Students perception towards digital payment system- A

Students perception towards digital payment

system- A study with a special reference to

Mangalore University.

Karthik K Kamath

Guest Faculty

Government First Grade College Kavoor

Mangalore, Karnataka. India.

E mail: [email protected]

Contact No: 9008222325

The International journal of analytical and experimental modal analysis

Volume XII, Issue VI, June/2020

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ABSTRACT:

E-commerce is often used to refer to the sale of physical products online, but it can also describe any kind

of commercial transaction that is facilitated through the internet. E-commerce is often confused with e-

business, although they have nothing to do with one another. Digital payment is said to be boon for the user

who wants their transaction to take place electronically. Fast and secure modes of payments ensure trust

among the users. However awareness programs must be done to educate the people who want to pay

through electronic medium. Online payment stands out compared to offline payment as there is no

intermediary between buyer and seller of the goods. Security issues may be the concern for many and lack

trust in online modes is the reason many still prefer cash as a medium of payment. Adoption of digital

payments in India is in a transformation phase. Usually India is a traditionally cash based economy, but now

slowly we see the growth of card based economy. Government of India brought up many schemes for the

development of digital payment such as Aadhaar card enabled or linked payment apps like BHIM, UPI etc.

Main focus of the government is to give digital facility to all the section including urban as well as rural all

over India. Acceptability of digital payment will be on the hands of those who use it. Slowly but surely

electronic mode is replacing traditional mode of payment. Digitally smart India is the way forward in

coming days as everyone should make use of technology for right purpose.

Key words: Digital India, paperless money, online payment, student perception, awareness.



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INTRODUCTION:

Modern era has technologically well developed because of E-commerce. E- Commerce is doing business

electronically where there is no scope for physical or traditional system of transaction. More and more

people opt for e commerce mechanism because it ensures accuracy of transaction. When people are

engaging in purchase and sale of goods and services there is need for medium of payment. Paper

transactions are losing its importance as people want to go cashless. Digital payment system is a way of

dealing through electronically equipped medium which helps in making transaction and ensures the safety

of the transactions. Urgency of a man and shortage of a time makes this system important. In digital

payment both payer and payee use digital modes to send and receive money. Generally no hard cash

involved in digital system. Making cash payment is a time consuming process and to avoid this digital

payment system came into existence.

Varies modes of digital payment includes mobile wallet, banking cards such as debit and credit cards, UPI,

mobile banking etc. digital payment system works effectively because they are linked to users bank account.

Whenever the payment is made user will be identified through notification and similarly if can credit is

made to users account he will get an intimation. Mobile wallets are popular among youths as it gives

attractive rewards such coupons, cash back, discount etc. Smart card looks like a plastic card with

microprocessor that can be loaded with funds to make transaction. Benefits of using online modes includes

it attracts clients from all over the world. More efficient transaction can be made with one click. Over the

years bank cards are more popular because they are user friendly. Debit card is generally linked to

customer’s bank account and it is issued to every account holder of the bank. Debit card has details such as

name, expiry, CVN for security of transactions.

Indian government has also taken a step to make India digitally sound and as result promoting cashless India

motive. Nowadays almost everyone has a Smartphone and man is more dependent on technology. Most of

the online transaction can be executed with the help of mobile applications. If a person wants to buy cloth

from online firstly he will visit online shopping sites such as Amazon, flip cart etc. there he will be provided

with the item of his choice then a user make whether to buy a product or not. If he wants buy the product he

needs to place an order and needs to make payment. Payment could through cash or most of the times using

cards such as debit or credit or with the help of mobile wallet. For making transaction through internet

customer need to pay internet handling fees. Suppose if you want to get movie ticket and if you use

application like book my show you need to pay for the service provided. Immediate transfer of money from

one account to another account is possible through net banking where customer is given with unique user id

and password to ensure the safety of the transactions. Train ticket, bus ticket, flight ticket could booked

online and by mere presentation of electronically generated tickets you can make a journey.



