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A Study on the usage of E-Payment System and its Influence to Digital

Financial Inclusion in Coimbatore District, Tamil Nadu

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A Study on the usage of E-Payment System and its

Influence to Digital Financial Inclusion in Coimbatore
District, Tamil Nadu
Dr. M. Sriram1, Dr. M. R. Vanithamani2,
Assistant Professor1, Professor2,
Department of Management Studies 1,2,
Karpagam College of Engineering1,2,
Coimbatore 641 032, Tamil Nadu1,2
Email: sriram89.m@gmail.com1;drvanithaselvakumar@gmail.com2

Article Info Abstract:

Volume 83
This study investigates the usage of e-payment system among bank account holders in
Page Number: 2057 - 2066
Publication Issue: Coimbatore district, Tamil Nadu and how it influences digital financial inclusion in the
May - June 2020 study area.Using simple random sampling, this study collected data from 390
respondents. One-Way Analysis of Variance with Tukey‟s HSD post-hoc test and
Pearson‟s Chi Square test were used to analyse the data.This study resulted that there is
a significant difference between age groups 18 to 41 and 42 and above on frequency of
usage of debit and credit card. In case of internet and mobile banking, except age
groups 26 to 41, other age group respondents shown a significant difference in usage
frequency. It is further found that device users are more in the age group of 18 to 25,
which are salaried and the highly preferred device is mobile phone for frequent use for
e-payment. Further more than 50% of the respondents said that they have stored their
Article History password information in their device. So, they are prone to Novelty risks, Agent-related
Article Received: 11August 2019 risks, and Digital-technology related risks. From the study it is evident that the study
Revised: 18November 2019 area is too far from digital financial inclusion and it is the responsibility of the bank
Accepted: 23January 2020 account holders to use e-payment system for speedy, secured and smooth transaction.
Publication: 10 May2020 Keywords: e-payment system; usage; digital financial inclusion; Coimbatore district

I. Introduction and literature review study is limited to bank account holders of

Financial inclusion has been achieving its Coimbatore city in the state of Tamil Nadu, India.
milestones from its inception since the year 2014. The emerge of e-payment systemin India
The important phase of financial inclusion is to has the following reasons:
bring in the global population into banking. i. There is an uncontrollable increase in the number
Accordingly, the adult bank account holders were of mobile phone usersandthe number of
risen to 515 million between 2014 and 2017. subscribers in various telecom networks has also
However, the World Bank data speaks about the increased (Vaidhya (2020); Stalin et al. (2016);
rise in the bank account holders and it is still a Singh, (2008)).
doubt whether they are financially included. The ii. The usage of e-retail websites like amazon.in,
data reveals that adults of 1.7 billion are still flipkart.com, snapdeal.com, and tatacliq.com has
financially excluded and such exclusion prevails. tremendously increased (Aeron et al., 2019)
To identify the position of digital financial iii. Theprovision of 4G services and daily internet
inclusion status, e-payment system plays a core role data packsfor mobile subscribers by all telecom
in the country. This study has considered the usage providers (Khandker& Joshi, 2019)
of e-payment systemand to know the influence of iv. Announcement of demonetization in the country
such system to digital financial inclusion. This made 1,000 and 500 rupees invalid

