RESEARCH PROJECT REPORT ON

“FACTORS AFFECTING CONSUMER PERCEPTION

TOWARDS DIGITAL PAYMENT SYSTEM”
Submitted By:

ROLL NO. NAME

PGFB2021 Jalaj Modi
PGFB2024 Kirti Bafna
PGFB2035 Nitesh Parihar

PGDM 1st Year

Session 2020-21
Under the Guidance of
Dr. SRIKANT GUPTA
In the partial fulfillment of requirement of the degree of
PGDM

JAIPURIA INSTITUTE OF MANAGEMENT

1, Bambala Institutional Area, Pratap Nagar, Sanganer, Jaipur-302033
 ACKNOWLEDGEMENT

We feel very obliged while writing this research paper. We are thankful to Dr. Srikant
Gupta for providing us this opportunity to learn and research on this impactful topic.
We would also like to thank Jaipuria institute of management for making this course
mandatory for us.

This helped us in learning how research is being conducted, its different methods and its
uses. My special thanks to Dr. Srikant Gupta who helped us throughout our research and
take out his precious time for making our research more effective.

Thank you,

Jalaj Modi (PGFB2021)

Kirti Bafna (PGFB2024)
Nitesh Parihar (PGFB2035)
 TABLE OF CONTENTS

Serial No. PARTICULARS

Chapter 1 INTRODUCTION

1 Introduction to the study

2 Literature Review

3 Importance of the study

4 Statement of the problem

5 Objective of the study

Chapter 2 Research Methodology

Chapter 3 Data Analysis

Chapter 4 Findings and Conclusion

Chapter 5 Bibliography

Chapter 6 Appendices (Questionnaire)

CHAPTER 1
(INTRODUCTION)
INTRODUCTION

1.1 DIGITAL PAYMENT SYSTEM

The new era of digitalization has showed a surfeit of chances in information and exchange
knowhow which has yielded enormous revolution in the payment system. Financial transactions
situation has changed quickly from traditional to accessible payments with digitization. Digital
payment system is a payment procedure performed through an electric networks and digital
modes. India attempts to step towards digital payment system. The Government of our country
has taken various steps to lift and reassure digital payments in the country.

As a component of the ‘Digital India’ Promotion, the Government aims to create a ‘digitally
empowered’ financial system that is ‘Anonymous, Paperless, and Cashless’. Digital payment
systems are usually hassle-free, expedient and deliver tractability to do payments - everywhere
and anytime. This is a Cash-to-Click Financial Transactions Period.

1.2 VARIOUS MODES OF DIGITAL PAYMENT SYSTEMS AVAILABLE IN INDIA –

Every operation that is made online is administered, managed and operated by the central bank,
(Reserve Bank of India). Then by 2013, National Payment Corporation of India was formed and
RBI also encouraged this for making a single window organization for making the online
payments.

• The various types of digital payment controlled by RBI are: Banking Cards, Pre-Paid
Cards, Micro ATMs, Point-Of-Sale or Point-Of-Purchase Terminals, Online Banking
Mobile Banking, Mobile Wallets, etc.
 • The various types of digital payment systems managed by NPCI are: Rupay, IMPS,
USSD, UPI, Bharat QR code, BHIM, AEPS, BBPS, contactless payments like NFC,
RFID Tag, etc.

1.3 HISTORY AND GROWTH

India is the quickest growing digital country in the world. The electric banking and central
banking system appeared in India early 1990’s and from 2005 digitization of banking segment
nurtured. The digitalization of banking sector and expense ecosystem increased its eminence in
India, mainly later demonetization that is 8, November 2016. The Prime Minister of India
Narendra Modi cherished the idea of cashless economy by snatching the circulation of ₹.500
and ₹.1000 cash notes. It is the demonetization that had pushed the people to approve digital
transactions. The prohibition of high value currency notes directed to leapfrog the cash
payments to digital payments. In this age of modern-day world, people admire novel and easy
transactions as well as secured transfers. The development of digital equipment has made
transactions easy. There are various payment systems offered for the customers, offering
immediate and protected transactions. Digital Payments can be achieved just by a clack of a
button or by dash of a screen or by punching of cards or by tapping of a point-of-sale machine
or by scanning of Quick Response Code and the transactions are completed with appropriate
authentication. This study explores the various types of digital payment systems available in
India, and identifies the factors affecting consumers’ perception towards digital payment
systems.

1.4 DIGITAL PAYMENT SCENARIO IN INDIA

There has been a remarkable growth in the digital payments in terms of volume and value. The
following charts exemplify the inclination of digital payment systems usage over the 5 years in
India from Financial Year 2014-2015 to Financial Year 2018-2019.
Digital Payments by Volume for the period of 5 years from 2014-2015 to 2018-2019. The
digital payment transaction by volume is showing an increasing trend from 2014-2015 to 2018-
2019. The digital transaction of consumers was only in the initial stage during the Financial
Year 2014-2015, there after the digital transactions slowly started enhancing.

1.5 GROWTH OF PREDOMINANT TYPES OF DIGITAL PAYMENT SYSTEM

The following table represents the growth of various types of digital payment systems both in
terms of volume and value for customer transactions over the past 5 years in India from the
Financial Year 2014-2015 to Financial Year 2018-2019.
There has been a tremendous growth both in terms of value and volume and also in the
transaction size of consumers’ digital transactions from the Financial Year 2014-2015 to the
Financial Year 2018-2019. In various types of digital transactions there is enormous progress
since consumers started to embrace digital transactions after demonetization.
2. LITERATURE REVIEW

A review of literature is an important component for an educational studies project. The

evaluate is a cautious exam of a frame of literature pointing closer to the solution to the studies
questions. Literature reviewed generally consists of scholarly journals, scholarly books,
authoritative database and number one sources. Sometimes it consists of newspapers,
magazines, books, and different secondary sources.

“The research includes the definition and redefinition of problems as well as the formulation of
proposed solutions. Collect, organize, and evaluate data, draw conclusions, and come to
conclusions at the end. Test the conclusions carefully to see if they fit the hypothesis being
formulated. "

PURPOSE OF LITERATURE REVIEW

REVIEW OF LITERATURE RELATED TO THE CURRENT RESEARCH

This chapter deals with the literature review of previous studies by many researchers. This
chapter provides an overview of the literature research on various digital payment systems from
the national and international context by examining the relationships and variations highlighted
by existing researchers and their empirical results in order to highlight the concepts examined.
The existing literature research and the various reports that are published from time to time
show that, from the consumer's point of view, there is very little knowledge about the current
scenario and future prospects of digital payment systems. Studies dealing with digital payment
systems and the related topic in the context of India are few. This study focuses on
understanding consumers how to view digital payment systems and what factors consumers
consider in digital transactions. There are some important aspects. Understand payments in
digital mode and get an overview of digital payment systems from the user's point of view, e.g.
B. Knowledge, perception, preferences, use of digital payment options, satisfaction, customer
loyalty and trust in these digital financial services. Some of the studies on the national and
international context of consumer perception in relation to digital payment system services are
listed below.

