A Study on usage of Digital Payment amongst Older People in

Mumbai Region

A project submitted to
University of Mumbai for partial completion of the degree of
Bachelor of Commerce (Accounting and Finance)
Under the faculty of commerce

By

ALISHA DINESH KANTHARIA

TYBAF 19

Under the guidance of

MR. MUBEEN YOUSUF SHAIKH

TOLANI COLLEGE OF COMMERCE

(Autonomous)

150-151, Sher-E-Punjab Society,

Andheri (East), Mumbai-400093

ssss
 CERTIFICATE

This is to certify that Ms. Alisha Dinesh Kantharia has worked and duly completed
her Project Work for the degree of Bachelor in Commerce (Accounting and Finance)
under the Faculty of Commerce in the subject of Accounting and Finance and her
project is entitled, “A Study On Usage Of Digital Payments Amongst Older People In
Mumbai Region” under my supervision.

I further certify that the entire work has been done by the learner under my guidance
and that no part of it has been submitted previously for any Degree or Diploma of any
University.

It is her own work and facts reported by her personal findings and investigations.

_______________ ________________ ________________ ________________

Mr. MUBEEN SHAIKH Mr. MURUGAN NADAR Dr. VIJAYA KRISHNA

Project Guide BAF co-ordinator External Examiner Principal

Date of submission:- 15/03/2023 

 DECLARATION BY LEARNER

I the undersigned Ms. Alisha Dinesh Kantharia hereby, declare that the work
embodied in this project work titled “A Study on usage of Digital Payments
amongst Older People in Mumbai region”, forms my own contribution to the
research work carried out under the guidance of Mr. Mubeen Yousuf Shaikh is a
result of my own research work and has not been previously submitted to any other
University for any other Degree/Diploma to this or any other University.

Wherever reference has been made to previous works of others, it has been clearly
indicated as such and included in the bibliography.

I hereby further declare that all information of this document has been obtained and
presented in accordance with academic rules and ethical conduct.

Alisha Dinesh Kantharia

Certified by
Mr. Mubeen Yousuf Shaikh
Internal Guide
 ACKNOWLEDGMENT

To list who all have helped me is difficult because they are so numerous and the depth
is so enormous.

I would like to acknowledge the following as being idealistic channels and fresh
dimensions in the completion of this project.

I take this opportunity to thank the University of Mumbai for giving me chance to do
this project.

I would like to thank my Principal, Dr. Vijaya Krishna for providing the necessary
facilities required for completion of this project.

I take this opportunity to thank our Coordinator Mr. Murugan Nadar, for his moral
support and guidance.

I would also like to express my sincere gratitude towards my project guide Mr.
Mubeen Shaikh whose guidance and care made the project successful.

I would like to thank my College Library, for having provided various reference
books and magazines related to my project.

Lastly, I would like to thank each and every person who directly or indirectly helped
me in the completion of the project especially my Parents and Peers who supported
me throughout my project.
 INDEX
SR.NO NAME OF THE CHAPTER PAGE NO.

1. Abstract 1

2. Chapter 1 INTRODUCTION 2-40

1.1 Introduction 2-3

1.2 Digital Payment In India 9-11

1.3 Adoption of Digital Payments By Older People’s 11-13

After COVID 19
1.4 How Digital Payments Came Into Existence 13-14

1.5 Statements Of Study 14-15

1.6 Significance Of Study 15

1.7 Types Of Digital Payments 15-39

1.8 Benefits of Digital Payments – Why Older People 40-42

Must go Cashless.
1.9 Digital Financial Literacy for Older People 42-44

1.10 Advise to Older People for Digital Banking 44-46

3. chapter 2 REVIEW OF LITERATURE 47-63

2.1 Introduction 47

2.2 Review of literature 47-63

4. Chapter 3 RESEARCH METHODOLOGY 64-71

3.1 Objectives of Digital Payments 64

3.2 Objectives of Digital payment amongst Older 64-65

People
3.3 Hypothesis 66

3.4 Scope of Study 67

3.5 Research Design 67

 3.6 Limitations 67

3.7 Sample Design 68

3.8 Sources of Data 69

3.9 Method of Data Collection 70-71

5. Chapter 4 DATA ANALYSIS AND INTERPRETATION 72-87

4.1 Introduction 72

4.2 Analysis And Interpretation Of Data 73-87

6. Chapter 5 CONCLUSIONS AND SUGGESTIONS 88-92

5.1 Conclusions 88-89

5.2 Testing Hypothesis 89-90

5.3 Suggestions 91-92

7. BIBLIOGRAPHY/WEBLIOGRAPHY 93-95

8. ANNEXURE 96-98
 ABSTRACT

Digital Payment System is used for easy transactions and payments. This system was
introduced to People for their benefits. Digital Payment is also referred as online
payment system. It entails the importance of online payment system to the people.
This research paper is all about “A study on usage of Digital Payments Amongst
Older People In Mumbai region” Digital Payment system encourage the people to
become cashless which will also reduce the risk of loosing money. During the
lockdown period people had to switch to Digital Payment system from traditional
payment method as it was more convenient. The common people started switching
their payment method this also encouraged older people to learn Digital Payment
system. This research paper is limited to older people in individuals House and it is
done in Mumbai based region. This study is divided into 5 chapters which are
introduction about Digital Payment where it’s types are also explained then review of
literature followed by research methodology and Data analysis and finally
conclusions, suggestions and annexure.

Key words: Digital Payments, online payment, Older People

7
 CHAPTER- 1 INTRODUCTION

1.1 Introduction

Digital payment is a way of payment which is made through digital or online modes
with no physical exchange of money involved. In digital payments, payer and payee
both use digital modes to send and receive money. It is also called electronic payment.
No hard cash that is currency notes is involved in digital payments. All the transaction
in digital payments are completed through online. It is an instant and convenient way
to make payments. Digital payments are also known as cashless payments. Every
instrument other than cash (Non Cash) and which does not rely on paper (Non Paper)
for its transaction. In simple words, transaction that mainly use Electronic medium are
considered as Digital. A digital payment, sometimes called an electronic payment, is
the transfer of value from one payment account to another using a digital device such
as a mobile phone, POS (Point of Sales) or computer, a digital channel
communications such as mobile wireless data or SWIFT (Society for the Worldwide
Interbank Financial Telecommunication). This definition includes payments made
with bank transfers, mobile money, and payment cards including credit, debit and
prepaid cards. There is no single, universally accepted definition of digital payments
because digital payments can be partially digital, primarily digital, or fully digital. For
example, a partially digital payment is one in which both payer and payee use cash via
third party agents, with providers making digital bank transfers in the backend. A
primarily digital payment might be one in which the payer initiates the payment
digitally to an agent who receives it digitally but the payee receives the payment in
cash from that agent. So, the definition must be fit-for-purpose.

One definition emphasizes the payer-payee interface as the defining element. Another
defines digital payments based on the payment instrument, or some other variable.
These definitional choices become particularly relevant when the objective is to
estimate the number or share of digital payments in a specific use-case, organization,
company, country, or region. The definition of digital payments determines how they
are measured. E payment system is increasingly becoming a mode of payment in
today’s world. This is due to efficiency, convenience and timeliness. This facilitates
the acceptance of electronic payment for online transactions. Digital payment have

8
become popular due to widespread use of internet based shopping and Banking.
Cashless payments for monetary transactions can be done through Digital payment.

India has seen a phenomenal increase in the number of Digital payment users. It helps
in carrying out transaction in a quick and easy way. Despite the use of money for the
exchange of goods and services, Digital payment has been convenient mode of
exchanging goods and services. Digital payment system were not introduced to
replace cash but as an alternative to cash. There are many methods available for
making online payment and individual from students to teenagers, adults, street
vendors to businessman doctor’s lawyer’s , cost accountant and even older people are
also making payments through digital payment system rather than cash payment as it
is easy to carry out transaction online. Teenagers to senior citizens usually make
mobile payment for via Online payment system as most of them are carrying their
mobile phones often and it is the most suitable mode for them to make payments. The
education system is also moving towards online payment and every transaction is
being carried out online. Many online payment modes are available which enables
simple and fast payments. This payment method is available for all devices such as
mobile phones, computers and laptops irrespective of the operating system and web
browser. Google pay, Amazon pay, Paytm and Phonepe are some of the popular
payment applications in India. This applications works free of cost. This free
applications allows people to send and receive money and also pay utilities bills on
the go. Digital payment method is more used because Digital payment method are
easier and more convenient and they also provide customer the flexibility to make the
payment from anywhere at any time which proves as a good alternative to the
traditional methods of payment and which fastens the transaction cycle. Nowadays
world is becoming digitalized in every field and one of the best of this is various
countries in the world are moving towards and becoming a cashless society. A
cashless society is the one which doesn’t use cash for any of its transaction are done
digitally. There are various countries in the world which have more than 50% of their
transactions done through cashless methods.

1.2 DIGITAL PAYMENT IN INDIA

9
The Digital India is the Indian government’s flagship program with a vision to
convert India into a digitally empowered country. Faceless, Paperless, Cashless is one
of supposed function of Digital India. Digital payment system has gained importance
nowadays, especially after demonetization. The government is taking essentials steps
to encourage the public to use payment gateway platforms. To promote payment
gateways, it has declared discounts on purchase of certain products digitally. It has
also introduced UPI (United Payment Interface) which is app based to transact across
multiple banks. Another improved version is set to be unveiled by the government
which makes banking transactions through mobile phones without internet by a
platform called USSD (Unstructured Supplementary Service Data). These initiatives
have provided extensive boost up to the digital payment system in India.
Government’s other initiatives like BHIM and UPI are supporting in transition and
faster adoption of digital payments. Electronic consumer transaction made at point of
sale(POS) for services and products either through internet Banking or mobile
banking using smartphone or card payment are called as Digital payment. In today’s
Digital era the usage of internet has increased dramatically.

Nowadays the people and even older people are adopting the digital devices in order
to spend less time on banking. This digital payment is very useful to transaction funds
without taking any risk and also easy to handle and make use of it. Such new
technologies have been growing in modern world. On this case the online payment
apps also introduced and it has been successful among people. Major people who live
in urban areas are adapted to this digital payment system. Unless very low number of
people who lives in rural areas were less aware of the importance and services of this
online payment apps. But now they have become familiar to this digital payment
system. And it has been seen that even older people are adopting this digital payment
system. A Payment can be made in the form of cash, check, wire transfer, credit card,
or debit card. More modern methods of payment types leverage the Internet and
digital platforms. It is also done through including credit cards, debit cards, net
banking, EMI and UPI along with paytm wallet and paytm postpaid. According to
study conducted by Capgemini and BNP Paribas, digital payment were expected to
reach about 726 billion transaction by the year 2020.

10
In India 98% of total transactions used to be done through cash but after the
demonetization of the government on November 8 2016 our country has also started
getting steered towards a cashless society due to the Demonetization act already
existing mobile payment applications came into the light like Paytm, Phonepe and
Google pay , etc. The digital India program is a flagship agenda of the Government of
India with vision to transform India into digital empowered society and a knowledge
economy .Faceless, paperless, cashless is one of the profit role of digital India the
prime minister of India Mr. Narendra Modi has Empire India to adopt cashless
transaction by giving digital payment sector of India a significant boost. The digital
payment sector of India experience unpredicted growth since demonetization in
November 2016. Digital wallet companies in India has shown a growth of 271% for a
total value of US dollar 2.8 billion that is RS 191 crores a Google BCG report has
estimated that the digital payment industry in India will experience the growth of us
role of 500 billion by 2020.

Government of India is also encouraging various digital payment apps such as Aadhar
payment app, UPI app, Bharat interface for money (BHIM) app along with private
sector abs like Paytm, mobiwik, freecharge etc. such new applications are beneficial
to transfer funds across various participle country digital payments industry in India is
growing on a rapid pace providing a highly attractive platform for foreign investors to
invest in India. Under Digital payment system there is also a concept of Digital wallet.
Digital wallet is an electronic device or online service that allows and individual to
make electronic transactions is call a digital wallet. An individuals bank account can
also be linked to the digital wallet 1 in 5 customers in Asia are now using digital
wallet some of the popular digital wallets are Paytm, freecharge, LIME, Jio money,
Airtel money, State Bank buddy, citrus, MobiKwik, payUMoney etc.

1.3 ADOPTION OF DIGITAL PAYMENTS BY OLDER

PEOPLE’S AFTER COVID 19.

80 percent of consumer to adopt digital payments in the next 6 months: Capgemini

Research institute has come up with a study n COVID 19 and the financial service
consumer analysing on how the global pandemic will change individual behaviour in
the financial sector the institute stated that it has spoken to more than 11200

11
individuals in early April 2020 from 11 countries including India the study found that
pandemic has hastened the shift towards digital payments, increased digital channel
adoption, spurred consumer interest in saving and safer investments. The key India
finding from the report COVID 19 and the financial service consumers; supporting
customer and driving engagement through the pandemic and beyond. Including
comparison with global counter parts are below:

The shift towards digital payments in India is particularly striking when the
evolvement of consumer behaviour can be seen among different segments, including
older consumers behaviour can be seen among different segments including older
consumers who have traditionally preferred cash for transactions. Eighty percent of
the older consumers in India between the age group of 56 to 60 years show the highest
usage of digital payments channels in the next 6 months. This was followed by the
age group of 36 to 45 years stood at 43 percent and 48 percent respectively. The
report highlights that 80 percent of Indian consumers who are older than 66 years and
above mentioned that they will increasingly adopt digital payment channels in the
next six months compared to a global average of 35 percent. India ranks highest in the
usage of digital payments in the current scenario and in next six months, mentioned
the research study. The study highlights that the usage of digital payments amongst
Indian consumers in the current scenario stood highest at 75 percent followed by
china at 63 percent and Italy at 49 percent. The global average stood at 45 percent.
The impact of COVID 19 on the usage of digital touch points amongst older Indian
banking consumers has seen significant surge from the pre-COVID 19 period to the
current period and it is expected to use in the next six to nine months. According to
study, 57 percent of the Indian consumers were interacting on mobile app pre-COVID
19 increasing to 67 percent in the current scenario and 74 percent of Indian consumers
will prefer communicating over the mobile app in the next six to nine months. The
study further mentions that 40 per cent of the Indian consumers were using voice
assistants and chatbots pre-Covid-19 as one of the preferred digital touch points for
banking, and this will see a surge to 52 per cent currently, and a further increase of
59% consumers preferring to use voice assistants and chatbots over next 6-9 months.
This was the highest amongst the countries surveyed.

