Volume 6, Issue 6 (June, 2017)
UGC APPROVED
Online ISSN-2277-1166
Published by: Abhinav Publication
Abhinav National Monthly Refereed Journal of Research in Commerce & Management
DEMONETIZATION AND ITS IMPACT ON ADOPTION OF DIGITAL PAYMENT: OPPORTUNITIES, ISSUES AND CHALLENGES Piyush Kumar1 Research Scholar (Ph. D.), Department Of Management Uttaranchal University, Dehradun, Uttarakhand, India Email:
[email protected] Dr. Dhani Shanker Chaubey2 Dean Research & Studies, Department Of Management, Uttaranchal University, Dehradun, Uttarakhand, India Email:
[email protected] ABSTRACT The digital payment changed the buying behavior of Indian society. It prevents black money market. It helps the government to maintain a record of all transaction. Digital Payment Habit has changed after demonetization. People have no other option for transaction so Indian society move slowly from cash to digital transaction system. On the earlier, when digital payment introduce people hesitate to change their transaction habits but after demonetization, they force to do their transaction with digital payment. This research is an encomium on the charisma of digital payment analysis after demonetization and its, its usability and affordability while they are affecting its preference of country. The way consumer perceives digital transaction after demonetization, it affects a lot in the society, of Indian culture.
Keywords: Demonetization, Transaction, Behavior, Affordability, Society INTRODUCTION The Digital Nation is flagship programme of the government of India with a vision to rework India into a digitally authorized society and data economy. “Faceless, Paperless, Cashless” is one among professed role of Digital India. Payments square measure created victimization payment instruments. Cash, let us say, may be a payment instrument. Therefore too square measure checks. However, digital payments do not seem to be one instrument however rather associate degree umbrella term applied to a spread of various instruments employed in alternative ways. During this section, we offer some parameters for making this definition. Since there is nobody commonplace definition of a digital or e-payment, you must decide on a transparent and implementable definition at the beginning of any measure exercise. The topic matter is advanced, however there square measure two key dimensions of categorization that square measure most important: Neither term includes a commonplace definition; however, each square measure typically accustomed mean identical thing—transfers valuable that square measure initiated and/or received victimization electronic devices and channels to transmit the directions. Thus during this manual they are interchangeable. Note that digitizing is usually applied to processes except payments: Thus, a government might change its method of accounting; however still build payments by paper (check or cash). For additional on e-payments, Narrow choice- ‘Paper’ vs ‘non-paper’: Instruments that have faith in a paper-basis for authorization, reminiscent of checks, Available online on www.abhinavjournal.com
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Abhinav National Monthly Refereed Journal of Research In Commerce & Management traveler’s checks, and cash orders, square measure thought to be ‘non-digital’ and every one different instruments square measure thought to be ‘digital’. BROAD ALTERNATIVE - ‘CASH’ VS ‘NON-CASH’ Each instrument except money is thought to be ‘non-cash’ and thus digital, since every typically takes a digital kind at some stage within the transfer valuable. In reality, there is a spectrum between pure digital and pure physical in however most instruments except money square measure transacted over the full dealings cycle. The selection of that definitional choice to apply can depend upon the aim. Let’s say, if you're mensuration to spotlight the necessity to transition off from existing payment instruments thanks to, let's say, cost, then you'll build a case for that specialize in the broader definition (non-paper instruments). However, if you wish to spotlight the potential of payment flows to be digitized, you'll think about checks the maximum amount nearer to digital than money, thus together with them with ‘non-cash’ within the slim definition. In associate degree increasing numbers of states, paper checks square measure truncated into associate degree digital message on deposit, associate degreed since they need the money dealer to own an account, and are traceable, they're less like take advantage these attributes and additional like account-based digital choices. Note, however, that technology is difficult the boundaries of all instrument-based definitions—for example, countries like Canada square measure considering the introduction of digital money, wherever digital monetary system is transferred directly from money dealer to recipient in a very payment dealings, and wherever paper and golden currency can become obsolete. Thus ‘cash’ dealings might be ‘digital.’ The other definitional dimension to clarify is that of the payment parties, if any, use electronic interfaces. once each the money dealer and also the recipient use electronic means that to initiate and receive payments, the image is clear—this are often thought of ‘pure electronic’. However, there different payer-payee situations which can have an effect on wherever the borderline is drawn for electronic The nature of the payment instrument: Through that, means—paper or digital—are the directions carried. The money dealer-payee interface: whether or not the payer, payee, or each use associate degree electronic medium in a very payment dealings. As a part of promoting cashless transactions and changing India into less-cash society, numerous modes of digital payments are accessible. BANKING CARDS Banking cards provide customers a lot of security, convenience, and management than the other payment methodology. The large choice of cards accessible – as well as credit, debit and pre-paid cards offers huge flexibility, as well. These cards give a pair of issue authentication for secure payments e.g secure PIN and OTP. RuPay, Visa, MasterCard are a number of the instance of card payment systems. Payment cards provide individuals the facility to buy things in stores, on the net, through mail-order catalogues and over the phone. They save each customers and merchants’ time and cash, and therefore change them for easy group action. UNSTRUCTURED SUPPLEMENTARY SERVICE KNOWLEDGE (USSD) The innovative payment service *99# works on Unstructured Supplementary Service knowledge (USSD) channel. A service permits mobile banking transactions mistreatment basic feature itinerant, there ought not to have mobile web knowledge facility for mistreatment USSD based mostly mobile banking. It is unreal to supply monetary deepening and inclusion of under banked society within the thought banking services. *99# service has been launched to require the banking services to each mortal across the country. Banking customers will avail this service by dialing *99#, a “Common range across all telecommunication Service suppliers (TSPs)” on their itinerant associate degreed interact through an interactive menu displayed on the mobile screen. Key services offered beneath *99# service embody, interbank account to account fund transfer, balance enquiry, mini statement besides host of different services. *99# service is presently offered by fifty one leading banks & all GSM service suppliers and might be accessed in twelve completely different languages together with VOL. 6, ISSUE 6 (June, 2017)
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Abhinav National Monthly Refereed Journal of Research In Commerce & Management Hindi & English as on thirty.11.2016 (Source: NPCI). *99# service may be a distinctive practical direct to client service that brings along the various system partners cherish Banks & TSPs (Telecom Service Providers). AADHAAR ENABLED PAYMENT SYSTEM (AEPS) AEPS is a bank led model, which allows online interoperable financial transaction at PoS (Point of Sale / Micro ATM) through the Business Correspondent (BC)/Bank Mitra of any bank using the Aadhaar authentication. UNIFIED PAYMENTS INTERFACE (UPI) Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request, which can be scheduled and paid as per requirement and convenience. Each Bank provides its own UPI App for Android, Windows and iOS mobile platform(s). MOBILE WALLETS A mobile wallet is a way to carry cash in digital format. You can link your credit card or debit card information in mobile device to mobile wallet application or you can transfer money online to mobile wallet. Instead of using your physical plastic card to make purchases, you can pay with your smartphone, tablet, or smart watch. An individual's account is required to be linked to the digital wallet to load money in it. 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. POINT OF SALE POS A point of sale (POS) is the place where sales was made. On a macro level, PoS may be a mall, a market or a city. On a micro level, retailers consider a POS to be the area where a customer completes a transaction, such as a checkout counter. It is also known as a point of purchase. INTERNET BANKING 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. Real Time Gross Settlement (RTGS) RTGS is outlined because the continuous (real-time) settlement of funds transfers {individually/separately/singly/severally/one by one/on AN individual basis} on an order-by-order basis (without netting). 