Authors: Research Scholer Jigar K. Joshi, Associate Professor Dr. Pushpkant Shakdwipee
Abstract: An in-depth analysis of digital payment awareness along with customer views in Maharashtra, India is presented in the study report. It is now crucial to comprehend the dynamics of customer behavior towards electronic payment methods due to the fast development of digital technology and the rising frequency of cashless transactions. The purpose of this research is to better understand how customers in Maharashtra feel about and use different types of digital payment systems, as well as the present state of digital payment usage within this demographic. Recent legislative efforts and technology advancements have put India's digital payment system in a strong position to become a success story. Meanwhile, there is evidence that cash is being used more often in the statistics. Despite the fact that national statistics can provide a picture of people's tastes in general, we use a unique survey dataset to learn how customers' "perception," "trust," and "experience" with online fraud influence their payment habits. A person's perception of digital payment instruments and her trust in the entire transactions framework while banking system significantly impact their usage of these methods. Important demographic factors such as age, gender, and income also play a role in this decision-making process. According to our findings, the extent to which prior encounters with online fraud discourage the use of digital payment methods differs depending on the nature of the transaction. The research aims to uncover the intricate web of factors influencing customer views and actions regarding digital payments by employing a multifaceted analytical strategy that incorporates socioeconomic factors, technological infrastructure evaluations, regulatory landscapes, while cultural intricacies. The research aims to uncover both the prospects for development and improvement in the digital payment system and the significant barriers preventing the broad acceptance of digital payments via careful data collecting, rigorous analysis, and intelligent interpretation. In addition to adding to what is already known about digital payments, this study's results provide policymakers, companies, and other stakeholders with useful information and suggestions for how to increase consumers' familiarity with and comfort with these methods in Maharashtra.
