Paper Key : IRJ************032
Author: Mrs. Swati Sumit Sakpal
Date Published: 02 Apr 2025
Abstract
The sudden spurt in the use of digital payments has changed the way people make financial transactions in India, with urban cities such as Bhiwandi experiencing major payment pattern changes. This research focuses on the utility of e-payment instruments in Bhiwandi, a city known for increasing digital connectivity and a diverse range of users. The research evaluates the drivers behind the adoption of e-payment channels, usage frequency, user satisfaction, and consumersand vendorsproblems.The surveys were used to gather data from a diverse population sample of Bhiwandi, with an emphasis on the usersknowledge of platforms like Google Pay, PhonePe, Paytm, and Amazon Pay. From the key findings, it was reported that younger people, especially those in the 1525 years age bracket, have a high rate of adoption, with 60.8% of the respondents in this age bracket regularly using e-payment systems. Google Pay was the leading platform, followed by PhonePe, while other platforms demonstrated limited penetration. Bill payments and retail shopping came out as the major use cases for e-payment tools, with convenience and transaction speed being the most valued benefits.In spite of the popularity, security issues were at the forefront, with more than half of the respondents having fallen victim to fraud or unauthorized transactions at least once. This underlines the necessity for increased security features to promote higher confidence. Moreover, a large segment of the population was dissatisfied with the transaction speed and the absence of adequate rewards, including cashback and discounts.The research provides a number of suggestions for enhancing the effectiveness of e-payment instruments in Bhiwandi. These include enhancing security features, especially fraud prevention, enhancing transaction processing speeds, and providing more enticing rewards to encourage higher adoption, particularly among older or less frequent users. In addition, there is a requirement for wider awareness campaigns to improve digital literacy, especially in rural regions where adoption may still be low.In summary, although e-payment instruments in Bhiwandi show high prospects for enhancing convenience and minimizing cash reliance, their usefulness is based on surmounting security issues as well as meeting userscalls for speedier transactions and additional incentives. This research offers useful insights for policymakers, companies, and financial institutions to enhance the digital payment system in developing nations.Keywords: Digital Payment, E-payment, UPI, BHIM, Effectiveness of e-payment, E-payment Tools, Digital wallets,