A Study on Adoption of Digital Payment through Mobile Payment Application with Reference to Gujarat State

Abstract

The trend of digital payments has been increased rapidly in recent years with the development of the Internet and due to the easy accessibility of Internet usage. Easy access to the Internet has driven consumers to use mobile payment applications for digital payment. India has internet users base about 546.5 million as of 2020 about 40% of the population. This number is the second largest in the world behind China. A maximum business organization running with the technological changes, due to globalization they are focusing more on meeting the needs of the consumers. We have also decided to study the consumer's attitude towards usage of mobile payment applications, especially the factors influencing the user for using mobile payment applications, and information about factors which played a role as barriers during usage of the mobile payment application. The population of the study is selected from the Gujarat state of the country. The sample size is 100 and we have used a convenient sampling method for the study. Our findings indicate that in the demographic information profession of the respondents not at all important in the decision-making process, whereas it is also concluded that elderly people are not at all attracted to use mobile payment applications for digital payments and education, undergraduate and postgraduates are more attracted towards mobile payment application. The research has also found that factors such as saves time, cashback and discounts, convenience, detailed records, reduced theft risk, track your spendings, and creating a cashless economy influence consumer’s attitudes towards mobile payment applications. The research also indicates some factors as barriers to the consumers towards mobile payment applications such as transaction charges, don’t know how to use, Digital Payments are not accepted everywhere, transparency, habit, and trust. It is expected that this study will help in India to plan successful strategies for increasing the use of mobile payment applications and they can build better relations with consumers.