DEMOGRAPHIC FACTORS INFLUENCING THE ADOPTION OF DIGITAL PAYMENT METHODS: A STATISTICAL ANALYSIS OF USER PREFERENCE
Keywords:
Digital Payment Methods, Demographic Factors, User Preferences, ANOVA, Exploratory Factor Analysis, Financial Services, Technology AdoptionAbstract
This study provides a comprehensive analysis of the impact of demographic factors on the adoption and usage of various digital payment methods, including bank prepaid cards, internet banking, mobile banking, digital wallets, debit cards, credit cards, UPI (Unified Payments Interface), and Point of Sale (POS) systems. Using data collected from 700 respondents, this research aims to explore the influence of demographic variables such as age, gender, marital status, educational level, occupation, monthly income, and prior experience with digital payments on the preference and adoption of these payment methods. To achieve this, the study employs a variety of statistical analyses, including Analysis of Variance (ANOVA) and exploratory factor analysis, to identify significant relationships and patterns within the data. The results indicate that demographic characteristics play a crucial role in shaping user preferences and adoption behaviors for digital payment methods. For instance, factors such as gender, marital status, occupation, and monthly income were found to significantly influence the choice and frequency of use of specific digital payment modes. These findings underscore the necessity for financial institutions and service providers to consider these demographic insights when developing and marketing digital payment solutions. By tailoring financial services to the diverse needs of different user groups, service providers can enhance user satisfaction and foster greater adoption of digital payment technologies. This research contributes to the broader understanding of digital payment adoption dynamics and provides valuable insights for developing effective strategies to promote the use of digital payment methods.
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