Date of Publication :3rd July 2024

Abstract: India is experiencing a significant shift towards digitalization. The adoption of digital payments has become a significant aspect of India's financial landscape. As today’s youths are popularly called digital natives, it becomes important to understand their perception of Digital Payments and their adoption. This study was conducted to investigate the various factors that influence the adoption of digital payments among youths in Mumbai. Demographic factors, socio-cultural factors, perceived benefits, perceived challenges, trust & security were the factors considered for the study. The research methodology involved the collection of data from 145 youths of Mumbai City using a structured, closed-ended questionnaire. Statistical analyses including T-statistic, correlation, and descriptive statistics were employed to examine the relationships between the independent and dependent variables. The research findings revealed significant associations between demographic factors, socio-cultural factors, perceived benefits, perceived challenges and digital payment adoption among youths in Mumbai. Demographic factors such as age and income level, socio-cultural factors including peer and family dynamics, perceived benefits such as convenience and accessibility, and perceived challenges such as security concerns are crucial factors that influence the adoption of digital payments among youths. Whereas trust & security do not influence the adoption of digital payment The research findings offer valuable insights to the government, service providers, financial institutions, and policymakers to develop strategies that can help increase digital payment adoption among the youths in the country.

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