Digital / Electronic / Online Payment System

 Digital Payment Systems

In simple terms, the digital payment system is a payment system that is done over an electronic
network and digital modes. All digital payment transactions are processed online. Send and
receive money. Also known as online / internet / electronic payment. Payments It's a quick and
convenient way to make payments.

Digital payment systems:

• Sivathanu (2018) The researcher has critically examined the actual use of digital payment
systems by consumers during the time of demonization. This study also focuses on the rigidity
in the use of the cash payment system, behavioural intent and resistance to innovation in the use
of digital payments.

Electronic payment systems:

• Athanassious (2017) The researcher found that e-commerce transactions in Europe have
increased enormously in recent years, which has led to the development of digital payments.
From traditional contracts and payments to smart contracts with distributed cutting-edge
technologies and virtual currencies for processing and handling payments in retail.

Online / Internet Payment Systems:

• Rouibah et al., (2016) In a recent study, researchers set the online trust model to examine the
factors influencing customers and their intention to use payment systems. Online pay. The
result of their empirical study shows that joy, familiarity, third-party stamps, the tendency to
trust and personal innovation have a positive effect and positively influence trust, while the
perceived risk negatively influences trust, especially trust and joy are the two main factors
customers to adopt Online payment service that even balanced risk perception. This study also
provided numerous management implications that could help increase adoption of online
payment systems in Kuwait.

Summary: In recent years, the digital payment mode has grown in popularity, replacing cash
and check transactions. This is an era of click-through cash transactions. Previous studies have
found portability, ease of use, usefulness, convenience, ubiquity, and instant transactions. are
important factors, while trust, security and reliability are negligible factors for the introduction
of digital payment systems. The researchers suggest that strict legal rules and regulations should
be put in place to control cyber fraud and data theft, and recommend providing and creating
training Raising awareness, setting specific strategies to improve self-efficacy and helping
people access digital payments

Mobile / Digital Wallet

Mobile Wallets A mobile wallet is a technology for transferring cash in digital mode. It is a
form of the virtual wallet service that can be used by downloading an application. an encrypted
format on your mobile device and make payments. Example: Paytm, PayUMoney, Mobikwik,
Google Pay, Amazon Pay.

Mobile Wallets:

• Shukla & Bose (2017) The authors state that the advent of demonization has led to the
emergence of numerous mobile wallet companies that Indians can use to conduct digital
transactions. and accept digital transactions for its various conveniences. Mobile wallets with
multiple banking applications are designed to promote digitization. Digital payment systems
include credit / debit cards, e-wallets, UPI, USSD, AEPS, BHIM and internet banking (NEFT,
RTGS, ECS, IMPS) guarantee fast transactions. This study found that apps, e-wallets and cards
will certainly help people make digital transactions in an easy and convenient way. came to the
conclusion that digitization will increase the bank population in the country, which will
ultimately lead to economic growth and development of the country.

Summary: Previous studies on digital or mobile wallets have shown that smartphones are an
essential part of life in this era, and mobility and usefulness in particular are the two main
factors driving consumers to use digital wallets and have found that there is one There is gap in
terms of satisfaction and expectation from consumers. Understanding consumer expectations
and providing their requirements will improve the use of digital wallets. Electronic / Digital /
Plastic (Smart Cards) Money.

Bank Cards (Debit / Credit / Cash / Travel / Other)

Banks issue cards to their customers to perform a range of in-store and online financial
transactions. Example: MasterCard, Visa, Rupay. Prepaid Bank Cards A prepaid card is a type
of payment instrument that users add money to in order to make purchases. The card type may
not be linked to the customer's bank account. Almost all leading banks offer prepaid cards.

• Bama & Gunasundari (2016) In a conceptual study, the researchers examined the
challenges and future prospects of plastic money. This revealed that the use of plastic money is
increasing tremendously because of its many benefits. These plastic cards can be used for both
physical store payments and online purchases. Since they are technology-driven and offer
customer-oriented service in order to face competition, banks use technology-intensive delivery
channels (Internet, mobile banking) to reduce these Operating costs improve productivity and
service efficiency, as well as customer comfort and satisfaction. Recently, digital transactions
are slowly gaining popularity, which is likely to displace cash transactions and lead to a
cashless society.

Summary: These studies suggest that in addition to credit and debit cards, smart cards are also
replacing cash and check transactions. The card details can be saved on the mobile phone,
which is used to make payments instantly in physical stores and also in online stores. Building
trust, security, low service fees, and interoperability will encourage card use for payments.

Electronic / digital / internet / online banking

internet banking

Internet banking refers to the process of conducting online banking transactions that can include
many services, such as: B. Transferring funds, opening a new fixed or recurring deposit, closing
an account, etc. Internet banking is commonly used for online transfers via (NEFT, RTGS, and
IMPS).

National Electronic Transfer: Bank customers can transfer funds electronically to other
accounts and are managed by the Bank of the Indian Reserve

. Real-Time Gross Settlement - Generally, this system is used and managed by Reserve
Bank of India for high quality online transactions. Instant Payment Service: It is a fast-
interbank real-time electronic transfer system in India managed by India's National Payments
Corporation (NPCI). Digital Banking:

• Gupta (2017) In a conceptual study, the researcher examined the development of the Indian
Banking system from conventional mode to convenience (cash-to-click). In this study,
secondary data was used to examine trends in the banking system. This study explained the
types, advantages, and disadvantages of each type of digital banking. The researcher also
highlighted the challenges of digital banking. In this study, the researcher affirms the need for
an adequate security system and data protection and suggests educating people. Use digital
systems that are helping to achieve massive adoption of digital banking.

Mobile banking / mobile payment systems (MPS)

Mobile banking / mobile payment systems:

Mobile banking or MPS is referred to as the process of carrying out financial / banking
transactions with the help of a smartphone. The reach of mobile banking grows with the
introduction of many mobile devices. Wallets, digital payment applications and other services
like USSD, UPI. Most banks have their own apps for Android, Windows and iOS mobile
platforms, and customers can download them to do their banking with the push of a button or a
push of a button. Symbol or simply by scanning the QR / barcode or by tapping.