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From the aforesaid reasons, it is evident that Though government is working hard to
the users and potential users ofe - payment system enable inactive users into active bank account users,
are increased in India.To become financially it is a need to push the entire population into digital
included was a prime motive for the government platform to avoid microissues like as time delay and
among people when the Indian Prime Minister Mr. human error in transactions, and macro problems
NarendraModi initiated a scheme named such as transfer of unaccounted money, counterfeit
“PrathanMantri Jan DhanYojana” in the year 2014. transactions and bribery.
During November 2016, the government made a To know the actual status of e-payment
great unexpected announcement on demonetization, system of various regions and people, the survey on
which inducedpeople to use e- payment system literatures were conducted. From that the following
regularly. are discussed:
After these progresses, the focus on Globally, e- payment systems are adopted
financial inclusion insisted more on digital banking by many countries, especially the developed nations
rather than brick and mortar - conventional banking. are using such payment system for more than three
To understand this context, the Reserve Bank of decades. E-payment systems were developed in
India constituted a High-Level Committee on 1990s as alternative payment channels to make
Deepening of Digital Payments and the committee payments over internet and to develop e-commerce
has submitted a report in the year 2019, in which, (Shaikh et al., 2017).
they explained about the process of reaching digital People believe e - payment system because
financial inclusion (High Level Committee on of the speedy performance of financial transactions,
Deepening of Digital Payments, 2019). The process which could be monetary and non-monetary as
is diagrammatically illustrated below: well. A study found that trust and security are
considered as most important factors in e - payment
system (Barkhordari et al., 2017).
E-payment or digital payment system is
useful in many industries. It could be used in a retail
industry, banking industry, telecommunication
industry and education industry as well. A study
Source: Report on High Level Committee on conducted by Salloum et al. (2019) resulted that
Deepening of Digital Payments, 2019, RBI there is updated information on payment made by
Fig 1 Process to achievedigital financial inclusion the students and there are factors affected by e-
payment system such as perceived benefit,
The diagram (fig 1) represented above starts perceived risk, trust, privacy and performance
with the initial step named „unbanked‟ and ends expectancy. The authors used partial least square -
with digital users as the final step. Shaikh and Shah structural equation modelling to analyse the result.
(2020) reported that 80% of the Indian populationis Hamid and Cheng (2020) conducted a study
banked, that is, such percent has already crossed among Malaysian adults on the risks involved on
from step 1 to step 2. usage of electronic payment systems and the usage
However, Agarwal and Kavishwar (2020) of different payment methods using Technology
has claimed in their research that 48% of bank Acceptance Model (TAM). The study was resulted
account holders in India is not actively using their in less significance of risk when compared with the
account for financial transactions. As per their volume of transactions and high significant
report, it is clear that less than 50% are active bank difference between risk and cash transactions.
account users in the country. The increase in mobile phones made digital
payment system easy to undergo. A study was

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conducted by Omotubora and Basu (2018) on m- conducted in various studies, different types of data
payments using 12 organizational models and has collection tools used and various types of statistical
reviewed 64 mobile applications that facilitates to analyses applied by different researchers to study
access m-payments. The study focused on security, the issues of e-payments of different nations.
ease of access and efficiency of mobile apps to A study was conducted by Bajpai et al.
carry out transaction in a smooth and transparent (2018) on trends of e-payments after
manner. demonetization in India. The authors said that it is
Chen et al., (2018) conducted a study on important to focus more on savings and investment,
usage of e-payment among Japanese youngsters which is high in Asian and Southeast Asian
using TAM. They found that there was an countries especially in India, it is 8% and above
association between e-payment system usage with growth in savings, which itself shows that there is a
age and gender. Also found that male and old-age push towards achieving digital financial inclusion
people use e-payment that other people.However, through enactment of ICT effectively.
the young Japanese tend to use conventional Tombe et al. (2017) focused on e-
payment system than e-payment system because the marketplace that involves customer-to-customer
do not trust the e-payment system. (C2C). The authors considered trust as a prime
One of the important tools of e-payment factor in the study. By conducting an online survey
system is smartcards. Pertaining to such cards, using questionnaire they found that the trust is
Badovinac and Simic (2020) has conducted a study possible based on the reputation of the seller and
on handling of multiple smartcards by the users further found that the quality of electronic payment
with regard to remembrance of security PINs. The system also determines the usage of the same.
study insisted on switching over from security PIN A study on e-payment systems was
to biometric fingerprint scan using algorithm conducted in Nigeria byAfaha (2019) pertaining to
developed by the authors. They claimed that by the economic growth of such nation. The study
altering the technology, there will be no problem conducted to find out the Nigeria‟s relationship
like remembering passwords or threat to reveal between e-payment system and economic growth.
passwords for multiple smartcard users. The study found that people of Nigeria is familiar in
Ahuja (2019) reviewed on challenges faced using point-of-sales service, ATMs, and web-based
by the users of e-payment system in India. This services, which helps to a greater extent to
review has gone through various e-payment systems economic growth and improve GDP, however, they
like debit and credit cards, e-wallets, e-cheques, e- are afraid of online fraud and security for e-
cash, NEFT, RTGS and AEPS. The study resulted transactions.
in some issues faced by users of e-payment system Chaiyasoonthorn and Suksa-ngiam (2019)
such as more possibility to steal the information like conducted a cross-sectional survey on e-payment
user ID and passwords, lack of consistent digital systems and its distribution and adoption in
literacy, more dependency on cash transactions Bangkok, Thailand. The study was conducted to
rather cashless, lack of infrastructure in rural and know the different socioeconomic behaviours
remote locations and lack of knowledge to choose towards e-payment systems and the factors that
right e-payment method. influence the users during e-payments. The study
E-payment system rather than cashless resulted in a positive correlation between income of
system, was considered as an alternative payment people and usage of e-payment system. And it is
system (Fatonah et al., 2018). The authors used further found that there is no relationship between
meta-analysis to know various methodologies used area of residence and usage of e-payment.
by different authors towards understanding of e- Additionally, they found that the use behavior is
payment system.The study identified research

