A study by the Department of Statistics of M S University on 'Exploring Payment Trends, Technologies, and User Preferences' reveals the payment choices of people. The research conducted by six third-year students under the guidance of Professor K Muralidharan and Shreya Mathur reveals that age, gender, occupation, and education are the major perspectives to influence the payment choices of people. Consumer attitudes towards mobile payment applications in India are influenced by factors like convenience, cashback, and tracking spending, while usage is also increasing due to policy initiatives and technological advancements.
Online payment services such as UPI were set up in India in 2016 and since then financial transactions as seen a constant growth throughout the nation. So far, 12,102 million online transactions have been conducted which is 46 per cent of the monthly global transactions. The survey of 324 (161 male and 163 female) respondents found that government employees, homemakers, and senior citizens prefer cash over cashless methods, while private employees and students mostly prefer cashless methods. Businessmen prefer both methods.
Women prefer cash over cashless methods 3.5 times more than men irrespective of the age groups, even younger women aged 18-24 to 35-44 associate with cash payment methods compared to their male counterparts in the same age group. Men prefer cash over cashless transactions in the 45-54 age group. Revant Yadav mentioned, "We found that as the age progresses, people start preferring cash over cashless methods. In the ages above 55 years, we found that preference of both men and women was towards cash instead of cashless transactions."
