A Study on The Acceptance of Digital Payment Systems

A Study on The Acceptance of Digital Payment Systems

Dr.Albin D Robert Lawrence* & Dr. V. Vijay Anand**

*St.Joseph’s Institute of Management, St.Joseph’s College (Autonomous), Tiruchirappalli

** SASTRA Deemed University, Thanjavur, Tamil Nadu

vijay@mba.sastra.edu

Abstract

Digital Payments are the fastest increasing mode of payment in today‘s digital world. Digital payment is a new idea that includes a monetary transaction between two or more persons using an internet or digital platform rather than physically exchanging money. It is a platform where no physical interaction is necessary to pay or receive money, which can be done by mobile or computer around the world at any time. The initiative of Digital Payments was taken by Government of India after the announcement of demonetization on 8th November 2016. Digital Payments was initiated to bring transparency in transactions and eliminating black money. It was actually a move towards cashless economy. Further, digital payments was encouraged to provide sufficient cash availability to the banks for providing credit to people. Till date, a considerable part of society has started using Digital mode of Payments, but still people feel scared of using Internet Banking, debit cards, e-cash etc. The purpose of this research is to focus on the actual usage (AU) of digital payment systems in India. The unified theory of acceptance and use of technology (UTAUT) and innovation resistance theory serve as the conceptual framework for this research. The findings suggest that behavioural intention (BI) to adopt digital payment systems and innovation resistance (IR) have a significant relationship.

Keywords: UTAUT, Digital payment systems, Innovation resistance, Uncertainty Avoidance.