Payment Banks: Digital Revolution in Indian Banking System
Neha Mehta1, Sweety Shah2
1Dr. Neha Mehta*, Assistant Professor, Department of Marketing, L. J. Institute of Management Studies, Ahmedabad, India.
2Dr. Sweety Shah, Assistant Professor, Department of Finance, L. J. Institute of Management Studies, Ahmedabad, India
Manuscript received on February 03, 2020. | Revised Manuscript Received on February 05, 2020. | Manuscript published on February 15, 2020. | PP: 110-115 | Volume-4 Issue-6, February 2020 | Retrieval Number: F0626024620/2020©BEIESP | DOI: 10.35940/ijmh.F0626.024620
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© The Authors. Published By: Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Digital revolution in India has brought paradigm shift in the banking system and financial transactions due to online payment. Payment gateways, e-commerce applications and other benefits boost smartphone users towards digital transactions. This study focuses on identifying factors important for customers to use payment banks for transaction. The identified dimensions for the usage of payment banks are; user friendly, convenience, cost effectiveness, security and easy cash management. People look for the aforesaid factors while they transact through payment banks. To validate the factors and check the model fit, a confirmatory factor analysis was run using AMOS. The analysis confirms constructs convergent validity and reliability, and model fit.
Keywords: Payment bank, electronic payment, confirmatory factor analysis, model fit.