'Real Time' means that the process of directions at the time they are received instead of later; 'Gross Settlement' means that the settlement of funds transfer directions happens {individually/separately/singly/severally/one by one/on AN individual basis} (on an instruction-byinstruction basis). Considering that the funds settlement takes place within the books of the banking company of Asian country, the payments are final and irrevocable. The RTGS system is primarily meant for giant worth transactions. The minimum quantity to be remitted through RTGS is a pair of 100000. There’s no higher ceiling for RTGS transactions. The RTGS service for customer's transactions is obtainable to banks from nine.00 hours to sixteen.30 hours on weekdays and from nine.00 hours to 14:00 hours on Saturdays for settlement at the tally finish. However, the timings that the banks follow might vary looking on the client timings of the bank branches. ELECTRONIC CLEARING SYSTEM (ECS) ECS is an alternate technique for effecting payment transactions in respect of the utility-bill-payments love phone bills, electricity bills, insurance premium , card payments and loan repayments, etc., which VOL. 6, ISSUE 6 (June, 2017)
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Abhinav National Monthly Refereed Journal of Research In Commerce & Management might obviate the requirement for issuance and handling paper instruments and thereby facilitate improved client service by banks / corporations / firms / government departments, etc., collection / receiving the payments. IMMEDIATE PAYMENT SERVICE (IMPS) IMPS offer an immediate, 24X7, interbank electronic fund transfer service through mobile phones. IMPS is AN emphatic tool to transfer cash instantly among banks across Asian country through mobile, net and ATM that isn't solely safe however conjointly economical each in money and nonfinancial views. OBJECTIVES OF IMPS To alter bank customers to use mobile instruments as a channel for accessing their banks accounts and remit funds. Making payment less complicated simply with the mobile range of the beneficiary. 1. To serve the goal of banking company of Asian country (RBI) in electrification of retail payments. 2. To facilitate mobile payment systems already introduced in {India/Republic of Asian country/Bharat/Asian country/ Asian nation} with the banking company of India Mobile Payment pointers 2008 to be inter-operable across banks and mobile operators in an exceedingly safe and secured manner 3. To build the muse for a full vary of mobile primarily based Banking services. 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 Bank provides its own mobile banking App for Android, Windows and iOS mobile platform(s). MICRO ATM Micro ATM meant to be a tool that's employed by 1,000,000 Business Correspondents (BC) to deliver basic banking services. The platform can alter Business Correspondents (who might be an area kirana search owner and can act as ‘micro ATM’) to conduct instant transactions. The small platform can alter perform through low price devices (micro ATMs) which will be connected to banks across the country. this may alter someone to instantly deposit or withdraw funds no matter the bank related to a selected B.C.. This device are going to be supported a itinerant affiliation and would be created on the market at each B.C.. Customers would simply need to get their identity etch and withdraw or place cash into their bank accounts. This cash can return from the money drawer of the B.C.. Basically, BCs can act as bank for clients/ the purchasers/the shoppers} and every one they have to try and do is verify the genuineness of customer victimization customers’ UID. The fundamental group action sorts to be supported by small ATM, area unit Deposit, Withdrawal, Fund transfer and Balance enquiry. OBJECTIVE OF THIS PAPER 1. To know the importance of digital payment after Demonetization as perceived by the people of India. 2. To assess the people trust and confidence in digital payment system after Demonetization. 3. To assess the uses pattern and nature of transaction done by the people after Demonetization. 4. To identify the factors of digital payment after Demonetization. HYPOTHESIS 1. H0: Various factors of motivation in favor of Digital Payment do not differ significantly across the customer demographics. VOL. 6, ISSUE 6 (June, 2017)
