Published Online:February 2026
Product Name:The IUP Journal of Bank Management
Product Type:Article
Product Code:IJBM020226
DOI:10.71329/IUPJBM/2026.25.1.34-53
Author Name:Mehak and Shailinder Sekhon
Availability:YES
Subject/Domain:Finance
Download Format:PDF
Pages:34-53
This study examines the major challenges faced by active users of cashless transactions in Punjab and how these challenges vary across demographic groups. Drawing on Featherman and Pavlou’s perceived risk framework, the study conceptualizes cashless transaction problems as multidimensional risks encompassing financial, security, infrastructural, behavioral, and literacy-related barriers. Primary data were collected from 300 active users through a structured questionnaire. The Garrett ranking technique was employed to prioritize perceived problems, while independent sample t-tests and Bonferroni-corrected ANOVA were used to examine demographic differences. The findings reveal that security and privacy concerns and the risk of online fraud are the most critical barriers, followed by digital literacy and lack of methodological awareness. Infrastructural deficiencies were ranked as the least severe problem. Significant demographic stratification was observed across gender, age, education, income, and residential location, confirming the presence of intersecting digital divides. The study contributes theoretically by extending the perceived risk framework to post-adoption contexts and methodologically by integrating Garrett ranking with effect-size-based demographic analysis. Policy implications emphasize targeted digital literacy, income-sensitive pricing, and localized fraud awareness initiatives.
Over the past decade, India has witnessed a rapid transformation in its payment ecosystem, driven by technological advancement, policy interventions, and changing consumer behavior.