part of our life. The Government of India has been taking several measures to promote and encourage digital payments in the country. However, the success of digital India, mainly depend on the involvement of the people, especially youth. Because, the youth in the present will lead the future of India. Their power is an asset of all the existing age groups in the society. India is relatively young as a nation with around 28 million youth population being added every year. More than 50 percent of its population is below the age of 25 and more than 65 percent are aged below 35. The people in rural areas are still not adjusted to digital payment. In rural areas, online financial transactions, e-commerce activities as well as digital payments still lag considerably, despite demonetization and the drive to promote digital payments over the last two years. The youth themselves not known much about this programme. Therefore, it is essential to know the perception of rural youth towards digital payment.

The state of Odisha, situated on the eastern coast of India, has been experiencing a gradual shift towards digital payment systems in recent years. This transition is emblematic of broader trends seen across India, where digital payment methods are increasingly preferred over traditional cash transactions. However, the adoption of digital payments in Odisha is influenced by a multitude of factors, both facilitating and inhibiting. Understanding these key drivers and deterrents is crucial for policymakers, businesses, and financial institutions to effectively promote and support the uptake of digital payment solutions in the state. This study aims to delve into these factors comprehensively, analysing socio-economic, technological, infrastructural, and cultural aspects that shape the digital payment landscape in Odisha. By identifying and understanding these drivers and deterrents, actionable insights can be derived to formulate strategies aimed at fostering a more inclusive and robust digital payment ecosystem in the state. The importance of researching the key drivers and obstacles in digital payment adoption in Odisha extends to its potential to provide valuable insights for policymakers, businesses, and consumers alike. India's shift towards a digital economy, propelled by initiatives like Digital India, underscores the relevance of understanding regional variations in digital payment adoption, influenced by diverse factors. This research holds significance as it enables policymakers to tailor interventions to Odisha's unique circumstances. Such targeted approaches could include awareness campaigns, infrastructure enhancements in underserved areas, or incentives to promote digital payment uptake. For businesses, especially those operating in Odisha, insights gleaned from this study can shape marketing strategies and product offerings to better align with consumer preferences regarding digital payments. Lastly, consumers stand to benefit from understanding the advantages of digital payments, such as convenience, security, and expanded service access. Addressing concerns like security apprehensions or lack of awareness can drive higher adoption rates, contributing to Odisha's digital economy growth. SPSS, or the Statistical Package for the Social Sciences, is a powerful tool for statistical analysis. With its user-friendly interface, it allows users to efficiently manage and manipulate data while performing advanced statistical procedures. SPSS supports a broad range of analyses, from basic descriptive statistics to complex methods like correlation, regression, ANOVA, and factor analysis. Its robust visualization features facilitate data understanding through various graphs and charts. Widely used in fields such as social sciences, market research, healthcare, and education, SPSS is essential for data-driven decision-making, hypothesis testing, and deriving insights from complex datasets. Its versatility and reliability make it an indispensable resource for research and data analysis. Input Parameters taken as Age, Gender, Monthly Income (INR), Education Level, Occupation, Access to Internet (Yes/No), Years of Experience with Digital Payments, Type of Digital Payment Used Most Often. Evaluation Parameters taken as Frequency of Digital Payment Usage (per week), Trust in Digital Payment Security, Convenience, Perceived Security, Ease of Learning, Availability of Acceptance Points, Speed of Transactions, Cost-effectiveness, Awareness of Options, Reliability, Influence of Social Circle