• Dinh et al., (2018) In a seminal article, the researchers critically examined the factors driving
consumers to use mobile payments and also suggested some strategic implications for
promoting mobile payment systems. This study found that perceived usefulness, social
recognition; Promotional offers and convenience are the key factors motivating the use of
mobile payment services. A lack of trust, limited usage options, complexities and habits with
cash payments are the main barriers preventing customers from adopting mobile payments.
This study suggested that mobile payment service providers and their partners should undertake
efforts such as integrated marketing communications to improve the experience for their
consumers and motivate them to adopt mobile payment systems.

Near Field Communication (NFC)

Near Field Communication (NFC)

Near field communication is a system that supports short-range communication for high-
frequency wireless payments. This is communication between two devices when they are close
to each other.

• Lee et al. (2015) The researchers proposed the model and validated it empirically. The results
of the statistical analysis showed that for the perceived benefits ofNFC, the influencing factor,
is useful and for the perceived risk of NFC, the influencing factor is universality. The
subsequent analysis showed that for the intention to use NFC, the perceived benefit has a
positive influence and the perceived risk has a negative influence on the acceptance of NFC-
based MPS.

Summary: Previous studies have shown the NFC-based payment system to be convenient and
easy to use, and they agree that authentication is required. The signature-based transaction
increases the security and efficiency of the payment system based on NFC mobile devices.
Conventionally,
Point of Sale (POS) 

Point of Sale

PoS terminals were devices mounted in all stores where customers paid for their purchases by
swiping / scanning / touching credit / debit cards. With digitization, the reach of PoS is
improved and so is this service Is offered on mobile platforms and via Internet browsers by
scanning barcodes or QR. There are different types of PoS terminals, e.g. For example:
Physical PoS terminals are those that are available in stores and shops. Mobile PoS terminals
can be used on smartphones. Beneficial for small business owners as they do not have to invest
in expensive electronic records. Virtual point of sale systems exercises web-based applications
to process payments.

• Michal et al., (2010) The researchers wanted to examine the time that customers spend the
point of sale for various payment methods and suggested certain measures to improve them.
The empirical analysis showed that even cash plays a dominant role in the form of an instant
and hassle-free payment option, as other modes take around 20 seconds to complete a
transaction. Therefore, this study suggests that for the advancement of the POS payment
method, the time spent and the cost of transaction fees should be reduced, which would be
beneficial for users and encourage them to make cashless payments. Previous studies have
shown that it is necessary to minimize the time spent in POS terminals and to lower the
transaction costs of the payment method at the point of sale.

Adhaar Enabled Payment System (AEPS)

Aadhaar Enabled Payment System De

In the case of AEPS, there is absolutely no need to physically go to a branch, provide debit or
credit cards, or even sign a document. Transfers are made with biometric authentication using
the Aadhaar number associated with the users' bank account. It can only be used if a person's
Aadhaar number is linked and registered with the bank with which they have an account.

• Chiraag (2013) The author explained the payment system activated by Aadhaar. This article
highlights the uses, benefits, and drawbacks of banking and this study. Linking the Aadhaar
card to bank accounts has contributed to financial inclusion as customers with no and no bank
account are connected to banks. This article clarifies that using micro-ATMs, AEPS enables an
interoperable system and banking services anytime, anywhere. Summary: Studies on AEPS are
very limited as it is a new innovation in payments and is not very popular. He stated that AEPS
is suitable for illiterate people, people with no bank connection and without bank connection
and that this would also promote financial inclusion in the country

. Micro ATMs Business

Correspondents (BC) use a micro ATM to provide basic banking service that connects to banks
across the country. This platform enables business correspondents to conduct instant
transactions and enable cost-effective banking services. This device is based on a mobile phone
connection. and it would be available on any BC. Micro ATMs support basic banking
operations such as depositing, withdrawing, transferring and checking your account balance.

• Visionteck (2013) In a case study, the researcher examined the features, benefits and effects
of micro-ATMs. Banks have high costs of setting up ATMs for low value transactions inland.
Therefore, the government proposed introducing micro ATMs in rural areas of the country.
Micro ATMs allow payments and support cash withdrawals and balance control on user
accounts, etc. using Adhaar cards. This study also shows that micro ATMs support contactless
cards and transactions can be done both online and offline and authentication is done using
biometric technology. Summary: Studies of micro ATMs are very limited as it is the new
payment system. that micro ATMs are suitable for commercial correspondents who forget to
make instant payments and this is very useful for rural areas of the country Unified Payment
Interface (UPI)

Unified Payment Interface (UPI) UPI is a form of interoperable payment system that
allows a customer with a bank account to send and receive money through a UPI-based
application.

Kakade & Veshne (2017) researchers examined the features, benefits, challenges, and working
mechanisms of UPI. They stated that UPI is in the early stages and developing NPCI
applications for all users of platforms like iOS, Android, Windows. This study found that there
are no fees for UPI transactions and that it is a convenient, safe, and fast way to make transfers.
3. IMPORTANCE OF THE STUDY – Now a day, digital payment system is operating in a
moderate pace, and individuals have started acquiring the digital mode for building their
financial activities. Though the digital mode of financial activity is accessible in India since,
initial 1990s; the electronic financial transaction appeared from 2005. In fact, followed
demonetization, digital payment system collected its importance. It is only next demonetization
person found an alternative system for cash mode, as electronic mode to do their financial
transactions. Moderately, the people got influenced by digital payment systems in view of the in
fact, of its usefulness and profit such as everywhere, time saving, uninterrupted, instant transfer
of money. Hence, Digitization of banking industry and payment ecosystem is the vital
significance for this study.

4. STATEMENT OF THE PROBLEM - Digital payment systems are very favored in this ultra-
modern era and many of individuals are making use of the digital system to do their financial
activities. Persons find that carrying cash is very risky due to pilferage and burglary. By doing
financial activities digitally they can find a record and track of every single transaction. Thus
studying individuals’ perception with regard to digital payment systems will be helpful to aid
digital transaction and captivate the individuals to use digital payment systems which will
enhance the value and number of digital transactions. Adopting digital payment systems will
subsequently control the flow of black money and illegal transactions and automatically leading
to increase the accountability, leads to financial activities and enhance the economic condition
of the country. Hence, in this study we are basically concerned to find out the perception of
individuals on digital transactions and to find out the important factors that activates the
consumers with regards to digital payment system.

5. OBJECTIVES OF THE STUDY

• To comprehend about digital payment system, it’s numerous types, benefits, hurdles,
opportunities and challenges of digital payment systems in India.

• To survey the demographic profile, banking details and digital payment backing of the
consumers using digital modes of payment.

• To distinguish the factors affecting the consumers’ perception towards digital payment
systems.

• To categorize the consumers of digital payment systems based on their different

perceptions.

• To examine the influence of demographic profile, banking details and digital payment
patronage on consumers’ perception.

