E-Monetization Leads to Adoption of Digital Payment System

Abstract

The Indian economy primarily is cash based economy. The announcement made by the Prime Minister on 8^th November, 2016 hit our economy very badly especially rural economy where people use cash for their daily transactions. The announcement was to make India cashless economy and also to stop the black money through Demonetisation. This decision creates chaos among the people in India. There was long snaking lines outside banks and ATM’s. Due to lack of disposable income in the hands of consumers, the way of making payment has been changed. This paper focuses on the buying behavior of consumers that is how the purchasing pattern of consumers changed from physically to electronically. In the cashless economy it is become necessary for a consumer to have the knowledge of digital payment system. The analysis has been done with the help of UTAUT model. The data used in this study is secondary data as well as primary data. The result of this study will reveal that how different attributes related with the consumer intention to adopt the digital payment systems. The purpose of this study is to find out the actual usage of digital payment system in India. The conceptual framework used in this study is based on UTAUT model and other author’s research papers. Data collected through questionnaire. This study will be helpful for the researchers, digital payment service providers for getting knowledge about the adoption of digital payments modes in India.