12
A similar trend has been witnessed in the insurance segment with 42 per cent of the
Indian consumers using voice assistants and chatbots pre-Covid-19, which will see a
surge to 57 per cent of consumers using voice assistants and chatbots in the next 6-9
months for their insurance. The study highlights that 85 per cent of the Indian
consumers prefer to save more in the next 6-9 months as compared to 80 per cent in
the current period and 72 per cent pre-Covid-19. Additionally, it has been observed
that 77 per cent of the Indian consumers are preferring to increase their savings in safe
instruments than investing in the stock market or any high-risk financial products in
next the 6-9 months. Earlier, this stood at 73 per cent in the current scenario and 66
per cent pre-Covid-19. The demand for insurance coverage is growing and highest in
India compared to global counterparts. The study unveiled that India stood highest is
increasing demand for insurance coverage with 83 per cent of the consumers opting
for an increase in Life insurance coverage in the next 6-9 months from 80 per cent
currently; and 70 per cent in the pre-COVID period. A similar trend was witnessed on
demand for Health Insurance with 84 per cent of the consumers opting for an increase
in Health insurance coverage in the next 6-9 months from 80 per cent currently; and
71 per cent in the pre-COVID period.

1.4 HOW ONLINE PAYMENT CAME INTO EXISTENCE

 Before Online payments: Banks came into the picture in the last phase of 18 th
century in India. The first bank was the general bank of India started in 1786,
and second was Bank of Hindustan started in 1790. Both are not working any
longer. The oldest bank which is still there till date was the state bank of India.
Earlier it was called as bank of Calcutta in 1806, later renamed as bank of
Bengal. Along with Bank of Bombay and Bank of Madras, Bank of Bengal
merged together and formed imperial Bank of India in 1921. After
independence (15 August, 1947) it was renamed as state bank of India. Upon
the recommendation of Hilton young commission, set up by the British
Government, Reserve Bank of India (RBI) formed in 1935. Later on banks
started issuing the debit and credit card services to the customer. This has
changed the way of people collecting or receiving their money through
Bank’s. Several ATMs (Automated Teller Machine) of different banks were
launched. This has decreased going to bank for collecting money. Debit cards

13
 or ATM cards are easy to withdraw in case of money withdrawal. People who
travelled to foreign places has credit cards for the transaction. However it was
difficult to have credit cards, banks started issuing debit cards to each of their
customers.
 When Online payments started: In 1994, a committee was created under W
S Saraf by the reserve Bank of India, foreseen the use of technology in
banking and recommend computerized service of banking. In 1996, Electronic
banking services were introduced and first used by Industrial credit and
Investment corporation of India. Afterwards many banks followed the
initiative. To smoothen the use of E-banking, Reserve Bank of India and
government of India issued IT Act,2000, that delivers a legal
acknowledgement to digital transactions. Many people couldn’t access Digital
banking at the time of it’s arrival because of the internet and device barrier.
After 1995 the internet was started in India and people barely use Digital
payment method because of security issues. At the same time technology was
growing fast and in its field in the early 21st century, several startups have
launched it’s business online and the need for easy, fast and secure payments
started increasing.
 Advancement in online payments: After 2010, many startups and business
foresaw the need of online payments, adapted it and provided several services
to the individuals. Various banks provided services like mobile app, internet
banking to the individuals where many companies started to provide services
like transferring money, checking the balance, etc., to the individuals. In 2016
Government of India and national payments corporation of India together
launch UPI (unified payment interface). It became a turning point for online
transactions as it is it made basic service like transfer money, check balance
and pay online easy if we didn’t take much time to adopt the UPI as many
people found it easy and started using and recommending it to the closed ones
and even older people too. As it increased every year, Payment gateways
started integrating UPI for easy transactions. This way Online payments are
transforming to make younger generation, teenagers, adults, and older people
more digital.

1.5 STATEMENT OF STUDY

14
People are shifting towards enthusiasm, energy, education, enjoyment. They Should
not take enjoyment as first and rest of the things as last. Now a day’s most Of the
people consider vital things as first and enjoyment as last due to Awareness,
Technology up-date, Education and Socio-Cultural groups. This Study has been
conducted in order to understand how the online payments have Found a way in to the
world of Digitalization. The Digital India is the future, therefore the Decisions they
make today affects tomorrow. The study titled “A study on usage Digital payments
amongst older people in Mumbai region is conducted to understand The reachability
of Digital payment among older people and its satisfaction level.

1.6 SIGNIFICANCE OF STUDY

The traditional methods of payment have now been replaced by e-payment

Mechanism because of its wide use. It is used in many areas like shopping, Movie
ticket booking, fee payment, mobile recharging, bill payment etc. All These uses
attract students as well as older people as their day to day activities gets more
improved and a lot easier. A lot of technological advancements have been taking
place in the Field of payment. So it is very useful to know about the new trends and
Advancements in payment mechanism. It is also important that the older Generation
are aware about these new trends. It is also necessary to study about Different
methods of E-payment so that we can have an idea about E-payment Systems.

1.7 TYPES OF DIGITAL PAYMENTS:

1. Payment cards:

15
The most common types of payment cards are credit cards and debit cards.
Payment cards are usually embossed plastic cards, 85.60 × 53.98 mm in size,
which comply with the ISO/IEC 7810 ID-1 standard. They usually also have an
embossed card number conforming with the ISO/IEC 7812 numbering standard.
Most commonly, a payment card is electronically linked to an account or accounts
belonging to the cardholder. These accounts may be deposit accounts or loan or
credit accounts, and the card is a means of authenticating the cardholder. The
information required for using payment cards are Card Verification Value (CVV
Number) and Expiry date of the payment card. CVV number is a combination of
features used in credit and debit cards for the purpose of establishing owner’s
identity and minimizing the risk of fraud. Payment cards require 2 factor
authentications. Authentication is a process in which credentials provided are
compared to those on file in a data base of authorized users information on a local
operating system. Factors of authentication includes Knowledge factor (PIN),
Possession factor (ID card, Smart phone) and Inherence factor (Fingerprint, face or
voice).Generally the Payment cards can be distinguished on the basis of its
features. They are,

 Credit card: The first universal credit card, which could be used at a
variety of establishments, was introduced by the Diners’ Club, Inc., in
1950. Another major card of this type, known as a travel and entertainment
card, was established by the American Express Company in 1958.Central
Bank of India was the first public bank to introduce Credit card. The issuer
of a credit card creates a line of credit (usually called a credit limit) for the
cardholder on which the cardholder can borrow. The cardholder can
choose either to repay the full outstanding balance by the payment due date
or to repay a smaller amount, not less than the “minimum amount”, by
that date.
 Debit card: Debit card was introduced by Citi Bank .With a debit card,
when a cardholder makes a purchase, funds are withdrawn directly from the
cardholder’s bank account.

16
 Smartcard: Banks are adding chips to their current magnetic stripe cards
to enhance security and offer new service, called Smart Cards. Smart Cards
allow thousands of times of information storable on magnetic stripe
cards. In addition, these cards are highly secure, more reliable and perform
multiple functions. They hold a large amount of personal information,
from medical and health history to personal banking and personal
preferences.
 Charge card: With charge cards, the cardholder is required to pay the full
balance shown on the statement, which is usually issued monthly, by the
payment due date. It is a form of short-term loan to cover the cardholder’s
purchases.
 Fleet card: A fleet card is used as a payment card, most commonly for
gasoline, diesel and other fuels at gas stations.
 Gift card: A gift card also known as gift voucher or gift token is a
prepaid stored value money card usually issued by a retailer or bank to be
used as an alternative to cash for purchases within a particular store or related
businesses.
 Store card: It is a credit card that is given out by a store and that can be used
to buy goods at that store.
 Plastic Cards: These are cards issued by banks to their account holder, by
using it they can withdraw money from any ATM by using their password.
These cards are used for depositing money in banks to so that there is less
wastage of paper. There are two type of cards issued by banks i.e. debit and
credit card. Debit cards are issued to all account holders whereas cards are
issued to the once according to their interests.

2. Unstructured Supplementary Service Data (USSD)

17
USSD is sometimes referred to as “Quick Codes” or “Feature codes”, is a protocol
used by GSM cellular telephones to communicate with the service provider’s
computers. A typical USSD message starts with an asterisk (*) followed by
digits that comprise commands or data. Groups of digits may be separated by
additional asterisks. The message is terminated with a number sign (#).The
innovative payment service *99# works on Unstructured Supplementary Service
Data (USSD) channel. This service allows mobile banking transactions using basic
feature mobile phone, there is no need to have mobile internet data facility for
using USSD based mobile banking. USSD is generally associated with real-time
or instant messaging services. USSD is sometimes used in conjunction with SMS.
The user sends a request to the network via USSD, and the network replies with
an acknowledgement of receipt: “Thank you, your message is being processed. A
message will be sent to your phone." The Information required for USSD
transaction is MPIN/ IFSC/Aadhar number/Account number. Mobile Banking
Personal Identification Number (MPIN) works as a password when we perform any
transaction using Mobile.

3. Aadhar Enabled Payment Service (AEPS)

18
The AEPS system leverages Aadhar online authentication and enables Aadhar
Enabled Bank Accounts (AEBA) to be operated in anytime-anywhere banking
mode through Micro ATMs. This system is controlled by the National Payments
Corporation of India (NPCI). Aadhar Enabled Payment System is a way to get money
from the bank account. This system of getting money neither requires your
signature nor Debit card. It is also not needed to visit a bank branch for getting money
through the Aadhar Enabled Payment System. For AEPS transaction following
information is needed.

I. Aadhar Number
II. Bank Issuer Identification Number (IIN) or Name
III. Finger Print

4. Unified Payments Interface (UPI)

Unified Payment Interface (UPI) is a new payment interface introduced by

National Payments Corporation of India (NPCI) under the supervision of Government
of India to promote a cashless-society and mobile banking. Unified Payments
Interface (UPI) is a system that powers multiple bank accounts to use several
banking services like fund transfer, and merchant payments in a single mobile
application. Sending and receiving money through UPI payment app is like
sending and receiving a text message on your Smartphone. A user need not have
multiple banking app installed in his/her Smartphone. A user can simply add all

19
the bank accounts in a single UPI payment app without the hassle of remembering or
even typing banking user ID/Passwords. Each Bank provides its own UPI App for
Android, Windows and iOS mobile platform(s). The information required for UPI
based transaction are Virtual Payment Address (VPA) of recipient and Mobile
banking Personal Identification Number (MPIN). By sharing VPA, funds can be
transferred and money can be collected. Unified Payment Interface is a payment mode
this is used to make fund transfers through the mobile app. One can transfer funds
between two accounts using UPI apps. One should have a registered mobile banking
facility to use UPI apps. Currently, this service is only available for android phone
users. One can download a UPI app and create a VPA or UPI ID. There are too many
good UPI apps available such as BHIM, SBI UPI app, HDFC UPI app, Mobile,
PhonePe app etc. It is not mandatory to use the UPI app from a respective bank to
enjoy UPI service. One can download and use any UPI app. Using UPI system user
can make transactions in an easy, quick and simple manner

5. Digital Wallets

A Digital wallet is a way to carry cash in digital format. Credit card or debit card
information should be linked to digital wallet application or money can be

20
transferred in online to mobile wallet. Instead of using physical plastic card to make
purchases, it can be paid through smartphone, tablet, or smart watch. The Services
offered by Digital Wallets are Balance Enquiry, Passbook/ Transaction history, Add
money, Accept Money, Pay money etc. Digital wallets are composed of both
digital wallet devices and digital wallet systems. A mobile wallet is simply the digital
wallet on the mobile handset. Presently there are further explorations for smart
phones with digital wallet capabilities, such as the Samsung Galaxy series and the
Google Nexus smart phones utilizing Google's Android operating system and the
Apple Inc. iPhone 6 and iPhone 6 Plus. Most banks have their e-wallets and some
private companies. e.g. Paytm, Freecharge, MobiKwik, Oxigen, mRuppee, Airtel
Money, Jio Money, SBI Buddy, itz Cash, Citrus Pay, Vodafone M-Pesa, Axis Bank
Lime, ICICI Pockets, SpeedPay etc. It’s the other way of storing or keeping digital
cash and using it for various transactions. A person can download any mobile wallets
namely Paytm, GPay, Phone pay, Sbi buddy, Jio money, etc. They just need to link
there bank account or their plastics cards number to use the amount required and
Which is further used for making payments, paying bills etc.

6. Point of Sale machines

21
Point of Sale Machine made it faster and easier for cashiers to ring up sales and
keep tabs on transactions. In the 1970s, innovation helped traditional cash
registers evolve into computerized point of sale systems. It was also during these
years that devices such as credit card terminals and touch screen displays were
introduced. The point of sale (POS) or point of purchase (POP) is the time and
place where a retail transaction is completed. It is the point at which a customer
makes a payment to the merchant in exchange for goods or after provision of a
service. After receiving payment, the merchant may issue a receipt for the
transaction, which is usually printed but is increasingly being dispensed with or
sent electronically. A retail point of sale system typically includes a cash register
(which in recent times comprises a computer, monitor, cash drawer, receipt printer,
customer display and a barcode scanner) and the majority of retail POS systems
also include a debit/credit card reader.

