The IUP Journal of Management Research
Problems and Challenges in Adoption of Cashless Payment Mode by Online Consumers
Article Details
| Pub. Date | : April, 2021 |
|---|---|
| Product Name | : The IUP Journal of Management Research |
| Product Type | : Article |
| Product Code | : IJMR20421 |
| Author Name | : Srishti and Mahender Yadav |
| Availability | : YES |
| Subject/Domain | : Arts & Humanities |
| Download Format | : PDF Format |
| No. of Pages | : 17 |
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Abstract
With the growth of the Internet, the scope for online shopping has also grown tremendously. But growth of online shopping has made the transferring of money online an important issue for the potential customers. This study is conducted with the objective to find out the problems and challenges of restricting online consumers to adopt cashless payment mode. Data from 600 respondents were collected by using a structured questionnaire. By applying t-Test and ANOVA, it was found that demographic variables, except gender, have no significant effect on adoption of cashless payment mode by online consumers. By applying factor analysis, five factors, namely, complex system, perceived risk and lack of trust, habit of cash payments, self-inefficacy and security issues, were extracted and by applying Multiple Regression Analysis, it was found that all these factors significantly affect the adoption of cashless payment mode by the online consumers and restrict consumers to pay online for their online purchases.
Introduction
Internet has become an important source of information for consumers since the
explosion of World Wide Web (www) in the 1990s. Web search tools can be used
by customers to search for product information (prices, design, style and reviews,
etc.) even if purchase is not made online (Kumar et al., 2004-2005).
Internet has affected the daily lives of persons to a huge extent as compared
to earlier times. It has shifted daily activities to virtual environment from concrete
circumstances (Frost et al., 2010; and Hsieh et al., 2013). Internet-enabled devices'
various applications and services and increasing use of smartphones have made
the access to Internet very easy and fruitful, which in turn has led to an enormous
growth in online shopping (Vazquez and Xu, 2009; and Limbu et al., 2012). Traditional
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