The Shift in Retail Consumer Payment Behaviour: A Comparative Study of Cash, UPI and other Digital Payment Methods

According to the study results, the retail payment behaviour of the surveyed consumers shifts distinctly toward UPI, while the usage of cash remains considerable. Convenience, security, and speed are found to influence customer preference, with convenience being the most critical factor, while the transition from one method to another is associated with higher rates of preference. The payment method preference partly determines the translation of the factors into behaviour. In this regard, the study findings suggest that for retail players and payment providers, it is relevant to focus on the ease of use and visibility of digital payments, as well as the assurance of safety for cash transactions. Due to the restricted age and educational range of the sample, the present findings can be considered indicative, yet requiring further verification with a more diverse audience.

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