• To recommend suggestions to improve the performance and adoption of digital

payment systems in India.
 CHAPTER 2
(RESEARCH METHODOLOGY)
2.1 Introduction

Research methodology is a way to systematically solve the research problem, as to

how research is done scientifically. It consists of the different methods that generally adopted
by researcher to study his research problem along with logic behind them. It is necessary for
the researcher to develop certain tests.
Marketing research specifies the information required to address these issues; designs
the method for collection information manages and implements the data collection
process; analysis the results and communication the findings and their implication.

2.2 Research Definition:

“Research is careful inquiry or examination to discover new information and relationship and
to expand and to verify exiting knowledge,” Research always starts with questions or
a problem. Its purpose is to find answer to questions through the application of the scientific
method. It is a systematic and intensive study directed towards a more complete knowledge of
the subject studies.

2.3 Methods adopted for the projects:

1. The Research Design is made as per the requirements of the project.
2. For the secondary data collection, internet is used.
3. For the primary data collection, we made questionnaire ad distribute that through social
media.

2.4 Choice of
Methodology
A sample is a gathering of people chosen from a bigger population. Every
observation estimates at least one properties of noticeable bodies recognized as free
articles or people. The examining procedure contains a few phases:
• Defining the number of inhabitants in
concern
• Specifying a testing outline, a lot of things
or occasions conceivable to quantify
• Specifying an inspecting strategy for choosing things or occasions from the
casing
• Determining the example measure
• Implementing the inspecting plan
• Sampling and information gathering
• Data which can be chosen

2.5 Source of Data

The sources of data collection methods are as follows: -

a) Primary data: -
The primary data is that which details we collect first time from the market and also used first
time in the research. We also say that the information is first time in the research decision.
Primary Data are the data is collected from direct sources using methods like surveys
or interview. It is gathered in light of the examination venture, directly from primary sources.
As we have collected responses from our surveys, now as per the result we will be analyzing
the factors impacting consumer perception towards digital payment system. Primary research
methods can be qualitative or quantitative in nature. Qualitative research aims to provide
insight and in-depth understanding of the problem, while quantitative research aims to
quantify the data by applying some form of statistical analysis

To collect the primary data questionnaire is prepared structure non-disguise questionnaire is

prepared.
Primary data: -Questionnaire

b) Secondary data: - Secondary data are those data which are already collected by
someone for some purpose and are available for the present study; secondary data are
already collected by the internet, journals, research papers and library’s books.
When the secondary data are sufficient, the researcher has to be satisfied with the
primary sources of data. Secondary data can be used as bases for comparison with primary
data have been collected by questionnaire. Secondary data can be grouped into three
distinct subgroups: narrative, various source, and review. Narrative second and
information comes in both composed and non-composed structure. The
information can be gathered from sources, for example, diaries, databases, transcripts and
so forth. This type of information is reliant on the entrance the specialist needs to it. Study
based auxiliary information is the information that is gathered through the overview
 and is accessible as information table structures. Various source Secondary data
information n that has been assembled into narrative or study structure; the primary
qualities of this kind of information is that it has been changed into an alternate
structure before there searcher is surveying the information. The Secondary data that
we utilized for our exploration is information that has additionally lead to the finish
of which factors that will be inspected. The numerous source information that we have
utilized has been so as to pick which item we would use for our examination so as to have
the capacity to discover the item that is most broadly purchased over the Internet.

Secondary data: Websites, Books, E-Journals.

Primary data i.e. collected for the first time. It is fresh and originally collected by
the survey.
We have used only primary data in calculating the study and collect the data.

2.6 Data collection method

Sampling plan

Sampling is a process of obtaining. The information about the entire population by examine a
part of it. The effectiveness of the research depends on the sample size selected for the survey
purpose.
Sampling Unit: -

It means “Who is to be surveyed”. When researching an aspect of the human mind or

behaviour, we simply cannot collect data from every single individual in most cases. Instead,
we choose a smaller sample of individuals that represent the larger group. If the
sample is truly representative of the population in question, we as a researcher can then
take their results and generalize them to the larger group.

Sample size: -

For the purpose of proper survey, there is need of perfect research instruments to find out
sample size for more accurate result about consumer perception towards digital payment
system. There were 114 respondents.

Sampling Method: -

“Convenience sampling is the non-probability sampling techniques where subjects are

selected because of their convenient accessibility and proximity to the research”. It is
the easiest way to analyze the data.

2.7 Data collection instrument

 Research Instrument: -

Researcher instruments is the tool by which the researcher can do research on specific
problems or objective. The most popular researcher instrument for collection data is
Questionnaire” for a particular investigation. It is simple for a moiled set of questions
presented to respondents for their answers. Due to this flexibility, it is most common
instrument used to collect the primary data. During the pre- testing of questionnaire, I seen the
reaction of respondents and suggestions required to make change in research instrument.

2.8 Data Collection: -

The data will be collected from the respondents using questionnaire.

Data analysis: -

The data analysis will be divided in 2 parts.

First part: will include descriptive statistics and
Second part: will include inferential statistics.

The questionnaire design:

The questionnaire has been prepared on the following lines:

First part - The questionnaire includes the entire relevant question so as to provoke

and elicit the data from the respondents in a brief manner.

Second part - There are some closed ended questions which are incorporated in the
questionnaire.
Third part - The questions were able to fully cover the themes
concerned.
2.8 Analysis of data through statistical tools
1. ANOVA
2. CHI- Square Test
3. Pie diagram
4. Bar diagram

Chi- Square Analysis: -

Chi-square test is a non- parametric test. It is used most frequently by marketing researcher to
test hypothesis. This is employed for testing hypothesis when distribution of population is not
known and when nominal data is to be analyzed.

ANOVA: -
Analysis of Variance (ANOVA) is a statistical method used to test differences between two
or more means. It may seem odd that the technique is called "Analysis of Variance" rather
than "Analysis of Means." As you will see, the name is appropriate because inferences
about means are made by analyzing variance . whether the change in one variable
influences the change in the other variable. Not that the changes may likely to occur in both
directions namely: -
1. The increase in one variable is accompanied by the proportionate increase in the other
variable.
2. The increase in one variable causes the proportionate decrease in the other variable. In
the first cast the variable are said to be positively correlated, while in the second
case, the variable are said to be negatively correlated.
Bar Diagrams: -

Bar diagram consist of bars running either horizontally or vertically with an individual bar for
each observation. The individual bars have separate observations and magnitudes. They serve
the purpose of showing the rate of change in continuous data. More than two series of data may
be depicted by the use of bar diagrams. The positive and negative quantities also are
demonstrated with bar diagram.
Pie diagrams: -

