Title :- Online Payments
Author:-
Jainil Patoliya
Keshav Goel
Khushi Mittal
Kesha Shah
INTRODUCTION:-
By the term online payment, we mean any activity that involves electronically transferring money to pay for purchases, services, or bills over the Internet. It is efficient, convenient and more secure which is why many people prefer it. Payment has options such as credit cards, debit cards, online bank transfers, e wallets, and payments through various platforms. From purchasing to paying bills and even carrying out banking transactions, online payment has changed the entirety of these activities. Its impact on the future of business and finance processes further develop.
Objective :-
To evaluate the effectiveness of online payment platforms in reducing cart abandonment rates and improving conversion rates.
Literature Review: –
Online payment has become an increasingly popular method of transaction globally (Huang et al., 2018). Research has shown that online payment systems have improved transaction efficiency and reduced costs for both consumers and businesses (Chen et al., 2019). However, security concerns and privacy issues remain a major challenge (Kim et al., 2020). The rise of mobile payments and digital wallets has transformed the online payment landscape (Li et al., 2019). Cryptocurrencies and blockchain technology are also being explored for their potential to enhance online payment security and transparency (Nakamoto et al., 2019).
Data Collation:-
For above problem we famed 5 questions on Likert scale 1 to 5 where is 1 is strongly disagree and 5 is strongly agree and data is gathered from students of 100 Students were surveyed for each question mean, standard deviation, standard error and T-stat were calculated.
Data Analysis :-
|
Problems. |
It gives me automated billing facilities. |
It gives me facility to pay anywhere at any of time |
It reduce paper waste |
It gives rewards and cash back |
No hassle of money being lost or stolen. |
|
Mean |
3.79 |
4.27 |
4.4 |
3.59 |
3.88 |
|
Standard Deviation |
9.1 |
8.82 |
7.84 |
13.49 |
11.71 |
|
Standard Error |
0.91 |
0.88 |
0.78 |
1.35 |
1.17 |
|
T-stat |
0.49 |
0.87 |
0.57 |
1.37 |
1.32 |
|
Result |
Neutral |
Neutral |
Neutral |
Neutral |
Neutral |
Since the t-stats provided are very small (less than 1.96), they are all not statistically significant, and therefore, we cannot conclude whether the result is positive or negative based solely on the t-stats.
Conclusion :-
I have faced automated billing facilities.
I get the facility to pay anywhere at any of time.
I have reduced paper waste with the help of online payments.
I get rewards and cash back.
I don’t face any hassle of money being lost or stolen.
References: –
- By Jeff Kearns and Ashlin Mathew. How India’s Central Bank Helped Spur a Digital Payments Boom./ 27 October 2022.
How India’s Central Bank Helped Spur a Digital Payments Boom (imf.org)
- Sanjai, 2Dr.Tr.Kalai lakshmi 1Keelkatalai , 2Nanganallur 1Sathyabama university , 2Sathyabama university. A STUDY ON USAGE OF ONLINE PAYMENT APPS BY CUSTOMERS. ISSN 2320-2882/5 May 2021.
https://ijcrt.org/papers/IJCRT2105774.pdf