CONSUMER PERCEPTION TOWARDS DIGITAL PAYMENT …

1 January - March 2019 ISSN: 2250-1940 (P), 2349-1647(O). Available online @ RESEARCH EXPLORER-A Blind Review & Refereed Quarterly International Journal ISSN: 2250-1940 (P) 2349-1647 (O). Impact Factor: (CIF), (IRJIF), (NAAS). Volume V, Issue 22. January - March 2019. Formally UGC Approved Journal (63185), Author CONSUMER PERCEPTION TOWARDS DIGITAL PAYMENT MODE. WITH SPECIAL REFERENCE TO DIGITAL WALLETS. ESWARAN. Assistant Professors of Commerce (Autonomous), Virudhunagar Abstract The demonetization resulted in unprecedented growth in DIGITAL PAYMENT .

2 By February this year, DIGITAL wallet companies had shown a growth of 271 percent for a total value of US$ billion (Rs. 191 crores), Indian government and private sector companies such as Paytm, Freecharge and Mobikwik had been aggressively pushing several DIGITAL PAYMENT applications, including the Aadhaar PAYMENT app, the UPI app, and the National payments Corporation of India (NPCI) developed the Bharat Interface for Money (BHIM). app. DIGITAL transfers using apps has brought behavioural change and helped in the adoption of DIGITAL PAYMENT .

3 This has resulted in ease of transfer of money in rural areas which was not touched earlier by the DIGITAL PAYMENT method. Keywords: Demonetization, CONSUMER PERCEPTION , DIGITAL PAYMENT , DIGITAL Wallet. Introduction government reforms after demonetization It has been said that every of high value currency of Rs. 500 and disruption creates opportunities and one 1000 (86% of cash circulation). The such disruption was the announcement of demonetization resulted in unprecedented demonetization by Prime Minister growth in DIGITAL PAYMENT .

4 By February on 08 November 2016. this year, DIGITAL wallet companies had Demonetization created huge growth shown a growth of 271 percent for a total opportunity for DIGITAL PAYMENT in India value of US$ billion (Rs. 191 crores), and the DIGITAL wallet companies garbed Indian government and private sector the opportunities with both the hands to companies such as Paytm, Freecharge and expand their market share. Mobikwik had been aggressively pushing Demonetization has presented a unique several DIGITAL PAYMENT applications, platform for adoption of DIGITAL PAYMENT , including the Aadhaar PAYMENT app, the as an alternative to cash for Indian UPI app, and the National payments consumers.

5 Corporation of India (NPCI) developed Adoption of cashless transaction the Bharat Interface for Money(BHIM). has been significantly pushed by Prime app. DIGITAL transfers using apps has Minister as part of brought behavioural change and helped in Research Explorer 13 Volume VII, Issue22. January - March 2019 ISSN: 2250-1940 (P), 2349-1647(O). the adoption of DIGITAL PAYMENT . This has services include balance enquiry, cash resulted in ease of transfer of money in withdrawal, cash deposit, and Aadhaar to rural areas which was not touched earlier Aadhaar fund transfers.

6 By the DIGITAL PAYMENT method. Now USSD: Stands for Unstructured many foreign investors want to invest in Supplementary Service Data based DIGITAL PAYMENT industry which is new mobile is linked to merchant's attractive destinations because of scope of bank account and used via mobile phone tremendous expansion in India. on GSM network for payments up to Rs. There are number of facilitators 5,000 per day per customer. which are leading to the growth of DIGITAL UPI: The United payments Interface PAYMENT and transition from cash (UPI) envisages being a system that economy to less cash economy.

7 These powersmultiple bank accounts onto a facilitators include penetration of internet single mobile application platform (of connectivity on smart phones, non- any participating bank). Merges multiple banking financial institution facilitating banking features, ensures seamless fund DIGITAL PAYMENT , one touch PAYMENT , rise routing, and merchant payments . It of financial technology sector and push by facilitates P2P fund transfers. Government either by giving incentives or DIGITAL payments in India have tax breaks. These all factors are creating been experiencing exponential growth positive atmosphere for growth of DIGITAL and with growth of internet and mobile PAYMENT in India.

8 Penetration, in coming years the country DIGITAL PAYMENT Modes in India is ready to witness a huge rush in the There are several mode of DIGITAL adoption of DIGITAL payments . According PAYMENT available in India. These are: to RatanWatal, principal advisor DIGITAL or mobile wallets: They are used NitiAayog and former finance secretary, via the internet and through DIGITAL payments grew 55% by volume smartphoneapplications. Money can be and by value in 2016-17 over the stored on the app via recharge by debit or previous year.

9 Data from the Reserve credit cards or net-banking. CONSUMER Bank of India (RBI) indicates that the rate wallet limit is Rs. 20,000 per month and of adoption of DIGITAL payments had the merchant wallet limit is Rs. 50,000 accelerated following demonetization last per month after self-declaration and Rs. year but has slowed in recent months of 100,000 after KYC verification. 2017. Total DIGITAL transactions in April Prepaid credit cards: Pre-loaded 2017 of trillion are lower toindividual'sbank account. It is similar from trillion in March2017.

10 To a giftcard; customers can make The volume of DIGITAL transaction purchases using funds available on the has witnessed exponential growth in card -and not on borrowed credit from the volume and value whether it is DIGITAL bank. Can be recharged like a mobile wallet, interbank transfer or transaction phone recharge, up to a prescribed limit. by debit or credit card. At merchant Debit/RuPay cards: These are linked to places the number of card transaction at anindividual'sbank account. Can be point of sale (PoS) terminal have usedat shops, ATMs, online wallets, witnessed a huge serge which reflects that micro-ATMs, and for e-commerce people have started making PAYMENT by purchases.