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Abhinav National Monthly Refereed Journal of Research In Commerce & Management 2. H1: the Present need of Digital Payment as its uses does not differ significantly across the customer of different demographics. 3. H2: The customer confidence and their level of satisfaction do not differ significantly across different demographics. REVIEW OF LITERATURE Auwal Kabir, Siti Zabedah Saidin, Aidi Ahmi in their article Adoption of e-Payment Systems: A Review of Literature, “E-payment system is increasingly becoming a daring means of payments in today’s business world. This is due to its efficiency, convenience and timeliness. It is a payment system that is continuously being embraced and adopted in the financial system of both developed and developing countries with a view to simplify and ease payments in business transactions. As a result, many studies were conducted around the globe by scholars on e-payment adoption. It is based on this that this research paper looks at the available past literature on e-payment adoption across the world, with a view to highlight the scope, methodology and Information System (IS) models used by previous researchers so as to identify research gaps and recommend such for future studies. The study employed an extensive literature search on e-payment adoption with the aid of Google Scholar for those recent studies between the years 2010-2015. To facilitate the understanding of the issue under study, previous studies were analyzed based on scope-geographical location of the study, theories/models adopted and methodology used. Finally, the paper has identified the patterns of previous researches with regards to these three items and further highlights and recommends key areas in which future research should delve on.” Joilson Dias in their article Digital Money: Review of Literature and Simulation of Welfare Improvement of This Technological Advance The objective of this paper is to discuss the overall role of digital money and its impact on welfare and monetary policy. The role of digital money is discussed under a review of literature and through a simple theoretical model, that captures technological advances. In this model the representative consumer, decide over two key elements: consumption and leisure. Here, the leisure are affected by transaction costs and the amount of money available. To simulate the model’s result, I use data for Brazil. As general result, I predict that digital means of payment will improve welfare and increase the overall demand for money Prof. Eduardo Henrique Diniz, Prof. Joao Porto de Albuquerque Prof. Adrian Kemmer Cernev in their article, Mobile Money and Payment: a literature review based on academic and practitioner-oriented publications (2001-2011) The use of mobile technology has become widespread with astonishing speed all over the world, particularly among the poor. The more mobile phones go to the hands of people who formerly lacked access to financial services, the more the notions of mobile money, mobile payment and mobile banking become pervasive as a means of financial inclusion. Denis Dennehy, David Sammon in their article Trends in mobile payments research: A literature review, “Mobile payments (m-payments) are increasingly being adopted by organizations as a new way of doing business in the 21st century. During the last few years, the use of m-payments as a new payment channel has resulted in an increase in the volume of literature dedicated to the topic. For this reason, this paper presents the findings of a review of literature aimed at identifying the key research themes and methodologies researched. In order to uncover these trends the authors reviewed the top twenty cited papers since 1999 and the twenty most recently published papers on m-payments since August 2014.” Nuthan K, Rashmi P.C, in their article An E-payment System: Literature Review, “E-payment becoming a daily part of our life. This paper gives the brief description of e-payment system. It also explains the types of e-payment gateway system and e-payment protocols. The security requirements of the e-payments are discussed. The problem of misusing the data related to the customer in epayment is addressed.” Tomi Dahlberg Jie Guo and Jan Ondrus , in their A Critical Review of Mobile Payment Research, “This article aims at assessing the progress of mobile payment research over the last 8 years. In order VOL. 6, ISSUE 6 (June, 2017)
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Abhinav National Monthly Refereed Journal of Research In Commerce & Management to address this issue, a research agenda was formulated to encourage researchers to explore new topics. Almost a decade later, our review reveals that researchers have continued to focus on the same topics (especially consumer adoption and technology aspects) with a limited accumulation of new knowledge and similar findings. In addition to reviewing the literature, we discuss the possible reasons for the lack of research diversity and propose new recommendations to enhance future mobile payment research.” Roopali Batra, Neha Kalrain in their article Are Digital Wallets the New Currency? , “India is heading on the path of a major digital revolution. Digitalization of the payment mechanism will be considered as landmark in the era of cashless future economy. The present research aims to empirically examine the adoption patterns of digital wallets by of the respondents. An exploration of customer