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Does socio-demography affect preferences and concerns towards cashless payment? Evidence from the north-eastern region of India
Using primary data from respondents in Sikkim, in the north-eastern region of India, this study investigates the relationship between the sociodemographic characteristics of consumers and their preference for cashless payment instruments. The results show that debit/credit cards, online banking and payment apps are the preferred instruments for making cashless payments, irrespective of sociodemographic category, while the least preferred instrument is the e-wallet. Study subjects reported that being motivated to adopt cashless payment for a number of reasons, including convenience, financial incentives and promotional offers, reluctance to adopt cashless payment instruments was informed by security concerns, poor internet coverage, low acceptance levels among merchants, transaction costs and lack of technical know-how. The results also suggest that while people’s preferences towards cashless payment systems are significantly associated with gender, age, education, occupation and income, reluctance to adopt is significantly associated with occupation.
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Krishna Murari is an Associate Professor and Head of the Department of Management at Sikkim University. His research interests include financial services, banking, investments and stock markets.
Vimal Bhatt is a Professor of Marketing at Balaji Institute of Modern Management. His research and teaching interests focus on integrated marketing management, marketing research, brand management and R programming.
Prabhat Kumar is an Associate Professor of management at Bharati Vidyapeeth University. His research interests include the social responsibilities of small and medium-sized enterprises and their sustainability, alternative food networks and inclusive higher education.