INTRODUCTION:

The emergence of digital payment systems has transformed financial transactions worldwide, introducing substantial alterations to consumer conduct and transaction approaches. This metamorphosis is particularly remarkable in emerging economies like India, where electronic payment systems are swiftly supplanting conventional currency-based transactions. The transition towards digital transactions has been notably expedited in the countryside, where conventional banking and physical currency exchanges were previously prevalent. This research centres on the consumer viewpoint regarding mobile purses in the countryside regions of Haryana, a state in India recognised for its varied socio-economic terrain.

In recent times, countryside India has observed a noteworthy change towards non-cash transactions, propelled by governmental endeavours and the growing infiltration of cyberspace and cellular technology (Das and Agarwal, 2010). Rustic consumers, conventionally dependent on currency, are progressively embracing electronic payment techniques, encompassing portable purses. This transformation is not merely a technological shift but also a cultural and economic one, profoundly impacting consumer conduct and monetary patterns (Eswaran, 2019). Electronic payment systems, like smartphone purses, provide myriad benefits compared to conventional currency exchanges. They offer convenience, enhanced safety, and enhanced availability to monetary services, particularly in regions where banking facilities are restricted (Khan and Damanhouri, 2017). For rural consumers, who frequently encounter obstacles in obtaining traditional banking services, mobile wallets symbolise a noteworthy stride towards financial incorporation and empowerment (Masihuddin et al., 2017). Consumer perspective plays a pivotal role in the embracing of digital transaction systems. It is impacted by diverse elements, comprising of perceived utility, dispositions towards technology, and risk cognition linked with digital transactions (Hirschman, 2002). Comprehending these elements is pivotal in ascertaining how rural customers adjust to and embrace novel varieties of monetary dealings.

Perceived efficacy is a pivotal factor in the acceptance of technology. In the context of mobile wallets, it pertains to the consumer's conviction that utilising a specific system will enrich their transaction encounter (Salman and Saleem, 2017). In countryside regions, where monetary dealings are frequently restricted by logistical obstacles, the perceived efficacy of cellular purses can greatly impact consumer perspectives and acceptance rates.

Consumer Attitude towards Cashless Payment Modes:

Consumer perception towards digital payment methods is influenced by their convictions, emotions, and behavioural inclinations. An optimistic approach towards electronic payment methods can result in increased acceptance and utilisation rates. On the contrary, adverse mindsets, frequently impacted by insufficient cognizance or fallacies regarding technology, may impede the acceptance of mobile wallets (Shankar and Datta, 2018).

Risk Perception in Digital Transactions:

Peril perception is an essential facet of consumer conduct, notably in the framework of digital transactions. Apprehensions regarding security and confidentiality can greatly influence the inclination of rural consumers to embrace mobile wallets. Tackling these apprehensions via improved safety characteristics and public enlightenment is crucial for the expansion of electronic payment systems in remote regions (Vu et al., 2018).

SIGNIFICANCE OF THE STUDY:

Comprehending customer viewpoint in remote regions is crucial for the efficient execution and expansion of electronic payment systems. This research adds to the body of knowledge on digital monetary incorporation, providing valuable perspectives for decision-makers, monetary organisations, and technological suppliers. It aids in recognising obstacles to adoption and formulating tactics to amplify consumer embrace of mobile wallets in rural environments.

LITERATURE REVIEW:

1. Adoption and Perception of Mobile Wallets in Rural Areas:

The acceptance and understanding of cellular purses in countryside areas, notably in the framework of Haryana, offer a distinct array of obstacles and possibilities. Research conducted by Das and Agarwal (2010) have emphasised the crucial significance of comprehending regional consumer conduct towards electronic payment systems. They propose that elements such as technological proficiency, perceived simplicity, and confidence greatly impact the acceptance of mobile wallets in these regions. Khan and Damanhouri (2017) additionally investigated these variables, highlighting the significance of educational endeavours in improving the comprehension and reception of digital payment systems among rural communities. Their discoveries correspond with those of Harshita (2017), who observed that notwithstanding the escalating accessibility of mobile purse alternatives, rural customers frequently display reluctance due to apprehensions regarding safety and a deficiency of acquaintance with digital technology. These investigations emphasise the requirement of customised strategies in advocating mobile purse utilisation in rural circumstances.

2. Impact of Demographics on Digital Payment Acceptance:

Sociodemographic elements have a pivotal function in influencing the adoption of electronic transaction techniques, such as smartphone purses, in remote regions. Eswaran (2019) discovered that factors like age, educational attainment, and profession greatly influence the inclination to embrace electronic transactions. Youthful, better educated populations have a tendency to exhibit a greater inclination towards these technologies, as validated by Hirschman (2002).

