Identifying Critical Success Factor (CSFs) for the Adoption of Digital Payment Systems: A Study of Indian National Banks

Abstract

Global Internet connectivity and updated and latest electronic devices increase in the availability of digital payment (e-payment) system according to your choice. Previous research showed that there are few variables which are important to implement digital payment system. But no study has been undertaken to understand the interaction/interrelationship between the selected variables and to develop the hierarchy of digital payment adoption variable. This paper aims to investigate the critical success factors (CSFs), through interpretive structural modelling (ISM). To identify the contextual relationships between the variables, experts from banking personnel and academia were consulted. The CSFs may ensure the customer adoption of digital payment. The research study mainly uses the deductive approach to consider secondary and primary sources of data. An extensive literature review was conducted to identify the ten CSFs, namely, compatibility, complexity, customer support management, top management support, infrastructure, expert selection, security, cultural factor, government policies and awareness. With the help of model development, these ten variables are interrelated and prioritised for digital adoption system. Moreover this paper explores sustainability and adoptability issue to digital payment. This study will assist researchers and policymakers in relevant fields.