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Customer perception towards payment bank: a case study of Cuttack city

Customer perception towards payment bank: a case study of Cuttack city
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A new model of banks conceptualized by the Reserve Bank of India (RBI) is popularly known as Payment Bank. As these banks cannot issue loans and credit cards, but both current and savings accounts can be operated by such banks. Money is the life blood of every economy.

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Customer perception towards payment bank: a case study of Cuttack city

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Nội dung Text: Customer perception towards payment bank: a case study of Cuttack city

  1. International Journal of Management (IJM)
    Volume 10, Issue 4, July-August 2019, pp.1–8, Article ID: IJM_10_04_001
    Available online at http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=10&IType=4
    Journal Impact Factor (2019): 9.6780 (Calculated by GISI) www.jifactor.com
    ISSN Print: 0976-6502 and ISSN Online: 0976-6510
    © IAEME Publication

    CUSTOMER PERCEPTION TOWARDS
    PAYMENT BANK: A CASE STUDY OF
    CUTTACK CITY
    Dr. Kishore Kumar Das
    Associate Professor & Head – Department of Business Administration,
    Ravenshaw University, Cuttack, India

    Rupsa Mahapatra*
    Rupsa Mahapatra, Research Scholar in Management,
    Ravenshaw University, Cuttack, India
    *Corresponding Author

    ABSTRACT
    A new model of banks conceptualized by the Reserve Bank of India (RBI) is
    popularly known as Payment Bank. As these banks cannot issue loans and credit cards,
    but both current and savings accounts can be operated by such banks. Money is the life
    blood of every economy. Now-a-days cash transactions are much simpler due to the
    popularization of internet, smart phones and other digital technologies. Therefore most
    of the transactions were cashless and if these practices will continue as it is then in
    future physical form of currencies will no longer be a king. Privacy, security and
    convenience are the factors which influence the users while using the facility of payment
    banks. The last decade has seen tremendous growth in use of internet and mobile phone
    in India. Increasing use of internet, mobile penetration and government initiative such
    as Digital India are acting as catalyst which leads to exponential growth in use of digital
    payment. But still many people are there who were not ready to accept this system of
    banking as they have a thinking of being cheated. The current paper will help to identify
    the customer perception towards payment bank.
    Key word: banks, internet, digital, technologies, mobile, cashless, transactions.
    Cite this Article: Dr. Kishore Kumar Das and Rupsa Mahapatra, Customer Perception
    Towards Payment Bank: A Case Study of Cuttack City, International Journal of
    Management, 10 (4), 2019, pp. 1–8.
    http://www.iaeme.com/IJM/issues.asp?JType=IJM&VType=10&IType=4

    1. INTRODUCTION
    Payment banks are the latest initiative from the Reserve Bank of India with the primary motive
    to promote digital, paperless and cashless banking in our nation. Traditional banks can do
    everything payment banks can, but due to their structures and business priorities they may be
    unable to cater to certain segments and geographies. For instance, while it is impossible for a

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  2. Dr. Kishore Kumar Das and Rupsa Mahapatra

    bank to open branches in every village across the country, payment banks can fill this gap
    through the use of mobile phones. The adoption of internet banking by the banks customer is
    important since the costs per transaction are even lower than those of an ATM. Besides, it does
    not require physical infrastructure. Most banks today have facilities to enable internet banking
    customers to pay utility bills online. Internet banking has not caught the fancy of majority of
    customers. Small percentage that avail the facility, even makes a difference to the overall costs
    for the banks. Indian banking is witnessing a dynamic phase due to the continuous change in
    polices of RBI and the government of India. In 2015, RBI issued licenses for the first time to
    11 entities to start payment banks in order to improve banking penetration. Of these 11, three
    entities have started their payment banks and are trying to influence customers through
    technology driven services.
    There are two main ways in which payment banks are different from traditional banks.
    Firstly they can accept deposits of only up to Rs. 1lakh, and they cannot lend. Since payment
    banks are not allowed to lend , they make their profits by selling third party products. Secondly
    while payment banks themselves can not offer certain services to customers, they can always
    partner with traditional banks for providing loans and selling investment products.

