List of Tables

Table Page
Title
No. No.
1.1 Growth of E-payments in India (Volume in lacs.) 24
3.1 List of Districts of Haryana 63
3.2 Revenue Divisions of Haryana 64
3.3 Final Sample of the Study 65
3.4 Reliability Statistics- Cut Off Criteria 68
3.5 Reliability of constructs of study 68
3.6 Gender-wise Description of Customers 69
3.7 Marital Status-wise Description of Customers 70
3.8 Age- wise Description of Customers 71
3.9 Educational Qualification- wise Description of Customers 72
3.10 Occupation - wise Description of Customers 73
3.11 Family Income - wise Description of Customers 74
3.12 Cut off Criteria for Model Fit Parameters 78
4.1 Description of Sources of Information 80
4.2 Description of Shopping Style 82
4.3 E-Modes used during shopping 83
4.4 Frequency of using E-Modes 84
4.5 I am aware about the Card Verification Value (CVV) 85
4.6 I know when OTP and PIN is required 86
4.7 I am aware about Floor (maximum) limit of credit cards 87
4.8 I have knowledge regarding the annual fees of cards 87
4.9 I know about KYC procedure in wallets 88
4.10 I am very well known about usage limit of E-Wallets 89
4.11 UPI requires unique ID Virtual Payment Address 89
4.12 With UPI immediate inter-bank money transfer can be done 90

4.13 I know about the requirement of UPI PIN 91

I have an idea regarding the two passwords which is used during

4.14 92
Net Banking
 Chi-Square Tests for association between Gender and Level of
4.15 94
Awareness
4.16 Cross- tabulation of Level of Awareness * Gender 94
4.17 Chi-Square Tests for association between Age and Level of Awareness 95
4.18 Cross- tabulation of Level of Awareness * Age 96
Chi-Square Tests for association between Educational Qualification and
4.19 97
Level of Awareness
4.20 Cross- tabulation of Level of Awareness * Educational Qualification 98
Chi-Square Tests for association between Occupation and Level of
4.21 99
Awareness
4.22 Cross- tabulation of Level of Awareness * Occupation 100
Chi-Square Tests for association between Family Income and Level of
4.23 101
Awareness
4.24 Cross- tabulation of Level of Awareness * Family Income 102
4.25 To get the Cashback offer 104
4.26 Risk of Cloning of cards 105
4.27 To avail special offers and discounts available on cards during shopping 106
4.28 Due to the Social Influence of family & friends 107
4.29 High Security of transactions is the reason 108
4.30 Privacy of personal information while selection is important reason 109
4.31 It is very convenient to use 110
4.32 It helps in keeping track of payment transactions 111
4.33 Trust on other electronic mode 111
4.34 I use it because others use it 112
4.35 Risk of getting into debt 113
4.36 Blockage of money as amount refunded to wallet 114
4.37 Speed of payments 115
4.38 To earn the reward points 116
4.39 To get the facility of EMI option 116
4.40 It increases the prestige among family & friends 117
4.41 As privacy of financial information is more 118
4.42 Financial loss as payment done but not received by merchant 119
4.43 It leads to burden of unnecessary expenditure 120
4.44 It increases the possibility of overspending 121
4.45 KMO and Bartlett's Test of Sphericity 122
4.46 Communalities 122
4.47 Total Variance Explained 124
4.48 Rotated Component Matrix 126
4.49 Factor Analysis 127
Regression Weights and Squared Multiple Correlation for the Construct:
4.50 132
Perceived Risk
4.51 Fit Indices for the Construct: Perceived Risk 133