perception, usage pattern preferences and satisfaction level regarding digital wallets is made based on a study of 52 respondents. It further identifies the barriers and challenges to the adoption of digital wallets. To attain the afore said purpose a well-structured questionnaire was administered to respondents wherein they were asked various with regards to adoption of digital wallets. The results indicate that there exists a huge untapped market for digital wallets both in terms of increasing awareness as well as its usage. Time saving and ease of usage were found to be the main reasons for using wallets. However, safety of money transacted remained their major concern. Security issues in terms of fear of cash loss and lack of usability for international transactions are the prime barriers to its adoption. The study makes a valuable contribution to research in the area of finance, by exploring digital payment systems in India, an emerging concept.” Oginni Simon Oyewole, El-Maude, Jibreel Gambo, Mohammed Abba, Michael Ezekiel Onuh in their article Electronic Payment System and Economic Growth: A Review of Transition to Cashless Economy in Nigeria, “Technological advancement has provided efficient and effective payment system devoid of ‘cash and carry syndrome’. Specifically, electronic payment system provides a medium through economic exchanges take place without visiting brick and mortal banks or with no physical presence of the transacting parties. While electronic payment system enjoys prominence in Nigeria, evidence of its contribution to economic growth has not been empirically established.” Jayadatta S in their A Study On Digital Wallets And Mobile Payments , “More importantly digital wallets hold the promise of that momentous day when a consumer can certainly leave their home without a wallet. With recent developments ranging from the advent of the smartphones to unbundled network tokenization, that day is surely closer than ever before. In addition, the history of payments innovation offers a clear cut guide to success for digital wallets. The path for the banks is also more uncertain, but builds on clear strategic imperatives and historical moats. Following them will surely ensure the continued relevance of banks even as a broad range of players do accelerate innovations around how consumers move, pay and also manage their money.” Mamta, Prof. Hariom Tyagi , Dr. Abhishek Shukla in their The Study of Electronic Payment Systems, “Electronic payments are financial transactions made without the use of paper documents such as cheques. Electronic payments include debit card, credit card, smart card, e-wallet, e-cash, electronic cheques etc. E-payment systems have received different acceptance level throughout the world; some methods of electronic payments are highly adopted while others are relatively low. This study aimed to identify the issues and challenges of electronic payment systems and offer some solutions to improve the e-payment system quality.” RESEARCH METHODOLOGY The aim of this study is to assess the effects of demonetization towards digital payment system and how far adaptation to this new world of digital transaction system. Present research is exploratory as well as Descriptive in nature. Research is based on primary as well as secondary data. Secondary data was collected from different sources like: books, magazine, journals, research paper etc. Primary data was collected by using survey method; a structured questionnaire is designed covering different dimension of factor digital payment system and its influence on customers adaption Construct related to digitalization and its outcome were developed VOL. 6, ISSUE 6 (June, 2017)
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Abhinav National Monthly Refereed Journal of Research In Commerce & Management based on review of the literature and research by the different authors. Descriptive research was used for this study since it explores and describes variables’ relationships the way they occur without manipulating them. This design is a framework used to attach the research components together (Krishnaswami, 2003). The descriptive study is aimed at obtaining information can be subjected to analysis, extraction of patterns and drawing of comparisons for clarification purposes and provision of making decisions platforms. Both quantitative and qualitative data were obtained for the purposes of comparison. Present research is based on primary as well as secondary data. For collecting primary data, structured questionnaire was developed covering the various factors affecting digital payment system and its adaption. An extensive literature survey was carried out to develop the construct for the study in the form of questionnaire. Secondary data was collected through books, online and print journals. The research instruments used in the study were self-administered questionnaire with structured question items that were answered by the respondents. The questionnaire thus developed was piloted on a sample of 300 respondents. Almost 280 responses were received after editing 270 questionnaires was found suitable and taken for the study. Reliability analysis was carried out and found to be 0.932. Descriptive statistical analysis (Mean, Standard deviation) was carried out to analyse the relative importance of various construct developed for the study. FINDINGS/RESULTS Table: 1: Demographic characteristic of Respondents Categories