    2. DEVELOPMENT OF PAYMENT BANKS
    Today’s world and its generations are very smart. They always try to do more work in less time.
    India is one of the countries which consist of major user of smartphones and mobile
    applications. These smartphones, internet facilities, mobile applications are the key drivers for
    cashless society. Mobile devices have transformed the entire world by a click of a button
    anything from purchase, payment or transfer can take place. With the increase in the availability
    of 4G networks across the country, the digital payments becoming faster without any
    inconvenience. On 23 September 2013 , committe on Comprehensive Financial Services for
    Small businesses and Low Income Households headed by Nachiket Mor, was formed by the
    RBI. On 7 January 2014, the Nachiket Mor Committee submitted its final report. Among its
    various recommendations, it recommened the formation of a new category of bank called
    Payments Bank. On 17 July 2014, the RBI released the draft guidelines for Payment Banks,
    seeking comments for interested entities and the general public. On 27th November , RBI
    released the final guidelines for payment banks.
    In February 2015, RBI released the list of entities which had applied for a Payments Bank
    licence.There were 41 applications. It was also announced that an external advisory committee
    (EAC) headed by Nachiket Mor would evaluate the licence applications.On February 2015 ,
    during the presentation of Budget it was announced that India Post will use large network to
    run Payment Bank. The external advisory committee headed by Nachiket Mor submitted its
    findings on 6 july 2015. The applicant entities were examined for their financial track records
    and governance issues. On 19 August 2015, the Reserve Bank of India gave “in-principle”
    licences to eleven entities to lunch Payment Banks.The “in – principle” licence was valid for
    18 months within which the entities must fulfill the requirements and they were not allowed to
    engage in banking activities within the period. The RBI will grant full licences under section
    22 of The Baanking Regulation Act,1949,after it is satisfied that the conditions have been
    fulfilled. There are various methods for digital payments such as mobile banking, internet
    banking, banking cards, mobile wallets, etc. In recent time mobile wallets, UPI (Unified
    Payment Interface) applications are being popularized. Some of the popularly used transaction
    apps are Paytm, Tez, Paypal, PhonePe, freecharge, rupay, BHIM, Aadhaar pay, and even every
    bank has developed their own banking apps. There are social media companies such as amazon,
    facebook and electronic currencies like Bitcoins seeking to enter the payment market.
    Consumers believe that the cashless society is more transparent and convenient. But there are

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  3. Customer Perception Towards Payment Bank: A Case Study of Cuttack City

    also some disadvantages associated with payment bank services like barriers in digital payments
    such as technical issues, lack of clarity, consumers’ acceptance level, enough bank balance, etc.
    Therefore keeping the eyes on consumer satisfaction level day by day these issues are
    minimising by the incraesing its efficiency and user-friendly utilization.

    3. STATEMENT OF THE PROBLEM
    With the aim of expanding banking services in the country, RBI thrust responsibility on the
    Nachiket Mor Committee to explore and make recommendations for the development of a
    special category of banks to provide comprehensive financial services to small businesses and
    low income families. One such recommendation has been the creation of payment banks
    primarily to facilitate financial inclusion. Many traditional banks does not open branches in
    extreme rural areas in India. Payment banks go where traditional banks do not. It is assumed
    that the rural people will welcome the system due to its advantages. Here the concept and
    players are relatively new, however only the positive aspects are focused upon. The negetive
    aspect which may arise due to increasing competition or sour attitute of traditional banks due
    to missing out on a new avenue or business opportunity has been looked over. Credit restrictions
    imposed by the RBI on payment banks restricts the growth and this being a relatively new sector
    not much research is conducted on how exactly the growth trend or the strategy of payment
    banks would be due to lack of examples. Therefore a full scale research can be conducted in
    this aspect to know the perception of customers towards payment banks. The people still might
    not be ready to adopt this system as demonitization has just taken place which in some cases
    may have in convenienced the masses. To expect the masses again to adopt a new system of
    functioning in a relatively short span may be along shot and could effectively backfire. In this
    context, the presend study is highly essential.