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Digital payment system influenced man to think differently. It forced a change in man’s traditional

approach. More companies are now coming with digital payment applications for better access such as

Google pay, phone pay, PayPal etc. Users of electronic payment are increasing year after year. Most of the

people are satisfied with digital mode as it is convenient to them. Digital payment considerably reduced the

work of a man as most of the banks we see digital modes of depositing and receiving cash.

LITERATURE REVIEW

1) Peter Gomer(2017) in his research article stated that the financial industry has experienced a continuous

evolution in service delivery due to digitalization. This evolution is characterized by expanded connectivity

and enhanced speed of information processing both at the customer interface and in back-office processes.

Digital Finance encompasses a magnitude of new financial products, financial businesses, finance-related

software, and novel forms of customer communication and interaction to the end users. Digital Investments

support individuals or institutions in investment decisions and in arranging the required investment

transactions on their own by use of the respective devices and technologies. Digital Investments include

mobile trading, social trading, online brokerage, and online trading in the B2C area and high-frequency and

algorithmic trading in the B2B context.

2) Joao Porto de Albuquerque(2016) discovered in his article despite its huge potential, the use of mobile

technology for carrying out payment transactions and replicating monetary features, has only taken off in a

limited number of countries. The fact that mobile payment services are not being provided on a worldwide

scale, suggests that the reasons for the successful cases are not yet fully understood, and as a result, cannot

be easily replicated. This study includes a detailed analysis of 12 primary case studies on existing mobile

payment schemes, as well as a consultation exercise with stakeholders. The main contribution of this study

is to provide a clear account of the knowledge that exists on mobile payments. As a result, it has been

possible to detect serious gaps in this knowledge base (in geographical, methodological and conceptual

areas) and show how future research can make improvements in the field.

3) Kalina S Staykova(2015) stated the payment market has been stable for a number of decades with well-

defined roles (acquirers and issuers), profitable business models (the card schemes) and a dominant design

in which the merchants absorb the costs associated with payments. However, numerous digital payment

solutions, which rely on new disruptive technologies, are emerging on the payment market, transforming the

payment area from being established into a state of flux. This article investigates the various factors that

determine the success of a given solution. To this end, we build a framework to analyze the entry and

expansion strategies of the digital payment solutions. Paper claims that the timing of entry of the first-mover

speeds up the timing of entry of the early follower, thus determining the order of entry.



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4) Stefan Henningsson(2014) argued about how digital eco system plays an important role in digital

payments. In digital ecosystems, the fusion relation between business and technology means that the

decision of technical compatibility of the offering is also the decision of how to position the firm relative to

the coopetive relations that characterize business ecosystems. This paper concentrated on development of

the Digital Ecosystem Technology Transformation (DETT) framework for explaining technology-based

transformation of digital ecosystems by integrating theories of business and technology ecosystems. The

framework depicts ecosystem transformation as distributed and emergent from micro-, meso-, and macro-

level coopetition. The DETT framework consists an alternative to the existing explanations of digital

ecosystem transformation as the rational management of one central actor balancing ecosystem tensions.

5) W Ming Yen Teoh(2013), Study was conducted to view the promising growth of e-payment in

Malaysia. The use of e‐payment by the majority of respondents confirms that there is a great potential for

future expansion of such payment devices. The challenge is to ensure that it continues to meet consumers’

expectations which will subsequently lead to its increased adoption and use. Study uses the multiple linear

regressions; it reveals that benefits, self‐efficacy, and ease of use exert significant influences on

consumers’ perception towards e‐payment. However, the insignificant results obtained for trust and

security warrant further investigation.

6) C Kim (2010) identified It is commonly believed that good security improves trust, and that the

perceptions of good security and trust will ultimately increase the use of electronic commerce. In fact,

customers’ perceptions of the security of e-payment systems have become a major factor in the evolution of

electronic commerce in markets. The paper examines issues related to e-payment security from the

viewpoint of customers. The study proposes a conceptual model that delineates the determinants of

consumers’ perceived security and perceived trust, as well as the effects of perceived security and perceived

trust on the use of e-payment systems. To test the model, structural equation modeling is employed to

analyze data collected from 219 respondents in Korea. This research provides a theoretical foundation for

academics and also practical guidelines for service providers in dealing with the security aspects of e-

payment systems.

