A Study on Intention to Adopt Digital Payment Systems in India : Impact of COVID-19 Pandemic




Digitalization and digital transformations have metamorphized the face of Financial Inclusion globally, more so, in cash obsessed economies like India. The purpose of our study is to empirically analyze the users’ intention to adopt digital payment systems, post Demonetisation, during the COVID-19 pandemic in India. The conceptual framework for the study is based on the Unified Theory of Acceptance and Use of Technology (UTAUT) adoption model with added operationalized constructs of Perceived Risk and Stickiness to use Cash. A total of 326 respondents were surveyed using a pre-tested questionnaire during the Nationwide Lockdown 3.0 in India. These responses were analyzed using Partial Least Squares – Structural Equation Modelling (PLS-SEM) technique. The findings of the study revealed that performance expectancy and facilitating conditions directly influence the intention of individuals to use digital payment systems, whereas the effect of perceived ease of use on digital payment systems is mediated through the attitude towards the digital payment systems during COVID-19 pandemic situation. Implications of the proposed adoption model are discussed. This will enable the other developing economies to formulate a digital ecosystem, that is here to stay even after the pandemic.


Ⅰ. Introduction
Ⅱ. Literature Review and Theoretical Background
2.1. Digital Payments in India: An Overview
2.2. Digital Payment System - Definition
2.3. Unified Theory of Acceptance and Use of Technology (UTAUT)
2.4. Related studies
Ⅲ. Research Model and Hypotheses Development
3.1. Performance expectancy (PE)
3.2. Effort expectancy (EE)
3.3. Perceived risk (PR)
3.4. Facilitating conditions (FC)
3.5. Stickiness to use Cash (ST)
3.6. Attitude (ATT)
Ⅳ. Research Methodology
4.1. Sample selection and Data Collection Procedure
4.2. Instrument design
4.3. Statistical analysis
Ⅴ. Data Analysis and Results
5.1. Measurement Model Analysis
5.2. Structural Model Analysis
Ⅵ. Discussion and Implications
6.1. Theoretical Implications
6.2. Practical Implications
Ⅶ. Limitations and Future Research
Ⅷ. Conclusion


  • Kavita Jain Research Scholar, Prestige Institute of Management, Research Devi Ahilya Vishwavidyalya Indore, India
  • Rupal Chowdhary Associate Professor, Prestige Institute of Management, Research Indore, India


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