Moreover, the research conducted by Salman and Saleem (2017) illuminates the contrasting perspectives among various professional categories, wherein entrepreneurs and learners exhibit greater receptiveness towards embracing electronic transaction implementation in contrast to alternative sectors. These population variables not just impact the approval but also ascertain the speed at which these digital solutions are embraced in rural communities, as indicated by Masihuddin et al. (2017). Their investigation suggests the necessity for population-specific approaches to enhance the adoption of electronic payment solutions in countryside markets.

3. Security Concerns and Risk Perception in E-Payments:

Safety considerations and hazard apprehension play a crucial role in the acceptance of mobile wallets and alternative e-payment systems, particularly in remote regions. N, Sheila Yuvaraj (2018) underscores that concerns regarding data confidentiality and monetary safety greatly discourage rural consumers from utilising these platforms. These apprehensions are additionally mirrored by Shankar and Datta (2018), who observed that the perceived jeopardy of cyber deception and personal information pilferage is a significant hindrance to the acceptance of mobile wallets. Observed and others (2018) contend that tackling these safety apprehensions is crucial to augmenting consumer trust in electronic payment systems.

They propose that enhancing encryption protocols and enlightening users about safeguarding measures can alleviate these concerns. Comprehending the origin of these security apprehensions and tackling them efficiently is crucial for the wider recognition and incorporation of electronic payment systems in rustic monetary environments.

These evaluations offer an all-encompassing comprehension of the elements impacting the acceptance and viewpoint of cellular purses in countryside regions, with a distinct emphasis on population statistics and safety apprehensions. The incorporation of these perceptions is vital for formulating efficient tactics to enhance the adoption of electronic payment systems in these areas.

RESEARCH METHODOLOGY:

Based on the examination of literature concerning electronic payment and customer consciousness and viewpoint, certain crucial elements have been recognised. These elements have been classified into three divisions: Perceived Utility, consumer sentiment and Consumer risk perception associated with digital transactions. Perceived Utility can be described as how an individual perceives that utilisation of a specific framework will aid in improving their effectiveness. In our survey, 14 assertions have been inquired to comprehend the client's viewpoint on this factor. Customer demeanor can be delineated as his conviction, sentiments, and behavioral inclination towards any entity. Favorable or unfavorable demeanor impacts his inclination to utilize or purchase any item. 18 assertions were associated with consumer disposition towards digital payment methods.

Risk cognition is how individuals perceive and experience risk. They are worried about the safety and confidentiality in utilizing a digital payment system. To gain entry into the risk perception of clientele, 22 assertions have been incorporated in the survey.

OBJECTIVES OF THE STUDY:

To determine the crucial elements influencing how consumers view cashless transactions.

· To establish a correlation between age group and the essential aspects influencing customers' perceptions of cashless transactions, with a focus on Haryana.

· To create a model of consumer perceptions of age groups and cashless purchases, specifically with regard to Haryana.

Sample Unit:

The populace of the investigation comprises of regular patrons of Haryana. Four regions of Haryana Gurugram, Kurukshetra, Sonipat and Kaithal were chosen as sample unit on the basis of ease sampling technique. Gurugram and Sonipat reside in the NCR area whereas Kurukshetra and Kaithal belong to the non NCR zone. An arbitrary sample of 150 patrons has been chosen. From which 14 replies were discovered to be unfinished, thus diminishing the specimen magnitude to 136.

Data Collection:

A survey tool was created for the intention of research. A quintuple point likert scale was formulated to gather feedback from the participants. Information has been gathered by conducting interviews with the participants and completing an organised survey concerning customer demographic characteristics impacting perceived effectiveness, customer outlook, and risk understanding towards digital transactions. The demographic profile of the participants has been illustrated in relation to sex, age categories, marital status, educational background, and profession correspondingly.

Table 1: Demographic profile of the respondents

Gender
Male	43.4%
Female	56.6%
Age Group
18-25	33.8%
26-40	50.7%
41-55	14.0%
Above 55	1.5%
Marital Status
Married	54.4%
Unmarried	44.9%
Others	0.7%
Educational Qualification
Undergraduate	5.1%
Graduate	26.5%
Masters	44.1%
Doctorate	19.9%
Professional	4.4%
Occupation
Student	30.9%
Business	11.8%
Private Job	19.9%
Government Job	18.4%
Professional	6.6%
Others	12.5%”

Table 1 show cases an all-encompassing demographic profile of the participants in a research investigating consumer perception towards mobile wallets in rural regions of Haryana. The information is classified across different demographic aspects, unveiling varied characteristics of the surveyed populace. Regarding gender allocation, the survey indicates a greater proportion of women participants (56.6%) in contrast to men participants (43.4%). This gender proportion suggests a noteworthy participation of females in the realm of mobile wallet utilisation and understanding, which might mirror their increasing involvement in monetary decision-making in these domains.

