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Prelims

Deepa Jain (GGSIP University, India)
Manoj Kumar Dash (ABV-IIITM, India)
K.S. Thakur (Jiwaji University, India)

The Sustainability of Financial Innovation in E-Payment Systems

ISBN: 978-1-80455-885-0, eISBN: 978-1-80455-884-3

Publication date: 25 July 2023

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Citation

Jain, D., Dash, M.K. and Thakur, K.S. (2023), "Prelims", The Sustainability of Financial Innovation in E-Payment Systems, Emerald Publishing Limited, Leeds, pp. i-xix. https://doi.org/10.1108/978-1-80455-884-320231008

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Emerald Publishing Limited

Copyright © 2023 Deepa Jain, Manoj Kumar Dash and K. S. Thakur. Published under exclusive licence by Emerald Publishing Limited

Half Title Page

The Sustainability of Financial Innovation in E-Payment Systems

Title Page

The Sustainability of Financial Innovation in E-Payment Systems

Deepa Jain

GGSIP University, India

Manoj Kumar Dash

ABV-IIITM, India

And

K. S. Thakur

Jiwaji University, India

United Kingdom – North America – Japan – India – Malaysia – China

Copyright Page

Emerald Publishing Limited

Howard House, Wagon Lane, Bingley BD16 1WA, UK

First edition 2023

Copyright © 2023 Deepa Jain, Manoj Kumar Dash and K. S. Thakur.

Published under exclusive licence by Emerald Publishing Limited.

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British Library Cataloguing in Publication Data

A catalogue record for this book is available from the British Library

ISBN: 978-1-80455-885-0 (Print)

ISBN: 978-1-80455-884-3 (Online)

ISBN: 978-1-80455-886-7 (Epub)

List of Figures

Chapter 1
Figure 1. Underlying Area of Proposed Research.
Figure 2. Pillars of Sustainability.
Figure 3. Research Process.
Figure 4. Research Design of Structural Equation Modelling (SEM) Through the Flow Diagram.
Figure 5. Research Design of Literature Review Process Through Flow Diagram.
Chapter 2
Figure 1. Co-Authorship Map.
Figure 2. Countries Map.
Figure 3. Keywords Map.
Figure 4. Source Map.
Figure 5. Growth of 108 Articles (India).
Figure 6. Growth of 701 Articles (Abroad).
Figure 7. Keywords Citation Map Using Cluster Analysis.
Figure 8. Conceptual Model for Financial Market.
Chapter 4
Figure 1. Beyond Shopping E-Payment is Generally Used For.
Figure 2. Preference for Payment Mode.
Figure 3. Reasons for Use of E-Payment.
Figure 4. Preference for E-Payment Over Other Modes of Payment.
Figure 5. Barriers in Acceptance of E-Payment.
Figure 6. Communication Benefits Offered by E-Payment.
Figure 7. Most Innovative Features of Financial Technology of E-Payment.
Figure 8. Innovative Features of Financial Service of E-Payment.
Figure 9. Features that Make E-Payment as Financial Innovation.
Figure 10. Quality of E-Payment.
Figure 11. Reasons Which Resist Use of E-Payment.
Chapter 5
Figure 1. Flow Diagram of Exploratory Factor Analysis (EFA) and Confirmatory Factor Analysis (CFA).
Figure 2. Validation of Factor 1 (PIE) Through CFA.
Figure 3. Validation of Factor 2 (AUTT) Through CFA.
Figure 4. Validation of Factor 3 (FSI) Through CFA.
Figure 5. Validation of Factor 4 (TC) Through CFA.
Figure 6. Validation of Factor 5 (TCP) Through CFA.
Figure 7. Validation of Factor 6 PIS Through CFA.
Figure 8. Validation of Identified Factors Through CFA.
Figure 9. Research Model for Determinants of E-Payment System (Designed by the Researchers on the Basis of Extracted Factors).
Chapter 6
Figure 1. Hypothetical Structural Model for SEPS.
Figure 2. Steps in Developing and Analyzing SEM.
Figure 3. Flow Diagram of Structural Equation Modelling (SEM) Analysis.
Figure 4. Structural Model of SEPS.
Figure 5. Result of Hypothesis Testing.
Figure 6. Sustainable E-payment System Based on Target Segments.
Chapter 7
Figure 1. Research Model for E-Payment System (Designed by the Researchers Based on Extracted Factors).