The increase in studies on how digital transformation based on the application of digital technologies affects the sustainable development of various sectors of the economy has been observed. Although digital transformation is important for the financial sector sustainable development, the drivers and links between them are weakly addressed by researchers. The study is aimed at exploring how digital transformation due to the application of innovative technologies and solutions, especially digital payments, is leading to the financial sector sustainable development through financial inclusion and operational efficiency. The current research presents the study of the financial sector digital transformation and its sustainable development based on a systematic literature review, a secondary data analysis, and expert interviews to provide further research directions and draw practical suggestions for professionals on the financial sector digital transformation toward sustainable development in the future. A systematic literature analysis is performed based on text analytics, a bibliometric analysis, and network maps aimed at acknowledging the existing research outcomes and identifying the research gaps on the digital transformation agenda in the financial sector. The collected data on the digital payments’ dynamic in the EU were analyzed with the use of statistical methods, including a correlation and regression analysis. Structured expert interviews were used to validate research findings and to highlight key issues of the digital transformation in the financial sector of Baltic countries. The authors have paid special attention to the sustainable development of the financial sector’s economic dimension and its efficiency indicators, such as financial inclusion and digital payments’ intensity. A social dimension is limited toward financial inclusion based on digital payments’ offering. The research results indicated recent trends in digital transformation and types of usage of digital technologies in the EU and Baltic countries to ensure the sustainable development of financial institutions. Furthermore, the results revealed a significant increase in the digital payments’ intensity during the last years in the EU, as well as a close relationship between digital payments with financial inclusion and operational efficiency of financial institutions.

In a bank-centered financial system, digital payments basically mean how customers access their bank deposits to settle payments. Retail payments are mostly settled through government and commercial banks, but at RTGS level, payments occur through settlement controls of the central banks. In contrast, digital payments in a decentralized currency-based financial system involve no banks or financial institutions. In brief, it is the entire banking system and not just its accounts that do not participate in digital payments. Digital payments are the electric wiring that connects everyone at the ‘exchange’ and ‘conversion’ levels of the macroeconomic circuit, including consumers, businesses, banks, and central bank. In addition to money transfers, digital payments also provide complementary services needed in consumption and Ecommerce, such as invoicing, matching buyers and sellers, clearing, and settlement. Unlike most circuit activities, digital payments do not have a multiplier effect because of digital payments’ one-for-one service charge. Digital payments also have a major role in the rapid and invisible collection of indirect taxes. Digital payment systems, whether wallet-based or interbank-based, extricate the economy from the “cash flow and multiply” mechanism that has characterized the world economy ever since barter systems were replaced by elaborate currencies. Paper currencies also have become obsolete and are headed for complete replacement by digital payments (Gai et al., 2018; Chen et al., 2019; Arner et al., 2020).

PurposeAfter analyzing these uncountable benefits of digital or cashless payment, many European countries like Sweden, Finland and Canada has been trying to convert their payment system into cashless. Following these developed countries, the Bangladesh Government has taken a decision to transfer society as a cashless society by using information technologies for adopting the fourth industrial revolution over the world. Digital payment system is among the various options available for transforming a cashless society. First, this empirical study presents demographic information and digital payment characteristics on the basis of income levels. This study identifies influential factors of adopting digital payment systems. Finally, this study aims to justify how digital payments transform the Bangladeshi economy into a cashless society in developing countries.Design/methodology/approachThe study was administered to a sample of 1,000 Bangladeshi customers who had engaged in online banking transactions for the purpose of acquiring items and services through both social media platforms in Google Form format and face-to-face interactions in hard copy format. Among these, 647 questions were deemed usable and were used for data analysis, where the response rate was 68%. The SmartPLS is used to create and validate the structural equation modeling model presented for the research, as well as to evaluate the hypothesized correlations between the different constructs.FindingsThis cross-sectional study conducted the extended technology acceptance model (TAM) with perceived security (PS) and personal innovation (PI) variables to identify the influencing adoption factors of digital payment systems. This study finds that perceived ease of use, PI and perceived usefulness have a favorable impact on individuals’ attitudes toward adopting digital payment methods (DPMs). The study also indicated that PS did not influence negatively the adoption of digital payment system. Besides this, the adoption of digital payment will help to transform society into a cashless society in the future.Research limitations/implicationsIncreasingly prevalent across the nation. Several variables are required to facilitate the transition toward a cashless society. This study exclusively focuses on DPMs. Additionally, the data has been obtained exclusively from a single urban area. The adoption of DPMs has become increasingly prevalent across the nation.Practical implicationsThis study would help policymakers, marketers and bankers understand which factors affect digital payment infrastructure expansion. So, they can produce digital payment apps that are compatible with different devices, have fast transactions, are user-friendly, easy to use and highly secure to maintain good attitudes toward digital payment systems.Social implicationsFew studies have examined how DPMs affect cashless societies in developing countries like Bangladesh. According to researchers, to the best of the authors’ knowledge, this is the first study to explore how digital payments affect cashless society in Bangladesh and raise awareness about it.Originality/valueThe study extended the TAM model to PS and PI. This paper is also unique in the conceptual arguments and the subject theme of the research area.