7) Abdullai Besim (2009)The given economy on payment play vital role in the payment system as mean electronic payment

instruments. Electronic payment system supports the e-commerce activities in general. There are numerous types of electronic payment

instruments in the market today such as credit cards, debit cards as well as electronic banking. The available ATM machines, can participate to

better use of Debit cards from citizens to withdraw money. Withdrawing money from ATM machines can lead to extra savings from banks,

because, they use less paper to document transactions uses more and more cards in everyday payments and other transactions, there are many

other factors that influence the use of electronic payment instruments.



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8) Sumanjeet S(2009) EFT based payment system came into existence. It was first electronic based

payment system, which does not depend on a central processing intermediary. An electronic fund transfer is

a financial application of Electronic Data Interchange (EDI), which sends credit card numbers or electronic

cheques via secured private networks between banks and major corporations. To use EFT to clear payments

and settle accounts, an online payment service will need to add capabilities to process orders, accounts and

receipts. But a landmark came in this direction with the development of digital currency the nature of digital

currency or electronic money mirrors that of paper money as a means of payment. As such, digital currency

payment systems have the same advantages as paper currency payment, namely anonymity and

convenience.

9) Jennifer Rowley(2008) indicated that as the importance of digital content to business and society grows

it is important seek a holistic perspective on the definition and nature of digital content marketing (DCM).

Along the journey it becomes evident that a recurrent theme in DCM is customer value, and this leads into

the second major contribution of the article, an exploration of the notion of customer value in digital content

marketplaces. Digital content is defined as: 'bit-based objects distributed through electronic channels'. A

structured analysis is conducted on the basis of a set of questions in order to surface some of the unique

characteristics of digital content marketing. The analysis is informed by a literature review, and the

exploration of numerous web sites which deliver different types of digital content. The conclusion

summarizes the unique characteristics of digital content, and associated consequences for digital content

marketing. It focuses on the impact of the difficulty in developing a notion of 'value' in the context of digital

content, and its consequences for value chain structures, pricing strategies, marketing communications and

branding, and licensing and digital rights management. In addition, the customer's experience of digital

content is influenced by all stakeholders in the value chain as well as requiring the customer to participate in

learning and co-creation of the experience.

10) Ching A and Hayashi F(2007). In any given transaction, a consumer will have any number of options as to how to

pay for the purchase. Consumers will choose their transactional medium according to the relative costs and benefits

of using one method over another. Consumer payment choice is influenced by various factors. Previous research has

highlighted three important sets of factors such as consumer characteristics, payment method attributes, and

transaction characteristics. Consumer characteristics, such as age, income, and educational level, have shown to be

correlated with the use of payment methods in the previous literature. Payment method attributes may also be

important factors when consumers choose a payment method. Some payment instruments have distinctive

attributes. For example, cash gives consumers anonymity, and credit cards provide liquidity at least until the next

billing date. Other attributes, such as transaction time, security, ease of use, control spending, and so on, also vary

by payment methods.



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OBJECTIVE OF THE STUDY

1) To identify the degree to which students believes that using digital payment would enable him to

increase his trust.

2) To know the perception of students towards the security of digital wallet.

3) The degree to which a user gets influence from other to use digital wallet.

4) To understand the awareness of the students on the usage of digital payments.

5) To know insight of respondent towards cashless payment system.

RESEARCH METHODOLOGY

The quality of work depends upon the methodology adopted for the study and the process of collecting,

synthesizing and analyzing of the information. The validity of the systematic work depends upon the proper

sampling, collection of data, and interpretation of the data and formulation of conclusion.

COLLECTION OF DATA:

Data was collected through both primary and secondary data sources.

1. PRIMARY DATA

The data for the study is taken from the students of Mangalore city. Study largely comprises age group of 18

to 23 years. The primary data and information is collected from students with the help of questionnaire.

Sample size was 81.

2. SECONDARY DATA

For the purpose of the study data has been taken from various websites magazines and news papers. Many

research papers and articles on the topic is been analyzed for the better presentation of the study. Study is

based on self analysis.