4.52 Regression Weights and Squared Multiple Correlation for the Construct: 134
Security & Trust
4.53 Fit Indices for the Construct: Security & Trust 135
Regression Weight and Squared Multiple Correlation for the Construct:
4.54 136
Offers
4.55 Fit Indices for the Construct: Offers 137
Regression Weight and Squared Multiple Correlation for the Construct:
4.56 138
Social Factors
4.57 Fit Indices for the Construct: Social Factors 139
Regression Weight and Squared Multiple Correlation for the Construct:
4.58 140
Perceived Ease of Use
4.59 Fit Indices for the construct: Perceived Ease of Use 140
4.60 Overall Model Fit Indices 143
4.61 Construct-Wise Reliability and Validity 144
4.62 Validity of Overall Model 147
4.63 Preference for Debit Card 148
4.64 Preference for Credit Card 149
4.65 Preference for Net Banking 150
4.66 Preference for UPI 151
4.67 Preference for E-Wallet 152
4.68 Weighted Average Ranking of E-payment Modes 154
4.69 Kruskal-Wallis Test for Debit Card and Occupation 155
4.70 Kruskal-Wallis Test for Credit Card and Occupation 156
4.71 Kruskal-Wallis Test for Net Banking and Occupation 156
4.72 Kruskal-Wallis Test for UPI and Occupation 157
4.73 Kruskal-Wallis Test for E-Wallet and Occupation 158

4.74 Descriptive statistics for “I feel secure about my personal information in 159
using E-Payment mode”
Descriptive statistics for “There is less financial risk in making payment
4.75 160
through electronic mode”
4.76 Descriptive statistics for “I feel no need to carry hard cash” 162
4.77 Descriptive statistics for “I find it easy to operate” 163
Descriptive statistics for “It is convenient to carry digital modes
4.78 164
everywhere”
Descriptive statistics for “It is easy to pay exact amount without worrying
4.79 166
about the change”
Descriptive statistics for “I prefer E-modes as transactions are easily
4.80 167
traceable”
Descriptive statistics for “There is acceptability of digital modes
4.81 168
everywhere”
Descriptive statistics for “I prefer it because it can access 24*7 especially
4.82 170
in emergency”
4.83 Descriptive statistics for “It saves time” 171
4.84 Descriptive statistics for “There is no transaction fee” 172
4.85 Descriptive statistics for “Lack of Privacy” 174
Descriptive statistics for “Unaware about the Technology (Computer/
4.86 175
Smartphones)”
4.87 Descriptive statistics for “Risk of Cyber Fraud” 177
Descriptive statistics for “Lack of Exposure and Understanding of How
4.88 178
it Works”
4.89 Descriptive statistics for “Difficulty in Operating E-Modes” 179
4.90 Descriptive statistics for “Don't Feel the Need to Use It” 181
4.91 Descriptive statistics for “Disputed Transactions” 182
4.92 Descriptive statistics for “Card Limit Restriction and Annual Fees” 183
4.93 Descriptive statistics for “Internet Connectivity Issues” 185
4.94 Descriptive statistics for “Lack of Awareness about E-modes” 186
 Descriptive statistics for “Non-Acceptability of E-mode at Merchant’s
4.95 187
end”
4.96 Descriptive statistics for “Failure of transactions” 189
Descriptive statistics for “App or Gateway Failure Due to Server
4.97 190
Problem”
4.98 Descriptive statistics for “Risk of stolen or Loss of Card” 191
4.99 Weightage to Problems Faced by the Respondents 193
5.1 Summary of Hypothesis Testing for Objective No. 1 197
5.2 Summary of Hypothesis Testing for Objective No. 3 201
 List of Figures
Figure Page
Title
No. No.
1.1 Categorization of payment options available during shopping 8
1.2 Growth of E-Payments in India 24
3.1 Gender- wise Description 69
3.2 Marital Status- wise Description 70
3.3 Age- wise Description 71
3.4 Educational Qualification- wise Description 72
3.5 Occupation- wise Description 73
3.6 Family Income-wise Description 74
4.1 Sources of Awareness Frequencies 81
4.2 Shopping style frequencies 82
4.3 E- Modes used during Shopping 83
4.4 Frequecncy of Performed Electronic Payements 84

