A Study on Customer Satisfaction towards Digital Payments with Special Reference to Chennai City

Abstract

India has traditionally been an economy obsessed by cash. With exceptional population demographics and diffident literacy levels, it is a difficult market to digitalize. However, as a consequence of demonetisation, India has been witnessing a new wave of financial technology, with the introduction of innovative products and a wider customer base. Increased penetration has also compelled both the regulators and government to renew their focus on this migration to a cashless society. The new-age client anticipates transactions to be fast, continuous and custom-made. The effortlessness and suitability offered by e-commerce has transformed consumer behaviour, and this has stretched quickly to the payments market as well. Therefore, the sector has experienced drastic changes in the past few years. Payment companies have been progressively capitalising the power of big data, analytics and the cloud to create customer-centric models. This has created a new marketplace, ushering in a new era in the payments market. A number of innovations have occurred in the past five years leveraging mobile devices and connectivity to make payments simpler and more valuable.