7. Mobile Banking

Mobile banking is a service provided by a bank or other financial institution that

allows its customers to conduct different types of financial Transactions remotely
using a mobile device such as a mobile phone or tablet. It uses software, usually
called an app, provided by the banks or financial institution for the purpose. Each
22
Bank provides its own mobile banking App for Android, Windows and iOS
mobile platform(s).The earliest mobile banking services used SMS, a service known
as SMS banking. With the introduction of smart phones with Wireless
Application Protocol (WAP) support enabling the use of the mobile web in 1999,
the first European banks started to offer mobile banking on this platform to
their customers. Mobile banking is known as M-banking or SMS Banking. The
european company called PayBox supported financially by Deutsche Bank, in 1999
started mobile banking. The cost of mobile devices has been reduced drastically
and is still being reduced. Network speed is much better than before and data
plans are not as costly. All of these changes have provided necessary raw
materials for the growth of mobile banking and the numbers of people using mobile
banking is increasing day by day. Users, who were using computers/laptops for
online banking, are moving towards mobile banking because of ease of use and fast
access. Transactions through mobile banking may include obtaining account
balances and lists of latest transactions, electronic bill payments, and funds
transfers between a customer's or other’s accounts. e.g. –iMobile for ICICI
bank, Kotak Bank App for Kotak Mahindra bank, SBI freedom app for State bank of
India.

8. Internet Banking

23
Internet banking, also known as online banking, e-banking or virtual banking, is an
electronic payment system that enables customers of a bank or other financial
institution to conduct a range of financial transactions through the financial
institution's website. Online banking was first introduced in the early 1980s in New
York, United States. Four major banks — Citibank, Chase Bank, Chemical
Bank and Manufacturers Hanover — offered home banking services. Chemical
introduced its Pronto services for individuals and small businesses in 1983, which
enabled individual and small-business clients to maintain electronic checkbook
registers, see account balances, and transfer funds between checking and savings
accounts. ICICI Bank was the first Indian bank to provide internet banking facility.
Information required for Internet banking are Account number and Indian
Financial System Code(IFSC code). Indian Financial System Code is a 11 digit
alpha numeric code that uniquely identifies a bank branch participating in any RBI
regulated fund transfer system. Beneficiary registration is required for the
transactions. Beneficiary is a person who receives benefit from a particular
entity or a person. To register a beneficiary information such as beneficiary name ,
account number, bank address and fund transfer limit is to be given. There are various
types of internet banking which are NEFT(National Electronic Fund Transfer),
RTGS(Real Time Gross Settlement),ECS(Electronic Clearing System),
IMPS(Immediate Payment Service).These are e-banking system which allows
individual or organization’s to make transfers Using the website of their banks.
Following are the services provided by Internet banking.

 Bill payment service – Internet banking facilitates payment of electricity and

telephone bills, mobile phone, credit card and insurance premium bills as
each bank has tie-ups with various utility companies, service providers and
insurance companies, across the country.
 Railway pass – Railways has tied up with ICICI bank and so the railway pass
for local trains is available in online.
 Recharging the prepaid phone – By just selecting the mobile number and
the amount for recharge, phone recharge can be done within few minutes.
 Shopping – With a range of all kind of products, online shopping and the
payment is also made conveniently through the account.
 Fund transfer

24
 A. National Electronic Fund Transfer (NEFT): National Electronic
Funds Transfer (NEFT) is a nation-wide payment system facilitating
one-to-one funds transfer. Under this Scheme, individuals, firms
and corporates can electronically transfer funds from any bank
branch to any individual, firm or corporate having an account with
any other bank branch in the country participating in the Scheme.
B. Real Time Gross Settlement (RTGS): RTGS is defined as the
continuous (real-time) settlement of funds transfers individually on an
order by order basis (without netting). ‘Real Time’ means the
processing of instructions at the time they are received rather than at
some later time; ‘Gross Settlement’ means the settlement of funds
transfer instructions occurs individually (on an instruction by
instruction basis).
C. Immediate Payment Service (IMPS): IMPS offers an instant,
24X7, interbank electronic fund transfer service through mobile
phones. IMPS is an emphatic tool to transfer money instantly
within banks across India through mobile, internet and ATM which
is not only safe but also economical both in financial and non-
financial perspectives.
D. Electronic Clearing System (ECS): ECS is an alternative method for
effecting payment transactions in respect of the utility-bill-
payments such as telephone bills, electricity bills, insurance premia,
card payments and loan repayments, etc., which would obviate the
need for issuing and handling paper instruments and thereby facilitate
improved customer service by banks / companies / corporations /
government departments, etc., collecting / receiving the payments.
Table 1 shows the birds view on digital operations.

9. Contactless payments

A secure payment method using a debit, credit or smartcard enabled by

Radiofrequency Identification (RFID) or near-field communication (NFC). This
digital payment method is growing in popularity due to its speed and seamless
experience.

25
 10. Open Application Programming Interfaces (API)

A publicly available API that provides developers with programmatic access to a

proprietary software application or web service. Open APIs allow new providers to
build services on top of existing infrastructure. The relevance of these approaches is
that it lowers barriers to entry for new financial technology players, encouraging
innovation and enabling the rise of seamless digital payment services for the end-user.

11.Distributed ledger technology (DLT)

A database that is consensually shared and synchronized across multiple sites,

institutions or geographies. This database architecture solves the problem of trust
among multiple stakeholders and the so-called “double spend”, which refers to the

26
dilemma of ensuring a digital asset is not spent twice. Since all members of the
network hold a copy of the ledger at all times, DLT allows for decentralized digital
payment systems that do not rely on a single central authority, such as a bank or a
public institution (see our full series on DLT and digital payments here).

12. QR codes

A Two-dimensional Quick Response bar code or square-shaped code that contains

data. It has become popular as it is a quick and easy way to exchange information and
has the potential of substantially reducing payment acceptance costs. All that is
needed for the payment to take place is a digital device with a camera linked to an
account.

13.Biometric Payments

27
Biometric digital payments use Biometric ID as a means of verification and
authorization of payments. Biometric ID is any means by which a person can be
uniquely identified by evaluating one or more distinguishing biological traits. Unique
identifiers include fingerprints, hand geometry, earlobe geometry, retina and iris
patterns, voice waves, DNA, and signatures.

14.Central Bank Digital Currencies (CBDC)

Globally, emerging market economies are moving from conceptual research to

intensive practical development. Central banks representing a fifth of the world’s
population say they are likely to issue the first CBDCs in the next few years.

15.Google pay

28
Google pay is a digital wallet platform and online payment system developed by
google to power in-app, online, and in-person contactless purchases on mobile
devices, enabling users to make payments with android phones, tablets etc. Google
Pay also known as G Pay or Pay with Google it is also one type of Digital Wallet and
online payment system developed by Google. The services of Android Pay and
Google wallet merged in January 2018 and the name was changed to Google Pay. On
September 2017, Google launched an UPI-based app known as TEZ in India which
was later rebranded as Google Pay. Google pay has more than 25 million active users
in a month of the digital wallets in India. Google pay transactions are safe and secure.
Google Pay enables you to:-

 Send and receive money.

 Store your credit/ debit card information safe.
 And use this information to pay for various items on various apps .

Google Pay is known for its security among other similar digital payment apps.
Google store your credit/debit card information in its secure servers using strong
encryption. Cloud storage and data security of the customer is the prime concern of
Google.

16.HDFC Payzapp

29
Payzapp is a complete payment solution that empowers an individual to pay with the
help of just One click. The app allows individuals to buy products from the partner
apps, book movie tickets, Send money to anyone, and pay utility bills among many
other things. Payzapp is a mobile payment app developed by HDFC Bank. Payzapp
allows Customers to recharge their phones DTH recharges as well, pay utility bills
such as Electricity bill etc, customers can buy movie, train, flight tickets, book a cab
and can also Shop online. Customers can also send money to their family and friends
and can also Track their expenses. Customer has to link their bank account with
HDFC PAYZAPP app to enjoy the most Secure way of payment. You have to just
scan a QR Code to make any payment in Payzapp app. During the launch of Payzapp
app, Aditya Puri the Managing Director of HDFC Bank Said “ The wallet we
introduced under Payzapp, unlike other wallets, is not a pre-paid Wallet. It reflects
your account and it reflects your credit card balance. More importantly It is one click.
That is the convenience.

How to start with Payzapp App:

i. First you have to download the Payzapp app from Playstore.

ii. Enter your registered mobile number i.e. the mobile number which is
registered With your bank account.
iii. Complete the registration process by reading all the KYC steps.
iv. The in the next step you have to link you bank account or your credit card with
The Payzapp app.
v. You are ready to use Payzapp.

17.PhonePe

30
PhonePe is an Indian digital wallet platform and online payment company. Using
Phonepe, users Can send and receive money, recharge mobile, DTH, data cards, make
utility payments, pay at Shops, invest in tax saving funds, liquid funds, buy insurance
and mutual funds for gold. PhonePe or PhonePe Private Limited it is an Indian e-
commerce payment service and digital wallet company. PhonePe was founded in the
year 2015 by its founders, Mr. Sameer Nigam and Rahul Chari and it was the first
payment app in India which was built on Unified Payments Interface that is (UPI).
PhonePe is now available in 11 Languages. PhonePe offers various services such as:-

 User can send or receive money through Phone Pe app.

 User can make various payment- mobile recharges, DTH recharges, users can
also make payments of shopping online on various apps.

 Phone Pe even allows users to book tickets through various apps such as
Redbus, Gobibo, Ola etc.

PhonePe app has more than 100 million users and it has crossed more than 5 billion
transactions. Latest development of PhonePe app is that it allows its customers to
withdraw cash through its in app UPI feature which is also known as Phone Pe ATM,

31
which means that transferring the said amount which has to be withdrawn to a nearby
PhonePe enables merchant or seller.

18. Paytm

Paytm is(a partial abbreviation for ‘Pay through mobile’) Is an Indian multinational e-
commerce Payment system and financial technology company based in Noida, Uttar
Pradesh, India. Paytm is Currently available in 11 Indian languages and offers use
cases like mobile recharges, utility bill Payments, travel, movies, and as well as in
store payment at grocery stores and educational Institutions with the paytm QR code.
Paytm is an Indian e-commerce operator and Financial Technology company. Paytm
was Founded in August 2010 by its founder Mr. Vijay Shekhar Sharma. In 2014, the
company Launched its first Digital E-wallet known as Paytm Wallet. Paytm offers
Digital wallet payment, Mobile payments, online shopping, Paytm Payments Bank
etc. In the year 2015, RBI gave License to Paytm to launch Paytm Payments Bank
which was later Inaugurated in the year 2017 by the then Finance Minister Mr. Arun
Jaitley. Paytm works in 2 Different ways that is Paytm Wallet and Paytm Payments
Bank. Paytm is known as a digital payment system which allows you to transfer
money through your Debit/credit cards and which also allows you to do online

32
banking. Once you register to Paytm You can make online payment of bills or you
can make payment through you paytm wallet by First adding money into your wallet.

19.Kotak 811

Kotak 811 is a zero balance digital bank account available to everyone (Resident
Indian individuals Only).Kotak 811 lets you choose between zero balance account or
an 811 edge savings account Based on your needs, Which acts as a one stop solution
for all your financial needs and day to –Day transactions.

20.Bhim app

33
Bhim (Bharat interface for money) is an Indian mobile payment app developed by the
national Payments corporation of India (NPCI), based on the unified payments
interface (UPI).Named after B.R.Ambedkar and launched on 30 December 2016,it is
intended to facilitate e-payments directly through banks and drive towards cashless
transactions. BHIM stands for Bharat Interface for Money. BHIM App is developed
by National Payments Corporation of India i.e. (NPCI) and it is based on Unifies
Payment Interface i.e. (UPI). Our Prime Minister Shri Narendra Modiji had launched
this app. BHIM App was Launched on 30th December 2016 and is currently available
in 20 languages. BHIM App accepts all Indian banks which works on UPI system and
which is built over IMPS i.e. Immediate Payment System which allows the user to
transfer money to Bank Accounts of any two parties.

Through BHIM App users can do the various services:-

i. User can Send money.

ii. User can Request money, for this it is mandatory that the users mobile number
be Linked with the bank account using.
iii. For quick transactions users can Scan and Pay.
iv. Additional feature of BHIM App is that it allows the customers to check their
Transactions history.
v. There is a report tab in BHIM App for the customers if they have any
complaint To raise they can use this tab to do the same.
vi. Next option in the BHIM App is the Bank account option, so through this
option User can view the bank account that is linked with his/her BHIM App.
A customer Can also change the bank account by just clicking „Change
Account‟ in the BHIM App.
vii. Through BHIM App it is easy to transfer money as BHIM App allows a
customer to transfer money to more than one address.

21.Free charge

34
Free charge, a wholly owned subsidiary of Axis bank limited, is one of the e-payment
applications Which is based out Gurugram, Haryana. Using free charge, users can pay
utility bills, mobile Recharges, broadband recharges, metro card recharge, pay
landline bills, DTH bills.

22.MobiKwik

MobiKwik is also another Indian company app which acts as a digital wallet, as a
mobile Payments system. MobiKwik is an app founded by Bipin Singh and Upasana
Taku in the Year 2009. Initially MobiKwik was just a website with closed wallet
facility but later Started with mobile apps. In the year 2016 MobiKwik launched -
MobiKwik Lite app Which was for older 2G mobile networks and those with poor
network connectivity. MobiKwik launched its first ever Mobile Wallet system in the
year 2012.MobiKwik also launched the feature of sending and receiving money
through a mobile App. MobiKwik also provides financial services such as providing
loans, various Insurances such as life insurance, accident insurance, fire insurance as
well as mutual Funds. In the year 2017, MobiKwik „s biggest competitor was Paytm.

35
According to Forbes India Magazine, in the year 2015 MobiKwik was used by more
than 15million users for its unique features and was also claiming of increase of one
million Users every month. In the year 2016, India had Demonetization during this
time MobiKwik had a 400% increase in financial transactions.

23.YONO by SBI

This mobile wallet application was introduced by State Bank of India. This wallet
offers Its services in 13 Languages. The word YONO means You Only Need One,
this app Helps users to access various financial and other services, it acts as a Digital
Banking Platform which offers various services such as online shopping payments,
booking tickets Of (train, bus, taxi, flights), it also allows customers to make medical
bill payments. YONO app was launched in the year 2017 by Mr. Arun Jaitley, the
then Finance Minister Of India. This app can also be used by customers to make ATM
withdrawals as well as This app can be used to make various fund transfers, etc.
Through YONO app a customer can track his/her OD account balance, can even open
Fixed deposit, recurring deposits, and can even invest in mutual funds. Customers can
even track their loans through this app.