4.5 Cross- tabulation of level of awareness regarding E-Modes of Payment 95

and Gender of the Customers
4.6 Cross- tabulation of level of awareness regarding E-Modes of Payment 96
and Age of the Customers
4.7 Cross- tabulation of level of awareness regarding E-Modes of Payment 98
and Educational Qualification of the Customers
4.8 Cross- tabulation of level of awareness regarding E-Modes of Payment 100
and Occupation of the Customers
4.9 Cross- tabulation of level of awareness regarding E-Modes of Payment 102
and Family Income of the Customers
4.10 Scree Plot of Eigen Values 125
4.11 Individual Model of Factor 1: Perceived Risk 133
4.12 Individual Model of Factor 2: Security & Trust 135
4.13 Individual Model of Factor 3: Offers 137
4.14 Individual Model of Factor 4: Social Factors 139
4.15 Individual Model of Factor 5: Perceived Ease of Use 141

4.16 Overall Measurement Model of factors affecting selection of E-Payment 142

modes
4.17 Preference for Debit Card 149
4.18 Preference for Credit Card 150
4.19 Preference for Net Banking 151
4.20 Preference for UPI 152
4.21 Preference for E-Wallet 153
4.22 I feel secure about my personal information in using e-payment mode 159
4.23 There is less financial risk in making payment through electronic mode 161
4.24 I feel no need to carry hard cash 162
4.25 I find it easy to operate 164
4.26 It is convenient to carry digital modes everywhere 165
4.27 It is easy to pay exact amount without worrying about the change 166
4.28 I prefer E-modes as transactions are easily traceable 168
4.29 There is acceptability of digital modes everywhere 169
4.30 I prefer it because it can access 24*7 especially in emergency 170
4.31 It saves time 172
4.32 There is no transaction fee 173
4.33 Lack of Privacy 175
4.34 Unaware about technology 176
4.35 Risk of Cyber Fraud 177
4.36 Lack of exposure and understanding of how it works 179
4.37 Difficulty in operating e-modes 180
4.38 Don't feel the need to use it 181
4.39 Disputed Transactions 183
4.40 Card limit Restriction and Annual Fees 184
4.41 Internet Connectivity Issues 185
4.42 Lack of awareness about E-modes 187
4.43 Non-Acceptability of E-mode at Merchant's end 188
4.44 Failure of Transaction 189
4.45 App or Gateway Failure 191
4.46 Risk of stolen or Loss of Card 192
 List of Abbreviations
E-Banking Electronic Banking
SFCU Stanford Federal Credit Union
RBI Reserve Bank of India
GoI Government of India
IT Information Technology
E-Payment Electronic Payment
NFC Near-Field Communication
EPS Electronic Payment System
GoI Government of India
NPCI National Payments Corporation of India
E-mode Electronic modes
QR Code Quick Response Code
BHIM Bharat Interface for Money
EPS Electronic Payment System
DPS Digital Payment System
IMPS Immediate Payment Service
AEPS Aadhaar Enabled Payment System
NEFT National Electronic Funds Transfer
RTGS Real Time Gross Settlement
RTP Real-Time Payments
COD Cash on Delivery
ATM Automated Teller Machine
PoS Point of Sale
E-wallet Electronic Wallet
UPI Unified Payment Interface
VPA Virtual Payment Address
CVV Card Verification Value
OTP One Time Password
PIN Personal Identification Number
TAN Transaction Authentication Number
KYC Know Your Customer
BBPS Bharat Bill Payment System
TVE Total Variance Explained
AVE Average Variance Extracted
CMIN/DF Relative/ Normed Chi-Square
CFI Comparative Fit Index
GFI Goodness of Fit Index
AGFI Adjusted Goodness of Fit Index
RMSEA Root Mean Square of Approximation
SRMR Standardized Root Mean Square Residual