The age category distribution of the participants is inclined towards the younger populace, with the majority (50.7%) falling in the 26-40 age range. This is succeeded by 33.8% in the 18-25 age category, 14.0% in the 41-55 age category, and a negligible 1.5% beyond the age of 55. This age-related information implies an increased tendency towards digital payment acceptance among the younger population, possibly because of their enhanced acquaintance with technology. Marital condition, an additional crucial demographic element, demonstrates that a majority of the participants are wedded (54.4%), with unattached individuals comprising 44.9%, and a negligible 0.7% falling into alternative classifications. This allocation is noteworthy as it could impact the trends of smartphone purse utilisation and perspectives, taking into account the distinct monetary obligations and decision-making procedures in wedded versus single individuals. The educational credentials of participants indicate a considerable degree of learning, with the most significant portion possessing Master's degrees (44.1%), trailed by Graduates (26.5%), Doctorates (19.9%), Professionals (4.4%), and Undergraduates (5.1%).

This lofty educational achievement could correspond with an enhanced comprehension and thus a more favourable viewpoint of digital payment systems. Lastly, regarding profession, scholars constitute the largest cohort (30.9%), indicating the vibrant participation of the youthful, intellectually inclined populace in electronic transaction platforms. This is succeeded by confidential occupations (19.9%), public employments (18.4%), commerce (11.8%), experts (6.6%), and alternative categories (12.5%). The variety in professions among participants could suggest diverse experiences and perspectives of mobile wallet usage, influenced by their vocational backgrounds and everyday monetary transactions. In general, Table 1 offers valuable perspectives on the demographic makeup of the survey respondents, presenting a nuanced comprehension of the varied origins from which attitudes towards mobile wallet utilisation in rural Haryana are derived.

ANALYSIS AND FINDINGS:

The study presents comprehensive insights into the usage and perception of cashless transaction modes among respondents in rural Haryana. From the collected data, it is evident that there is full awareness about various cashless transaction methods among all respondents. This widespread awareness is indicative of the increasing reach and impact of digital financial literacy programs and the penetration of technology in rural areas.

Table- 2 Preferred payment option

Payment Option	Percentage Usage
Cash	10%
Credit/Debit Card	7%
Internet Banking	17%
Mobile Wallets	43%
UPI Apps	23%”

The inclination for diverse payment alternatives fluctuates greatly among the participants, as demonstrated in Table 2. Digital wallets arise as the most favoured method of non-cash transaction, utilised by 43% of the participants. This predilection is pursued closely by UPI (Unified Payments Interface) applications at 23%, signifying a robust propensity towards mobile-oriented payment resolutions. Cyberspace banking is preferred by 17% of the participants, indicating a moderate degree of ease and reliance in virtual banking platforms. Fascinatingly, conventional recognition and withdrawal cards make up merely 7% of the inclination, conceivably because of the perceived intricacy or absence of availability to banking amenities. In spite of the increasing inclination towards electronic transactions, a significant 10% of participants still favourutilising physical currency, which could be ascribed to elements such as routine, absence of confidence in digital platforms, or restricted availability of electronic payment options.

Table 3: Mean

Descriptive Statistics
Variables	N	Mean
Perceived usefulness	136	3.61
Customer Attitude	136	3.72
Customer Risk Perception	136	3.24”

Table 3 furnishes illustrative figures for the three principal variables of the investigation: Apprehended Utility, Client Sentiment, and Client Hazard Perception. The average ratings for Perceived Utility (3.61) and Consumer Sentiment (3.72) are quite elevated, indicating a favourable reception and perceived advantages of digital payments among the participants. These scores suggest that participants perceive digital payment systems as beneficial and hold a positive stance towards embracing these technologies. Nevertheless, the average rating for Customer Risk Perception (3.24) is relatively diminished, mirroring worries and unease regarding the safety and confidentiality of electronic transactions. This diminished rating could indicate concerns of cyber deception and data infringements, which are substantial obstacles to the acceptance of digital payment techniques.

Table 4: Pearson Correlation

Variables	Perceived Usefulness	Customer Attitude	Customer Risk Perception
Perceived Usefulness	1	0.533**	0.358**
Customer Attitude	0.533**	1	0.511**
Customer Risk Perception	0.358**	0.511**	1

Sig. (2-tailed): 0.000 for all correlations

N (Number of Observations): 136 for all correlations.

0.533, 0.358, and 0.511 are the Pearson correlation coefficients.

Sig. (2-tailed) value of .000 indicates that the correlations are significant at the 1% level.

Double asterisks () indicate a strong correlation between the variables.

Table 4 showcases the Pearson Correlation coefficients, which provide perspectives into the connections among the variables in the study. There is a noteworthy affirmative correlation between Perceived Utility and Customer Disposition (0.533), signifying that the more advantageous the customers perceive the cashless payment techniques, the more favourable their attitude towards utilising these techniques.