36
 24.CITI MasterPass

CITI MasterPass was launched by Citi Bank India and MasterCard. It is India’s first
Global Digital wallet. Citi MasterPass safely stores the confidential information i.e.
the data of customers card And their shipping information is stored in their
MasterCard. So while making the payment The customer simply has to select the
option of „Buy with MasterPass‟ as the payment Option while checkout, by doing this
the customer’s need not have to fill in all the details. By this feature the risk of
customers confidential information can be exposed, as Customer are always in need
of safe, secure, simple and quick transactions while Shopping. CITI MasterPass is
present in more than 24 countries worldwide. In today’s world around 41 %
transactions of Citi Bank are performed through online mode because of its secure,
safety and innovative services.

25.Amazon pay

37
Amazon or Amazon.com is an American e-commerce company based in Seattle.
Amazon is Considered as one of the big four technology based companies along with
Apple, Microsoft, and Google. Amazon is a company which focuses on E-commerce,
Digital streaming, Cloud Computing, and Artificial Intelligence. Amazon is
considered to be world’s largest internet based Company by its revenue. In the year
1994, Jeffrey .P. Bezos founded Amazon in Washington, by initially starting with an
Online market place for selling books, but gradually it expanded its business by
selling Electronics, video games, foods, toys, jewellery, software etc. Amazon was a
technology Company whose business was primarily simplifying online transactions to
the customers. On 5th July 1994, Amazon.com was founded by Jeff Bezos as an online
bookstore . Later Jeff Bezos incorporated the company as Cadabra in 1994 but
changed the name to Amazon for the Website launch in1995. . Today Amazon is a
titan of e-commerce, logistics, payments, hardware, Data storage, and media. In 2013
Amazon was launched in Indian Economy with an investment Of USD$ 5 Billion.
Amazon designed a payment gateway called Amazon Payments for both Amazon
merchants and shopper’s.

1.8 BENEFITS OF DIGITAL PAYMENTS – WHY OLDER

PEOPLE MUST GO CASHLESS.

Digital payments or “e-wallets”, as we call them, have seen a massive growth in

popularity during the last few years. The Covid-19 crisis has also led to an increase in
the use of digital payments, as people prefer safe and contactless methods of
transaction. Although most of us have already adapted to the change in payment
methods, the elderly are yet to fully embrace the concept of digital transactions. A
large number of seniors still prefer the traditional method of cash payment, which can
prove to be quite a challenge in the long run, as we move closer towards a cashless

38
economy. So, here are some main reasons why seniors must go cashless and
experience the benefits of digital payments.

1. Increased security:

Carrying cash at all times can be a risky decision. This is why senior citizens are
common targets of small thefts or robberies. One of the main advantages of digital
payments is that they are much more secure than regular cash transactions, as they
require proper verification and authentication. Banks and other digital payment
platforms also provide added security for digital transactions in the form of OTPs and
cross-verification, which can help in preventing fraudulent transactions.

2. More convenient:

Standing in long ATM queues just to withdraw a small amount of cash is hardly an
exciting activity for anyone. However, most seniors have to face this scenario every
time they step out to buy something. Digital payments, on the other hand, offer
increased convenience for the elderly as it allows them to easily conduct financial
transactions without having to worry about whether they have adequate cash in their
wallet.

3. Seamless Transaction:

Since digital payments have been around for quite sometime now, the process has
become easier than ever, especially for seniors. Showrooms, malls and even small
shops have now started accepting digital payments. The whole transaction process has
also become seamless, as buyers can now make payments using their mobile banking
apps or other digital wallets.

4. Different Options:

Right from debit cards and credit cards to digital wallets like Google Pay and
PhonePe, seniors can now choose from a wide range of options for their preferred
mode of digital payment. This gives the elderly an opportunity to conduct financial
transactions without the fear of falling short of liquid cash. Also, one of the main
reasons why seniors must go cashless.

39
 5. Offer’s and Discounts:

In order to promote digital payments, banks as well as other financial institutions

regularly offer different types of offers and discounts for their customers. Elders can
benefit from these offers and can even receive regular cashbacks, rewards and
discount vouchers for their digital payments. Moreover, some banks and digital
wallets provide special rewards and offers for their senior customers as well.

6. Convenience while Travelling:

Gone are the days when we had to carry large amounts of cash during any outstation
travel. Today, retailers all over the country have understood the importance of going
cashless and have started accepting digital payments. Thus, elders can now easily
travel to and from other cities in India, without having to worry about finding an
ATM or running out of cash.

7. Physical Distancing:

One of the main benefits of digital payments is that it promotes safe and contactless
transactions. With the Covid-19 crisis still looming over our heads, avoiding physical
contact is of utmost importance. Elders are known to be at a higher risk during this
crisis. Opting for digital payments is, therefore, one of the best ways for seniors to
stay safe during the Covid-19 pandemic.

8. Track your Spending:

The first step towards financial independence is to maintain a regular weekly/monthly

budget. This is even more important for seniors who depend on their pension and
other life savings. Digital payments allow the elderly to stay on top of their overall
spending with easy-to-access bank statements and records of all transactions. This
will also allow the elderly to develop the habit of e payment.

9. Budget Discipline:

Going cashless is one of the best ways for seniors to understand their spending habits,
as they can use different apps to track and analyse their transaction patterns as well.

40
This will help them to understand their expenses and will also allow them to plan their
budget in a much better way. Developing a budgeting discipline also plays a key role
in achieving financial independence.

1.9 DIGITAL FINANCIAL LITERACY FOR OLDER

PEOPLE.

Today's older adults are embracing technology and using it more and more in their
daily lives. A study, called the ‘State of Seniors’ conducted by Antara and Access
Media International in October-November 2020, found that over 76.9% of people
over 55 use smartphones. While senior citizens are predominantly using them to stay
connected with loved ones, 53% are using smartphones for work/professional
purposes. Digital financial literacy resources can help this growing population
demographic take charge of their finances. Yet, without appropriate digital financial
literacy resources, many people shy away from digital banking services or are at risk
of fraud. An estimated $36 billion is lost in scams on the elderly, and many elderly
people are not clear about the difference between personal and non-personal data
when it comes to digital technology. A survey Of 5,000 senior citizens in NCR by
Agewell Foundation found that 85.8% didn’t know how to use digital technology or
computers, and 74.9% of them felt their lack of digital knowledge was affecting their
old age, leaving them feeling marginalised and underprivileged. The biggest
hindrance, according to 51% of the respondents, was a lack of training facilities to
pick up technology and soft skills related to technology.

 INCREASING DIGITAL FINANCIAL LITERACY AMONG OLDER

ADULTS.

Digital illiteracy has prevented many elderly people in India from benefitting from
technology. They lack simple access to essential services such as transferring money
or applying for governmental social protections. For many, the only way to
accomplish this is with extensive traveling and long queues. As banking becomes
more digital with payment methods shifting from checks and card swipes to PhonePe
or Google Pay and tap-to-pay card reading devices, it will be essential for older adults

41
to keep up with digital payment methods to continue to thrive in an ever-digitalizing
payments economy.

Even those who are digital-banking skittish after encounters with fraud can be taught
to see its value and use it. Now it’s not just older banking customers who are taking
note of the importance of digital financial literacy; leading banking institutions are as
well. India’s leading Asset Manager, ICICI Prudential Asset Management Company
Ltd partnered with Get Setup to offer classes about financial tools for saving and
investment to older adults on the company’s platform. The financial institution will
offer classes on topics ranging from basic economic financial principles, investments
for retired life, types of mutual funds, and how various funds and other investments
work, among others.

Globally there is a push for digital financial services. It’s time that financial
institutions focus on their digital products and services. They should ensure that all
consumers have the know-how to navigate their tools seamlessly and with confidence.

According to Tech Spotlight Data findings in October 2022, older adults in India are
consuming content primarily from their smartphones. Educating these older
consumers through digital content is a simple and effective way to activate new
digital banking customers. The institutions most likely to take the lead in gaining this
older demographic are those that create seamless UX designs, and simple-to-use
products, and offer educational tutorials that meet the needs of diverse consumers
instead of banking on the user to figure it out for themselves.

In order to inspire confidence among older adults in digital banking products, the
industry offerings need to be strengthened with relevant awareness-building initiatives
on preventing frauds and being vigilant.

1.10 ADVISE TO OLDER PEOPLE FOR DIGITAL BANKING

Older people needs to be assured that the banks take all the necessary precautions to
protect their hard-earned money and personal information. The multiple layers of
protective security in the online banking system and stringent regulations and
guidelines ensure the best security and safety of your finances and data. However, as a

42
responsible customer, Older People need to take maximum precautions to ensure that
scammers and hackers do not take advantage of their mistakes.
Here are the top 7 tips for online banking for senior citizens:
 Use Antivirus software:

While browsing the internet, several viruses can get installed on your computer or
mobile phone. Such viruses not only track your online activity but can also read all
your sensitive data, such as your personal information, passwords, debit and credit
card numbers, CVV, PIN, etc. To avoid this, it is recommended to install antivirus
software and renew it on a timely basis. Moreover, nowadays, the usage of mobile
phones has increased tremendously, and the frauds are mostly happening through
mobile phones, which are higher in number than on computers. You should be careful
while downloading any unauthorised apps as they can read all your sensitive
information. Therefore, it is advisable to use antivirus on your mobile phone as well.

 Enable Transaction Alerts:

It is advisable to check your transactions, especially on a monthly basis and when you
do high-value transactions online, and if there is any discrepancy, you should inform
your bank immediately. You may forget to check your transaction details after
performing a particular transaction. But, enabling SMS and email transaction alerts
can help you keep an eye on your bank account. You will receive a notification
whenever a transaction takes place in your account, and if you have not done it, you
should immediately inform your bank. Furthermore, you can also set daily/weekly
balance alerts if you do not get time to check the entire statement.

 Avoid Public Computers And Wi-Fi:

Many people still use public computers in cyber cafes or libraries. However, such
places are often crowded, and there are chances that someone can see your login
credentials, or you might mistakenly save them on a public computer. Such crucial
information can be used by hackers to steal money from your bank account.
Therefore, it is advisable to avoid using public computers for online banking. But, if
you have no choice, you must take extra precautions and safeguard your account.
Make sure no one is around you and check for the cameras that might capture the

43
Information you input. Plus, once you are done, do not forget to clear the history from
the browser to delete any saved information of your bank credentials.

Apart from this, nowadays, we find public Wi-Fi spots everywhere, and it is tempting
people to use them. However, one should avoid using public Wi-Fi as there are more
chances of electronically eavesdropping while using a public network. Many public
Wi-Fi networks are unencrypted, and therefore, hackers can steal your sensitive data
for their gain. But, if you have to use it during an emergency, you should always
check if the website is encrypted or not by checking if the website URL starts with
https. Read the red flag if the website URL starts with http. Moreover, if you are tech-
friendly, it is advisable to disable file sharing and use Virtual Private Network (VPN),
which can only be used by you.

 Choose a Strong Password and Change It Periodically:

People generally set their passwords based on their personal information like name
and date of birth, which is easy for them to remember. However, such passwords can
easily be guessed by hackers. Therefore, as all the banks advise, it is vital to set a
strong and unique password and change it after every three months. While creating a
password, the bank will advise you on how your password should be, such as it
should be of a minimum of eight characters, a combination of numbers and alphabets,
a combination of uppercase and lowercase, special characters, etc.

 Never Share Your Login Details:

Although this could be the most common advice people receive on safe online
banking, a large number of people still ignore it. But, here we are repeating it – do not
share your login details, PINs, debit and credit card number, CVV number on the
back of your card, or OTP, etc., with anyone. Fraudsters usually call senior citizens,
homemakers, etc., and pretend to be a bank representative. No bank requires such
sensitive information to perform any banking transactions, and they never ask for it.
So, think twice before taking any action.

 Use Two-factor Authentication:

Many banks are now offering two-factor authentication for logging in to internet
banking. It is advisable to enable it as it adds a second layer of security to your online
banking information. Different banks require you to use different authentication. You
need to check which authentication is added by your bank by logging into your net
banking. The most used types of second authentications are – four-digit Personal

44
Identification Number (PIN), One-Time-Password (OTP) on your registered mobile
number or/and email address, identification of a preselected image, automated phone
call on your registered mobile number, etc. Although it makes the login process a
little slower, it is worth for the security it provides to your banking information.

 Be Careful When Clicking on the Website or Downloading the App:

We receive several informative and marketing emails from the banks, and all the time,
that consists the link of bank’s official website. There are many incidents where
fraudsters send similar emails to individuals, especially senior citizens, asking them to
click on the URL to get benefited from certain offers. If you click on the URL, it will
take you to a website that is designed exactly like your bank’s website, which gives
you confidence that you are using an authentic website. However, when you input
your login credentials, it records the data you have inputted. This information is
further used by fraudsters to steal your money. Some mailers may ask you to click on
a certain URL, and while doing so, it starts downloading the tracking malware to your
device. Therefore, it is advisable to check the sender of an email whenever it directs
you to perform an action. Instead of clicking on any link, it is better to type the
website link by yourself. And, whenever you click on a bank’s website, even from a
search page, recheck if it is an official authentic website of the bank or not. Also, do
not forget to check if the URL starts with an https. The same applies to downloading a
mobile banking app of the bank. The fraudsters can create similar-looking mobile
banking apps to steal your login credentials. Therefore, it is advisable to check
whether it is an official app or not. Most banks provide links or scanning codes to
download the app, which can be very helpful in getting the trusted app. So, be very
careful before downloading any app or putting your login credentials. This practice of
identity theft is called phishing, and it is one of the most common types of stealing
personal information targeted at customers from all backgrounds.
CHAPTER- 2 REVIEW OF LITERATURE
2.1 Introduction

A literature review is the writing process of summarizing, synthesizing and/or

critiquing the literature found as a result of a literature search. It may be used as
background or context for a primary research project. There are several reasons to
review the literature: Identify the developments in the field of study.

