ISSN (Print) : 2249-1880

SAMVAD: SIBM Pune Research Journal, Vol XIX, 12-19, December 2019 ISSN (Online) : 2348-5329

Payment Banks: Changing Indian

Payments Landscape
Sweety Nishant Shah1* and Neha Mehta2
1
Assistant Professor in Finance at LJMBA, L.J. Institute of Management Studies,
Gujarat Technological University (GTU), India; [email protected]
2
Assistant Professor in Marketing at LJMBA, L.J. Institute of Management Studies,
Gujarat Technological University (GTU), India; [email protected]

Abstract
The banking system and financial transactions have taken paradigm shift in recent decade in India. The present era
has entered into smartphone to smart wallet and they have become mainstream mode of online payment. Mobile users
use digital payment gateway and e-commerce applications to facilitate financial transactions to online retailers and
e-businesses. Demonetization has also envisaged progressive shift to cashless economy. The study was conducted to find
out the dimensions and impact of various demographic factors on the usage of payment banks in the Ahmedabad district
of Gujarat. The payment banks show a rapid growth and 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. It is observed that most of the people use Paytm, Freecharge and Jio money payment
banks to transact and awareness has impact on the usability of payment banks for bill payment, recharge, ticket booking
and shopping. Considering the demographic factors and its impact on the occupation, annual income and education on the
usage of payment banks whereas age and annual income both impact the frequency of usage and average spending through
payment banks.

Keywords: Demonetization, Electronic Payment, Payment Bank

1. Introduction 2018 document for the “payment and settlement systems

in the country” which has focus on migrating to a “less
It has been evident for the past decade that Indian cash” and more digital society. With the entry of finance
population has been increasingly using technology in all banks and payment banks that are expected to build new
segments with the increasing penetration of internet and business models based on the advantage of being new,
smartphones. This has affected all businesses including small, nimble, focused and innovative, the competitive
banks also. Banks have also emphasized on preference landscape was set to change. Current landscape in India
channels from traditional banking structure to non- comprises of robust start-up ecosystem, deeply-ingrained
branch structure. The banks have well responded to these industry competency, technology trends like artificial
technology changes with the introduction of electronic intelligence, machine learning, block chain technology
banking consisting ATM, e-banking and Mobile banking. that is redefining IT industry in digital transformation,
Along with the objective of financial inclusion, Reserve mindsets are evolving with millennials who are spending
Bank of India (RBI) has also followed to bring structural individually, etc., that strongly promotes rise of digital
changes in the banking system. RBI has published vision payments.