The pie diagram is presented in a circle dividing the chart in different components according
to the need of the distinctive data. The slices of the circle are also noted with the name and
their percentage share in the total circle of 360 degrees.
CHAPTER 3
(DATA ANALYSIS)
PIE DIAGRAMS OF RESPONSES -
Hypotheses
H0: There is no significant difference between Factors Affecting Consumers Perception and
Digital Payment Systems
H1: There is a significant difference between Factors Affecting Consumers Perception and
Digital Payment Systems
H1a: There is a significant difference between Consumers Perception towards Transaction
speed and Digital Payment Systems
H1b: There is a significant difference between Consumers Perception towards Usefulness and
Digital Payment Systems
H1c: There is a significant difference between Consumers Perception towards Trustworthiness
and Digital Payment Systems
H1d: There is a significant difference between Consumers Perception towards Cost and Digital
Payment Systems
H1e: There is a significant difference between Consumers Perception towards Performance
experience, and Digital Payment Systems
H1f: There is a significant difference between Consumers Perception towards Security and
Digital Payment Systems
H1g: There is a significant difference between Consumers Perception towards Connectivity and
Digital Payment Systems
H1h: There is a significant difference between Consumers Perception towards Convenience and
other benefits and Digital Payment Systems

Data analysis
Reliability analysis

Case Processing Summary

N %
Cases Valid 114 100.0
Excluded 0 .0
Total 114 100.0
a. Listwise deletion based on all variables in the procedure.

Reliability Statistics
Cronbach's Alpha Cronbach's Alpha N of Items
Based on
Standardized Items
.431 .488 21

From the above table, it can be stated that Cronbach's Alpha is .431 which shows the positive
value. It also indicates that there is consistency in the dataset. It indicates the good value in the
outcome of collected data.

Item Statistics
Mean Std. Deviation N
Gender 1.7807 .57621 114
Age 2.5877 1.02889 114
Marital_Status 1.6316 .48451 114
Education_Level 2.7632 1.05849 114
Employment_Status 2.3070 1.24891 114
Type_of_bank_preferred_while_openin 2.3947 1.50879 114
g_an_account
Type_of_Account_while_opening_an_a 1.8246 1.04115 114
ccount
Would_you_prefer_using_net_banking_ 1.7193 .84674 114
instead_of_visiting_your_bank
Which_mode_you_prefer_to_do_online 1.6754 .47028 114
_banking
Through_which_device_do_you_perfor 2.5351 .71865 114
m_digital_payments
How_many_years_you_have_been_usi 1.9912 .93596 114
ng_digital_modes_for_payments
Are_you_aware_of_the_availability_of_ 1.3684 .48451 114
various_digital_payment_mod
Please_tick_your_most_preferred_digit 3.4737 2.17064 114
al_payment_mode
Transaction_speed 4.0000 1.04754 114
Usefulness 4.0789 .98793 114
Trust_worthiness 3.8947 1.02507 114
Cost 3.6842 1.16221 114
Performance_experience 4.0351 .94943 114
Security 4.0439 .96294 114
Connectivity 4.0000 .94072 114
Convenience_and_other_benefits 3.9561 .98115 114

The item statistics show the standard data value is near 1 which means a high standard
deviation. It also shows that the data points are dispersed through a wide range of values.

ANOVA with Cochran's Test

Sum of df Mean Cochran's Sig
Squares Square Q
Between People 210.839 113 1.866
Within Between 2317.865 20 115.893 1120.438 .000
People Items
Residual 2398.801 2260 1.061
Total 4716.667 2280 2.069
Total 4927.506 2393 2.059
Grand Mean = 2.8450

The Cochran's Q test is used to see whether there are any variations in an ordinal dependent
variable among three or more related groups. These are Transaction speed, Usefulness,
Trustworthiness, Cost, Performance experience, Security, Connectivity, as well as, Convenience
and other benefits. It is analogous to one-way repetitive steps ANOVA, except with a
dichotomous instead of a constant dependent variable, or as an application of McNemar's test.
Chi-Square Tests
Transaction speed
Chi-Square Tests
Value df Asymp. Sig. (2-
sided)
Pearson Chi-Square 13.629 a 4 .009
Likelihood Ratio 15.354 4 .004
Linear-by-Linear Association 8.795 1 .003

N of Valid Cases 114

a. 4 cells (40.0%) have expected count less than 5. The minimum
expected count is 1.47.

Symmetric Measures
Value Asymp. Std. Approx. Approx.
Error Tb Sig.
Interval by Pearson's R -.279 .089 -3.074 .003c
Interval
Ordinal by Spearman -.197 .097 -2.129 .035c
Ordinal Correlation
N of Valid Cases 114
a. Not assuming the null hypothesis.
b. Using the asymptotic standard error assuming the null hypothesis.
c. Based on normal approximation.

A p-value greater than the significance amount, such as.009, is obtained from a Chi-
square test. It means that there is less reason to suppose that the reported distribution
differs from the predicted distribution. It is possible to assume that there is no
connection between Consumers Perception of transaction speed as well as digital
payment systems. This result is supported by the systematic study that has looked at the
development of the next payment method in the United States. This study concludes that
modern technical technologies can meet consumer demands such as pervasiveness, speed, and
convenience and that legislation will be framed in such a way that the trust, protection, privacy,
and security of new payment systems will be enhanced. According to the findings of this report,
this evolution would benefit all parties participating in a transaction and it will alter the user's
view of new payment forms.
Thus, it can be stated that the alternate hypothesis is accepted.
H1a: There is a significant difference between Consumers Perception towards Transaction
speed and Digital Payment Systems
The above chart depicts that there is a large number of participants who have good experience
of digital payment systems due to Transaction speed. On the other side, only a few participants
have a poor experience of the digital payment system.

Usefulness

Chi-Square Tests
Value df Asymp. Sig. (2-
sided)
Pearson Chi-Square 23.347a 4 .000
Likelihood Ratio 25.619 4 .000
Linear-by-Linear 20.998 1 .000
Association
N of Valid Cases 114
a. 5 cells (50.0%) have expected count less than 5. The minimum
expected count is .74.

Symmetric Measures
Value Asymp. Std. Approx. Approx.
Error Tb Sig.
Interval by Pearson's R -.431 .070 -5.056 .000c
Interval
Ordinal by Spearman -.405 .081 -4.686 .000c
Ordinal Correlation
N of Valid Cases 114
a. Not assuming the null hypothesis.
b. Using the asymptotic standard error assuming the null hypothesis.
c. Based on normal approximation.

A Chi-square test shows that the p-value is less than the significance level, such as.000. It
means that there is enough reason to suggest that the observed distribution is not the
predicted distribution. It is possible to assume that there is no connection between usefulness
and digital payment mechanisms. This result is supported by the previous studies that sought to
determine the existing levels of internet banking use and to investigate the factors influencing
internet banking acceptance. According to the findings of this report, online banking adoption is
highly related to perceived utility, moderately related to perceived ease of usage, danger, and
weakly related to personal innovation and creativity in information technology. Based on the
study's findings, the researcher has made many recommendations to companies for the
creation of services that will increase consumer use of internet banking.

