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Use of Factor Analysis Scores in Logistic Regression Model for Predicting Chances of Adoption of E-Payment System by the Users of Smart Phones
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The launching of UPI (Unified payment interface), Demonetisation and the linking of biometric identification with bank accounts and mobile numbers as well as the launching of various e-services by the government of India has encouraged the use of a smartphone for digital payments. This study is focused on predicting the probability of adoption of e-payment system by the users of smartphones and the prominent factors associated with it among the people of Allahabad city and nearby.
This study yielded a model with two main latent factors, which were found to be directly associated with the adoption of e-payment system by the participants. One of these was concerned with ‘Conviction’ or ‘Conviction and Enthusiasm’ for the adoption of new technology, whereas the other was more of a complex nature with several underlying correlated observable variables. Together these factors were able to predict with high precision the outcome variable i.e. the adoption status of e-payment system by smartphone users. The attitude and the behaviour predisposition of the subjects towards technology have been central to many extant theories however, unlike several of these theories, the present study concludes that these two constructs, attitude and the behaviour towards technology were inconspicuous when used in isolation as a predictor for predicting the likelihood of use of e-payment system by the users of smartphones.
Keywords
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