Count
Percentage
50
11
4.1
Gender Wise
Male
138
51.1
Classification
Female
132
48.9
146
54.1
25
9.3
99
36.7
Primary
26
9.6
Secondary
49
18.1
Technical college
36
13.3
University Degree
144
53.3
15
5.6
Married Marital status
Divorced / Widowed / Separated Single
Educational Qualification
Others (please specify
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Abhinav National Monthly Refereed Journal of Research In Commerce & Management Below 50,000
201
74.4
Income Wise
50000 to 3,00,000
49
18.1
Classification
3,00,000 to 5,00,000
15
5.6
5,00,000 to 10,00,000
5
1.9
The demographic analysis is always important for any research, and if we talk about digital payment than it is most important factor. So in this research a demographic analysis conducted, the demographic analysis like age wise classification, divided into 6 groups below 18, 18 years to 23 years, 24 years to 30 years, 31 to 40 years, 41 years to 50 years and above 50 years. Gender Wise Classification divided into two groups Male and Female, Marital status is divided into three groups Married, Divorced/ widowed/ separated and Single, Educational Qualification divided into five groups , Primary Secondary, Technical college ,University Degree and Others (please specify) Income Wise Classification divided into four groups Below 50,000, 50000 to 3,00,000, 3,00,000 to 5,00,000 and 5,00,000 to 10,00,000 . the study reveals that in Age, wise classification below 18 years 11.5% respondent, between 18 to23 years 17.8 % respondent, between 24 to 30 years 24.1% respondent, 31 to 40 years 30.4% respondent, 41 to 50 years 12.2 % respondent and above 50years 4.1% respondent. In this, research 51.1 % male respondent and 48.9 % female respondent. The Marital status of respondent is 54.1 % married 9.3 % Divorced / Widowed / Separated and only 36.7% single. While 9.6% have primary, 18.1%have secondry, 13.3%have technical college, 53.3% have university degree and 5.6 % have other educational qualification. In Income wise classification 74.4% respondent are below 50,000 monthly income, between 50000 to 300000 income group 18.1 % respondent, 300000 to 500000 income group 5.6% respondent and only1.9% between 500000 to 1000000 monthly income group. Table: 2: Payment methods most likely to use to credit your card Responses N 6a
Percent
Cash
Percent of Cases
104
20.5%
38.7%
68
13.4%
25.3%
Debit Card
172
33.9%
63.9%
Credit Card
82
16.2%
30.5%
On-line
44
8.7%
16.4%
Cash-loader
23
4.5%
8.6%
All of the above
14
2.8%
5.2%
507
100.0%
188.5%
Cheque
Total
When this question asked which is the most likely payment method to credit your card , the responses are amazing , this question asked to find the payment to fill their card , 33.9% use debit card , 20.5 % use cash, 16.2% credit card 13.4% Cheque ,8.7 % online, 4.5% cashloader, 2.8% all the above .
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Abhinav National Monthly Refereed Journal of Research In Commerce & Management Table: 3: Preferred mode of payment since 9 November Responses N 7a
Percent
Percent of Cases
Netbanking
179
38.2%
66.3%
Credit /debit Card
171
36.5%
63.3%
89
19.0%
33.0%
12
2.6%
4.4%
17
3.6%
6.3%
468
100.0%
173.3%
Cash E-wallet/Mobile app Cheque Total a. Group
This question asked to know the change of preferred payment mode since 9th November, 38.2% uses Net banking, 36.5% uses Credit/Debit Card, 19.0 % cash, 2.6 % E-wallet/ Mobile app and only 3.6% uses Cheque. Following question asked to know the customer shifted to digital transaction or not, 83% shifted to digital transaction after demonetization , 7.8 % not shifted to digital transaction after demonetization and only 9.3% sifted for some time after demonetization . Table: 4: Shift to digital transaction system after Demonetization Frequency Valid
Percent Valid Percent
Cumulative Percent
YES
224
83.0
83.0
83.0
NO
21
7.8
7.8
90.7
Only for some time
25
9.3
9.3
100.0
270
100.0
100.0
Total
Table: 5: Demonetization change the transaction method Frequency Valid
Percent Valid Percent
Cumulative Percent
YES
246
91.1
91.1
91.1
NO
16
5.9
5.9
97.0
8
3.0
3.0
100.0
270
100.0
100.0
Only for some time Total
This Question asked to know that the transaction method change after demonetization, 91.1% says yes, 5.9% says no and only 3.0% says only for some time.