SAMPLE SIZE AND SAMPLING METHOD:

Sample size taken for the study is 81 and convenience sampling method was used.



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DATA ANALYSIS

Table 1: Gender wise distribution of respondents:

Gender No of Respondents Percentage

Male 33 40.7

Female 48 59.3

Total 81 100

Analysis:

Above table clearly indicates that 40.7% of respondents were male and 59.3% of respondents were female.

Table 2: Age wise distribution of respondents:

Age group No of

respondents

Percentage

Below 18 years 4 4.9

18 to 29 77 95.1

30 and above 0 0

Total 81 100

Analysis:

Above table clearly indicates 4.9% of respondents belong to the below 18 year age group where as 95.1%

of the respondents belong to the 18 to 29 year age group and none belong to age group of 30 and above.



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Table 3: Educational qualification of respondent:

Educational

qualification

Respondents Percentage

SSLC 0 0

PUC 5 6.2

Graduates 21 25.9

Post graduates 55 67.9

Research scholar 0 0

Total 81 100

.Analysis:

Above table clearly indicates 67.9 % respondents were post graduates, 25.9% respondents were graduates

and 6.2% of respondents were of pre university level. None belong to SSLC and research scholar group.

Table 4: Awareness of digital payment system:

Awareness Respondents Percentage

Yes 78 96.3

No 3 3.7

Total 81 100

Analysis:

The above table clearly indicates 96.3% of respondents were well aware of digital payment system and rest

has less knowledge about it.



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Table 5: Preference in mode of payment:

Mode of Payment Respondents Percentage

Cash 22 27.2

Digital modes 59 72.8

Total 81 100

Analysis:

Above table indicates 72.8% of respondents use digital mode and 27.2% of respondents use cash mode as a

medium of payment.

Table & Chart No- 3.6: Demonetization is the main reason to switch from cash to digital money in

India:

Response Respondents Percentage

Yes 48 59.3

No 6 7.4

May be 27 33.3

Total 81 100

Analysis:

Above table indicates 59.3% of respondent agrees that demonetization is a main reason for switch from cash

to digital money. However 7.4% of respondent disagrees with it and 33.3% of the respondents are not sure

about it.



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Table 7: Digital payment methods used by respondents:

Digital payment

methods

Respondent Percentage

Mobile wallet 27 33.3

UPI 19 23.5

Debit /Credit card 70 86.4

Internet banking 23 28.4

BHIM 11 13.6

USSD 3 3.7

POS 2 2.5

Sample Size: 81

Analysis:

It is clear from the above table 86.4% of the respondent (70) prefers to use debit and credit card as a primary

mode of digital payment. Second most used mode of payment is mobile wallet 33.3% (27). Internet banking

is popular among 28.4% (23) respondent which comes third on our analysis. 23.5% of People prefer UPI,

13.6% people use BHIM but USSD and POS are rarely used by the respondents.

Table 8: Sources through which digital payment knowledge acquired:

Analysis:

From the above table it is clear that 35.8 % of respondents acquired knowledge from friends, 30.9% of

respondents from advertisement, 25.9 % of respondents through self knowledge and rest 7.4% of

respondents from family.

Sources Respondent Percentage

Advertisement 25 30.9

Friends 29 35.8

Family 6 7.4

Self knowledge 21 25.9

Total 81 100



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Table 9: Usage of digital payment system:

Usage Respondents Percentage

Daily 8 9.9

Weekly 26 32.1

Once in a month 35 43.2

Once in a six

month

12 14.8

Total 81 100

Analysis:

Above table indicates 43.2 % of respondents use digital payment modes once in a month, 32.1% uses

weekly basis, 14.8% uses very rarely and 9.9% uses digital payment on daily basis.

Table 10: Comfortable use of cashless payment on day to day basis:

Comfort Respondents Percentage

Strongly disagree 3 3.8

Disagree 7 8.6

Neutral 24 29.6

Agree 37 45.7

Strongly agree 10 12.3

Total 81 100

Analysis:

It is clear from above table 45.7% of agrees that cashless payments were comfortable to be used on daily

basis where as 8.6% disagree with it. 29.6% have neutral opinion and 12.3% of respondents strongly agree

and 3.8% strongly disagrees with it.



