Factor Affecting Consumer Satisfaction in Cashless Payment Systems in India with Respect to Paytm and BHIM

Abstract

Despite the massive adoption of Information and Communication Technology, in the field of digital payment systems, there are very few researches on consumer satisfaction with cashless payment systems. This exploratory research is the first to test consumer satisfaction level towards cashless payment systems through two leading companies (Paytm and BHIM), providing digital payment platform. The primary objective of the current research study is to identify the factors affecting adoption of cashless payment services and consumer satisfaction in India through survey method. Adoption of cashless payment systems can help society in the development of the economy. Study recommends that companies like Paytm and BHIM need to know the factors affecting ‘consumer satisfaction’ with cashless payment systems in India. Cashless payment system providers focus not only on the adoption of cashless payment systems but also the satisfaction of the consumers in India. The study also presents a model for enhancing the rate of customer satisfaction with respect to e-wallets in India. With the help of close-ended questionnaire, total 200 respondents have been participated in the survey. Through comparative analysis it is found that BHIM to be a much more secure platform as compared to Paytm since it is a government-owned platform. However, Paytm aids in providing an instant solution to problems but has a few disadvantages