EVALUATION OF RETAIL PAYMENT PRACTICES OF INDIVIDUALS WITH A FOCUS ON THEIR AWARENESS AND USAGE OF DIGITAL PAYMENTSDr. D. Gnyaneswer 1 ; Dr. P. Venkataiah 2 ; Dr. M. Janaki Ram 3 ; K. Naveen Kumar 4
2 Vic-Principal, Badruka College of Commerce and Arts, Telangana, India.
3 Vic-Principal, Badruka College of Commerce and Arts, Telangana, India.
4 Assistant Professor of Commerce, Badruka College of Commerce and Arts, Telangana, India.
Article Id - JOM_10_02_002, Pages : 14-23, Date of Publication : 28, June 2023
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A Digital Payments can be defined as electronic payment which can be claimed as the transfer of value from one payment account to another using a digital device such as mobile phone, POS, computers, a digital channel communications such as mobile wireless data and SWIFT. It can be asserted with inclusion of payments made with bank transfers, mobile money and payments cards including credit, debit and prepaid cards. In recent decades, the country has seen a significant increase in the use of digital payments. Mode of Digital payments used by citizens of the country are bank transfers, mobile money and others. The Government of India has come up with esteem measures to forge and promote the digital payments in the country. Digital Payment methods are often easy to make, convenient and provides a greater efficiency by comforting the customers to make payments from anywhere and anytime. After introduction of Digital payments technology, the digital payments have enlarged after demonetization, people have started embracing with digital payments. The previous study is an attempt to analyse how various forms of digital payments evolved in the past and how Covid-19 impacted the digital payment system in India. The Objective of the Present Research is evaluating the retail payment practices and usage of digital payments and its financial performance. The collected data through the questionnaire were analysed statistically using techniques.
We have conducted a survey in order to realise the insight about digital payments. It is found that 63.2% population have greater awareness on digital payment and also observed that advertisements played a significant role with 57% making customers to know about digital payment. The study enlarged its scope by disclosing 59.6% customers are receiving money for regular expenses. Thus, we can conclude that people were concerned about health and were terrified of cash transactions which made them switch to this mode, which led to rapid usage of digital payments.
Digital Payment System, Cash Transactions, POS, Demonetization, Covid-19.
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