Thus, it can be stated that the alternate hypothesis is accepted.

H1b: There is a significant difference between Consumers Perception towards Usefulness and
Digital Payment Systems
The above chart depicts that there is a large number of participants who have good experience
of digital payment systems due to their Usefulness. On the other side, only a few participants
have a poor experience with digital payment systems.

Trustworthiness

Chi-Square Tests
Value df Asymp. Sig. (2-
sided)
Pearson Chi-Square 12.494a 4 .014
Likelihood Ratio 14.168 4 .007
Linear-by-Linear Association 5.677 1 .017

N of Valid Cases 114

a. 4 cells (40.0%) have expected count less than 5. The minimum
expected count is 1.11.

Symmetric Measures
Value Asymp. Std. Approx. Approx.
Error Tb Sig.
Interval by Pearson's R -.224 .092 -2.434 .017c
Interval
Ordinal by Spearman -.134 .096 -1.435 .154c
Ordinal Correlation
N of Valid Cases 114
a. Not assuming the null hypothesis.
b. Using the asymptotic standard error assuming the null hypothesis.
c. Based on normal approximation.
A p-value higher than the significance amount, such as .017 is obtained from the above Chi-
square test. It denotes that there is insufficient reason to suggest that the observed distribution
differs from the predicted distribution. It is possible to infer that there is no association
regarding trustworthiness and digital payment mechanisms. This result is supported by the
previous research that has used an analytical study to investigate the variables that influence
Gen-X consumers' preference for Digital Payment Systems and their degree of satisfaction. The
researchers discovered that effective use of digital payment systems among Gen- X consumers
are dependent on esteem factors such as trustworthiness, ease & advantages, protection, and
privacy restrictions. Further review of this study showed that Reliability and Convenience &
Benefits variables have a strong influence on Gen-X customer satisfaction, while protection
affects their degree of satisfaction.
Thus, it can be stated that the alternate hypothesis is accepted.
H1c: There is a significant difference between Consumers Perception towards Trustworthiness
and Digital Payment Systems
The above chart depicts that there is a large number of participants who have good experience
of digital payment systems due to Trustworthiness. On the other side, only a few participants
have a poor experience of the digital payment systems.

Cost
Chi-Square Tests
Value df Asymp. Sig.
(2-sided)
Pearson Chi-Square 14.201a 4 .007
Likelihood Ratio 14.316 4 .006
Linear-by-Linear .045 1 .833
Association
N of Valid Cases 114
a. 3 cells (30.0%) have expected count less than 5. The
minimum expected count is 2.58.

Symmetric Measures
Value Asymp. Std. Approx. Approx.
Error Tb Sig.
Interval by Pearson's R .020 .093 .210 .834c
Interval
Ordinal by Spearman .033 .092 .353 .725c
Ordinal Correlation
N of Valid Cases 114
a. Not assuming the null hypothesis.
b. Using the asymptotic standard error assuming the null hypothesis.
c. Based on normal approximation.

A p-value greater than the significance amount, such as .0834 is obtained from the above Chi-
square test. It means that there is less reason to suggest that the reported distribution differs
from the predicted distribution. It is possible to assume that there is no connection between
the expense and digital payment mechanisms. This result is favoured by the previous research
study that has listed some of the disadvantages of conventional payments, like the high cost of
processing currency notes and the chance of theft, as well as some of the benefits of electronic
payment systems, including simplicity, user-friendliness, and time savings. According to the
findings of the empirical study, perceived utility, ease of usage, and protection have a positive
correlation with electronic payment acceptance, whereas perceived danger has a negative
correlation. This analysis finds that public education and information on electronic payment
systems are needed to improve electronic payment facilities and increase acceptance of
electronic payment systems.
Thus, it can be stated that the alternate hypothesis is accepted.

H1d: There is a significant difference between Consumers Perception towards Cost and Digital
Payment Systems

The above chart depicts that there is a large number of participants who have good experience
of digital payment systems due to cost. On the other side, only a few participants have a poor
experience of digital payment systems.
Performance experience

Chi-Square Tests
Value df Asymp. Sig. (2-
sided)
Pearson Chi-Square 12.346a 4 .015
Likelihood Ratio 13.171 4 .010
Linear-by-Linear Association 11.350 1 .001

N of Valid Cases 114

a. 4 cells (40.0%) have expected count less than 5. The minimum
expected count is 1.11.

Symmetric Measures
Value Asymp. Std. Approx. Approx.
Error Tb Sig.
Interval by Pearson's R -.317 .085 -3.536 .001c
Interval
Ordinal by Spearman -.277 .091 -3.050 .003c
Ordinal Correlation
N of Valid Cases 114
a. Not assuming the null hypothesis.
b. Using the asymptotic standard error assuming the null hypothesis.
c. Based on normal approximation.

A p-value less than the significance amount, such as .001, may be obtained from a Chi-square
test. It means that there is enough reason to suggest that the observed distribution is not the
predicted distribution. It is possible to infer that there is no connection between Performance
experience and digital payment systems. This result is supported by past research that aimed to
measure consumers' willingness to use mobile payment systems. Since mobile payments were
still in their infancy at the time of the report, they excluded perceived expense as a criterion for
assessment. According to the empirical findings of their report, the perceived danger was
negatively correlated with user behavioural intentions against the acceptance and usage of
technology for mobile payments, while success expectation, effort expectation, as well as social
impact factors were positively and significantly associated.
Thus, it can be stated that the alternate hypothesis is accepted.

H1e: There is a significant difference between Consumers Perception towards Performance

experience, and Digital Payment Systems
The above chart depicts that there is a large number of participants who have good experience
of digital payment systems due to performance experience. On the other side, only a few
participants have a poor experience of digital payment systems.

Security

Chi-Square Tests
Value df Asymp. Sig. (2-
sided)
Pearson Chi-Square 14.253a 4 .007
Likelihood Ratio 15.252 4 .004
Linear-by-Linear Association 7.790 1 .005

N of Valid Cases 114

a. 5 cells (50.0%) have expected count less than 5. The minimum
expected count is 1.47.

Symmetric Measures
Value Asymp. Std. Approx. Approx.
Error Tb Sig.
Interval by Pearson's R -.263 .090 -2.880 .005c
Interval
Ordinal by Spearman -.199 .097 -2.149 .034c
Ordinal Correlation
N of Valid Cases 114
a. Not assuming the null hypothesis.
b. Using the asymptotic standard error assuming the null hypothesis.
c. Based on normal approximation.

