Customer Purview of Cashless Payment System in the Digital Economy of India
G. Ilankumaran1, V. Darling Selvi2
1Dr. G. Ilankumaran, Associate Professor, Alagappa Institute of Management, Alagappa University, Karaikudi, Tamilnadu, India.
2Dr. V. Darling Selvi, Assistant Professor of Commerce, Rani Anna Government College for Women, Tirunelveli -8, Tamilnadu. India.
Manuscript received on 08 June 2019 | Revised Manuscript received on 13 June 2019 | Manuscript Published on 08 July 2019 | PP: 87-93 | Volume-8 Issue-8S3 June 2019 | Retrieval Number: H10230688S319/19©BEIESP
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open-access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Indian payments industry is largely dominated by cash-based transactions. In digital payments, payer and payee both use digital modes to send and receive money. It is also called electronic payment. The reduced transaction charges and the degree of ease of cash transfers associated with the electronic fund transfers and mobile banking will further drive the growth of digital payment systems in India. This paper highlights the growth of digital payment infrastructure in India and the problems faced by the sample respondents in connection with the operation of digital payment services. The researcher has collected data on Worldwide Mobile and Broadband Subscriptions and Government e-Payments Rankings along with the growth percentages as secondary source of data and primary data were collected from a sample of 100 respondents from Tirunelveli town of Tamilnadu. The survey results were interpreted with the help of Reliability Analysis, percentage analysis, Reliability analysis, Factor analysis and structural Equation Modelling through SPSS and AMOS software. The study reveals that though the sample respondents use digital payment services in various forms and various purposes, they too come across with the problems of infrastructure, awareness and operation. The structural equation model fits the purpose. If the penetration of digital payment services is entered into every nook and corner of the villages by the extension of internet facilities, it will become a user friendly source of operation to everyone across India irrespective of the rural and urban villages. The ultimate focus should be to keep the momentum going with more support from the government and innovations, safety and convenience from the players.
Keywords: Awareness, Digital, e-Payments, Infrastructure, Payment System
Scope of the Article: e-Commerce