*Author for correspondence

 Sweety Nishant Shah and Neha Mehta

1.1 Payment Bank of at least five years in business. The paid-up equity capital
of such payment banks shall at least be 40 percent for the
Payment bank is a non-full-service bank which can
first five years from the commencement of its business.
receive deposits and provide remittances. It cannot
The payment banks would be as per the Foreign Direct
carry out lending activities so they can issue debit card,
Investment (FDI) policy have foreign shareholdings for
but cannot issue credit card (though Paytm has recently
private sector banks. It is also mentioned that payment
launched Paytm First Card which is a credit card. Paytm
banks will be required to invest 75 percent of its demand
is offering this card in partnership with Citibank). The
deposits balances in Government Securities and Treasury
payment bank provides small saving accounts, payment
Bills to meet Cash Reserve Ratio (CRR) and Statutory
and remittance services to labour workforce, low income
Liquidity Ratio (SLR), while maximum of 25 percent
households, small businesses and other unorganized
of its deposits will have to be held in current and fixed
sector entities.
deposits with other scheduled commercial banks.
1.2 RBI Guidelines for Payment Bank
RBI registers payment bank as a public limited company 2. Literature Review
under the Companies Act 2013 and licensed under section The structure of banking sector in India is divided into
22 of the banking regulation act, 1949, with specific two categories banks and financial institutions. Banks
licensing conditions restricting its activities to acceptance consists of public sector, private sector, foreign, rural,
of demand deposits and provision of payments and urban and rural cooperatives. While financial institutions
remittance services. It is governed by the provisions of the consist of All-India financial institutions, state-level and
Banking Regulation Act, 1949; Reserve bank of India act, others (Singh, 2019). The growth of Indian banking
1934; Foreign Exchange Management, 1999; Payment and sector is at good pace with rising disposable income.
Settlement Systems Act, 2007; other relevant statutes and Access to banking systems has also improved with lot of
directives issued by RBI and other regulators from time to government initiatives that promotes banking technology
time, including the regulations of SEBI regarding public and increased usage of unbanked and non-metropolitan
issues and other guidelines applicable to listed banking region. Government of India is promoting cashless
companies. transaction post demonetization which has raised the
usage of internet banking, mobile banking and payment
1.3 Eligibility Criteria banks. Cashless payments in 2016 increased by 22 per
According to the norms of RBI as discussed by Reddy cent when compared to 2015 (Waghmare, 2016). This
(2019), the existing non-bank pre-paid payment percentage will grow tremendously with the rise and
instruments issuers, professionals, non-banking finance promotion of digital India. It is expected that the users of
companies, telecom companies, supermarket chains, online banking in the country will increase to 150 million
corporate etc., would be able to apply for being a payment from 45 million by 2020 (Financial Express, 2017).
bank. These entities are required to have Rs. 100 crore Technology advancement and digital India has also led to
capitals and have to mandatory use word ‘Payment’. trending usage of payment banks. It is a new development
The scope of activities that payment banks are in the banking sector which is in some measure similar to
permitted to conduct includes deposits (only current/ banks but with limited services that banks provide.
savings account), issue ATM/debit cards, payments and The main objectives of payment banks in India are
remittances services and act as distributor of third-party cashless transaction and strengthen usage of financial
products (can cross sell insurance and mutual funds etc). services in different sectors. It is a sort of branchless
Furthermore, the criteria also discussed that the entities transaction with certain regulations (Mas, 2009). Payment
and promoters/promoter groups as defined in the SEBI banks are suitable for growing economies where the
regulations, 2009 should be fit and proper in order to be primary goal is financial inclusion (Winn, 2015). There
eligible to promote payments bank. RBI mentions to assess are very few researches that have analyzed the concept
the fit and appropriate status of the applicants on basis of of payment banks. There are various countries that have
their past records, financial stability and success records implemented the services of non-banking institutions