A p-value equal to a significant amount such as .005 is obtained from a Chi-square test. It
means that there is enough reason to suggest that the observed distribution is not the
predicted distribution. It is possible to assume that there is no partnership between security
and digital payment networks. This result is favoured by the view of past researchers who have
investigated the structure of digital payment systems. According to the qualitative review,
monopolistic platforms construct special service and information layers that are impossible to
replicate, while federal platforms (Paytm) collect data from financial institutions. As a result, in
a dynamic environment with pervasive digital payment network systems, it is critical to focus
on privacy and protection concerns, as they have a significant effect on consumer intentions to
utilize digital payment platforms.
Thus, it can be stated that the alternate hypothesis is accepted.

H1f: There is a significant difference between Consumers Perception towards Security and
Digital Payment Systems

The above chart depicts that there is a large number of participants who have good experience
with digital payment systems due to security. On the other side, only a few participants have a
poor experience of the digital payment system.
Connectivity

Chi-Square Tests
Value df Asymp. Sig. (2-
sided)
Pearson Chi-Square 6.635a 4 .157
Likelihood Ratio 7.501 4 .112
Linear-by-Linear 2.087 1 .149
Association
N of Valid Cases 114
a. 4 cells (40.0%) have expected count less than 5. The minimum
expected count is .74.

Symmetric Measures
Value Asymp. Std. Approx. Approx.
Error Tb Sig.
Interval by Pearson's R -.136 .094 -1.452 .149c
Interval
Ordinal by Spearman -.090 .093 -.955 .342c
Ordinal Correlation
N of Valid Cases 114
a. Not assuming the null hypothesis.
b. Using the asymptotic standard error assuming the null hypothesis.
c. Based on normal approximation.

A p-value less than the significance amount, such as .149 is obtained from a Chi-square test. It
means that there is enough reason to suggest that the observed distribution is not the
predicted distribution. It is possible to assume that there is no partnership between
connectivity and digital payment systems. This result is supported by the view of past authors
who have performed a single analysis to classify and empirically test the impacting variables.
According to the findings of this report, related to perceived utility, ease of use, device
efficiency, connectivity, task-technology match, and structural assurance are important.
However, in the case of mobile payment systems, considerations such as monetary value,
absorptive ability, and personal inventiveness are irrelevant. To increase the acceptability and
acceptance of mobile transfers, service providers must partner with government agencies to
have improved institutional authority and patronage. This study found that, in addition to
service provider assistance, an easy-to-use app with a trustworthy and compelling value
proposition would likely increase mobile money service acceptance.
Thus, it can be stated that the alternate hypothesis is accepted.

H1g: There is a significant difference between Consumers Perception towards Connectivity

and Digital Payment Systems
The above chart depicts that there is a large number of participants who have good experience
of digital payment systems due to connectivity. On the other side, only a few participants have
a poor experience with the digital payment system.

Convenience and other benefits

Chi-Square Tests
Value df Asymp. Sig. (2-
sided)
Pearson Chi-Square 11.646a 4 .020
Likelihood Ratio 12.783 4 .012
Linear-by-Linear Association 6.780 1 .009

N of Valid Cases 114

a. 4 cells (40.0%) have expected count less than 5. The minimum
expected count is 1.47.

Symmetric Measures
Value Asymp. Std. Approx. Approx.
Error Tb Sig.
Interval by Pearson's R -.245 .092 -2.674 .009c
Interval
Ordinal by Spearman -.180 .098 -1.939 .055c
Ordinal Correlation
N of Valid Cases 114
a. Not assuming the null hypothesis.
b. Using the asymptotic standard error assuming the null hypothesis.
c. Based on normal approximation.

A p-value greater than the significance amount, such as .009 is obtained from a Chi-square test.
It means that there is less reason to suggest that the reported distribution differs from the
predicted distribution. It is possible to infer that there is no connection between convenience
and other benefits and digital payment platforms. The result is supported by the previous
studies that planned to investigate the protection and unobservability features that could be
allowed in digital payment systems. This study discovered that clients utilize digital payment
services mostly for their simplicity and ease of use, although there are several issues such as
hacking, identity stealing, and cyber-frauds. According to the researchers, in digital
transactions, all records of transactions of both sender and recipient are observed, making it
possible to track the data. As a result, this study agrees that, in addition to stringent rules, there
should be high encryption systems, unobservability of data at all stages, and the creation of
tamper-resistant devices that help in safe and stable digital payments.
Thus, it can be stated that the alternate hypothesis is accepted.

H1h: There is a significant difference between Consumers Perception towards Convenience

and other benefits and Digital Payment Systems

The above chart depicts that there is a large number of participants who have good experience
of digital payment system due to Convenience and other benefits. On the other side, only a few
participants have a poor experience with digital payment systems.
Model Summary

Model Summary
Mod R R Adjusted R Std. An Durbin-
el Square Square error of the Watson
Estimate
1 .522 a .273 .217 .42863 2.071
a. Predictors: (Constant), Convenience_and_other_benefits, Cost,
Trust_worthiness, Usefulness, Performance_experience,
Transaction_speed, Connectivity, Security
b. Dependent Variable:
Are_you_aware_of_the_availability_of_various_digital_payment_mo
d

According to the table, the R-value is 0.522, and the strategy is based on a model so the R
square value is 0.217, which is less than 0.50. Durbin-Watson is not important since the
standard error of the calculation is 0.428, which is considered poor. Furthermore, the table
shows the various factors influencing digital payment systems like Transaction speed, Usability,
Trustworthiness, Cost, Performance experience, Security, Connectivity, as well as Convenience,
and other benefits.

ANOVA

ANOVA
Model Sum of df Mean F Sig.
Squares Square
1 Regressio 7.236 8 .904 4.923 .000a
n
Residual 19.291 105 .184
Total 26.526 113
a. Predictors: (Constant), Convenience_and_other_benefits, Cost,
Trust_worthiness, Usefulness, Performance_experience, Transaction_speed,
Connectivity, Security
b. Dependent Variable:
Are_you_aware_of_the_availability_of_various_digital_payment_
mod

Coefficients
Coefficients
Model Unstandardized Standardi t Sig. 95% Confidence
Coefficients zed Interval for B
Coefficien
 ts

B Std. Beta Lower Upper

Error Bound Bound
1 (Constant) 2.196 .219 10.00 .000 1.761 2.631
7
Transaction_spee -.064 .058 -.138 -1.091 .278 -.179 .052
d
Usefulness -.248 .063 -.506 -3.920 .000 -.374 -.123
Trust_worthiness .037 .057 .078 .647 .519 -.077 .151
Cost .102 .042 .246 2.437 .016 .019 .186
Performance_exp -.094 .065 -.184 -1.437 .154 -.224 .036
erience
Security .043 .068 .086 .630 .530 -.092 .178
Connectivity .036 .068 .069 .522 .603 -.100 .171
Convenience_and -.005 .059 -.010 -.083 .934 -.122 .113
_other_benefits
a. Dependent Variable:
Are_you_aware_of_the_availability_of_various_digital_payment_mod