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Abhinav National Monthly Refereed Journal of Research In Commerce & Management Table: 6: You use cashless payments if notes come back into circulation Frequency
Percent Valid Percent
Cumulative Percent
For most transactions
188
69.6
69.6
69.6
For some transactions
56
20.7
20.7
90.4
For rare transactions
18
6.7
6.7
97.0
Never
8
3.0
3.0
100.0
Total
270
100.0
100.0
This question asked to know that cashless transaction make habit or not , 69.6 % respondent says For most transactions, 20.7% says for some transactions,6.7 % says for rare transaction and only 3% says never . Table: 7: Change device passwords, PIN of debit/credit cards Frequency Valid
Once in 6 months
Percent Valid Percent
Cumulative Percent
149
55.2
55.2
55.2
Once in a year
55
20.4
20.4
75.6
Every month
42
15.6
15.6
91.1
Never
24
8.9
8.9
100.0
Total
270
100.0
100.0
This question asked to know the password change frequency of the respondent, 55.2% says once in six months, 20.4% says once in a year, 15.6% respondent says every month and only 8.9% says never change their password/ pin. Table: 8: Store card details on your phone or laptop Frequency Valid
Percent Valid Percent
Cumulative Percent
Yes
158
58.5
58.5
58.5
No
112
41.5
41.5
100.0
Total
270
100.0
100.0
This question asked to know the habits of Indian society all the details save on Mobile/laptop,58.5 % respondent save their card detail on phone/ laptop only 41.5% not save their card detail on phone/ laptop.
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Abhinav National Monthly Refereed Journal of Research In Commerce & Management Table: 10: You think that demonetization killed your valuable time in lines Frequency Valid
Percent Valid Percent
Cumulative Percent
Yes
154
57.0
57.0
57.0
No
88
32.6
32.6
89.6
Can't Say
28
10.4
10.4
100.0
270
100.0
100.0
Total
This question asked to know the value of time for the respondent, 57% respondent agree that demonetization killed their valuable time in lines only 32.6% against this, 10.4% respondent have line is no issue.
Table: 11: You think that it is difficult for illiterate to do their transaction by cards Frequency Valid
Percent Valid Percent
Cumulative Percent
Yes
181
67.0
67.0
67.0
No
55
20.4
20.4
87.4
Can't Say
34
12.6
12.6
100.0
270
100.0
100.0
Total
This question asked to know that literacy effect the card transaction or not, 67% percent think that difficult for illiterate to do their transaction by cards, 20.40% says No and 12.6% says can’t say. Table: 12: you typically (most often) withdraw money Responses N 16a
Percent of Cases
Percent
At the bank teller
152
37.3%
56.3%
Automatic teller machine(ATM)
203
49.9%
75.2%
23
5.7%
8.5%
29
7.1%
10.7%
407
100.0%
150.7%
Point of Sale Agent for Mobile banking (e.g., pay outlet, retail shop) Total a. Group
This question asked to know that the habit of withdraw money, 37.3% respondent at the bank teller , 49.9% respondent withdraw at ATM, 5.7% at Point of sale and 7.1% Agent for Mobile banking (e.g., pay outlet, retail shop) withdraw money . This question asked to know which me median use for online/ mobile payment, 36.9% use credit card, 41.8% uses debit card 13.7% uses Bank saving account /Net Banking , 4.9% not uses online/ mobile payment. VOL. 6, ISSUE 6 (June, 2017)
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Abhinav National Monthly Refereed Journal of Research In Commerce & Management Table: 13: Electronic payment system do you prefer for online / mobile payment Responses N
Percent
Percent of Cases
Credit Card
113
36.9%
41.9%
Debit Card
128
41.8%
47.4%
Bank saving account /Net Banking
42
13.7%
15.6%
I do not prefer online / mobile payment
15
4.9%
5.6%
8
2.6%
3.0%
306
100.0%
113.3%
Other Total
Table: 14: Time of day is it most convenient to withdraw money Valid Frequency Valid
Between 6am and 10 am
Percent
Percent
Cumulative Percent
26
9.6
9.6