Vol XIX | December 2019 SAMVAD: SIBM Pune Research Journal 13

 Payment Banks: Changing Indian Payments Landscape

for payment or fund transfer. India is fighting with lot of of difficulty, compatibility, etc. (Celik, 2008; Comninos,
problems related to fake currency and black money. Hence, et al., 2008; Gan, et al., 2006; Kolodinsky, et al., 2004).
cashless/digital transactions are currently very important There are also studies that show vast difference in the
to curb counterfeiting and other problems (Alvares and demographical profiles of users and non-users of these
Cliford, 2009). Managing currency would become easier types of technologies in terms of demography, behavior
with the help of cashless transaction specifically with and attitude (Venkatesh et al., 2003; Akinci, et al., 2004).
payment banks…Transactions can be tracked, tax will not Consumers also appreciate and prefer dimensions like
be avoided, fraud will be reduced (Das and Agarwal, 2010). trust (Rousseau et al., 1998), basic service quality, value
Because of the technology advancement there are various addition, and cross-buying facility as dimensions for
new payment systems that are evolving in country. National this type of financial services (Bauer et al., 2005). Social
Electronic Fund Transfer (NEFT), Immediate Payment factors enhance the adoption process as individual thinks
Service (IMPS), Aadhaar Enabled Payment System (AEPS) how other perceives their usage of new system (Venkatesh
etc already existed, but now is the time of Unified Payments et al., 2003).
Interface (UPI) payment bank which makes the transaction
easier than any other system.
Payment bank makes bulk and frequent transactions 3. Methodology
quick and easy. This system gives consumers facility
of less operating cost rather no operating cost whereby
3.1 Problem Statement
they can access and use certain types of banking services From the literature review it is found that in India there is
like paying bills, fund transfer directly to account or to little research done on newly introduced financial services
account of other party’s payment bank, and recharges like payment banks and few studies discusses about the
(Clark, 2008). There are several factors due to which consumer perception, preferences and attitude towards
consumers are preferring usage of payment banks. These payment banks. The study wants findout the dimensions
kinds of services are easy to use, less time consuming as along with impact of various demographic factors on the
the interface of applications are made such along with the usage of payment banks.
safety feature (Venkatesh et al., 2003, Sharma and Singh,
2009). Payment banks are affordable as the operating 3.2 Research Objectives
cost is minimum or zero and there are lots of discounts
On the basis of review of literature and evidences from
and offers are available (Karjaluoto, et al, 2002, Polatoglu
previous studies, the present study has been planned with
and Ekin, 2001). There are also issues related to these
the following objectives:
services which are perceived negatively by consumers like
financial cheating, malpractice of account and problems • To identify the major dimensions influencing the pref-
with the application user friendliness (Sharma and Singh, erences and usage of payment banks.
2009, Sukkar & Hasan, 2005). • To analyse the effect of demographic variables on use
Studies also show that consumers perceive that of payment banks.
determinants of payment banks are features like less
time consumption, independence of accessing and
using the service at any time from anyplace and privacy 3.3 Research Design and Sampling
(Karjaluoto, et al, 2002). Though, there are perceived risk The study was conducted in the Ahmadabad district
and worry about security issues affects the growth of this of Gujarat, and a sample size of 196 respondents was
service (Bamoriya and Singh, 2012, Hooper & Zhou, selected on judgmental basis (where the respondents
2007, Wang, et al., 2003). The service adoption process by who had knowledge or awareness about payment banks
consumer will increase only if they find it useful and safe were surveyed) to meet the objectives of the study. The
(Ali et al., 2010). Even consumer awareness (knowledge, research design for the study is descriptive in nature.
conviction and action) affects adoptions of technology The questionnaire constructed for the study included
and payment banks (Rogers and Shoemaker, 1971, Sathye, several questions which were continuous and categorical
1999). A study conducted in US found factors that help in nature. The survey consisted of questions that covered
adoption of this facility are comparative advantage, level demographics, awareness of payment banks, financial

14 Vol XIX | December 2019 SAMVAD: SIBM Pune Research Journal

 Sweety Nishant Shah and Neha Mehta

attitude and preferences towards payment banks, and Time taken for .749
reasons for not adopting the said services. transaction is
less
Customer .771
4. Data Analysis Services
4.1 Identification of Dimensions of Usage Convenience of .715
Transaction
of Payment Banks
No time to go .521
To determine the important factors affecting the at banks
preferences for usage of payment banks, the Principal Contact number .683
Component Factor Analysis (PCA) with varimax rotation is only required
was performed for the 20 items measuring perception. As and there is no
shown in the (Table 1), the result indicates that Bartlett’s need for the
details required
Test of Sphericity (Bartlett, 1954) was significant (Chi
in banking
square 3789.826, p-value<0.0001). The Kaiser Mayer- transaction
Olkin (KMO) measure of sampling adequacy was high at like IFSC
0.710 is exceeding the recommended value of 0.6 (Kaiser, code, account
1974). The two results of (KMO and Bartllet’s) suggest number, etc.
that the data is appropriate to proceed with factor analysis Factor-3 (Cost 0.737
(Malhotra, 2010). effective)
Exploratory Factor Analysis (EFA) was performed Discounts/ .693
and only those factors retained which had the Eigen value offers Available
more than 1 since they are considered significant. The Cashless .417
result was that there was a total of 5 factors consisting transaction
19 items, which explained for 72.264% of the total Easy .720
variance. One item has communality less than 0.5 which Accessibility
is discarded from the analysis. The inter-item correlation One can .698
keep track on
and inter-item consistency of each factor was also
expenditure
measured by calculating each factor’s Cronbach’s alpha incurred
(Cronbach, 1951).
Factor- 4 0.710
(Security)
Table 1. Factors affecting perception and usage of Secured .745
payment banks Transaction
Privacy .843
F-1 F-2 F-3 F-4 F-5 Reliability
(Cronbach Immediate .744
Alpha) proofs of
transactions are
Factor-1 (User 0.865 available
Friendly)
Safety of money .529
Easy to use .849 deposited
User Friendly .796 Factor-5 0.581
APP Interface (Easy Cash
Innovative .577 Management)
Linking of .486 Relief from .709
banking service exchange
with payment of small
bank denomination
Factor-2 0.808 Instant refund .837
(Convenience) available

