Emerging Trend in Digital Payment and Its Impact

This research project about the emerging trend in digital payment and its impact. This research project also tries to understand if there are any specific variables that persuade people to opt for digital payment system. The project needs to survey a group of people from various age group to either approve or disprove of the stated hypotheses and give appropriate suggestions based on the findings thus obtained. It covers numerous variables like safety, convenience, incentives offered, financial literacy, internet connection among other factors. It has also tried to list the importance of having a cashless payment widely implemented. An attempt has been made in this research project to enumerate the advantages and disadvantages of digital payment system. While researching for this project, I came across numerous initiatives taken by the Government to further motivate people to make the transition to cashless payment systems. The push towards having a predominantly cashless economy has certainly not been easy. The challenges encountered have been itemized in this project as well. All of the primary data collected with the help of a questionnaire has been tabulated. Percentage analysis and rank analysis has been conducted to become aware of which factor contributes the most and which variable has the least impact on an individual’s decision on whether a cashless economy has positively or negatively affected them. Lastly, this lengthy research project aspires to come up with recommendations as to what can be done by the concerned authorities to make certain that more people choose to start using cashless payment systems in their day-to-day life