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possible with respect to income, readiness to adopt The literature on e-payment system were
and availability of internet banking. reviewed by Yomas and Kiran (2018) along with
Nguyen and Huynh (2018)has studied the threats, security risks, and vulnerability. The
roles of trust and perceived risk from TAM to find authors have gone through familiar internet
out the adoption of e-payment in Ho Chi Minh city. payment systems like e-cash, e-cheque, e-card and
The researchers studied about e-payment, its smartcard. From the review, the authors understood
advantages and disadvantages with different that there are both benefits and issues found in e-
versions of technology models such as TAM, payment system. The overcome of issues is possible
TAM2, TAM3 and UTUAT. From the study, it was by increasing security and decreasing risks and
found that there was a positive influence of trust on threats so that automatically there would be no
e-payment and negative influence of perceived risk online vulnerabilities and attacks.
on the same. The result showed that there was 38% In India, the youngster population is
responded positively to e-payment adoption. dominant in usage of e-payment system. A study
Ogbanufe and Kim (2018) has developed an was conducted by Adharsh et al. (2018) on how
alternative model to authenticate e-payment system. Indian youngsters transform from traditional wallet
The authors said that entering passwords in the to e-wallet system among students in a college. The
payment webpage through internet is traditional authors found that e-wallet is easier when compared
mode of e-payment. So, they applied TAM to study to cash payment system and perform transactions
on how fingerprint could be used against traditional faster and believe that financial transactions are safe
authentication system in e-payment. The authors and secured. They also found that the acceptance of
found that the respondents agreed that there would money happens in all types of vendors.
be more trust, belief on security and perceived Lai (2016) suggested a design on making all
usefulness when fingerprint biometrics is applied the e-payments with respect to card usage, internet
instead of traditional authentication for e-payment. and mobile technologies into a single e-payment
The benefits of e-payment system, like system. The study was conducted using TAM. From
users, also helpful to service providers.The financial the study it is found that such technology will be
performance of microfinance banks on the basis of useful and easy to use. They also found that
e-payment was studied by Sakanko and David customer felt secured on such payment system
(2019) in Niger, Africa. From the study it is found compared to handling of multiple payment
that e-payment system has better and positive alternatives.
impact on financial performance of a bank that was Oyelami et al. (2020) conducted a study in
studied. The study suggested that by improving the Nigeria pertaining to intentions of consumers on
safety and reducing the transaction cost would lead purchase and payment using adoption of e-payment
to bring in more customers. usage. Additionally, the growth on their spending
El Haddad et al. (2017) said that though was also studied and checked whether there is an
there are many payment technologies available in increase of spending due to e-payment. It is found
the market for two decades, still the card is used for that people are more aware of e-payment system
most of the e-transactions. However, such system and they felt so comfort while using such system.
still lacks in protection of privacy, control by user The study suggested that government should imply
and supervision of transaction. The authors said that more on e-payment so that the possibility of using
by developing a virtual card especially credit cards, e-payment would increase.
the users can easily have control over their online Turban et al. (2018) studied payment
transactions and privacy will not be compromised systems to e-commerce with respect to cross-border
during online shopping. payments. Cross-border payment means payments
happening between two people living in two