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Table 11: Security of transaction in digital payment system:

Security Respondents Percentage

Excellent 13 16

Good 54 66.7

Fair 14 17.3

Poor 0 0

Total 81 100

Analysis:

From the above table it shows 66.7% of the respondent rates good to the security where as 16% give

excellent rating and 17.3% feel it is pretty average.

Table 12: Reason for preferring digital payment:

Reason Respondent Percentage

Time saving 62 76.5%

Less procedure 26 32.1%

Safety 19 23.5%

Discounts/Rewards 25 30.9%

Easy tracking of spend 16 19.8%

Sample size: 81

Analysis:

Time saving is the main reason for preference of digital payment as 76.5% of respondent agrees follows by

less procedure 32.1%, discount and reward 30.9%, safety 23.5%, easy tracking of spends 19.8%.



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Table 13: Concern towards digital payment system:

Concern Respondent Percentage

Security 48 59.3

Poor internet 11 13.6

Cost 1 1.2

Lack of

technological

awareness

21 25.9

Total 81 100

Analysis:

Biggest concern towards digital payment is a security issues 59.3% followed by lack of technological

awareness 25.9%. 13.6% of the respondent feels that poor internet is the concern and 1.2% feels cost as a

concern.

Table 14: mode of payment in case of emergencies:

Mode Respondents Percentage

Net banking 13 16

Credit/Debit card 48 59.3

Cash 14 17.3

Cheque 2 2.2

E wallet 4 5.2

Total 81 100

Analysis:

The above table indicates 59.3% of respondents use debit/credit card in emergencies followed cash 17.3%

and Net banking 16%. Respondents rarely use cheque and e wallet during emergencies.



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Table 15: People will hardly use cash to make purchase in few years:

Opinion Respondents Percentage


Agree 41 50.6

Neutral 15 18.5

Disagree 7 8.6

Strongly

disagree

2 2.5

Total 81 100

Analysis:

50.6% of respondent agrees with the statement people will hardly use cash to make payment in coming

years and 19.8% strongly agree but 18.5% show neutral opinion. 8.6% disagree and 2.5% strongly disagree

with the statement.

Table 16: Lack of awareness is the main reason for lesser application of digital payment in India:

Response Respondents Percentage

Yes 11 13.6

No 70 86.4

Total 81 100

Analysis:

Above table indicates that 86.4% of the respondents feel lack of awareness is the reason for lesser

application and 13.6 feels against it.



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Table 17: Advertisement or offer shown in digital payment distracts the user:

Opinion Respondent Percentage


Agree 23 28.4

Neutral 29 35.8

Disagree 20 24.7

Strongly

disagree

2 2.5

Total 81 100

Analysis:

From the above table 35.8% of respondents share neutral opinion, 28.4% agrees that advertisement and

offers distracts the user, 24.7% disagrees with the statement and 8.6% strongly agree with it. Only 2.5% of

the respondent strongly disagrees with the statement.

Table 18: Digital payment system stops illegal activities better than paper payment system:

Opinion Respondents Percentage

Yes 37 45.7

No 13 16

May be 31 38.3

Total 81 100

Analysis:

Above table indicates that 45.7% of the respondent says digital payment stops illegal activities but 16%

have adverse opinion and 38.3% of respondent not sure about it.



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Table 19: Benefits influencing the customer to opt for digital payment system:

Benefits Respondents Percentage

Cash back 50 61.7

Discount 25 30.9

Coupon 1 1.8

Gift 5 5.6

Total 81 100

Analysis:

From the above table it is clear that customer opt for digital payment system mainly because of cash back

61.7% followed by Discount 30.9%. However coupon and gift play minute role while opting for digital

payment system.

Findings:

Majority of respondents are female.

Majority of the respondents are above 18 and below 30 years.

Respondents participated in a survey are highly educated as most of them are post graduates and under

graduates.

