A Study on Consumer Behaviour Psychology Regarding UPI Payment Among Gen Z in Ahmedabad City

Abstract

The current study into consumer behavior psychology as related to adoption and usage of Unified Payments Interface (UPI) among the Generation Z of Ahmedabad through the use of a quantitative analysis unravels the inter-relationships concerning age, awareness, usage frequency, perceived convenience, trust, and social influences on the payment behavior related to UPI. Analysis has shown that even if age highly influences awareness and social influences, frequency of usage of UPI is less to do with age and more to do with trust and recommendations by peers. Notably, the young have high awareness related to the convenience of UPI and its efforts towards developing a cashless society, but they are also worried about security while transacting. A strong social dynamic influence may be interpreted to mean that marketing strategies could focus on those targeted toward social media, targeting the peer-group focus to raise adoption rates. The research was also able to put more emphasis on trust-building measures over security concerns related to digital payments. More importantly, the research is a significant addition to the theoretical paradigm surrounding the adoption of digital payments but also offers practical recommendations for the stakeholders who wish to enhance the usage of UPI by young consumers. Future research directions may be conducted along longitudinal studies, cross-cultural comparisons, and qualitative investigations towards further insight into how consumer behavior evolves as a function of changing digital payment landscapes