As per the ANOVA table, the F-value is 4.923, which is greater than the significant value. It
shows a vital relationship between variables including transaction speed, usefulness,
trustworthiness, cost, performance experience, security, connectivity, and convenience, and
other benefits, as well as digital payment systems. It rejects the null hypotheses. Furthermore,
it shows a significant relationship between good factors (transaction speed, usefulness,
trustworthiness, cost, performance experience, security, connectivity, as well as convenience
and other benefits) and digital payment systems.
Correlations

Coefficient Correlations
Model Convenience Co Trust_ Use Performa Transa Con Se
_and_other_ st worthi fuln nce_expe ction_s necti cur
benefits ness ess rience peed vity ity
1 Corr Convenience 1.000 .0 .127 - -.120 -.129 - -
elati _and_other_ 30 .216 .332 .13
ons benefits 5
Cost .030 1. -.003 - .240 -.151 - -
00 .193 .224 .15
0 1
Trust_worthi .127 - 1.000 - -.213 -.299 - .14
ness .0 .298 .268 5
03
Usefulness -.216 - -.298 1.00 -.056 .004 .274 -
 .1 0 .48
93 2
Performance -.120 .2 -.213 - 1.000 -.240 - -
_experience 40 .056 .305 .10
8
Transaction_ -.129 - -.299 .004 -.240 1.000 - -
speed .1 .035 .16
51 3
Connectivity -.332 - -.268 .274 -.305 -.035 1.00 -
.2 0 .18
24 5
Security -.135 - .145 - -.108 -.163 - 1.0
.1 .482 .185 00
51
Cova Convenience .004 7. .000 .000 .000 .000 - .00
rianc _and_other_ 55 .001 0
es benefits 4E
-5
Cost 7.554E-5 .0 - .000 .001 .000 .000 .00
02 7.318E 0
-6
Trust_worthi .000 - .003 - .000 -.001 - .00
ness 7. .001 .001 1
31
8E
-6
Usefulness .000 .0 -.001 .004 .000 1.326E- .001 -
00 5 .00
2
Performance .000 .0 .000 .000 .004 .000 - .00
_experience 01 .001 0
Transaction_ .000 .0 -.001 1.32 .000 .003 .000 .00
speed 00 6E- 0
5
Connectivity -.001 .0 -.001 .001 -.001 .000 .005 .00
00 0
Security .000 .0 .001 - .000 .000 .000 .00
00 .002 5
a. Dependent Variable:
Are_you_aware_of_the_availability_of_various_digital_pay
ment_mod
According to the table above, there is a significant positive relationship between transaction
speed, usefulness, trustworthiness, cost, performance experience, protection, accessibility, as
well as convenience and other benefits) and digital payment systems.

Descriptive statistics

Statistics
Transacti Usef Trust_w Cos Performance Sec Conne Convenience_and
on_speed ulnes orthines t _experience urit ctivity _other_benefits
s s y
N Vali 114 114 114 114 114 114 114 114
d
Mis 0 0 0 0 0 0 0 0
sing
Mean 4.0000 4.078 3.8947 3.6 4.0351 4.0 4.000 3.9561
9 842 439 0
Media 4.0000 4.000 4.0000 4.0 4.0000 4.0 4.000 4.0000
n 0 000 000 0
Mode 4.00 4.00 4.00 4.0 4.00 4.0 4.00 4.00
0 0
Std. 1.04754 .9879 1.02507 1.1 .94943 .96 .9407 .98115
Deviati 3 622 294 2
on 1
Varian 1.097 .976 1.051 1.3 .901 .92 .885 .963
ce 51 7
Skewn -1.316 - -1.140 - -1.081 - -.909 -1.113
ess 1.618 .69 1.4
9 20
Std. .226 .226 .226 .22 .226 .22 .226 .226
Error 6 6
of
Skewn
ess
Kurtos 1.600 2.969 1.336 - 1.279 2.2 .970 1.302
is .12 21
6
Std. .449 .449 .449 .44 .449 .44 .449 .449
Error 9 9
of
Kurtos
is
The standard variance over all variables is greater than 1, suggesting that data points are
scattered across a wide range of values, according to the table above.
CHAPTER 4
(CONCLUSION)
Conclusion

Based on basis of the above findings, it can be stated that there is a significant difference
between Factors Affecting Consumers Perception and Digital Payment Systems. These factors
are Transaction speed, Usefulness, Trustworthiness, Cost, Performance experience, Security,
Connectivity, as well as, Convenience and other benefits. Transformations in the modern age
have influenced all aspects of human existence. Smartphones and internet access have rendered
things easier at the press of a mouse. This, in turn, raises the consumer's desires and aspirations.
With the growing usage of cashless transfers, actual cash purchases have almost been replaced in
the present scenario. Though there are some limitations, particularly in terms of privacy and
protection, it all depends on how customers, banks, and other organizations use and treat the
details. As a result, the report seeks to ascertain market attitudes about digital payments.
According to the literature analysis, the bulk of customers use credit/debit cards and are happy
with digital purchases. The most complicated element that inhibits its use has been identified as
security. The research also revealed that consumers are mindful of the importance of information
protection in cashless transactions. Cashless transactions can be welcomed since they are more
convenient and agile. Also, for deposits, internet banking has grown in popularity. In the future,
modern technologies and automation can make transfers more user-friendly. According to the
surveys, digitization is linked to self-efficacy and seems to be the need of the hour when users
tend to buy more, pay across online media, and be creative. There are connectivity and
infrastructure problems, but culture is progressing toward the internet of things and artificial
intelligence. As a result, users must be prepared to respond to these technologies, modern
additions, and strategies to progress. The study is particularly pertinent in this day and age,
where technology and digitization are critical for providing better customer service. This thesis
will assist prospective researchers in developing appropriate primary data collection and
interpretation procedures, resulting in improved outcomes. Future science will learn from these
obstacles and develop new creative avenues. The study is significant for the sector because it
emphasizes both positive and negative aspects, as well as the relevance of innovations and safety
concerns. There have been very few studies on the function of digital payment among retailers.
There are still fewer reports on the position of technology in digital payment. More study in
these fields is needed, in which potential researchers may focus. More analyses may be
conducted by collecting primary data and analysing it using factor analysis. The financial sector,
mobile wallet providers, states, and businesses must all work together to render digital payments
more available and therefore more profitable.
CHAPTER 5
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CHAPTER 6
(Appendices)