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different countries.The authors have discussed Mobile payment is becoming more popular
various models of payment such as payment cards, in e-payment systems because of wide users of
smart cards, online micropayments, third-party mobile devices. A study was conducted in
payment gateways, mobile payments and digital and Indonesia by Sun and Havidz (2019) on adoption of
virtual currencies. They brought out the merits and m-payment and how people intent to use such
challenges of each system in their chapter. system. TAM and structural equation modelling
A study was conducted by Riskinanto et al. were used in the study. Perceived of usefulness and
(2017) by using age as a moderating variable to perceived ease of user were found to be the vital
study the adoption of e-payment system in factors on intention to use m-payment.
Indonesia.TAM was used to carry out the research. Saxena et al. (2019) studied on the security
Age was compared with factors of TAM and it was to e-payment system. As people are using various
found that perceived usefulness and ease of usehas modes of e-payment like debit card, credit card,
positive effect when moderated with age. internet banking, mobile banking and so on, the
Countries like China is completely transactions became faster and easier however, the
controlled by the government where the rules on concern about such activities is whether the
usage of electronic payment system is different. A transaction and the information of the user are
study was conducted by Nadler et al. (2019) by secured or not. The researchers insisted on
studying on adoption of e-payment system in China, promoting security awareness on e-users and
where the economy and market is controlled by the enhancing the security in each stage of e-payment
government. Based on the spending of young will bring down the vulnerability and build trust
Chinese, the study was conducted and it resulted among potential users.
that the important factors that influence e-payment Gupta (2020) has conceptually explained
system are age, gender, perceived quality, self- about e-payment system in India. In the country, the
efficacy and perceived benefit. e-payment system became very popular during the
De Luna et al. (2019) studied about how recent decade however still people are not using this
customers accept different mobile payment system. system effectively because of negligence and lack
The study was conducted by developing a of trust. To overcome such factors, the government
behavioural model that explain the usage intention is promoting such system using awareness
of mobile payment system. The chosen mobile programmes in TV channels and internet.
payment factors were SMS (Short-Message E-payment system does help the economic
Service), NFC (Near Field Communication) and QR growth in many aspects (Vinayakrao, 2020). It pulls
(Quick Response). Using TAM, the researchers down the corruption, stops supply of black money
found that there were differences on intention to use and money laundering. As all the transactions are
the said three variants of mobile payment system. recorded, there would be an easy way to deduct
E-payment facilitates people when they are fraudulent activities. It not only improves standard
in travel or during tour. What happens if there is a of living of people, it also enhances the level of
failure in an e-payment transaction when someoneis saving and investment.
in a tour or travel? Sun et al. (2019) has conducted a By going through the above reviews, it is
study on this question by testing the awareness of clear that many researchers adopted Technology
people on transaction failure during travel using Acceptance Model and its various versions as per
multi-hazard risk assessment tool. The authors said their study requirements. It is evident that there is
that the parties involved in a e-payment transaction no study conducted in the study area selected for
are user, merchant, service provider and network this study, i.e. Coimbatore district. And this study is
operator. The majority of mobile payment system unique because it is to identify the drive of people
failure happens with service providers.

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from banked to digitally banked by testing different payment transaction and reasons for not using e-
e-payment factors. payment system.
This study usedCronbach‟s Alpha to test the
II. Objective and hypotheses of the study internal consistency. One-Way Analysis of
This study aims to identify the use of e-payment Variance with Tukey‟s HSD post-hoc test and
system and its influence to digital financial Pearson‟s Chi Square test were used to analyse the
inclusion in Coimbatore district, Tamil Nadu, data.
India.This study also aims to know how the users
are prone to different types of risk which leads to IV. Results and discussions
financial exclusion. To test the internet consistency, Cronbach‟s Alpha
was used and the reliability was 0.924, which
The hypothesis framed in this study are as follows: showed a high internal consistency for 26 variables.
H1: Age of the respondents has significant Using one-way ANOVA with Tukey‟s HSD post
difference on frequency of usage of debit card, hoc test, the result of H1 was derived.
credit card, internet banking and mobile banking
H2: Age and Employment status of the respondents a. H1: Age of the respondents has significant
has association on frequency of usage of e-payment difference on frequency of usage of debit card,
devices credit card, internet banking and mobile banking
H3:Gender has association on usage of e-payment The Table 1 describes the analysed results between
service of others age and frequency of use of e-payment system.

