Digital and other payment platforms: Factors influencing choice among youths

Digital payment platforms are heavily reliant on smartphones which are enabled with data connections. The solutions available in today’s erais catering to individuals who are already well versed with cashless transactions through credit/debit cards and net banking. This research study observes and tries to understand the factors which help customers to decide the choice of digital payment platform, to assess prevalence of usage of multiple payment modes and also to identify the reasons for choosing payment modes selected. This research provides a methodological framework for examining digital payment platform behavior and provides an in-depth analysis based on the data collected through the offline survey and offers suggestions for improving the payment modes. It scrutinizes the effect of digital and other payment modes on the purchasing habits of consumers. The secondary data was used to have an in-depth knowledge of the digital payment industry and to examine the various attributes of different digital payment platforms. It is chi-square research with convenience sampling used as the sampling method. Hypothesis testing is being done in the study so as to find, the association between payment mode selected and the purpose of payment. Moreover, the research also studies the factors such as the role of age, gender and occupation on the usage of digital payment patterns. Findings revealed that the Prevalence of digital payment platforms is more in male as compared to female within the age group of 36-40 years. Factors such as safety and convenience to use mobile payment applications are most important attributes of the online payment mode selected is dependent upon.