In recent years, the essential roles of digital payment have gradually emerged. However, current research on digital payment adoption models rarely incorporates the outcomes of digital payment, and it also gives less consideration to rural residents. Considering these two issues as a research gap, this article establishes a unified digital payment use and credit availability model by extending the UTAUT2 framework in two aspects and applying it to China’s rural residents. The first extension is to add credit availability as an outcome variable of digital payment use. The second is to add two factors important to farmers, perceived riskiness and innovativeness, as constructs. Structural equation modeling is employed to analyze data collected from nearly 500 Chinese rural residents. The results show that almost 90% of rural residents have used digital payment. However, only a low proportion use it for many purposes or frequently. Rural residents’ digital payment use can increase credit availability. Performance expectancy, effort expectancy, social influence, price value, and innovativeness significantly and positively affect digital payment intention and behavior, thereby indirectly improving credit availability. However, the perceived risk does not influence digital payment adoption, possibly due to effective protective behaviors. In addition to the indirect effect, the results show that innovativeness also has a direct impact on credit availability. JEL Classification: M15, G21.

This Study aims to determine the factors that influence users in using digital payment in transactions. The Unified Theory of Acceptance and Use of Technology (UTAUT) is used as a research model with independent variables: performance expectations,effort expectancy, facility conditions, social influence and extend UTAUT research model with trust and perceived innovativeness. This study also changes the relationship between the influence of intention to use E-WOM and Loyalty.This research method uses an online survey method that is distributed using Google Surveys. The research data were collected from 355 digital payment users of Indonesia private banks who had the experience of using digital payment. The structural equation modeling technique was used to test the research hypotheses. Primary data collected were analyzed using SmartPLS software. Findings suggest that performance expectancy, facilitating conditions, trust, perceived innovativeness factor in influencing the digital payment adoption intention. effort expectancy, social influence, do not have a effect on behavioral intentions. On the other hand, digital payment adoption intention has also had a significant positive effect on loyalty and word-of-mouth (WOM). This study contributes to the literature on digital payment services and usage behavior. This research can provide an overview for banking and non-bank financial services to always maintain the quality of digital payment applications so that they always provide benefits to improve performance, effectiveness and also productivity for those who use them. And innovate and also develop new features in digital payment applications in order to attract public attention. From theoretical and managerial aspects, this study has particular value for the literature on digital payment intention in general and banking in particular. The present study provides a conceptual framework for digital payment M-banking adoption intention, which could be used in digital services. In addition, this study sought to extend UTAUT and to examine the behavior intention in WOM and Loyalty.
 