III. Research methodology Table 1 One-Way ANOVA with Tukey HSD

As per the census 2011, the total population of post-hoc test
Coimbatore district is 10,50,721. The sample size, Frequency
18- 26- 34- 42 - 50 and
of use of Age
according to Krejkie and Morgan (1970), above 25 33 41 49 above
e-payment
10,00,000was 384, which wasthe minimum Debit card 18-25 1.000 1.000 0.981 0.000 0.000
26-33 1.000 1.000 0.993 0.000 0.000
required sample for this study.Hence, the 34-41 0.981 0.993 1.000 0.000 0.000
questionnaires were distributed to 450 members 42-49 0.000 0.000 0.000 1.000 1.000
>50 0.000 0.000 0.000 1.000 1.000
after identifying that they are bank customers and in Credit 18-25 1.000 0.980 0.180 0.000 0.000
return, 428 questionnaires were received and by card 26-33 0.980 1.000 0.430 0.000 0.000
34-41 0.180 0.430 1.000 0.000 0.000
omitting incomplete response, the response is
42-49 0.000 0.000 0.000 1.000 0.000
finalized as 390 and hence the sample size was >50 0.000 0.000 0.000 0.000 1.000
conformed to 390. Internet 18-25 1.000 0.002 0.000 0.000 0.000
banking 26-33 0.002 1.000 0.100 0.000 0.000
Simple random sampling was used to collect 34-41 0.000 0.100 1.000 0.000 0.000
the data by enquiring random person whether he/she 42-49 0.000 0.000 0.000 1.000 0.000
>50 0.000 0.000 0.000 0.000 1.000
is holding a bank account and requesting to Mobile 18-25 1.000 0.000 0.000 0.000 0.000
respond. This study used questionnaire to collect banking 26-33 0.000 1.000 0.142 0.000 0.000
34-41 0.000 0.142 1.000 0.000 0.000
primary data.
42-49 0.000 0.000 0.000 1.000 0.000
The questions contained demographic >50 0.000 0.000 0.000 0.000 1.000
variables such as gender, age, education, income, Note: The highlighted figures in the Table 1 shows
employment status and number of members in the p values less than 0.05
family. Other variables were access to e-payment
services, usage frequency of e-payment services, From the above table, it is found that there is a
types of transactions using e-payment system, e- significant difference between age groups 18 to 41
payment for different transactions, awareness on e- and 42 and above on frequency of usage of debit

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and credit card. In case of internet and mobile From the above table, it is found that there is a
banking, except age groups 26 to 41, other age significant association between age and frequency
group respondents shown a significant difference in of use of e-payment devices.
usage frequency.
Table 4 Cross tabulation: Employment status ×
By using Chi-Square test, the association of age and Device preferred to frequently use for e-payment
employment with frequency of usage of e-payment Employment
Device preferred to use Frequently
for E-Payment Total
devices were analysed and the results are given Status
MP T L PeC PuC
below: Job Count 43 0 0 0 0 43
seeker Total % 11.0% 0.0% 0.0% 0.0% 0.0% 11.0%
b. H2: Age and employment status of the Salaried Count 93 80 113 10 0 296
Total % 23.8% 20.5% 29.0% 2.6% 0.0% 75.9%
respondents have association on frequency of
Self- Count 0 0 0 28 23 51
usage of e-payment devices employe Total %
0.0% 0.0% 0.0% 7.2% 5.9% 13.1%
d
Table 2 Cross tabulation: Age × Device Note: MP – Mobile Phone; T – Tablet; L – Laptop; PoC -
Personal Computer‟ PuC – Private Computer
preferred to frequently use for e-payment
Device preferred to use
Age Frequently for E-Payment Total From the Table 4, it is found that salaried people
MP T L PeC PuC
use e-devices frequently (29% out of 390
18-25 Count 65 25 50 0 0 140
Total % 16.7% 6.4% 12.8% 0.0% 0.0% 35.9% respondents). The job seekers are using only mobile
26-33 Count 60 0 20 0 0 80 phone to e-payment. Self-employed uses only
Total % 15.4% 0.0% 5.1% 0.0% 0.0% 20.5%
34-41 Count 11 18 0 0 0 29 personal and private computer to e-payments.
Total % 2.8% 4.6% 0.0% 0.0% 0.0% 7.4%
42-49 Count 0 35 43 5 0 83
Table 5 Pearson’s Chi-Square Test
Total % 0.0% 9.0% 11.0% 1.3% 0.0% 21.3%
>50 Count 0 2 0 33 23 58 Asymptotic Significance (2-
Total % 0.0% 0.5% 0.0% 8.5% 5.9% 14.9% Value df sided)
Note: MP – Mobile Phone; T – Tablet; L – Laptop; PoC – 408.51
8 0.000
Personal Computer‟ PuC – Private Computer 1

