EXPERIENCE OF USING ONLINE PAYMENTS

AUTHORS:
Vrishnk Shukla
Sheilly Khandelwal
S. Laxmi Prasanna
Tripti Asnani

INTRODUCTION:
Online payment is a way of making transactions or paying for goods and services through an electronic medium, without the use of checks or cash. Online payments have grown increasingly over the last decade due to increased usage of internet-based banking and shopping. Traditional banking payment services are facing fierce competition from novel and established nonfinancial companies such as PayPal, Google, Paytm, Amazon, Phone Pe, to mention just a few. These companies are attempting to gain market share in the retail payment markets with innovative products such as mobile payment that offers technological advances in payment processing and more convenience.

OBJECTIVE:
This survey was conducted to understand about the experiences and preferences regarding online payments in students’ point of view. It was also conducted to find out if students prefer cash payments over online payments and the most dominant factor that determines the use of online payments.

LITERATURE REVIEW:
REVIEW 1
The study aimed to provide insight into the complementing or substituting patterns of mobile payment and its potential welfare gains. It investigated the effect of mobile payment on the adoption and use of traditional payment instruments such as cash, checks, and credit, debit and prepaid cards at the point of sale (POS). Using discrete-choice random utility models to simulate consumer behaviour, the estimation yielded two major findings:
1. Mobile payments do not replace physical payment cards but are likely to substitute for paper-based payment methods such as cash and checks at the adoption stage.
2. Mobile payments do not statistically significantly influence the choice of payment means at the POS in terms of usage.

REVIEW 2

Unlike majority of the existing literature, this research investigated the security and trust from the viewpoint of consumers and their effect on Electronic Payments usage and attempts to comprehend the antecedents of perceived security and perceived trust in Electronic Payments. The present study proposed and tested a research model that investigated determinants of perceived security and perceived trust and the effect of these two variables on Electronic Payments use. The findings were:
1. Both technical protection and past experiences are important determinants of perceived security and trust.
2. There was no evidence of a statistically significant relationship between transaction procedures and consumers’ perceived trust and security in Electronic Payments use.

DATA COLLECTION:
With reference to the mentioned topic, we had surveyed 100 students of ITM Hostel. The following questions were asked to the respondents to obtain responses based on Likert scale:
Data was coded as: +2 for ‘Strongly Agree’, +1 for ‘Agree’, 0 for ‘Neutral’, -1 for ‘Disagree’, -2 for ‘Strongly Disagree’.
STATEMENT 1: I prefer their user friendliness.
STATEMENT 2: The safety and security through online payments is my top priority.
STATEMENT 3: I like the regular discounts and offers received.
STATEMENT 4: I can easily track my record of payments and receipts.
STATEMENT 5: I prefer cash payments wherever possible.

DATA ANALYSIS:
T TEST
One-Sample Statistics

N
Mean
Std. Deviation
Std. Error Mean
I prefer their user friendliness.
100
1.74
0.485
0.048
The safety and security through online payments is my top priority.
100
1.78
0.462
0.046
I like the regular discounts and offers received.
100
1.55
0.730
0.073
I can easily track my record of payments and receipts.
100
1.65
0.592
0.059
I prefer cash payments wherever possible.
100
0.15
1.500
0.150

One-Sample Test

Test Value = 0

t
df
Sig. (2-tailed)
Mean Difference
95% Confidence Interval of the Difference

Lower
Upper
I prefer their user friendliness.
35.913
99
0.000
1.740
1.64
1.84
The safety and security through online payments is my top priority.
38.502
99
0.000
1.780
1.69
1.87
I like the regular discounts and offers received.
21.234
99
0.000
1.550
1.41
1.69
I can easily track my record of payments and receipts.
27.850
99
0.000
1.650
1.53
1.77
I prefer cash payments wherever possible.
1.000
99
0.320
0.150
-0.15
0.45

Based on the analysis the following conclusions were made:
1. The problem statements numbered 1,2,3 and 4 are strongly accepted as their significance value is less than 0.05.
2. The problem statement number 5 is strongly rejected as the significance value is greater than 0.05.

CONCLUSION:
This study has empirically examined an individual’s intention to engage in online bill payment and estimated the number of determinants impacted by the influence.
Our findings are based upon a survey of 100 students from ITM Students.
The results show that:
* A majority of our respondents favour and support the option of making online payments, and they also consider the risk related to making online payments as normal.

REFERENCES:
1. The determinants of electronic payment systems usage from
consumers’ perspective:
By: Emrah Oneya, Gizem Oksuzoglu Guvenb and Wajid Hussain Rizvic
Economic Research-Ekonomska Istraživanja, 2017
VOL. 30, NO. 1, 394-415

2. The impact of mobile payment on payment choice
By: Tobias Trütsch
Published online: 19 July 2016