Electronic Payments and the Logic Behind its Usage – A Customer Perspective

Purpose: Electronic payments have grown in significance after the demonetization and the more recent Covid-19 aftermath. This paper focuses on the various electronic payments available in the banking industry at present and also analyzes the various factors that influence customers regarding their usage. Design/ Methodology/ Approach: We try to analyze the various factors that customers find important through a questionnaire. We use the SPSS software to analyze the data and use the principal factor analysis in it to narrow down the most important factors among them. Findings/ Results: This paper gives a ready reckoner to the researchers or the readers about the various factors that are important to the customers for usage of electronic payments. An ABCD analysis is done to emphasize the reader clearly differentiate between the different electronic payment modes and their uses or shortcomings if any. Originality: Strengths of each one of these electronic payment modes are seen against its weakness. A comparison of sorts is done in this paper to find out which particular electronic payment mode is better. Type of Paper: Conceptual paper to know the various advantages, benefits, constraints, and disadvantages and also an empirical paper to find out the principal factors in its usage