From Table 2 it is found that device users are more From the Table 5, it is found that there is an
in the age group of 18 to 25 (35.9%) and the highly association between employment status and
preferred device is mobile phone for frequent use frequency in use of devices for e-payment.
for e-payment (16.7% out of 35.9%). There are no
users of personal computer in the age groups of 18 From 390 respondents, 176 respondents said that
to 41 and public computer was not used by the age they use e-payment system of others. Hence, their
groups from 18 to 49. From this cross-tabulation, usage is studied in H3.
the Pearson‟s Chi-Square were derived and the
result is illustrated in Table 3. c. H3: Gender has association on usage of e-
payment service of others
Table 3 Pearson’s Chi-Square Test Using Pearson‟s Chi-square, the results on
Asymptotic Significance (2- association of gender and age with usage of e-
Value df sided) payment services of others is tabulated in Table 6
492.28
16 0.000 and 7 below:
5

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Table 6Cross tabulation: Gender × Type of E- Changing Whenever the Bank

309 79.2
PaymentServices of others used by respondents password of Insists
Type of E-Payment internet or Frequently - Atleast
49 12.6
Services of others used by mobile Three Months Once
respondents banking/ATM I have never Changed 32 8.2
Gender Total
Internet Mobile Debit/ Total of each factor 100.
Bankin Bankin Credit
390
0
g g Card
Male Count 12 24 75 111
Total % 6.8% 13.6% 42.6% 63.1% From the Table 8, it is found that more than 50% of
Female Count 4 10 51 65 the respondents said that they have stored their
Total % 2.3% 5.7% 29.0% 36.9% password information in their device. So, they are
prone to Novelty risks, Agent-related risks, and
From the Table 6, it is found that more male and Digital-technology related risks (World Bank,
female respondents have used debit /credit card of 2014). It is also found that nearly 80% respondents
others, when compared to internet and mobile said that whenever the bank insists, they change
banking. their passwords.
Table 7 Pearson’s Chi-Square Tests
Valu Asymptotic Significance (2-
e. Reasons for not using e-payment system
e df sided)
2.483 2 0.289
Respondents who said that they do not use
debit/credit card, internet banking and mobile
From Table 7, it is resulted that there is no banking were asked the reasons for not using. The
association between gender and e-payment services results were tabulated in Table 9 below:
of others that are used by the respondents.
Table 9 Reasons for not using e-payment system
Particulars f %
Apart from the above inferential statistics, the
Reasons for not Lack of Knowledge 66 16.9
following Table 8 explains the response and its using Lack of Trust 15 3.8
percentage. debit/credit card Prefer Paying Physical
31 7.9
Cash
d. Security on usage of e-payment system Not Technologically
12 3.1
The security is considered very important factor Sound
Unable to Remember
when performing online transactions. So, the 35 9.0
Passwords
respondents were asked on how they remember I do not have one 231 59.2
their transaction password and how frequently they Reasons for not Lack of Knowledge 74 19.0
change their password. The responses are tabulated using Lack of Trust 26 6.7
below: internet banking Prefer Paying Physical
18 4.6
Cash
Not Technologically
Table 8 Security on e-payment transactions 39 10.0
Sound
Particulars f %
Unable to Remember
Remembrance I have Memorized the 47 12.1
103 26.4 Passwords
of password for Password
I do not have one 186 47.7
internet or I have Stored the
Reasons for not Lack of Knowledge 82 21.0
mobile Password in Mobile 199 51.0
using Lack of Trust 40 10.3
banking/ATM and/or Computer
mobile banking Prefer Paying Physical
My Password is 29 7.4
Cash
known to my Family
88 22.6 Not Technologically
Members and They let 24 6.2
Sound
me know

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Unable to Remember [7] Shaikh, N., & Shah, N. D. (2020). Role of

58 14.9
Passwords Government and RBI in Financial Inclusion-An
I do not have one 157 40.3 Ecosystem of Development. Studies in Indian
Place Names, 40(8), 261-271.
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From the above table, it is found that more than Financial Inclusion of Women in India. Our
59% respondents said that they do not own a debit Heritage, 68(9), 723-735.
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V. Conclusion Mashayekhi, Y., &Ahangar, M. S. (2017). Factors
From the study, it is concluded that less than 50% influencing adoption of e-payment systems: an
empirical study on Iranian customers. Information
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This study has considered banked population and payment systems by young adult. order, 6(8.4), 6-
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[14] Chen, A. N., Griffin, K., Zeltmann, S., Ota, M.,
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