PERCEPTION AND USAGE OF VIRTUAL PAYMENT APPLICATIONS IN RELATION TO AWARENESS AND USER ISSUES

Abstract

The advancement of technology has significantly transformed the payment system in India. The post-demonetization period (after 8 November
2016) has played a crucial role in accelerating the growth of virtual payments across the country. The Government of India, under the leadership
of Prime Minister Narendra Modi, has actively promoted cashless transactions as part of its financial reforms. As a result, digital transactions
have witnessed substantial growth, reaching approximately 11.8 billion in the first six months of the financial year, based on data from the
Reserve Bank of India and the National Payments Corporation of India. The widespread availability of internet connectivity, ease of access,
and secure transaction mechanisms have contributed to the rapid adoption of virtual payment systems. To further strengthen cashless and
transparent financial transactions, the Government introduced a significant platform, the Unified Payments Interface (UPI). The present study
aims to assess the satisfaction level of users of virtual payment systems and to identify the problems and challenges faced by customers while
using virtual payment applications. The study is based on primary data collected through a structured questionnaire, which includes questions
related to the socio-economic profile of respondents, their awareness and usage behavior, perceptions, and issues faced while using virtual
payment systems. Statistical tools such as the Chi-square test, ranking analysis, and factor analysis have been employed to analyze the data.
The findings of the study reveal that users are highly satisfied with mobile payment applications, although certain challenges still persist.