List of Tables

Chapter 1
Table 1. Overview of Sustainable Development Goals.
Table 2. Summary of Research Objectives, Gaps, and Contribution.
Chapter 2
Table 1. Outline of Bibliometric Analysis (BA).
Table 2. Top Countries Based on Citation.
Table 3. Top Keywords Based on Citation.
Table 4. Top Sources Based on Citation.
Table 5. Summary of Studies on E-payment System in Indian Scenario.
Table 6. Summary of Studies on E-payment System in International Scenario.
Table 7. Citation of Factors/Variables (In the Context of E-payment System).
Table 8. Identified Clusters With Dominant Keywords.
Chapter 3
Table 1. Outline-Research Methodology.
Table 2. Framework Empirical Analysis.
Chapter 4
Table 1. Outline of Chapter 4.
Table 2. Demographic Profile of the Respondents.
Table 3. Feedback of Respondents on E-Payment.
Table 4. Barriers Faced While Using E-Payment.
Table 5. Usage of E-Payment Based on Gender.
Table 6. Usage of E-Payment Based on Age.
Table 7. Usage of E-Payment Based on Education.
Table 8. Usage of E-Payment Based on Income.
Table 9. Perception of Users Towards E-Payment System.
Table 10. Continuum of the Direction of Responses.
Chapter 5
Table 1. Outline of Chapter 5.
Table 2. Types of Validity.
Table 3. Cronbach's Reliability Statistics of All Statements.
Table 4. KMO and Bartlett's Test (Sample Adequacy Test).
Table 5. Total Variance Explained.
Table 6. Rotated Component Matrix of All Statements.
Table 7. Factor 1 – ‘Payment Infrastructure Ecosystem’ (PIE).
Table 8. Regression Coefficient Calculated Through Validation of Factor 1 (PIE) Through CFA.
Table 9. Factor 2 – ‘Autonomy to Use Technology’ (AUTT).
Table 10. Regression Coefficient Calculated Through Validation of Factor 2 (AUTT) Through CFA.
Table 11. Factor 3 – ‘Financial Sustainable Innovation’ (FSI).
Table 12. Regression Coefficient Calculated Through Validation of Factor 3 (FSI) Through CFA.
Table 13. Factor 4 – ‘Technology Characteristics’ (TC).
Table 14. Regression Coefficient Calculated Through Validation of Factor 4 (TC) Through CFA.
Table 15. Factor 5 – ‘Technology Communication Platform’ (TCP).
Table 16. Regression Coefficient Calculated Through Validation of Factor 5 TCP Through CFA.
Table 17. Factor 6 – ‘Payment Information Security’ (PIS).
Table 18. Regression Coefficient Calculated Through Validation of Factor 6 (PIS) Through CFA.
Table 19. Regression Coefficient Calculated Through Validation of Identified Factors Through CFA.
Table 20. Result of Measurement Model (E-Payment System).
Table 21. Discriminant Validity of E-Payment System Scale (AVE & Squared Interconstruct Correlations – SIC Comparison).
Table 22. Scale Description for Validated Constructs (C i = Factors/Criteria, C ij = Sub-Factor/Sub-Criteria).
Chapter 6
Table 1. Citation Reporting of Adoption Intention.
Table 2. Citation Reporting of Trust.
Table 3. Citation Reporting of Sustainability.
Table 4. Citation Reporting of SEM Application Globally.
Table 5. Path Estimates for SEPS Model.
Table 6. Goodness-of-Fit of Structural Model of SEPS.
Table 7. Moderating Effect of Gender.
Table 8. Moderating Effect of Age.
Table 9. Moderating Effect of Education Level.
Table 10. Moderating Effect of Family Type.
Table 11. Moderating Effect of Marital Status.
Table 12. Moderating Effect of Family Income.
Table 13. Segmentation Approach to Sustainability of E-Payment System on Customer Perspective (SEPSCP).
Chapter 7
Table 1. Summary of Contributions of the Study.
Table 2. Summary of Proposed Strategies.