45
2.2 Review of literature

The main purpose of the literature review work was to survey previous studies on
knowledge Sharing. The review of literature helped the researcher to conduct the
survey in better and Extensive manner. It should also help the researcher for finding
and getting deeper into the topic.

1. According to Mamta, Prof. Hariom Tyagi and Dr. Abhishek Shukla(2016)

The article entitled “The Study of Electronic Payment Systems”. This study aims to
identify the issues and challenges of electronic payment system and offer some
solutions to improve the e-payment quality. The successful implementation of
electronic payment system depends on how the security and privacy dimensions
perceived by consumers as well as sellers are popularly managed in turn would
improve the market confidence in the system.

1. According to Sujith T S, Julie C D(2017)

The article entitled “Opportunities and Challenges of E-Payment System in India”.

This study aimed to identify the issues and challenges of electronic payment systems
and offer some solutions to improve the e-payment system. E-Payment system not
only provides more opportunities but many threats also. The study found that, the
reach of mobile network, Internet and electricity is also expanding digital payments to
remote areas. This will surely increase the number of digital payments.

2. According to Sanghita Roy and Dr. Indrajit Sinha (2014)

The article entitled “Determinants of Customer’s Acceptance of Electronic Payment

system in Indian Banking sector”. The objective of the study was finding out the most
popular electronic payment system among the various payment options. This study
also analyzed the level of awareness and the usage of E-payment technologies. The
main aim of the study was to determine all the factors influencing the customer’s

46
adoption with Technology acceptance model. The study was based on primary data.
The data was collected through a structured questionnaire by means of survey and
also focused on a group of 30 respondents. The result of this study was 4 Factors
which contribute towards the strengthening the E-payment system in India and those
are- Innovation, Incentive, Customer convenience and legal framework.

3. According to Ashish Baghla (2018)

This research paper titled “A Study on the Future of Digital Payments in India”
focused On the adoption of Digital payments in India. This paper identifies the
problems or Challenges faced by the people of India in adopting Digital modes of
payment. One of the Objectives of this study was to find out the attitude of the people
towards the adoption of Digital payment in India. The research methodology used in
this research i.e. the data is Collected from both the primary and secondary sources ,
the primary has been collected Through a questionnaire from 110 people. The paper
concluded that the efforts by the Government to make India cashless is going well but
it will take time for India to become Completely cashless as there are various
challenges which the government has to take Care of.

4. According K. Suma Vally and Dr. K. Hema Divya (2018)

This research paper titled “ A Study on Digital Payments in India with perspective of
Consumers adoption.” Focuses on the analysis of the level of adoption of these digital
Payments by the consumers. The research methodology used that is the data collected
is a Primary data and is collected through a structured questionnaire and the results
has been Collected through 183 respondents. The research tool used to analyze the
data is Chisquare technique. The main objective of this study was to verify the
customers Perception on Digital Payment with the concept of Digital banking in our
country. This Study also suggested that appropriate measures should be taken to
create awareness about Various technology and security of the usage of digital
payments in India.

5. According to Prof. Sana Khan and Ms. Shreya Jain (2018)

47
This research titled “A Study on Usage of E-payments for Sustainable Growth of
Online Business” focuses on the on the frequency and the problems faced by
consumers while Using online payment methods. The researchers also examined the
effect of e-payments Contribution towards the sustainability of the business growth in
India, these were the Main objectives of this research paper. The research conducted
is a descriptive research And the primary data was collected through a structured
questionnaire send to users of e-payment methods and the sample size was 100
participants which was collected random Sampling technique. The tools used in this
research was Pivot tables and frequency. The Findings of this research suggested that
the users of e-payments have increased and it has Become more popular and that
majority of the users used online payments because of Coupons and discounts in those
transactions.

6. According to Priyanka. S. Kotecha (2018)

The research paper titled “An Empirical study of Mobile Wallets in India” focuses on
the Meaning of M-Wallet and highlights the advantages and disadvantages of M-
Wallet in India. The researcher studied various categories in Mobile Wallets in India.
The research Methodology used for data analysis in this research is a conceptual study
and also Descriptive in nature. In this research paper it is also shown the growth of
Mobile wallets In India from the year 2012 till the year 2016. The paper concluded
that mobile wallets Are growing rapidly mainly because of convenience in
transactions and various shoppers Are also demanding mobile payments because of
which mobile wallets are growing in Forthcoming years.

7. According to Pawan Kalyani (2016)

The research paper titled “An Empirical Study about the Awareness of Paperless
ECurrency transaction like E-wallet using ICT in the Youth of India” this paper
stresses On the paperless transactions that is getting popular all over the world in the
form of Digital Wallet. In this research the researcher also analyzed the various types
of e-wallets In the world and also various Indian e-wallets services. The researcher is
trying to Analyze all the information on the awareness and usage of various e-wallets
by the Indian Market. The data collected for this research was through a structured
questionnaire and After examining the result of this survey it was concluded that

48
Digital wallets which are Associated with online businesses are popular but those
which are associated with the Banks are doing fine. The paper concluded with the
suggestion that the practical usage And the awareness of these digital wallets should
be increased by adding more value Added services to these wallets for better
efficiency.

8. According to Dr. Hem Shweta Rathore (2016)

The study titled “Adoption of Digital Wallet By Consumers” focuses on the factors
Which influence customers decision about using digital mode of payment for a
particular Transaction. The researcher also tried to analyze the various risks and
challenges faced by The customers while using various digital wallets. The data was
collected through a Structured questionnaire which was responded by 132
respondents. This research used Quantitative method ANOVA for getting the
statistical result from the respondents. The Researcher also gave some suggestions
like to educate the consumers about the benefits of Using digital wallets as a payment
mode. This research paper concluded that Digital Wallets will quickly become
popular mode of payment as it is convenient and will gain Huge widespread
acceptance in the market.

9. According to Dr S. Manikandan and J.Mary Jayakodi (2017)

The research titled “An Empirical study on Consumers Adoption of Mobile Wallet
with Special reference to Chennai City” focuses on to explain the usage of mobile
wallets and This paper also states the challenges faced by the users while using
various mobile wallets Which affects the decision of consumer adoption of mobile
wallets. For this research a Structured questionnaire was prepared and through which
a total of 150 responses were Collected. This study stated the various types of E-
wallets which is given by the RBI. This study used ANNOVA as a research tool to
analyze and to get the statistical result From the collected data. The researcher
concluded the paper with the fact that users are Satisfied with the usage of mobile
wallet and the challenging factors to the users are the Security and the safety of funds
during a transaction. The paper also concluded that Convenience in shopping , brand
loyalty these features also play an important role in the Adoption of mobile wallets by
the consumers.

49
 10. According to Rachna and Priyanka Singh (2013)

The research paper titled “Issues and Challenges of Electronic payment systems” aims
to Identify the issues and challenges faced while using electronic payment systems
and this Paper also offer some solutions to improve the quality of e-payment system.
This paper Stated some issues such as lack of security, lack of trust in such payment
services by the Consumers, lack of awareness by the consumers, online payment
services are not feasible In rural areas of our country. This paper also stated some of
the measures to handle those Problems such as encryption, digital signature, firewalls,
and can request for more Identification in case of any doubts. The paper concluded
with the facts that e-payment Systems can be successful if the privacy of the
consumers and the security dimensions are Well managed which would increase the
confidence of the customers on such payment Applications.

11. According to N Ramya, D Simvastatin and Dr. M Nandhini (2017)

The research paper titled “Cashless transactions: Modes, advantages and

Disadvantages” Focuses on to state the efforts by the RBI and the Government of
India to promote the Digital modes of payments and to achieve the goal of a „less
cash society‟. The researcher Also studied the various modes of cashless transactions
such as e-wallets, mobile wallets, UPI apps, AEPS, USSD system, debit/credit cards
for payments. This researcher also Provided various advantages of using cashless
modes of payments such as- convenience, Tracking the expenditures, avail various
discounts, lower risk, and can pay small Denominations etc. This research paper also
stated certain disadvantages of going Cashless and those are- overspending increases,
difficult for people who are not used to Such technology, losing phone can be
problematic, higher risk of identity theft and hacking Consumers data etc.

12. According to Kaur, Puneet, et al (2020)

50
The research paper examines that mobile wallet apps have been increased trend
Dramatically. It is useful for customers and effectiveness towards transactions and
safety payments On behalf this still the mobile wallets not extended in markets.

13. According to Ghosh, Gourab (2021)

The research paper describes that advancement of information and communication

Technology opened the gate way for modern methods of payments. The growth in
smart phone and Access to internet made life easier for the people and which gave
advent to digitalization. Digitalization not only improved trade and commerce but it
also made transaction payment Smooth and fast.

14. According to Vinitha, K. and S.Vasantha.(2018)

Digital revolution has altered the routine life style of People. The power of world
wide web and digital payments is having pivotal role in getting Connected and
making any time anywhere payments at your attain user satisfaction and there by
Leads to consumer loyalty.

15. According to Pillai, Sruthy S.,G. Sandhya, and G.Rejikumar.(2019)

They describe the trend shows That more people prefer using the non-cash modes
when cash shortage was at its crest even for Small transaction matter. It shows that
there is a significant positive influence of simplicity and Interoperability on the
mobile payment adoption, timely contacts and security prove to have a negative
influence on the dependent variable. People are more concerned about the security
aspects as they believe that their people are more concerned about the security aspects
as they Believe that their monetary details are not safe while doing online
transactions.

16. According to Maindola, Pallavi, Neetu Singhal, and Akash D.Dubey.

(2018)

The digital payment Landscape is sprouting in the country at a dizzying step. After
the demonetization, complete Turnaround in the payment landscape has been
observed. The technology revolution and Government initiative of cashless economy,

51
followed by demonetization saga has enabled the Evolution of multiple non-banking
players in the payment space.

17. According to Mishra, Sonal, and Kirti R. Swain. (2018)

Mobile payment system has gained Popularity in the recent past, due to increased
Smartphone penetration, cheap high speed internet Facilities; crave for quicker
payment settlement and convenience for use. But the percentage Increase is yet not
satisfactory, even after major efforts made by our government to facilitate digital
Literacy and provide various payment method alternatives.

18. According to Gupta, Knavish, and Nupur Arora. (2020)

The research shows that Perceived ease of use and Perceived usefulness have a
positive impact on attitude to adopt mobile payment systems. Also, There exists a
substantial positive relationship between attitude to adopt mobile payment systems
And intention to adopt mobile payment systems. The current study examines the
impact of attitude Towards mobile payment systems on intention to adopt mobile
payment systems through the Application of technology acceptance model.

19. According to Mishra, A. B. (2020).

The increase of the ability and strength of wireless offers provides right Opportunities
for rising up offerings to customers. Businesses are starting to realize that e-payment
System is the important thing to enhance their brand differentiation, boost sales,
customer Satisfaction and hold up with competitors. In the present-day, e- payment
mode has been entered In finance, services, retails, telecommunication and IT/ITES
sectors related business organizations. The recent transaction of BHIM wallet has
been received three times growth in only one financial Year 2019-20.

20. According to Singh, Sindhu (2020).

The author denotes technological progression in mobile phones has Increased the
popularity of mobile payments. Users can shop online through a mobile device,
Which is time saving and convenient. Mobile payment systems involve ongoing
interactions Between users and payment providers. The initial acceptance of mobile

52
payment systems has Been studied extensively, but few studies have attempted to
understand users post adoption behaviour.

21. According to Pal, Abhipsa, Tejaswini Herath, and H.Raghav Rao.(2020)

The popularity of mobile payment services lies in the convenient transactions they
offer to users. In the age of growing cybercrime, however, mobile payment
transactions carry risks of financial and data losses. It thus becomes critical to
understand how risk and convenience have contrasting impacts on users’ intention to
use mobile payments.

22. According to Djauhari, Medina Juniar, Chairul Furqon, and Mokh Adib
Sultan.3.1: 29-36.

They examines that Go-Pay was the innovation in Financial Technology offered in
efficiency of payment. The main objective of this study was to bring further insights
into customer intentions to use mobile payments Go-Pay it helps improving service
quality and increasing user satisfaction of the Go-Jek user. Mobile payment is in a
developing stage and consumers are still reluctant and so they hesitate to use mobile
payment.

23. According to Kavitha, M., and K. Sampath Kumar. (2018)

The demonetization resulted in tremendous growth in digital payments. With the

government initiative such as Digital India and increased use of mobile and internet
are means to exponential growth in use of digital payment. This transformation
towards digital payments benefits in more transparency in transactions which
empowers the country’s economy. In recent days many changes took place in the
payment system like digital wallets, UPI and BHIM apps for smooth shift to digital
payments.

24. According to Pal, Abhipsa, Tejaswini Herath, and H. Raghav Rao. (2019)

The heavy cash dependence of India and low digital adoption changed when the
government announced its demonetization scheme on November 2016, invalidating

53
bank notes and creating a crisis. In this cash shortage ,the nation, that was historically
low on mobile payment adoption ,was pushed to use digital payment.

25. According to Das, Abhrajyoti, et al. (2018)

Digital wallets, gained a lot of popularity in recent times in India and around the
globe. A digital wallet refers to a platform based on electronic device or online
service that allows an individual to make electronic transactions. It is a transformed
way to pay for things. It is basically paperless payment method which reduces all the
hassle of carrying cash with you everywhere. Many digital wallet services have their
own mobile apps. Post demonetization in India, the popularity of digital wallet gains
exponentially. There are many digital wallets which are currently active in India like
paytm, freecharge, jio Money, Airtel Money etc.

26. According to Gupta, Rahul, Cheshtha Kapoor, and Jayesh Yadav. (2020).

The author derives “ Faceless, Paperless, Cashless”. Digital India’ is a flagship

programme of the government of India that envisions India as a digitally empowered
knowledge economy. As India emerges a global competitor in innovative population-
sale payment systems, various digital payment methods have been introduced nation-
wide, including Micro ATMs, Banking Cards, Internet Banking, UPI (Unified
Payment Interface), Mobile Banking, and Mobile Wallets.

