Abstract
Mobile payment is a system in which we do online transactions of money, using devices like smartphones or point of sale machine, etc. instead of cash. Mobile wallet or digital wallet is one of the popular mediums of mobile payment system. There is much research that focuses on mobile wallets and consumers’ intention to use them. However, the mobile wallets are being increasingly replaced by UPI-based Payment Apps such as BHIM, PhonePe, and Google Pay, and little is known about the drivers for this adoption. Considering this gap, our study was conducted to understand the consumers’ behavioural intention with respect to UPI-based Payment Apps. Based on the literature review a conceptual model was proposed using an extended UTAUT2 framework. This was tested using a pan-India survey with 224 valid responses. Ordered logistic regression models were run in Stata to understand the impact of factors like Performance expectancy, Effort Expectancy, Social influence, Facilitating conditions, Hedonic motivation, Price value, and User adoption on the intention to use UPI-based payment apps. Factors like Trust, Perceived security and Innovativeness were also included to get a better understanding of the consumer adoption perspective. It was found that Performance Expectancy, Price value, Trust and Perceived Security were significantly and positively related to behavioural intention. This is among the earliest studies in India to comprehensively model and empirically investigate factors driving the consumer adoption of UPI-based payment apps.
