An Analysis of Consumer Preferences and Usage Patterns of Digital Payment Apps

Abstract

The proliferation of mobile payment apps, also known as digital payment apps, has revolutionized transactions and payments. These apps provide a convenient and efficient means for users to conduct financial transactions without the need for physical currency. In recent years, the adoption of cashless payment apps has witnessed significant growth, driven by factors such as technological advancements, government initiatives, and changing consumer preferences. These apps, including Google Pay, PhonePe, and Paytm, offer convenient ways to transfer money. As India embraces the “Digital India” vision, the adoption of digital payment systems has surged, especially after demonetization. The government’s initiatives, such as UPI (United Payment Interface) and BHIM, have further accelerated this trend. Today, there are a significantly higher number of users of online payment applications than ever before, and more local merchants are accepting various forms of payment. Customers are generally delighted with and benefit from payment applications. In this study, we explore customer usage patterns and satisfaction with payment apps. Data were gathered from primary sources utilizing a sample size of 50 customers for this study, which was conducted using a descriptive research design technique. Using the chi-square test the data are examined and evaluated.