27. According to Yuvaraj, S., and N. Sheila Eveline. (2018)

In every economy, money is said to be the life Blood. With the advent of internet,
Smartphone’s and other digital technologies has made cash Transactions simpler. In
the current scenario most of the transactions were made cashless and in Future
physical form of currencies will no longer be a king. There are different medium
introduced to Carry out cashless transactions.

28. According to CHERUKUR, MR. (2020)

The present study focuses on the customer satisfaction towards Mobile wallets. This
study examines the factors that influence customer’s satisfaction while using Mobile
wallets. Nowadays everyone uses their Smartphone’s to make their day today

54
transactions Using mobile wallets. Mobile wallets create a huge impact among the
people. The present study is Carried by a survey conducted among the mobile wallet
users to identify the satisfactory levels of Them.

29. According to Miruna,S.Lyrics. (2019)

In recent times technology plays a very vital role with this, the way we Transact in
daily life has changed drastically with the advent of smart phone the life has become
Easier where all payments & transaction are taking place on online. This paved the
way for the Emergence of platform termed has a digital wallet.

30. According to Anshari, Muhammad, et al. (2021).

Adoption of e-wallet can potentially enhance the efficiency of financial institutions

and the provision of new services for the convenience of the Customers. The
youngsters really adapted to this payment apps .It really satisfy the customers in Easy
transaction and payment.

31. According to Tiwari, Pooja, Vikas Greg, and Abhishek Singhal. (2019).

In today’s fast-moving Lifestyle people need to adopt more convenient and secure
gadgets to make their life more Comfortable. To achieve this goal, there is an
innovative product called Digital Wallet. The digital Wallet refers to an electronic
device or service provided to persons enabling them to conduct Electronic
transactions. The best example of digital wallet is the online shopping. It is also
known As e-wallet. Nowadays people prefer online shopping as it is providing them
the benefits like it is Less time consuming for examples paytm, payUMoney, etc.

32. According to Gurme, Vijayashri Machindra (2019)

An E-wallet money is used in the various areas of the World business like and
Companies, Banks and Customers. The Banks have taken a better place In providing a
better bank transaction services and payment to the customers need .For customers are
dragged by the shopping facilities that is given by E-wallet and customers are
attracted because of convenience and speedy transaction.

55
 33. According to Sathish, M. Thangajesu, R. Sermakani, and G. Sudha.

12 may (2020)In the era of technology, the people are not away in using the newer
technologies. One of the most useful and innovative technologies is the introduction
of E-wallets payment system. This e-wallet eased payments for online shopping and
payment of utility bills.

34. According to DR.S.Manikandan may (2017)

In present world smart phones play an important role in the daily life of people. The
technological advancement has made smart phone as devices were the mobile users
can make money transaction or payment by using application installed in phone. The
present study aims to explain the application and usage of wallet money endorsed by
different companies and various factors that affect the consumer’s decision to adopt
mobile wallet and various risks and challenges faced by the users of mobile wallet.

35. According to T. Praiseye September (2018)

Mobile phones are used everywhere in this modern world. The technological
advancement has made everything possible under one touch. By using the
applications installed in the mobile phones the users can pay any bills and transact
their money to anyone at their convenience. Increase in use of mobile phones and
internet is the main reason for mobile wallet penetration. This study was carried out to
find out the factors that affects consumers preference towards mobile wallet.

36. According to Rathore, Hem Shweta. (2016)

In today-world, smart phone has become essential part of daily life. Due to
technology, mobile users can nowadays use their Smartphone’s to make money
transaction or payment by using applications installed in the phone. When smart
phones can function as leather wallets, it is called “Digital Wallet” or widely known
as “Mobile Wallet”.

37. According to Akhila Pai, H. (2018)

56
Government of India’s initiative such as ‘Digital India’ and increased use of mobile
and internet are the main reasons for the exponential growth in use of digital payment.
Even though the thought of digitalization raised long years ago, it took growth pace
recently. This is because of lack of awareness and knowledge among people, fear to
make online payment, security issues etc. The E-Payment system will be boosted only
when the awareness is created in the minds of the people. But in the current scenario,
India has seen a substantial increase in the number of digital wallets available and is
slowly moving towards a cashless economy.

38. According to Singh, Gurinder, Bhawna Kumar, and Ruchika Gupta.

(2018).

Digital wallets are gaining wide popularity across the globe as a means to make
payments, transfer funds and manage loyalty relation as well. It enables the consumer
the ease of “paying with your phone”. Despite the ease of use and several other
benefits and the availability of dozens of applications, The consumers are still
skeptical about its adoption. This consumer vacillation is evidenced by the Fact that
adoption of truly multi-channel “digital wallets” remains low.

39. According to Nair, Amal, Manisha Dahiya, and Naman Gupta. (2016).

Wallets have been used from Thousands of years to protect and carry personal items
of value. The earliest value wallets or Satchels were a piece of cloth tied with a piece
of string which enabled a range of items such as Coins to be carried out to market.
Humans have always been mobile and have needed a container To securely carry
personal items. People consume for both necessity and pleasure. Basic items Such as
food and clothing are purchased on a regular basis but people also buy goods which
are Only for enjoyment purpose.

40. According to University, K. L., et al. (2018).

The demonetization resulted in tremendous growth in digital Payments. With the

government initiative such as Digital India and increased use of mobile and Internet
are means to exponential growth in use of digital payment. This transformation
towards Digital payments benefits in more transparency in transactions which

57
empowers the country’s Economy. In recent days many changes took place in the
payment system like digital wallets, UPI And BHIM apps for smooth shift to digital
payments.

41. According to Singh, Gagandeep. (2019)

In the growing era of the digitization of the technology much of the People have using
the plastic money in the form of Debit Card, Credit Card and other cards Provided by
the numerous respective commercial banks. The banking industry had an array of
Payment products – Core banking Services, immediate payment service, net banking
and mobile Banking; but it is found that people needed an easier, simpler way to make
payments. So this gap Was filled by the digital wallets or e-wallets. This paper is
constructed to find out the adoption Behaviour and change in the daily payment or
transactions.

42. According to Ahuja & Joshi (2018)

They have studied about the customer perception concerning Mobile wallets. In this
study they examined that the factors exploration Technique is used to classify the
factors which influence customer opinion Towards Mobile wallets. The study has
been conducted about the different types Of mobile wallets in India. The data is
collected from both secondary data and Primary data.

43. According to Singh & Gupta (2016)

They have conducted a study to identify various factors Influence on the adoption of
mobile wallet payment among customers. They Considered the various variables for
the study are Convenience, Trust, Security, And Adaptability which have an impact
on the satisfaction of mobile wallet Usage. The study was conducted in the kurali city,
District of Punjab. Person’s Correlation Analysis was to investigate the relationship
between the different Basic variables of the study. The study findings show that
mobile wallets are Considered as the futures of cash.

44. According to Meuthia (2015)

58
The study has been investigated that empirically the Experiences of user’s satisfaction
on e-money adoption in Indonesia. In this Study the trust was considered as an
important factor for e-money adopt, and at The time of promotes the system quality
and participation. The data was Collected from 117 e-money respondents in
Indonesia. The result shows that Users satisfaction is determined. Based on system
quality and participation of users. The research proposed that Trust factors have high
level followed by others stimulants variables. The study Concluded that trust and
distrust were strongly influenced the level of user’s Satisfaction on e-money adoption
in Indonesia.

45. According to Doan (2014)

He conducted a study to understand consumer adoption on mobile Wallets in Finland

area. This research was designed in a quantitative method Using questionnaire which
was sent to potential respondents in Finland. The Study measures the market
condition of mobile wallets users. The study findings Reveal that the usage of mobile
wallet is only in the initial stage and respondents Are showing positive attitudes
towards usage of mobile wallets. Research Concluded that the trust factor reveals the
positive or negative impact on adoption Of user, depending on the user satisfaction
and user’s situation.

46. According to Dustin Odom Odom et al (2014)

In his comparative study of smartphone users Perception and preference towards

mobile payment methods in the US and Korea, as the smartphone adoption rate
increases, Smartphone users pay more Attention to mobile payment. There are several
options for mobile payment but There is no dominate method. Proximity mobile
payment is the newest form of Mobile payment. Security, cost, and convenience are
three main factors Smartphone users keep in mind when making a mobile payment.
The paper Investigated Smartphone users perceptions and preferences toward mobile
Payment methods in Korea and the USA. Smartphone users have a willingness To pay
more for a secure mobile payment transaction, even though Korean users Have more
experience in the mobile payment frequency. Among the three Factors, mobile
security is the factor of strongest influence on mobile payment frequency in both
countries.

59
 47. According to David Boldt et al (2011)

In his survey conducted on payment methods and Practices among college students,
the results of the survey that they developed Was to introduce students to these and
other changes in payment technologies. The survey can be used to encourage more
discussion when history of money, Types of money, or monetary aggregates are
introduced. Technological Innovations have changed the way we pay for goods and
services. While cash And cheques are still popular, the degree to which we use paper-
based payment Methods is steadily declining. Most notably, in the last few years we
have begun To rely heavily on electronic payment options including credit and debit
cards, Online bill payments, and e-money. Near field communication technology,
such As cell phones, appears to be the next big step big step in this rapidly changing
Filed.

48. According to Palaka et al. (2010)

Presented a model for peer to peer e-commerce transactions With decentralized

approach focusing on the reliability issues of centralized Payment systems offered by
Internet e-commerce websites such as e-bay and Amazon. They argued that a
centralized architecture though more secure, was Prone to disaster amidst a single
point of failure. It also posed problems of Bandwidth thereby limiting their scalability.

49. According to Cobb (2004)

According to him the value of electronic payment was way beyond The immediate
convenience and safety of cards, contributing to a great extent to The overall
economic development.

50. According to Lee et al. (2004)

In his study said that since digital money could trace double Spending, and double
spending protects content by exposing the double Spender’s identity, digital cash was
a fool proof way of guarding against illegal redistribution of intellectual property and
materials.

51. According to Humphery et al. (2001)

60
In his research concluded that the introduction and use Of electronic payment
instruments held the promise of broad benefit to both Business and consumers in the
form of reduced costs, greater convenience and More secure, reliable means of
payment and settlement for a potentially vast Range of goods and services offered
worldwide over the internet or other electronic networks.

52. According to Pushp P Patil, Yogesh K Dwivedi, Nripendra P Rana Delhi,

India, November (2017)

Digital payments (mainly enabled by mobile devices) have huge potential to change
lives of millions of people in developing countries by offering financial services to the
unbanked masses. Despite its potential digital payment methods have not been widely
and successfully adopted in the developing countries. In order to ascertain the various
drivers and inhibitors behind digital payment adoption, this study did a review of
research on digital and mobile payment adoption and use. Results of this literature
analysis revealed performance expectancy/perceived usefulness as most significant
determinant of consumer’s behavioral intention to use mobile payments followed by
perceived ease of use (PEOU). Perceived risk was found as major inhibitor to the
adoption of mobile payments. Also majority of studies employed TAM and its
extension to understand consumer adoption to mobile payment followed by UTAUT.

53. According to Gourab Ghosh International Journal of Creative Research

Thoughts (2021)

The advancement of information and communication technology opened the gate way
for modern methods of payments. The growth in smartphone and access to internet
made life easier for the people and which gave advent to digitalization. Digitalization
not only improved trade and commerce but it also made transaction of payment
smooth and fast. The entire paper is based on literature review of various authors
which talks about various methods of digital payments why they are being adopted,
how frequently it’s being used, what is the future of digital payment in the coming
years, etc. It is also a great way to make the Digital India initiative taken by the
government to make it a successful programme and make our country a cashless
economy. Post demonetization there has been and hike in digital payment which
opened the gate for multiple digital wallet to enter India and have a successful run in

61
the long run. The aim of the study is to see the reasons examined by differed authors
for adoption of digital payment by people.

54. According to Madhulika P Sarkar Global Journal of Enterprise

Information System (2019)

The purpose of the study is to review the existing literature on digital payment
system. The study attempts to access the progress made in terms of adoption of
Digital Payment System. And also discusses the factors which impact the attitude of
consumers for the adoption of digital payment system.

Design/Methodology/Approach: The paper reviews the literature on Digital payment

system. Both conceptual and empirical studies have been reviewed.

Findings: Digitization of the economy has become extremely important and

unavoidable to keep pace with the fast-growing cashless global economy. In
accordance with the other developed and developing nations, India is also trying to
shift its preference of payments from cash driven to cashless economy. In digital
payments system, consumers pay using instruments other than cash such as
Debit/Credit cards, Digital wallets, Net banking, and Mobile payment Applications
etc.

55. According to Wassan Abdullah Alkhowaiter International Journal of

Information Management 53, 102102, (2020)

The global spread and use of internet and mobile contributed to the development of
digital payments and baking. There is a lack of research which provides
comprehensive synthesis and analysis of factors affecting the use and adoption of
digital banking and payment methods in GCC countries. Thus, the aim of this paper is
to provide a comprehensive literature review and perform weight and meta-analysis.
By reviewing 46 studies, it was found that best predictors for digital payment and
banking adoption in GCC countries are trust, perceived security and perceived
usefulness. Based on the extensive literature review, the conceptual of factors
affecting adoption digital banking and payment methods in Gulf countries model was
proposed, which will set agenda for future research. Practitioners will be able to use

62
the findings from this study to improve adoption and quality of digital banking and
payment services.

56. Ida Claudia Panetta, Sabrina Leo, Andrea Delle Foglie Research in
International Business and Finance 64, 101855, (2023)

We seek to deepen and increase knowledge on the evolution of scholarship regarding

digital payments by highlighting the main interpretative strands in the literature and
the changes, if any, in research approaches. Using bibliometric and scientometric
measures, we explore research hotspots and developmental trends in digital payments
to identify influential aspects of published contributions and research streams. Our
sample consists of 723 articles published between 1985 and 2021 obtained from the
Web of Science.