This correlation is noteworthy at the 1% level, emphasising a robust connection between the efficacy of a system and customer perspectives towards it. Likewise, there is a notable connection between Customer Mindset and Customer Risk Apprehension (0.511), indicating that as customers' perspectives towards electronic transactions become more favourable, their perception of risk linked to these approaches diminishes. This might be because of heightened acquaintance and ease with utilising these systems. Finally, the association between Perceived Utility and Customer Risk Perception is also affirmative (0.358), albeit less robust in comparison to the other associations.

This suggests that although the perceived utility of cashless methods does impact risk perception, the correlation is not as robust as with customer demeanour. These associations emphasise the interdependence of these factors in moulding customer perspectives towards digital transactions in the rural setting.

Table 5- Model Summery

Model Summary
Model	R	R Square	Adjusted R Square	Std. Error of the Estimate
1	0.129a	0.017	-0.006	0.71756

a. Predictors: (Constant), Customer Risk Perception, Perceived Usefulness, Customer attitude”

In Table 5, the model synopsis offers perspectives into a regression examination. The R-squared coefficient of determination of 0.017 suggests that merely a diminutive proportion (1.7%) of the fluctuation in the reliant variable, Age Group, is elucidated by the autonomous variables, encompassing Patron Risk Perception, Perceived Utility, and Patron Disposition. The Modified R Square being -0.006 implies that these predictors do not notably enhance the model's elucidating capability. Furthermore, the Standard Deviation of the Calculation at 0.71756 signifies the model's typical deviation in forecasting Age Category.

Table 6 – F- value

ANOVAa
Model		Sum of Squares		df		Mean Square		F	Sig.
1	Regression		1.144		3		0.381	0.741	0.530b
	Residual		67.966		132		0.515
	Total		69.110		135

a. Dependent Variable: Age Group

b. Predictors: (Constant): Customer Risk Perception, Perceived Usefulness, customer attitude

In Table 6, the ANOVA table evaluates the importance of the connection between Age Group (the autonomous variable) and three reliant variables: Perceived Usefulness, Customer Attitude, and Customer Risk Perception. The F-score, with a magnitude of 0.741 and a corresponding p-value of 0.530, suggests that Age Category does not possess a statistically noteworthy influence on these outcome variables. This implies that age category is not a robust indicator for Perceived Usefulness, Customer Attitude, and Customer Risk Perception in this examination. The small F-score and insignificant p-score suggest that the disparities observed are probably attributable to happenstance rather than a significant correlation.

CONCLUSION:

The research has furnished valuable understandings into the viewpoints and inclinations of countryside consumers in Haryana concerning cashless dealings, notably smartphone purses. It has become apparent that consciousness of digital payment techniques is extensive among the surveyed populace. Smartphone wallets and Unified Payments Interface (UPI) applications have surfaced as the favoured methods of digital payment, demonstrating a robust preference for mobile-centric solutions. This alteration in inclination corresponds with the wider pattern of electronic monetary knowledge initiatives and heightened technology availability in rural regions. The demographic synopsis of participants discloses a varied amalgamation, with a noteworthy engagement of females in mobile purse ustomized, an elevated propensity among more youthful demographics, and a considerable depiction of knowledgeable individuals. These population characteristics greatly impact customer perspectives and uptake rates of electronic payment systems.

The research’s primary discoveries suggest that perceived utility and consumer sentiment are positively associated, suggesting that when customers perceive cashless payment methods as beneficial, their attitudes towards these technologies become more positive. Furthermore, as customer sentiments enhance, their hazard perception concerning digital payments diminishes. Nevertheless, it is noteworthy that although perceived utility impacts risk perception, the correlation is not as robust as that between customer sentiment and risk perception. These discoveries emphasise the interrelatedness of these factors in moulding customer perspectives regarding digital payments.

Comprehending customer viewpoints in remote regions is essential for the prosperous execution and expansion of electronic payment systems. This investigation holds importance for policymakers, monetary establishments, and technology suppliers by illuminating the obstacles to adoption and the elements that boost consumer approval of mobile wallets in rural environments. To promote the acceptance of digital payment techniques in rural Haryana, it is suggested that ustomized educational endeavours and consciousness drives be initiated. These programmes ought to prioritise tackling security worries and misunderstandings encompassing digital transactions. Segment-specific approaches should additionally be contemplated to accommodate the diverse uptake rates among distinct age cohorts and professional sectors. In general, the research adds to the developing panorama of digital monetary inclusion, providing a guide for the growth of non-cash transaction systems in countryside regions and advocating for financial empowerment among rural clients in Haryana.

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Received on 01.01.2024 Modified on 16.02.2024

Asian Journal of Management. 2024;15(2):111-116.

DOI: 10.52711/2321-5763.2024.00019