DEMOGRAPHIC INFLUENCE ON DIGITAL PAYMENT ADOPTION IN ODISHA

The technological enhancement in the financial sector has changed the old payment (i.e. traditional payment) system, by providing a faster, safer, more user-friendly and convenient payment system. It also enhances transaction transparency by reducing costs and promoting better access to financial services. The objective of the study focuses on awareness and adoption of a digital payment system by both consumers and vendors. It also aims to examine the impact of demographic factors (i.e. gender and educational qualification) on the adoption level. This study employs both primary and secondary data. Primary data has been collected from the consumers and vendors through a structured questionnaire in the mode of Google Form and the rest in physical mode through one-to-one interview and secondary data has been collected from various websites (i.e. RBI, NPCI), and literature reviews to find the trend, adoption of digital payments and its users’ perceptions towards adopting it. Data was gathered from 186 respondents which included both male and female having educational qualification from matriculation to post graduation. Pie-Chart is used to check the accuracy level of awareness and adoption of the digital payments and the Pearson Chi-Squared test is used to test the hypotheses. However, there are certain challenges pertaining to adopting the digital payments system, namely, cybersecurity risk, poor infrastructural facilities and digital literacy. The study concludes that digital infrastructure, data protection and encouraging awareness programs can maximize the adoption of digital payments.