63
 CHAPTER-3 RESEARCH METHODOLOGY

Research methodology is the specific procedures or techniques used to identify,

select, process, and analyze information about a topic. In a research paper, the
methodology section allows the reader to critically evaluate a study’s overall validity
and reliability

III.1 Objectives of Digital Payments

1. To achieve faceless, paperless, cashless status.

2. To understand how Digital payments work.

3. To reduce the cost of risk and handling cash.

4. To increase the ease of conducting transactions.

5. To eliminate the risk that cash maybe stolen or lost.

6. To make payment in faster modes through mobile phones.

7. To identify digital payments which are easy and convenient

one.

8. To gauge the extent of Operation of Digital payments while

dealing with online transaction.

9. To record everyday monetary transaction in one application

directly through smartphones.

10. To reduce the black money from India.

11. To explore various modes of digital payments transactions

that is offered by various financial institutions.

III.2 Objectives of Digital Payments amongst Older People

1. To make senior citizens aware about Digitalization and its systems.

64
2. To increase security as senior citizens (older people) are common
targets of small thefts or robberies.

3. To explain/Teach older people the process for using digital payments

and make them more digital

4. To study on usage of digital payments among older people.

5. To know whether the older people are adopting digital payment

system.

6. To know if older people in every house are able to make payments via
online applications.

7. To study the popular digital payment applications among senior

citizens and their attitude towards same.

8. To understand the acceptance and satisfaction level of digital payment

among older generation.

9. To analyse the various categories and potential uses of digital payment

mechanism among older people

65
 III.3 Hypothesis

The principal instrument in any research is the Hypothesis of the research. A

hypothesis is a proposed explanation for the research problem to be solved. The
integral part of a research project is the framing of the hypothesis. Hypothesis framed
has to be clear, precise and specific. Hypothesis framed should consider the objectives
of the research.

There are two types of hypothesis i.e. Null hypothesis and Alternative hypothesis.

The null hypothesis of a test always predicts No effect or no relation between

variables. While the alternative Hypothesis states that there is relation between the
variables.

Hypothesis 1:

H0: There is no significant usage of Digital payment among older people.

H1: There is Significant usage of Digital Payments among older people.

Hypothesis 2:

H0: There is no significant relation between Digital payment and Older People.

H1: There is Significant relation between Digital payment and Older people.

Hypothesis 3:

H0: There is no significant awareness about Digital Payments among Older people.

H1: There is Significant awareness about Digital payments among Older people.

66
 III.4 Scope of study

The study is focused on use of online payment methods among older people. It is
highly relevant topic in present scenario. Individual with e-payment Apps set up on
their mobile phones will present the phones to near field Communication enabled
readers on to complete transactions. This study Mainly emphasized on senior citizens,
their use, acceptance and satisfaction

III.5 Research Design

Research design is a blueprint of a scientific study. It includes research

methodologies, tools, and techniques to conduct the research. It helps to identify and
address the problem that may rise during the process of research and analysis. This
research will be descriptive in nature. Descriptive research refers to a systematic
process of observing and describing what a subject does without influencing them. I
have done the research including following Methods surveys, interviews, case studies,
and observations.

III.6 Limitations

There are certain limitations to every research as in research cannot cover all the
aspects of the Topic cannot be covered and because of certain uncontrollable factors
and variables limitations Arise in a study. Limitation of the study reduces the
accuracy of the research project. Here are Certain Limitations of this study:-

1. The study is limited to people residing in Mumbai region only.

2. The study is limited to older people in every house

3. Some of the respondents did not answer the questions

accurately with interest.

4. The sample size was small and constraint, the research would
have been accurate if the Sample size was more.

67
 5. For this research the scope of discussion was limited, the
research could have been in More depth.

III.7 Sample Design

Sampling design defines as the researcher has to make a careful selection of a few
elements from the population and then study them intensely and reach conclusion,
which can be safely applied to the population. The selection of sample is very
important task. The researcher should determine the size of sample, the method of
sampling, the test of sample.

 Population

The study is based on usage of Digital payments amongst older people In every house
of in Mumbai region.

 Sample size

Sample size is the measure of the number of individual samples used in an

experiment. The survey was conducted with 108 respondents.

 Sampling unit

A sampling unit is one of the units selected for the purpose of sampling. Here,
sampling unit is the older people in house of Mumbai region.

68
 III.8 Sources of Data

Data for the study was collected from primary as well as secondary sources.

 Primary Sources of Data Collection

For this research primary source of data collection was done by survey method. The
survey was Conducted through Structured Questionnaire which was asked to the
respondents. The Questionnaire was prepared keeping in mind the objectives of the
study and also the hypothesis Of the study. The questions asked to the respondents
were close ended so that the respondents Could answer quickly without any problem.
The questionnaire was prepared with the help of Google forms. The questionnaire was
divided in to 2 main parts i.e. the age, gender and other details of the Respondents and
the questions relating to the topic.

 Secondary sources of Data Collections

Secondary sources of data means the data that is already available on various
platforms. Secondary data can be obtained by various publications by the central or
the state government or By any organizations, journals, books,, magazines, and even
newspapers, reports published by Various organizations, schools, universities etc.
This type of data collection is used to gain more knowledge of the topic of our
research by Collecting articled by authors who have previously researched on the
topic that we have selected. In this study secondary data was collected through
various websites, online journals, which Helped in completing the review of literature.
Secondary source of data collection was useful to Understand the research topic more
accurately.

69
 III.9 Method of Data collection

 Accurate and systematic data collection is critical to conducting scientific

research.

 Data collection allows us to collect information that we want to collect about

our study participants.

 Depending on research type, methods for data collection include documents

review, observation, questioning, measuring, or a combination of different
methods.

 Here, I have selected questionnaire method to collect data.

 Questionnaire is a research instrument consisting of a series of questions and

other prompts for the purpose of gathering information from respondents.

Steps require to design and administer a questionnaire

1. DEFINING THE OBJECTIVES OF STUDY

A Questionnaire should allow us to collect the most complete And accurate data in a
logical flow. This is done in order to reach reliable conclusions from What we are
planning to observe. A well-designed questionnaire should meet the research goal and
objectives and minimize unanswered questions—a common Problem bound to many
surveys.

2. DEFINE THE TARGET RESPONDENTS AND METHOD TO REACH

THEM.

The researcher should clearly define the target, study populations from which she/ he
collects data and information. Main methods of reaching the respondents are: personal
contact, interview, mail/Internet-based questionnaires, telephone interview.

3. WRITING THE QUESTIONNAIRE

70
Before writing the questionnaire researcher should decide on the Questionnaire
content. Each question should contribute to testing one or more Hypothesis/ research
question established in the research design. Questions could be:

 Open format questions that are without a predetermined set of Responses.

 Closed format questions that take the form of a multiple-choice Question.

Following points to be considered while writing a Questionnaire:

 Clarity: question has the same meaning for all the respondents

 Phrasing: short and simple sentences, only one piece of Information at a time,
avoid negatives if possible, ask precise Questions, in line with respondent
level of knowledge.

 Sensitive question: avoid questions that could be Embarrassing to

respondents.

 Hypothetical questions should be avoided if possible

4. QUESTIONNAIRE PILOT TESTING

 The major challenge in questionnaire design is to make it clear to all

respondents.

 In order to identify and solve the confusing points, we need To pre-test the
questionnaire.

 During the pilot trial the questionnaire participants should be Randomly

selected from the study population.

5. QUESTIONNAIRE ADMINISTRATION

6. RESULT INTERPRETATION

71
 CHAPTER – 4 DATA ANALYSIS AND INTERPRETATION

4.1 Introduction

Analysis is a crucial aspect of research. Analysis is a form of description of data

Gathered in a systematic and scientific way. Statistical analysis acts as a quantitative
Link for communication of results. This chapter reflects the research approach of Data
collection for the present study. The data was processed and analysed with the Help of
MS- Word. Description of data is done on the basis of each variable being Studied for
the entire sample. The table depicts the number/ percentage of Respondents’ views on
each variable.

Following questions were asked to the people in Mumbai Region and their responses
Have been recorded in the form of percentages and table below. Total 108 responses
Have been collected to know the usage of Digital Payments amongst older people in
Mumbai Region. The Objectives and short explanation has also been stated.

72
4.2 Analysis and Interpretation of Data

Q1 Age

Particulars Frequency Percentage

18 – 30 years old 102 94.4%

30 – 45 years old 4 3.7%

45 – 60 years old 2 1.85%

60 and above - -

Source: Primary

73
INTERPRETATION

As we analyse the above percentage, at age 18 to 30 years old has highest percentage
of 94.4% with a frequency 102. Next we have at 3.7% the 30-45 years old with
frequency of 4. At 45-60 years old has lowest percentage of 1.85% with frequency of
just 2 and there is no respondents at 60 years old. Mostly all the questions are formed
considering older people so the all the respondents have answer on behalf of Older
People they know or living with them.

Q2. Gender

Particulars Frequency Percentage

Male 42 38.9%

Female 66 61.1%

Other - -

74
 Source: Primary

INTERPRETATION

The above table shows the number of males and females who have been part of this
Survey and responded. This helps us understand the number of people who are
females Who filled up the survey and the number of males who filled up the survey.
As we Analyse the above table, we understand that the female frequency who have
responded To this survey is higher than the males. Female frequency is 66 and males
are at 42. If We see the percentage, 61.1% of the total people who filled this survey
are females leaving 37% males to answer the survey

Q3.Yearly Income

Particulars Frequency Percentage

Below Rs.1 lakh 54 50%

Rs.1 lakh – Rs.3 lakhs 32 29.6%

75
 Rs.3 lakhs – Rs.5 lakhs 9 8.3%

Above 5 lakhs 5 4.62%

Other 8 7.40%

Source: Primary

INTERPRETATION

There were total 108 responses out of 50% of people have yearly income below Rs.1
lakh with a frequency of 54. Whereas 29.6% and 8.3% of people have yearly income
between Rs.1 lakh to Rs.3 lakhs with frequency 32 and Rs.3 lakhs to Rs.5 lakhs with a
frequency of 9 respectively. There were 4.62% of people having annual income
above 5 lakhs having frequency as 5. People having no income or students were 8
with a 7.40%.

Q4. Are you aware of Digital payment system?

76
 Source: Primary

Particulars Frequency Percentage

Yes 92 85.2%

No 11 10.2%

Maybe 5 4.8%

INTERPRETATION

The above analysis for the awareness of digital payment system. Out of 108
respondents 85.2% of respondents having frequency as 92 have chosen the yes option
which indicates that they are aware of Digital Payments system and 10.2% of people
with a frequency of 11 have chosen the no option which means they are not familiar
to Digital payment system. Remaining 5 people with a percentage of 4.8 have chosen
maybe option which means that they are still not sure if they are aware of not.

Q5. Are older people in your house aware of Digital Payment System?

77
 Source: Primary

Particulars Frequency Percentage

Yes 77 71.3%

No 19 17.6%

Maybe 12 11.1%

INTERPRETATION

According to above pie chart 71.3% of respondents selected the yes option for with a
highest frequency of 77 while 17.6% respondents have selected No option with a
frequency of 19. And remaining 11.1% respondents are not sure about their answer
for the awareness of Digital Payment System among older people.

78
Q6. They are able to use Digital Payment System conveniently.

Particulars Frequency Percentage

Strongly agree 20 18.5%

Agree 42 38.9%

Neutral 27 25%

Disagree 9 8.3%

Strongly Disagree 8 7.4%

Other 2 1.85%

Source: Primary

79
IINTERPRETATION

From the above pie chart we could understand whether the older people are able to
use Digital Payments system conveniently. 18.5% with a frequency of 20 and 38.9%
with a frequency of 42 have selected strongly agree and agree option. While 25% of
people have selected neutral with a frequency of 27. Disagree and strongly Disagree is
selected by 8.3% and 7.4% with a frequency of 9 and 8. 2 people of 1.85%haven’t
selected any option from this so they are classified under other option.

Q7. Do older people in your house are aware about the benefits of Digital payment
system?

Particulars Frequency Percentage

Yes 75 69.4%

No 17 15.7%

80
 Maybe 16 14.8%

Source: Primary

INTERPRETATION

Above data analysis states awareness about the benefits of Digital payment among
older people out of 108 responses 69.4% respondents with a frequency of 75 selected
yes option while 15.7% respondents with frequency of 17 selected no option. And
14.8% with a frequency of 16 selected maybe option indicating that they might or
might not know about the benefits.

81
Q8. If yes then what are the benefits according to them:

Source: Primary

Particulars Frequency Percentage

To become cashless 53 49.1%

Reduce risk of theft or 45 41.7%

lost money

Convenient and easier 48 44.4%

to use

Less time taken 42 38.9%

Other 16 14.8%

INTERPRETATION

82
Out of total benefits according to 49.1% (frequency of 53) is to become cashless and
according to 41.7%(frequency of 45) respondents is to reduce risk of theft or lost money.
44.4% (frequency of 48) people thinks that it is convenient and use whereas benefit of less
time taken is selected by 38.9%(frequency of 42) respondents. According to 14.8%
(frequency of 16) of people benefits are different than stated here.

Q9. Do older people knows how to make different payment through online mode?

Source: Primary

Particulars Frequency Percentage

Yes 44 40.7%

No 36 33.3%

Maybe 28 25.9%

INTERPRETATION

83
The above data is about whether the older people knows how to make different
payment through online mode. There were three options to select yes, no, maybe
frequency of 44 and 36 people have selected yes and no option respectively. While
frequency of 28 people have selected maybe option.
If we see in percentage terms 40.7% , 33.3% , 25.9% have selected years, no, maybe
respectively.

Q10. People face difficulties of internet connectivity while making online payment.

Particulars Frequency Percentage

Strongly agree 30 27.8%

Agree 42 38.9%

Neutral 31 28.7%

84
 Disagree 5 4.6%

Strongly Disagree - -

Source: Primary

INTERPRETATION

According to above pie chart 27.8% With a frequency of 30 are strong agreeing that
people face difficulties of internet connectivity while making online payment. While
38.9% having frequency 42 are only agreeing to this. 28.7% having frequency 31 are
neutral. Whereas 4.6% having frequency of 5 are Disagreeing to the statement.