Vol XIX | December 2019 SAMVAD: SIBM Pune Research Journal 15

 Payment Banks: Changing Indian Payments Landscape

Factor 1 loaded on four variables and is labeled as User Table 2. Different payment banks and mean values
Friendly and it comprises of dimensions related to easy Sr. no Payment bank Mean Value
usability, application interface, linking of banking accounts 1 Paytm 1.28
with payment bank and innovative features of payment
2 Aditya Birla Money 1.96
bank. The reliability of the variables constitutes the factor
3 Airtel M Commerce Service Ltd. 1.75
is 0.865 (Cronbach’s alpha). The factor extracted is very
important to people for doing their financial transaction 4 IPPB (India Post Payment Bank) 1.92
and at ease it can be done. Consistent with our expectation 5 Mitra (Fino Payments Bank) 1.92
based on literature review, it was found that people prefer 6 JIO Money (Reliance Industries Ltd.) 1.67
financial transaction if technology is simple and user 7 National Security Depository Ltd. 2.025
friendly. 8 Easy Money (Tech Mahendra Ltd.) 1.91
Factor 2 loaded five variables and is labeled as 9 Vodafone m-pesa Ltd. 1.75
Convenience with reliability 0.808 (Cronbach’s Alpha). The 10 Phonepe 1.87
factor comprises statements that relate to convenience of
11 BHIM 1.70
transaction, less transaction time, good customer services,
12 Freecharge 1.61
not required to visit bank for transactions and details for
13 Ultra cash 1.98
fund transfer. Considering time constraints people are
using payment banks where they are not required to visit 14 Oxigen Wallet 1.91
bank branches. 15 Trupay 2.01
Factor 3 loaded on four variables and has reliability 16 MobiKwik Lite 1.85
0.737 (Cronbach’s Alpha). The dimension is labelled as 17 Paynear 2.01
Cost Effectiveness. It includes variables like discounts/ 18 Chillr 2.15
offers available on payment bank usages like points, wallets
and discounts. Payments banks are even beneficial for
expenditure tracking and to perform cash less transaction
without extra charges.
4.3 Association between Awareness about
Factor 4 loaded on four variables with reliability of Payment Bank Services and usage of
0.710 (Cronbach’s alpha). The factor is labelled as Security Payment Bank
which is also one of the most important factors considered Chi-square has been applied to check the association
by the users while they transacting in money. The factor between usage and awareness of payment bank.
consists security and confidentiality of transaction,
immediate proofs of transactions and safety of money Hypothesis-1
deposited with payment bank. H1: There is significant association between usage of pay-
Factor 5 loaded on two variables with reliability of ment bank and awareness of payment bank.
0.581 (Cronbach’s alpha). The factor is labelled as Easy The chi- analysis has χ = 42.668, p = 0.00; (p value
Cash Management consisting statements like hassle free <.05), so null hypothesis is rejected and can be inferred
transaction of not small denomination of currency and that awareness and usage of payment banks are
instant refund facility. significantly associated.

