UNDERSTANDING DIGITAL PAYMENT BEHAVIOUR:FINTECH ADOPTION METHODS, PREFERENCES AND CONSUMER SATISFACTION STUDY

Abstract

This research analyzes changing patterns in Indian consumer behavior toward digital payment systems, examining key adoption drivers, barriers, user demographics, technology platforms, and satisfaction levels post-demonetization. Data were collected from 50 respondents via structured questionnaires, employing descriptive and inferential statistics for analysis. Results highlight significant preferences for platforms like Google Pay and PhonePe, with security, convenience, and technical reliability as dominant factors in adoption and continued use. The study concludes with recommendations for improving digital payment ecosystems, addressing both policy and practice.

Transferring money from one payment account to another through a digital device or channel is known as an electronic funds transfer, or digital payment. Bank transfers, mobile money transfers, QR code payments, and credit, debit, and prepaid card payments are all considered forms of digital payments. Through a mobile application, users can send and receive money from bank accounts using the UPI (Unified Payments Interface) technology. The National Payments Corporation of India created UPI technology in 2016. Across India, the Unified Payment Interface program is utilized by a significant number of people. Finding out how and which UPI applications people utilize, as well as their opinions about the unified payment interface, is the aim of this study.

The UPI system eliminates the necessity of using traditional methods of money transfer like cash and cheques since it is possible to transfer money directly between individual bank accounts rapidly. The UPI applications are very popular with customers by reason of their ease and ease of use and have become a popular mode of payment. However, customers find it difficult to choose the best UPI application for their requirements as there are so many in the market. Also, the public requirement for digital payments and UPI applications may be affected by security, technical and other issues such as failed payments.