V3I8P21

Digital Payment Usage and Consumer Preferences – A Study with Special Reference to HFT Clothing LLP

V. Tharun^1*, Dr. P. Brindha²

Abstract

Due to the increasing use of smartphones, digital India, UPI, demonetisation, and the covid-19 crisis, digital payment systems have become an integral part of daily life in India. As part of the study, “Digital Payment Usage and Consumer Preferences,” a survey was conducted among HFT Clothing LLP’s employees to determine their attitudes toward digital payment methods and influencing factors. Descriptive research design was used, and primary and secondary data were collected. From the 50 workers at HFT Clothing LLP who received the questionnaire, convenience sampling was performed. Five major criteria – Convenience, Security & Privacy, Ease of Use, Trust & Reliability, and Financial Benefits were utilised to develop the questionnaire, which was constructed using a Likert scale of 1 to 5. Percentage analysis was used to evaluate the study’s conclusions.

According to the findings, digital payment methods have a positive attitude among HFT Clothing LLP workers, with agreement levels ranging from 54 to 70 percent (60.5 percent overall). Financial incentives such as discounts and cashback had the most agreement, followed by convenience and ease of use, whereas overall reliability and security features had the least. UPI was the most popular digital payment method, followed by internet banking, cards, and QR-code payments. Connectivity issues, cybersecurity concerns, and transaction errors are the aspects that employees find to be the most dangerous.

CONCLUSION

Digital payment methods have primarily improved convenience and efficiency for the respondents. To achieve higher levels of acceptance and satisfaction in the future, businesses and banks must invest in security features and cyber safety. The study’s findings can benefit HFT Clothing LLP, the banking sector, and even digital payment method providers.

Keywords:

Digital Payment, UPI, Consumer Preferences, Convenience, Security, Trust, Financial Benefits, Cashless Economy, HFT Clothing LLP.