9.6
24
8.9
8.9
18.5
13
4.8
4.8
23.3
18
6.7
6.7
30.0
Can’t say/Anytime
189
70.0
70.0
100.0
Total
270
100.0
100.0
During working hours (10 am to 5 pm) Between 5pm and 9pm Between 9pm and 6am next morning
This question asked to know the convenient time for withdraw money, 9.6 % between 6am and 10 am, 8.9% during working hours (10 am to 5 pm), 4.8% Between 5pm and 9pm, 6.7% between 9 pm and 6 am next morning withdraw money, but huge 70% can’t say / any time so this response say that respondent not wanted restriction of time for withdrawing money. Table: 15: Do you Use/hear any of the following for transaction Responses N 21a
Percent
Percent of Cases
PayTm
137
29.0%
50.7%
BHIM
102
21.6%
37.8%
FreeRechage
135
28.5%
50.0%
Mobiquik
16
3.4%
5.9%
SBI Buddy
80
16.9%
29.6%
Future Pay
3
0.6%
1.1%
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Abhinav National Monthly Refereed Journal of Research In Commerce & Management Total
473
100.0%
175.2%
a. Group This question asked to know which online payment medium is popular , 29% Use/hear Paytm, 21.6% BHIM, 28.5% FreeRechage, 3.4 % Mobiquik, 16.9% sbi buddy, 0.6 % FuturePay. So we can say that Pay TM is most popular. Table: 17: Main Reasons of Not using Digital payment System Responses N 24a
Percent
Percent of Cases
Technological Trust
62
14.4%
23.0%
Transaction Charges
135
31.3%
50.0%
Not in Habit
135
31.3%
50.0%
server support
100
23.1%
37.0%
Total
432
100.0%
160.0%
a. Group This question asked to know why people not adopting digital transaction , 14.4% respondent have not technological trust, 31.3% have not wanted to pay transaction charges, 31.3 % have not habit to do digital payment, 23.1% not use digital transaction due to server failure many time. CONCLUSION The digital payment had given relief and force to learn digital transaction after demonetization. People adopted technology slowly, but don’t wanted to pay extra for digital transaction. However, people of India faces money problems during demonetization they suffer with no cash. In addition, for this medium like paytm helps them. REFERENCES 1. Alpana Killawala, Principal Adviser PRESS RELEASES Government of India vide their Notification no. 2652 dated November 8, 2016 2. Demonetization Pdf – Pros and Cons of Demonetization Rs 500,1000- Demonetization Essay https://www.studydhaba.com/demonetization-pdf retrieved on 3rd March, 2017. 3. "Demonetisation leads to highest ever surrender of Maoists in a month - Times of India". 4. "Demonetization: Government not mourning over 100 deaths due to cash-crunch, says Opposition - Latest News & Updates at Daily News & Analysis". 8 December 2016. 5. Dipankar Dasgupta , Theoretical Analysis of ‘Demonetisation’ Economic and Political Weekly Vol. 51, Issue No. 51, 17 Dec, 2016 6. "E-commerce firms see 30% decline in cash on delivery orders post demonetisation". The Hindu. 2016-11-16. ISSN 0971-751X. Retrieved March 3, 2017 7. "E-commerce cash-on-delivery orders down by up to 30 per cent". The Indian Express. 2016-1117. Retrieved March 3, 2017
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Abhinav National Monthly Refereed Journal of Research In Commerce & Management 8. GITA
GOPINATH
Demonetization
Dos
and
Don’ts
https://www.project-
syndicate.org/commentary/india-tax-evasion-demonetization-by-gita-gopinath-2016-11
retrieved
on 02 March, 2017 9. Manpreet Kaur Demonetization: Impact On Cashless Payemnt System International Journal of Science, Technology and Management (IJSTM) vol.no.-6 issue no. January 2017 10. https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=38520 retrieve on March 3, 2017 11. Reddy, R. Ravikanth. "Upset over price slump, farmer dumps lorry load of tomatoes". Retrieved March 3, 2017 12. "Saha, Manojit; Rukhaiyar, Ashish (13 November 2016). "Micro lending badly hit; surge in use of cards". The Hindu.
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