Abstract
With the advent of G Pay, PhonePe, and other unified payment interface options, people's consumption habits have been amplified in Coimbatore. There's no denying that UPI has saved individuals' time and effort, and made cash payments and receipts much easier with proof and tracking. Provided a good network and smartphone possession are essential to UPI transactions, the mode is also subject to hacking threats, privacy issues, and requires close monitoring. as well as acumen in banking. Objective The fact-based research had the objective of the paper was to assess the impact of UPI payments on the increasing spending habits of individuals in the city of Coimbatore. Methodology Primary data collection and analysis using ANOVA were performed to find out the relationship between an individual's income and payment method for purchases. Unrecognised cost increases were also studied. If the usual payment method is cash, there will be an alert and the availability of cash at checkout. Result ANOVA results show that the payment method and spending configuration of individuals, along with their circle of friends and family while he goes on shopping, and the consumption patterns of individuals' settlement of bills for daily transactions are different. At a 5% significance level, the value of probability is < 0.05 for the payment method of your daily basis transaction, where the rejection of the null hypothesis is done and the validation of the alternative hypothesis is carried out. Conclusion The study concludes that stimulating UPI payments and increasing the spending habits of individuals in Coimbatore is likely to change the lifestyles of millennials, and financial mismanagement will result as a result of such unplanned spending. The results show that individuals'excessive spending habits are increasing with the advent of mobile payment options.
G Pay, PhonePe, and E Wallets
References
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Author information
Dr Brinda Kalyani P R
Associate Professor, Department of Commerce, Sri Krishna Arts and Science College,Coimbatore. [email protected]
Abhinithi. V
Student, Department of Commerce PA & CS,Sri Krishna Arts and Science College, Coimbatore. [email protected]
Merin Annancia. A,
Student, Department of Commerce PA & CS, Sri Krishna Arts and Science College, Coimbatore. [email protected]