Decoding Consumer Preferences: A Comprehensive Analytics approach to Emerging Digital Payment Mechanisms

The rise of digital payment systems has transformed the way consumers now interact with the financial services, offering a greater convenience, speed, and accessibility. As these technologies now continue to shape the landscape of the consumer finance, understanding the factors that influence this user preferences are crucial for both service providers and the policymakers. This research now investigates the various attributes that drive the consumer choices across the different digital payment mechanisms by examining the parameters such as convenience, security, speed, accessibility, cost, merchant coverage, privacy, and transaction limits. A survey-based approach was employed to collect the data from a very diverse consumer base, and hence three advanced analytical techniques-Sentiment analysis, Conjoint analysis and Market basket analysis were applied to identify the key determinants of consumer satisfaction and product adoption. The study’s findings offer a deep understanding of how the consumers prioritize different features in some of the digital payment systems and thus revealing valuable insights into their preferences and behaviours, By uncovering the relative importance of these factors such as security, convenience, and cost, this research is providing some actionable guidance for improving the digital payment platforms, enhancing the user experience, and driving some broader adoption across the different market segments.