    4. LITERATURE REVIEW
    Dahlberg T, Mallat N, Oorni A (2003) concluded that Security and privacy were the major
    concerns for the consumers which affect the adoption of digital payment solutions.
    Soman D (2001) Soman D (2003) Srivastava J, Raghubir P (2008) analysed that Growth
    in technology has opened many modes of payments through which consumers can do
    transactions which are more convenient, accessible and acceptable.
    Mallat N (2004) studied consumer adoption of mobile payments in Finland. Study found
    that mobile payment is dynamic and its adoption depends on lack of other payments methods
    and certain situational factors.
    Dewan SG, Chen LD (2005) illustrated in their research paper that consumers have an
    inclination towards mobile payment apps usage. There has been many studies conducted in past
    on mobile payment application to find consumer interest and they found consumer has positive
    inclination for the same.
    Dahlberg T, Mallat N, Ondrus J, Zmijewska[2008] explained in their research, A Doing
    payments via mobile phones has been in use for many years and is now set to explode. Also
    mobiles are increasingly being used by consumers for making payments. A comprehensive
    model ‘Payment Mode Influencing Consumer Purchase Model’ was proposed by Braga and
    Mazzon. This model considered factors such as temporal orientation and separation, self-
    control and pain of payment constructs for digital wallet as a new payment mode. Consumer
    perspective of mobile payments and mobile payment technologies are two most important
    factors of mobile payments research.
    Shin and Ziderman [2009] tested a comprehensive model of consumer acceptance in the
    context of mobile payment. It used the unified theory of acceptance and use of technology

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  4. Dr. Kishore Kumar Das and Rupsa Mahapatra

    (UTAUT) model with constructs of security, trust, social influence, and self-efficacy. The
    model confirmed the classical role of technology acceptance factors (i.e., perceived to users’
    attitude), the results also showed that users’ attitudes and intentions are influenced by perceived
    security and trust. In the extended model, the moderating effects of demographics on the
    relations among the variables were found to be significant. Digital wallets offer the consumers
    the convenience of payments without swiping their debit or credit cards. Instant Cash
    availability and renders seamless mobility is also a unique feature of these digital apps, for
    instance the balance in your Paytm wallet can be very easily transferred to your bank account
    as and when you want.
    Bamasak [2011] carried out study in Saudi Arabia found that there is a bright future for m-
    payment. Security of mobile payment transactions and the unauthorized use of mobile phones
    to make a payment were found to be of great concerns to the mobile phone users.
    Liu S, Zhuo Y, Soman D, Zhao M (2012) Offering various benefits such as flexi payment
    digital wallet brands are providing extra convenience to consumers. Digital wallet payments
    bring extra convenience to shoppers by offering flexible payment additions and accelerating
    exchanges.
    Padashetty S, Kishore KS (2013) pointed in their study the factors such as perceived ease
    of use, expressiveness and trust affect adoption of digital wallet as payment method. These
    factors are termed as facilitators and plays crucial role in adoption of digital payment solution.
    Doan [2014] illustrated the adoption of mobile wallet among consumers in Finland as only
    at the beginning stages of the Innovation-Decision Process. “Digital Wallet “has become a part
    of consumers which are nothing but smart phones which can function as leather wallets.
    Wamuyu PK (2014) found that Digital wallet offered many benefits while transferring
    money such as convenience, security and affordability.
    Rathore HS (2016) found Major factor in adoption of digital wallet is convenience in
    buying products online without physically going from one location to another location.
    Taheam K, Sharma R, Goswami S (2016) analysed Usage of digital wallet among youth
    in the state of Punjab was found to be associated with societal influence and usefulness,
    controllability and security, and need for performance enhancement. Premium pricing,
    complexity, a lack of critical mass, and perceived risks are the barriers to adoption of digital
    payment systems.

    5. RESEARCH GAP
    The review of literature shows number of works undertaken over the period to study the
    perceptions of the prospective payment bank users still there is lot of scope for research for the
    present sample and period.

    6. OBJECTIVE OF THE STUDY
     To know the perception of customers towards payment bank.
     To make a comparative study on the users of payment bank irrespective of their age, gender,
    educational background and monthly income.

    7. RESEARCH METHODOLOGY
    The concept of payment banks is quite new in India. The purpose of our research is to analyse
    the perception of customers towards payment bank. The primary data for the study was
    collected through distributing structured questionnaires among the users. The sample size is
    limited to 110 respondents. The study was conducted based on the convenient sampling
    technique. The data collected was analyzed to estimate its trend across the variables.

