Sustainable Digital Payments: Examining Unified Payment Interfaces (UPI) Adoption Among Generation X

Abstract

Growth in the Indian economy and rising standards of living have made space for new technologies in Indians life, contributing  to the evolution of a variety of technology-based solution. Digital payments, like UPI are helping to ease the liquidity shortage as mobile payments has become the most common payment method for digital transactions in India, for peer-to-peer transactions. However, for generation X, adopting new technology might be challenging, in urban areas of India, where digital transactions are on the rise. Additionally, sustainability is relatively a new trend in the financial world and is also essential for now a days for persistent concerns regarding climate change. Sustainable financing promotes the adoption of environmentally friendly practices, including the utilization of non-harmful technology, transitioning customers to digital platforms through awareness initiatives, and investing in projects that foster sustainability. The present paper investigates the determinants influencing the adoption of Unified Payments Interface (UPI) among the generation X, also known as midlife/ pre-senior/ prime age in India. The study uses extended UTAUT model where we have also tried to identify, whether the individuals are aware that digital payment can lead to low carbon footprint (LCF). The study used a structured questionnaire to collect responses and used smartPLS to established relationship amongst latent variable. Findings reveals that Social Influence (SI) has a significant positive impact on Behavioural intention, but does not transmit into actual use behaviour and there is no moderating effect of low carbon footprint between behavioural intention and use behaviour of Gen X leading to no significant influence to transform behavioural intention into its actual use.