List of Abbreviations

AGFI Adjusted Goodness of Fit Index
AHP Analytical Hierarchy Process
AI Adoption Intention
AMOS Analysis of a Moment Structures
ANOVA Analysis of Variance
ATT Attitude
AUTT Autonomy to Use Technology
AVE Average Variance Extracted
BHIM Bharat Interface for Money
BI Behavioural Intention
BA Bibliometric Analysis
CFA Confirmatory Factor Analysis
CFI Comparative Fit Index
CMIN Chi-Square Value
CMIN/df Chi-Square Value Normalized by Degrees of Freedom
COD Cash on Delivery
COMP Compatibility
CR Composite Reliability
df Degree of Freedom
Dipam Department of Investment and Public Asset Management
DPs Digital Payments
DPS Digital Payment System
DPSs Digital Payment Systems
DWs Digital Wallets
EC Expected Cross-Validation Index
ECS Electronic Clearing Service
EFA Exploratory Factor Analysis
EOU Ease of Use
EP E-Payment/Electronic Payment
EPCFA Exploratory Principal Component Factor Analysis
EPs E-Payments/Electronic Payments
EPS E-Payment System/Electronic Payment System
EPSs E-Payment Systems/Electronic Payment Systems
e-WOM Electronic Word-of-Mouth
FC Facilitating Conditions
FSI Financial System Innovation
GFI Goodness of Fit Index
GOF Goodness-of-Fit
G2P Government-to-Person
IFI Incremental Fit Index
IMPS Immediate Payment Service
ITA Intention to Adopt
ITU Intention to Use
JoMoPay Jordan MP/Jorden Mobile Payment
KMO Kaiser–Meyer–Olkin
KMO-MSA Kaiser–Meyer–Olkin Measure of Sampling Adequacy
LR Literature Review
Meity Ministry of Electronics and Information Technology
MP Mobile Payment
MPOS Mobile Point-of-Sale
MPS Mobile Payment System
MPs Mobile Payments
MSA Measure of Sampling Adequacy
MSV Maximum Shared Variance
NEFT National Electronic Fund Transfer
NCR National Capital Region
NFI Normed Fit Index
NT New Technology
PCA Principal Component Analysis
PCLOSE Process Close
PE Performance Expectancy
PEOU Perceived Ease of Use
PGFI Parsimony Goodness of Fit Index
PIE Payment Infrastructure Ecosystem
PIS Payment Information Security
PLS Partial Least Square
PNFI Parsimony Normed Fit Index
PR Perceived Risk
PS Perceived Security
PU Perceived Usefulness
QR Quick Response
RA Relative Advantage
RFI Relative Fit Index
RMR Root Mean Square Residual
RMSEA Root Mean Square Error of Approximation
RNI Relative Non-Centrality Index
SDGs Sustainable Development Goals
SE Structural Equation
SEM Structural Equation Modelling
SEPS Sustainability of The E-payment System
SEPSCP Sustainability of The E-payment System from a Customer Perspective
SI Social Influence
SLR Systematic Literature Review
SM Structural Model
SMEs Small and Medium Enterprises
SPSS Statistical Package of Social Science
SRMR Standardized Root Mean Square Residual
SRW Standardized Regression Weights
SUS Sustainability
TACT Technology Affordances and Constraints Theory
TAM Technology Acceptance Model
TC Technology Characteristics
TCP Technology Communication Platform
TRIAL Trialability
TRT Trust
UAE United Arab of Emirates
UB Usage Behaviour
UNs United Nations
UTAUT Unified Theory of Acceptance and Use of Technology
VE Variance Extracted
VIF Variance Inflation Factor

About the Authors

Deepa Jain is Faculty in the Department of Management at Ideal Institute of Management & Technology, affiliated of GGSIP University, Delhi (India). She earned her PhD in Commerce from the Jiwaji University, Gwalior, (M.P.), India. She has published many research papers in various journals of international repute. She has worked on various research projects. She has more than 12 years of experience in teaching and training. Her research areas relate to innovation, technology and sustainability.

Manoj Kumar Dash is Faculty in the Department of Management Studies at ABV – Indian Institute of Information Technology and Management Gwalior, (M.P.) India. He earned his MA, MPhil, PhD and MBA in Marketing from the Berhampur University, Berhampur, Orissa. He has published more than 72 research papers in various journals of international and national repute. He is the author of seven books and has edited eight books. He was involved as the Chair Member in the conducted International Conference of Arts and Science held at Harvard University, Boston, USA.

K. S. Thakur is Faculty in School of Commerce and Business Studies, Jiwaji University, Gwalior, (M.P.), India. He was Head, School of Commerce and Business Studies (2014–2017), Dean, Faculty of Commerce (2013–2015 and 2019–2021), Head, School of Studies in Commerce and Management (2005–2008), Member, Executive Council, Chairman, Board of Studies. He was also involved as Coordinator in MBA-BE Programme, MBA-HA Programme and BBA Programme.

Acknowledgement

A book in the reader's hand is the result of many hardships and challenges. We would like to extend our gratitude to all the people who contributed in the completion of this book. Our sincere thanks to the Faculty and library staff of Jiwaji University, Gwalior, Madhya Pradesh, India and Atal Bihari Vajpayee–Indian Institute of Information Technology & Management, Gwalior, Madhya Pradesh, India, for their guidance and support.

We are indebted to Emerald team that helped us from inception to completion of this book, with special thanks to Nick Wallwork, Madison Klopfer, Thomas Creighton and Sheena Reghunath. We would like to thank our family, colleagues, friends and especially the respondents for the patience and support to complete this work.

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