85
Q11. Digital Payment System is a good alternative method to traditional method.

Source: Primary

Particulars Frequency Percentage

Strongly agree 34 31.5%

Agree 47 43.5%

Neutral 23 21.3%

Disagree 4 3.7%

Strongly Disagree - -

86
INTERPRETATION

According to above data out of 108; 34 people says that Digital Payments is a good
alternative to traditional payment method They are 31.5% of respondents.while43.5%
and 3.7% with a frequency of 47 and 4 are agreeing and Disagreeing with above
statement. While 23 people with 21.3% are neutral with the statement.

Q12. Digital payment reduce the risk of theft or lost money.

Source: Primary

Particulars Frequency Percentage

Strongly agree 37 34.3%

Agree 43 39.8%

Neutral 24 22.2%

Disagree 4 3.7%
87
 Strongly Disagree - -

INTERPRETATION

According to above data interpretation about whether digital payments system reduce
the risk of theft or lost money. Out of 108 responses frequency of 37 with 34.3% are
strongly agreeing where frequency of 43 with 39.8% are agreeing, frequency of 24
with 22.2% are neutral with the statement whereas frequency of 4 with 3.7% are
Disagreeing with the statement. And Zero people are strongly Disagreeing with the
statement

Q13. Digital Payment System are convenient and easier to use.

Particulars Frequency Percentage

Strongly agree 38 35.2%

88
 Agree 56 51.9%

Neutral 13 12%

Disagree 1 0.9%

Strongly Disagree - -

Source: Primary

INTERPRETATION

From the above, we could understand that highest frequency 56 with 51.9% are
agreeing and frequency of 38 with 35.2% are strongly agreeing whereas frequency of
1 with 0.9% are Disagreeing with the statement that digital payments system are
convenient and easier to use. Frequency of 13 with 12% are neutral about this
whereas zero people are strongly Disagreeing.

Q14. Digital Payment System helped us to record daily transaction in one app.

89
 Particulars Frequency Percentage

Strongly agree 45 41.7%

Agree 50 46.3%

Neutral 10 9.3%

Disagree 2 2%

Strongly Disagree 1 0.7%

Source: Primary

INTERPRETATION

From above, we could see that frequency of 50 with 46.3% agree that digital
payments system has helped us to record daily transaction in one app. whereas 45
response with 41.7% are strongly agreeing and 9.3% having 10 as frequency are
neutral for it. While frequency of 2 with 2% are Disagreeing and frequency of 1 with
0.7% are strongly Disagreeing with the statement.

Q15. Do you think Digital Payment System has been successful?

90
 Source: Primary

Particulars Frequency Percentage

Yes 91 84.3%

No 5 4.6%

Maybe 12 11.1%

INTERPRETATION

According to above data frequency of 91 having 84.3% have selected yes while
frequency of 5 having frequency of 4.6% have selected no option. And frequency of
12 having 11.1% are not sure whether the digital payment system has been successful.

CHAPTER – 5 CONCLUSION AND SS SUGGESTION

5.1 Conclusion

Internet banking and mobile banking are the most convenient ways for senior citizens
to perform banking transactions. The banks take many precautionary measures to
avoid such fraudulent activities by providing multi-factor authentication and data
encryption, making it mandatory to change your net banking password after every
three to six months, and so on. Furthermore, the Reserve Bank of India (RBI) has
stated that for any unauthorised or fraudulent transaction, you can get a full refund if

91
you inform the bank immediately. However, the process can be tedious and time-
consuming. Hence, as discussed above, it is an equal responsibility of the customers
to take necessary precautions at their end.

Digital Payment System has become the very important aspect in each individual life
from a teenager to adult to senior citizens. Each and every individual in today’s world
uses Digital payment system or at least 1 person in every house uses Digital payment
system.

This research paper started by focusing on the Introduction under which meaning of
Digital payment or online payment system is explained. How digital payment in India
Came, adoption of digital payment by older people mostly after COVID 19 effect,
how online payments came into existence this all is explained in this research paper.
This research paper also focuses on different types of Digital payment system such as
digital wallet, internet banking, BHIM, UPI, electronic banking, mobile banking, and
different online applications like Google pay, Amazon pay, Paytm, Phonepe etc. Total
56 reviews has been written to understand this concept in more depth. Afterwards
objectives of Digital payment system has been written and also objectives specifically
for older people has also been written. The main objective is to understand the usage
of digital payment among older people and to become cashless society.

An online survey was conducted through questionnaire method which received 108
responses in total. Some of the respondents did not answered the questions accurately
which Proved to be the limitation of the study. From the survey conducted it can be
seen that Many older people are adopting cashless mode of payment as it has its own
pros like it: reduces time and is convenient to use as well as various online payment
apps offers Various cashback offers and discounts as well for encouraging people to
use digital mode Of payment. A individual can track all their expenses with online
payment. With the increase in the usage of smartphones the world has come closer
and with a Single touch any payment can be done. In our study it can be seen that the
individual, older people or the respondents are satisfied with the use of Digital
payment system for making various payments and that online modes of payments are
increasing day by day with the increase in Various technologies which facilitate the

92
entire process of a transaction. The government of India is taking efforts to encourage
the people of India to use digital modes of payment.

5.2 Testing Hypothesis

Hypothesis testing is a systematic procedure for deciding whether the results of a

research study support a particular theory which applies to a population.

Hypothesis 1:

H0: There is no significant usage of Digital payment among Older people.

H1: There is Significant usage of Digital payment among Older people.

From the above data analysis, we could infer that-

HYPOTHESIS Results

H0: There is no significant usage of Digital

Reject
Payments among Older People.

H1: There is Significant usage of Digital

Accept
Payments among Older people.

Hypothesis 2:

H0: There is no significant relation between Digital Payments and Older people.

H1: There is Significant relation between Digital Payments and Older people.

HYPOTHESIS RESULTS

H0: There is no significant relation between

Reject
Digital payments and Older people .

93
 H1: There is Significant relation between
Accept
Digital payments and Older people.

From the above data analysis, we could infer that-

Hypothesis 3:

H0: There is no significant awareness about Digital Payments among Older people.

H1: There is Significant awareness about Digital payments among older people.

From the above data analysis, we could infer that-

HYPOTHESIS RESULTS

H0: There is no significant awareness about

Reject
Digital payments among Older people.

H1: There is Significant awareness about

Accept
Digital payments among older people.

94
5.3 Suggestions

Suggestions to Government

1. Many respondents felt that the hindrance in adopting online payment system is
the digital and technological illiteracy among the Older people of India, so to
overcome this problem government need to take initiatives in educating the
older people about the same.

2. As majority of the crowd in our country belong to the rural areas it is very
important to educate the people about Digital payment and cashless
transactions.

3. Many Older people felt that cashless mode of transactions in India is not safe
so the government should make electronic payments infrastructure completely
safe and secure.

4. To increase more digital payments the government should bring transparency

and efficiency in the transactions

5. The government should conduct a financial literacy campaign to educate the

population about the digital modes of payment.

6. Government should make the infrastructure capable and secure so that there
are minimum fraud and thefts.

7. On digital payments it is also essential to educate older people around digital

Payment safety.

Suggestions

1. Digital Payments have to put more effort on making their system even more
attractive by making it more trustworthy to users.

2. They should introduce features like premium offers and discounts so the more
people will be attracted to Digital Payments.
95
 3. India supports digital marketing and this is to spread usage of Digital
Payments among shopkeepers so that people can use mobile banking
anywhere and they Wouldn’t need to carry physical money with them.

4. Inorder to make the transactions more safe, fast and flexible the Connection of
banks with these systems need to be improved a lot.

5. After the birth of Google pay everybody has shifting to Google pay as they
have more features, offers and rewards than the other Digital applications
mentioned and therefore they have to improve their features inorder to become
a successful.

Suggestions to older people

1. Older people should learn the different types of Digital payment system.

2. They need to learn different features under digital Payment System.

3. Older people should be aware of fraud taken under digital Payment System.

4. Older people should educate themselves about Digital Payment safety.

5. Older people should enable two factors authentication to secure their personal
information.

6. Older people needs to create strong password.

7. They should never share their passwords to anyone except the person they
trust.

8. Older people should avoid using public computers or Wi-Fi.

96
 BIBLIOGRAPHY/ WEBLIOGRAPHY

1. W schropfer, D., n.d. The smart phone Wallet: Understanding the Disruption
ahead.

2. Darren Davis, J., n.d. Near field communication: The digital wallet eBook.

3. Hamid, N. R. and Cheng, A. W. 2013. A risk perception analysis on the use of

electronic payment systems by young adult. WSEAS Transactions on
Information Science and Application, 1 (10); 26-33.

4. Roy, S. 2014. Determinants of customers’ Acceptance of Electronic payment

system in Indian banking sector. Scientific & Engineering Research, 5 (1):6.

5. Solomon. 2012. Perception and Attitude towards e – Payment System Among

University Students. Techno Learn: An International Journal of Educational
Technology, 2: 7-17.

6. Manoharan B (2007), “Indian e-Payment System and Its performance” ,

Professional Banker, Vol. 7, No. 3, pp. 61-69.

7. Hsiao-Cheng Y., Kuo-Hua H., & Pei-jen K. (2002). Electronic payment

systems: An Analysis And Comparison of Types. Technology in Society 24,
331-347.

8. Kaur, Puneet, et al (2020) why people use and recommend mobile.

9. Wallet volume 56, September 2020.

10. Ghosh Gourab (2021) Adoption of Digital payment system by consumer issue
2 February 2021.

11. Vinitha, K.,and S. Vasantha “ Usage of E payment and customer satisfaction

“executive editor 9.3(2018): 130

12. Pillai, Sruthy S, G. Sandhya and G. Rejikumar. “ Acceptance of mobile

payment and UPI technology . Indian context. “International journal of
barriers forecasting and marketing intelligence 5.3(2019): 371 – 384.

97
13. Maindola., pallavi, neetusinghal., And Akash D. Dubey “ sentiment analysis
of digital Wallets and UPI System in India post demonization using IBM
Waston “2018 international conference on computer communication and
informatics”. (ICCCI). IEEE, 2018

14. Mamta, Prof. Hariom Tyagi and Dr. Abhishek Shukla — “ The study of
electronic payment systems”. International journal of Advanced Research in
computer science and software Engineering, 2016.

15. Vidya shree DV, Yamuna N and Nitua Shree G “ A study of new dynamics in
Digital Payment System with reference to Paytm and payUMoney”,
International journal of applied research 2015, 1(10): 1002-1005.

16. Ashike, H. (2011), “cashless economy can reduce risk of carrying huge cash”,
[online] available: https://www.businessdayonline.com/.../22217

17. https://www.amazon.in

18. https://www.india-briefing.com

19. Cashlessindia.gov.in

20. https://shodganga.inflibnet.in

21. https://en.wikipedia.org/wiki/Google pay

22. https://en.m.wikipedia.org/wiki/Digital wallet

23. https://www.researchgate.net/

24. https://www.academia.edu/

25. https://www.researchgate.net/publication/
336835369_An_Overview_On_Digital_Payments

98
26. https://www.betterthancash.org/define-digital-payments#:~:text=A%20digital
%20payment%2C%20sometimes%20called,for%20the%20Worldwide
%20Interbank%20Financial

27. https://www.researchgate.net/publication/
349212193_Adoption_of_Digital_Payment_System_by_Consumer_A_review
_of_Literature

28. https://www.thehindubusinessline.com/money-and-banking/80-of-older-
consumers-to-adopt-digital-payment-in-next-6-months-study/
article31557000.ece

29. https://www.researchgate.net/publication/
351391107_STUDY_ON_USE_OF_DIGITAL_PAYMENT_APPLICATION
S_FOR_E-COMMERCE_AMONG_YOUTH’

30. https://www.meity.gov.in/modes-digital-payment

31. https://razorpay.com/learn/digital-payments-india-definition-methods-
importance/

32. https://www.seniority.in/blog/top-10-benefits-of-digital-payments-why-
seniors-must-go-cashless/#:~:text=Right%20from%20debit%20cards
%20and,falling%20short%20of%20liquid%20cash

99
 ANNEXURE
Questionnaire for A study on usage of Digital Payments amongst Older People in
Mumbai region.
This research is done for pure academic purpose only. Data filled in this questionnaire
will not be disclosed to anyone.

Name

E-mail

1. Age
 18 – 30
 30 – 45
 45 – 60
 60 and above

2. Gender
 Male
 Female
 Other

3. Yearly Income
 Below Rs.1 lakh
 Rs.1 lakh – Rs.3 lakhs
 Rs.3 lakhs – Rs.5 lakhs
 Above 5 lakhs
 Other

4. Are you aware of Digital Payment System?

 Yes
 No
 Maybe

5. Are older people in your house aware of Digital Payment System?

 Yes
 No
 Maybe
100
6. They are able to use Digital Payment System conveniently.
 Strongly agree
 Agree
 Neutral
 Disagree
 Strongly Disagree

7. Do older people in your house are aware about the benefits of Digital Payment
System?
 Yes
 No
 Maybe

8. If yes then what are the benefits according to them:

 To become cashless
 Reduce the risk of theft and lost money
 Convenient and easier to use
 Less time taken
 Other

9. Do older people knows how to make different payment through online mode?
 Yes
 No
 Maybe

10. People face difficulties of internet connectivity while making online payment.
 Strongly agree
 Agree
 Neutral
 Disagree
 Strongly Disagree

11. Digital Payments System is a good alternative to traditional payment method.

 Strongly agree
 Agree
 Neutral
 Disagree
 Strongly Disagree

101
12. Digital Payment reduce the risk of theft or lost money.
 Strongly agree
 Agree
 Neutral
 Disagree
 Strongly Disagree

13. Digital Payment System are convenient and easier to use.

 Strongly agree
 Agree
 Neutral
 Disagree
 Strongly Disagree

14. Digital Payment System helped us to record daily transaction in one app.
 Strongly agree
 Agree
 Neutral
 Disagree
 Strongly Disagree

15. Do you think Digital Payment System has been successful?

 Yes
 No
 Maybe

102