 Keywords: Digital Payment, WOM, Loyalty, UTAUT, behavior intention , digital payment adoption Paper type Research paper

In this era, the global COVID-19 pandemic has hit the economy hard. In the context of great challenges to sustainable economic development, it is of great practical significance to study how digital payment can promote consumer demand and sustainable economic development. From the perspective of sustainable economic development, this paper selects panel data of various provinces in China from 2011 to 2020 to test the correlation between digital payment and consumer demand by constructing econometric models and selecting relevant indicators, so as to reveal the impact of digital payment on consumer demand and sustainable economic development. Research shows that: (1) in the context of the COVID-19 pandemic, digital payments play a special and very important role in promoting household consumption and sustainable economic development; (2) the empirical results show that digital payment has a significant positive impact on consumer demand, which indicates that digital payment has an obvious promotion effect on consumer demand; (3) further research shows that the impact of digital payment on consumer demand has obvious heterogeneity. From the perspective of regional differences, digital payment has a significant positive impact on consumer demand in the eastern and western regions, while the impact is not obvious in the northeast and central regions, even though it also has a positive impact. From the perspective of urban-rural differences, digital payment has a significant impact on consumer demand in both urban and rural areas, and this impact is greater in rural areas than in urban areas. However, from the perspective of development stage, the stage characteristics of digital payment’s impact on consumer demand in each region are not obvious, which may be caused by the short sample range. In addition, this paper also puts forward relevant suggestions for other countries to learn from.

Purpose: The purpose of this paper is to analyze the influence of perceived enjoyment on the perceptions of women users towards digital payments and their intention to use it. The Technology Acceptance model is used to examine the perceptions of women users of various digital Payments in India. Methods: An empirical investigation was conducted on 223 women users of various digital payments in India by employing a survey method. Both offline and online modes were used for data collection. Findings: Significance of the constructs in TAM model like Perceived Ease of use and Attitude is validated in Indian context and from the perspective of women. Perceived Ease of Use and Attitude are significant determinants of Behavioural Intention. Perceived Enjoyment also has a significant influence on the attitude and behavioural intention of women to use the various digital payments. Attitude does not mediate between Perceived Enjoyment and Behavioural Intention. Theoretical Implications: Ease of Using the Digital Payment system, Attitude and Perceived Enjoyment significantly influences the Behavioural Intention of women. For women users, the influence of enjoyment is secondary to Ease of use of digital payments which are utilitarian in nature. Practical Implications: The immediate implications are for researchers who wish to examine the role of perceived enjoyment, attitude and behavioural intention. Results show that for women, factors like ease in use and enjoyment in using digital payments system matters notably and the same must be catered to by the service/technology providers for better adoption of digital payments by women. Originality: This paper examines the role of Perceived Enjoyment, Perceived Ease of Use and Attitude towards the Behavioural Intention to use Digital Payments from the perspective of women in India who are significant contributors to the Indian Economy both explicitly and implicitly.

Digital payment a way to make payment that is made through digital modes. In digital payments the payer and payee or both can use the digital modes to send and receive money. It is also called electronic payment. There is no need for have hard cash for every transaction involved in the digital transactions. All the transactions are done only through online payments. It is convenient way to make payments. The objectives of the studies are: To identify the customer preference towards Digital payment and to measure the customer level of satisfaction about Digital payment services. This study is based on both primary data and secondary data which is collected from the consumers to find out awareness and satisfaction about digital payments. There are 100 respondents were taken for this study y using convenience sampling method. This study was conducted only in Pollachi taluk. The following statistical tools were used to analyze the data: Percentage analysis and Fried man rank test. Some of the findings of the studies are: majority 67% of the respondents are female, majority 69% of the respondents age group between 20-35 years, majority 70% of the respondents are unmarried. The consumers are satisfied with the following methods of digital payments. The first rank given to RTGS and followed by Phone pay, Paytm app, NEFT, RTGS, Net banking, Debit card, Digital wallet, Rupay card, Paypal, and Credit card. It is concluded that most of the respondents are having more awareness about digital payments and also satisfied with the online payment. The growth of users of Smartphone and internet penetration in such area also facilitated the adoption of digital payment.

