Consumer Analysis of Readiness for Digital Payment With Reference to Agra Region

Abstract

In current economic situation, the cashless transaction is experiencing significant growth. The cashless transactions are a way of buying without the exchange of physical transaction, that is a path to advancing technology in the world economy. A lot of modernization on the payment system is found in most of the developed and developing economies. In the last ten years, cashless transactions and cashless economies have seen a phenomenal rise. A pattern that the coronavirus epidemic is likely to increase. It has been discovered that consumers, particularly young people, are preferring the latest technology and are now willing to pay a little more for the ease and comfort that easy payment format can provide. However, some consumers are still hesitant to use digital payment methods. Therefore, this research tries to find various enablers and challenges affecting consumer readiness for digital payment. newlineThe objective of this study is to find various enablers and challenges affecting consumer readiness for digital payment. The study also tries to study the impact of external environment variables in use of digital payment methods and to suggest the best possible model of consumer readiness for digital payment in India. This study presents comprehensive framework of various factors. The framework is derived from extensive literature review. newlineThe presents study is quantitative in nature and follows descriptive research design. A sample of 401 respondents were collected and used for further analysis. Composite Reliability analysis provides strong support for the structure of various factors. Structural Equation Modeling methodology using PLS-SEM was used as more rigorous statistical techniques to validate the proposed model. newlineThe findings of the study reveal that seven out of the eight proposed hypotheses have significant relationship with consumer readiness for digital payment. One variable- lack of security does not show significant relationship with consumer readiness for digital payment. The researcher proposed a strategic framework which will help in implementing digital payment in India. The results obtained for the current study would help both academic researchers and practitioners in the area of digital payment and consumer readiness. newline newline