Understanding college students’ habits in using ‘One click payment’

  Understanding college students’ habits in using ‘One click payment’

Author: Namrata Bhadalkar, Priyanka Bhaidkar and Raziya Shaikh

Introduction

Since 1985, the World has come closer with many economic reforms, globalization has paced up the transactions, making the products and services accessible worldwide, transforming payment options for consumers. With the increase in online shopping platforms, and the Covid 19 Pandemic, the online payments have been very commonly preferred from a wage earner to market leaders, people from all socioeconomic levels. With an increase in want, to opt for online payments through scanning QR code, using one click payments, and use of e wallets like phonepe, paytm, the risk of financial scams also increased. The study taps into understanding the college students’ habits in using ‘one click payment’ as their primary preference while doing transactions. The study primarily focuses to understand whether the college students avoided the one click payments or still have preferred it.

 

Objective

To understand the underlying phenomenon ‘college students’ habits in using one click payments’

Review of Literature

The factors influencing college students’ acceptance of mobile payment

Cao Yong et. al. (2021) conducted research on ‘the factors influencing college students’ acceptance  of mobile payment.’  It explains that ‘mobile payment’ refers to a payment method by which a consumer pays a bill for goods or services through a mobile terminal. Mobile payment users can send payment instructions directly or indirectly to a bank financial enterprise via mobile devices or proximity sensing devices, thereby enabling currency payments and funds transfers. It realizes the integration of terminal equipment, internet, application providers and financial institutions, and completes payment. However, the preference for this payment method is relatively low in Malaysia. This paper analyzes the factors that affect the willingness of Malaysian college students to use mobile payment. Three well-established theories, Unified Theory of Acceptance and Use of Technology (UTAUT), theory of Perceived Risk (PR), and Diffusion of Innovations Theory (DIT) are applied to investigate user acceptance of mobile payments. An empirical model for acceptance of mobile payment in Malaysia was established in this paper. College students under the age of 35 who use mobile payment who do not necessarily adopt the services were the sample. Respondents were invited to participate in the survey by answering questionnaires. The questionnaire collected about the demographics and participants’ perceptions of each of the constructs in the proposed model. A total of about 500 questionnaires were distributed in colleges and universities in Kuala Lumpur, and 423 questionnaires were collected, of which 386 were valid. (N=386)

Survey data from mobile payments users was used to test the proposed hypothesis and the model. The result of the study shows that Malaysian consumers’ perceptions of cost have no statistically significant relationship with acceptance of mobile payment. On the other hand, the factor of perceived risk, personal innovativeness, performance expectancy, subjective norm and effort expectancy played important roles.

Digital payment usage among the student community in tiruchirappalli

Dr. R. Senthamizh Veena and D. Epsheeba (2023) conducted a study on ‘digital payment usage of the student community in Tiruchirapalli city of Tamil Nadu’.

It stated that ‘digital payment’ is also called ‘electronic payment’, is the transfer of money from one payment account to another using a digital device such as a mobile phone or a computer. Transactions performed through digital payment systems are faster, easier, and more convenient than carrying cash in hand. This means that more and more people feel comfortable transferring funds via electronic mediums, buying products online and investing digitally. The student community uses digital payment as they have access to knowledge and digital devices. Therefore, this study attempted to examine the usage pattern of digital payment methods among the student community. The location of the study was Tiruchirappalli city, Tamil Nadu. The study was entirely based on primary data collected from 60 respondents from different higher educational institutions in Tiruchirappalli city. The researcher has adopted a convenience sampling method for the collection of data. A well-structured electronic questionnaire using google form was administered by the researcher to collect data. The study concluded that digital payment in India recorded a robust growth of 26.2 percent of volumes during 2020-2021 compared to previous years and it will witness exponential growth in coming years.

 

Data collection

For this exploratory research, a self-rating questionnaire comprising five, relevant, short questions was created. The statements were made to tap into the experiences of college students with one click payments. After approval this was made into a google form with instructions and questions and ratings, 1 as Strongly disagree, 2 as agree, 3 as neutral, 4 as agree and 5 as Strongly agree, ensuring confidentiality of responses. Expected sample size was at least 100. The google form link was shared with individuals who are college students over WhatsApp. A few reminders were sent to respondents to adhere to the time frame and reach 100 unique responses. The actual sample size (N= 111).

Data analysis

The google form link was closed after reaching the expected sample size, i.e. 111. Then responses were imported into the excel sheet. The mean and SD were calculated for responses on each question separately, as shown in table 1.1 below. To calculate SE, SD was divided by (111)^ 0.05. Followed by that, Z was calculated using 3 as a hypothesized mean. Same process was followed to calculate values for the rest of the questions in google form.

Overview of Data analysis

Question no	Q1 (I chose ‘one click payment’ for shopping.)	Q2 (I avoided clicking on ‘one click payment.’)	Q3 (I disabled ‘autopay’ for debit card.)	Q4 (I checked for alternatives to ‘one click payment.’)	Q5 (I used ‘one click payment’ even if it exposed my device data.)
MEAN(X)	3.28	2.83	3.48	3.43	2.29
SD	1.49	1.35	1.44	1.20	1.30
SE	1.18	1.07	1.14	0.94	1.03
Z(t-stat)	0.24	-0.16	0.42	0.46	-0.69
Result	Neutral	Neutral	Neutral	Neutral	Neutral