Abstract. Introduction. Information Technology has revolutionized various aspects of our lives; in particular, it provided an easy way to make digital payments. Common people have started shifting from traditional payment system to digital payment systems that provide safety, security and convenience. Thanks to the giant technological advances in smartphones and easy access to the Internet, the Ukrainian market began to accept digital payments. Changes in consumer preferences and technological innovation have fueled competition in the private sector and the diversity of payments. Global digitalization processes have contributed to the transition of the world's transition to digital payments. Payment systems have proven to be reliable and durable, and continue to enjoy a high level of trust from the public. However, the global crisis that began in 2020 led to a decrease in the total volume of transactions. All actors in the digital payments ecosystem need to evolve and adapt quickly in this direction to facilitate the recovery and shape the emergence of a new normal in payments. Purpose. Defining the current state of digital payments in the world. Consideration of the latest means of electronic payment. Results. �onsidered payment systems in Ukraine and the growth of the digital payments market in the world. The Law of Ukraine about Payment Services was considered. �dentified the leading countries in the digital payments market. Give the graph of the number of mobile payment users by country of the world. Defined the region that will dominate the digital payments market in the coming decade has been. Considered the growth of instant payments in the world. Conclusions. Highlighted the main modern means of payment, which are already used in the global market of digital payments. Specified four main trends that contributed to the development of payment systems are.

BackgroundGender is a key factor shaping societal roles and access to resources, with cultural norms often limiting women’s abilities to use digital financial services. Despite the rise of digital payments, little is known about how gender relations influence their adoption and experience, especially among health workers involved in vaccination campaigns.MethodBetween January and September 2023, we explored how gender norms and relations influence the uptake and experiences of digital payments among health workers participating in mass polio vaccination campaigns. The qualitative study involved 23 focused group discussions (FGDs; 16 in Uganda and 7 in Malawi) and 82 in-depth interviews (IDIs; 35 in Uganda and 47 in Malawi) with healthcare workers who received digital payments for implementing polio mass vaccination campaigns. IDI participants included village health teams, midwives, nurses, health facility managers, immunisation focal persons and district health officers in Uganda, and community health workers, health facility managers and mobile money operators in Malawi. FGDs were held with midwives, nurses and village health teams in Uganda and community health workers in Malawi. Data were coded using Dedoose software and thematically analysed.ResultsParticipants highlighted that digital payments were convenient since they were able to receive funds without travelling long distances or queuing at health facilities. Women reported that it gave them more time to engage in alternative activities, improve their financial autonomy and ability to participate in decision-making around use of household funds. Structural challenges leading to delayed disbursement of funds were reported to reinforce gender norms around financial dependency on men to meet operational campaign costs (eg, transport). Reported limited ownership of mobile money accounts, a prerequisite for digital payments, led to the exclusion of some women.ConclusionOur findings suggest that digital payments could help improve financial autonomy and participation in decision-making around use of household funds among women involved in immunisation campaigns. However, our findings show that digital payments are implemented in the context of prevailing harmful gender norms that, if not addressed, have the potential to compromise women’s agency. This underscores the importance of integrating gender-transformative programming in planning for digital payments during vaccination campaigns.

This research aims to determine the influence of convenience, usefulness and risk on interest in financial technology in using digital payments. The method used in this research is to use a quantitative method by collecting primary data, distributing questionnaires to tourism parties using the random sampling method IBM SPSS Ver. 25 statistical analysis software was used to process the data findings. Multiple linear regression analysis was used to test the research data and factors. The hypothesis of this research is: there is a positive and significant influence of convenience and usefulness on financial technology's interest in using digital payments and there is a negative influence of risk on financial technology's interest in using digital payments. The findings in this research are: 1. The convenience variable has a significant positive effect on financial technology interest in using digital payments. 2. The usability variable has a significant positive effect on financial technology interest in using digital payments. 3. Risk variables have a negative effect on financial technology's interest in digital payments
 Keywords: Financial Technology, Convenience, Benefits, Risks, Interest In Digital Payments, Quantitative