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  5. Customer Perception Towards Payment Bank: A Case Study of Cuttack City

    8. ANALYSIS AND DISCUSSION
    8.1. Study of Gender profile
    The present study is based on the samples of 110 respondents of Cuttack city. The table-1 and
    the corresponding figure -1 reflects that the total samples comprising 71percent male where as
    29 percent are female. This is found in the primary data which are collected by random
    sampling. The composition shows more male members are using cash less system or payment
    bank method to settle their commercial transactions.
    Table 1 Study of Gender profile of samples
    Profile Frequency Percentage
    Male 78 70.91
    Female 32 29.09
    Total 110 100.00
    Sources: Compiled from Collected data

    frequency

    Male
    Female

    Figure 1 Study of Gender profile of sample
    Sources: Compiled from Collected data

    8.2. Study of Age profile
    The present study about the age profile of the sample as per Table-2 and Figure-2 shows that
    there are 35.45 percent user of payment banks are belongs to the age group below 30 years
    where as 39.10 percent users are belongs to the age group of 31-40 years. This reflects that the
    majority of users are in the age group of 31-40 years. If we consider the age group up to 40
    years then about 74.55 percent which is 3/4th of the total users are belongs to this group. The
    lowest users of payment bank belong to the age group of above 50 years which is about 10
    percent. This indicates the insecurity as regards use of payment bank increases with increasing
    age.
    Table 2 Study of Age profile of samples
    Age Frequency percentage
    Below 30 years 39 35.45
    31-40 years 43 39.10
    41-50 years 17 15.45
    Above 50 years 11 10.00
    Total 110 100
    Sources: Compiled from Collected data

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  6. Dr. Kishore Kumar Das and Rupsa Mahapatra

    Frequency

    Below 30
    years
    31-40 years

    Figure 2 Study of Age profile of sample
    Sources: Compiled from Collected data

    8.3. Study of Educational Qualification profile
    Table – 3 and Figure-3of the present study shows the Educational Qualification profile of
    samples. The payment bank users having post graduate qualification and above comprising
    about 44.55 percent of the total sample and lowest users are belongs to HSC qualification which
    is about 17.27 percent. This reflects with higher level of education the users of payment bank
    are more comfortable and have a positive perception towards cashless transactions.

    Table 3 Study of Educational Qualification profile of samples
    Educational Frequency Percentage
    qualification
    HSC 19 17.27
    Under Graduate 42 38.18
    Post Graduate and above 49 44.55
    Total 110 100
    Sources: Compiled from Collected data

    Frequency

    HSC
    Under Graduate
    Post Graduate and above

    Figure 3 Study of Educational Qualification profile of sample
    Sources: Compiled from Collected data

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  7. Customer Perception Towards Payment Bank: A Case Study of Cuttack City

    8.4. Study of Monthly Income profile
    Table-4 and figure-4 reflects the level of income of the sample profile. The trend shows an
    upward inclination with rising income up to a point and then declines with higher income. The
    lowest users of payment bank belongs to the income group above Rs 50000 per month which
    is about 4.54 percent and the highest users are belongs to the group of Rs15000-30000 per
    month which is about 42.72 percent. The maximum users of payment bank are lies in the
    capping Rs 5000-30000 per month which is about 77.26 percent.

    Table 4 Study of Monthly Income profile of samples
    Monthly income Frequency Percentage
    Below 5000 11 10.00
    5000-15000 38 34.54
    15000-30000 47 42.72
    30000-50000 09 08.20
    Above 50000 05 04.54
    Total 110 100
    Sources: Compiled from Collected data

    Frequency

    Below 5000
    5000-15000
    15000-30000
    30000-50000
    Above 50000

    Figure 4 Study of Monthly income profile of sample
    Sources: Compiled from Collected data

    9. FINDING AND CONCLUSION
    The present study as regards to customer perception towards payment bank: a case study of
    Cuttack city shows more male members are using cash less system or payment bank method to
    settle their commercial transactions over the female users. As regards to age, more users are
    belonging to the age group of 31-40 years. Older people are not comfortable with this cash less
    system. Level of education also plays an important role in the development of payment bank
    system. This reflects with higher level of education, the users of payment bank are more
    comfortable and have a positive perception towards cashless transactions. Level of income also
    reflects a similar character. More users of payment bank are found at median income where as
    at the both tail use of payment bank is less.

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  8. Dr. Kishore Kumar Das and Rupsa Mahapatra

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    http://www.iaeme.com/IJM/index.asp 8 editor@iaeme.com

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