4.2 Awareness of different Payment Banks 4.4 Purpose of using Payment Banks
The data about the awareness of the payment banks col- To understand the different purposes of using payment
lected from the respondents is depicted in (Table 2). banks, multiple choice question was asked to respondents
From the data it can be inferred that most of the respon- and the mean values inferred that most of the respondents
dents are aware about the Paytm (Mean Values; 1.28), use payment banks to make bill payments (mean value-
Freecharge (Mean Values; 1.61), JioMoney (Mean Values; 1.565), recharge (mean value-1.62), ticket booking and
1.67), BHIM (Mean Values; 1.70) and Vodafone m-pesa shopping in order (mean value-1.75). There are some
ltd. ((Mean Values; 1.75) whereas other payment banks as other usages also like to book hotel or travel, payment for
per mean values have less awareness among respondents. insurance premium and school fees payment.

16 Vol XIX | December 2019 SAMVAD: SIBM Pune Research Journal

 Sweety Nishant Shah and Neha Mehta

4.5 Association of usage of Payment Banks 4.7 Association between Monthly

with Various Demographic Variables Spending through Payment Bank and
Demographic Factors
Hypothesis-2
Hypothesis-4
H2: There is significant impact of various demographic
factors like occupation, annual income, and education on H4: There is significant association between average
usage of payment bank. monthly spending through payment bank and annual
income, marital status, age, gender, occupation.
Analysis (Table 3), found that annual income and age
Table 3. Impact of demographic factors on usage of both have (p<0.05) and have impact on average spending
payment banks through payment bank. Factors like marital status, gender
Demographic Value df Sig p=.05 Analysis and occupation are not affecting the monthly spending.
Variables
Occupation 20.219 8 0.0100 Reject Usage of
H0 payment 5. Conclusion and Managerial
bank is
dependent on Implication
Occupation
To infuse the financial inclusion, payment banks have
Annual 38.887 8 0.0000 Reject Usage of been introduced in India and they are more innovative
Income H0 payment
and transformative in nature compared to other categories
bank is
dependent of banks. The usage of payment banks/online application
on Annual for money transactions received significant rise during
income demonetization. The payment banks show a rapid growth
Education 31.963 8 0.0000 Reject Usage of and identified dimensions for the usage of payment banks
H0 payment are; user friendly, convenience, cost effectiveness, security
bank is and easy cash management.
dependent on
This research notably contributes to the existing body of
education
literature mentioned further. People look for the aforesaid
factors while they transact through payment banks. The
To analyse the impact of demographic variables on most important factors among these factors are ‘Ease to
usage of payment bank; Chi-square was applied. As per Use’, ‘Customer Service’, Easy Accessibility’, ‘Privacy’ and
the analysis respondents’ occupation, annual income ‘Instant Refund”. These factors must be strengthened and
and education had significance p values (<0.05) so these made stronger. It is observed that most of the people
factors have significant impact on usage of payment bank. use Paytm, Freecharge and Jio money payment banks
to transact and awareness has impact on the usability of
4.6 Association of Frequency of usage with payment banks for bill payment, recharge, ticket booking
Various Demographic Factors and shopping. Considering the demographic factors
and its impact on the occupation, annual income and
Hypothesis-3
education on the usage of payment banks whereas age
H3: There is significant impact of age, income, gender and annual income both impact the frequency of usage
and marital status on frequency of usage of payment and average spending through payment banks. Spending
bank on payment banks has significant relation with monthly
To analyse the impact of demographic variables on income, age and occupation.
frequency of usage of payment bank; Chi-square was Most of the households in India today have dual spouse
applied. income. Since, both the spouse work, hence there is little
From the analysis, it can be inferred that age and time to go banks for availing its services. Also, the timings
annual income has significance value (p<0.05) and have of banks are within the working hours which make it
impact on frequency of using payment bank. more difficult. Reserve Bank of India and the owners of

Vol XIX | December 2019 SAMVAD: SIBM Pune Research Journal 17

 Payment Banks: Changing Indian Payments Landscape

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