It is clear from the analysis that digital payment system is popular among respondents.

Digital mode is highly used as compared to cash mode.

Demonetization is the main reason for digitalization of payment.

Majority of respondent uses debit and credit cards over other mode of payment because it is easily

available and issued at the time of opening of bank account.

Friends and advertisement plays a key role in influencing respondents to go for digital payment system.

People prefer to use digital mode of payment on a weekly to monthly basis.

Majority of the user agrees that digital mode of payment is comfortable to be used on day to day basis.

Majority of people have satisfied with the security of transaction involved in digital payment system.

Using digital payment saves considerable amount of time as there is less procedure involved in it.

Security issues are the biggest threat to digital payment system.

Debit and credit cards are major means of payment mode in emergencies.

In coming years digital payment will cover all areas and cash transactions are slowly sidelined.



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Majority of the respondent is of the opinion that less awareness program and education is cause for less

implementation of digital payment in India.

Majority of respondents are not sure about the distraction caused by advertisement and offers.

Digital payment is a better option as it stops illegal activities better than paper payment system.

Attractive cash back and discount induces the customer to go for digital payment system.

Limitations:

It considers only student opinion and not the opinion of general public

Data is collected with the help of questionnaire as it lacks detailed insight of the problems.

Sample size taken for the study is 81 respondent which basically not large in numbers

The perception of individual differs from one another so which may result in lacking accuracy in

data.

Conclusions and suggestions are given strictly based on student responses only.

Suggestions:

Awareness programs must be done at educational sector in order to educate people about digital

payment system.

As respondents are well aware of the digital payment system as per our findings steps must be taken

to minimize the deficiencies involved in digital payments like security issues, trustworthiness etc.

Many people use cards for all their needs but there is a additional charge on the use of debit or credit

cards. In order to encourage people to engage in digital modes it is important to remove additional

charges for just mere use of cards.

Service provider of mobile wallet, net banking must take into consideration user experience and take

their valuable feedback in order to better their services.

Cash payment is still to be seen everywhere. If government to implement digital system of payment

or cashless society it must act on that behalf by encouraging people to use digital modes and giving

proper incentives.

Different customers have different needs so it is necessary to provide them with number of payment

methods so it gives option to user to select the mode of payment which is best suited to him.

While making payment customer needs to give essential information. There must be a better

mechanism for maintaining the privacy of the information provided by the user.

User friendly atmosphere must be created so that user can be retained to one particular mode of

payment.



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Conclusion:

Technology has arguably made our lives easier. One of the technological innovations in banking, finance

and commerce is the Digital Payments. Digital Payments refers to the technological breakthrough that

enables us to perform financial transactions online, thus avoiding hindrances and other hassles. Digital

Payments provides greater freedom to individuals in paying their taxes, licenses, fees, fines and purchases at

unconventional locations and at whichever time of the day, & 365 days of the year.

Due to the developments in digital world each and every activities of human being had changed. As a part of

policy change cash is no longer becoming a mode of transaction. The country needs to move away from the

cash-based towards a cashless (digital) payment system. This will provide multiple advantages like, reduce

currency management cost, track transactions, check tax avoidance or fraud etc., enhance financial inclusion

and gradually integrate the parallel economy with the main stream.

The findings reveal that while people are getting comfortable with cashless payments, some kind of negative

perceptions are holding back many from adopting the new system. The negative perceptions are like

security problems, poor network coverage, and lack of merchant willingness, high transactional costs, lack

of users’ knowledge on technology, defunct POS machines, delayed reimbursement in case of failed

transactions, procedures and financial limits. Convenience in use of cashless transactions and incentive

system are the positive signs for the progress of cashless payments in India. Finally the study concludes that

India may not become a cashless economy unless the perception of the people will be rightly addressed by

the government and the banking institutions. They should pave the way for the safe and secure mean to

cashless transactions.

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research directions. Journal of business economics. Springer. pp 537-580.

Henningsson, S. (2014). Transformation of digital ecosystem: The case of digital payments. Information and

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Students perception towards digital payment system- A