Customer Perception on E Payments

The purpose of this article is to provide an insight into the determinants of Customer Acceptance of ePayment Systems. This Paper presents a study on certain specific independent variables i.e., Funds Transfer, Customer Benefits, Transaction Safety, External Regulator, and Customer Awareness. that impact the Customer Perception on ePayments. A study of findings analysis from a literature survey of more than 300 articles (mostly from 2015–2022).Technology has become a part of all walks of life and across all commercial sectors, and even more so in banking. There has been massive use of technology across many areas of banking business in India, both from the asset and the liability side of a bank’s balance sheet. Distribution channels have massively increased the choices offered to the customer to conduct transactions with ease and expediency. Many wholesale and retail payment and settlement systems have enabled faster means of moving the money to settle funds among banks and customers, facilitating improved turnover of commercial and financial transactions. Banks have been taking up new projects like data warehousing, customer relationship management, and financial inclusion initiatives to further innovate strategies for the future and to widen the reach of banking.

The dependence on technology is such that the banking business cannot be thought of in isolation without technology; such has been the spread of technology footprints across the Indian commercial banking landscape. The impact of these independent variables on adoption is measured in the form of research outcomes identified through the literature survey.Keeping in view the changing threat environment and the latest international standards, it was felt that there was a need to enhance Central Bank guidelines relating to the governance of Information Technology (IT), and information security measures to tackle cyber fraud apart from enhancing independent assurance about the effectiveness of IT controls.