Knowledge Outlook of Indian Consumers Towards BHIM App

As demonetization in India brought a sudden stir in the country, a need for online banking and mobile banking has risen drastically. This need directed the Indians to start looking towards digital money. The Government of India introduced the BHIM app, a mobile banking app which allows users to carry out e-transactions free of cost. BHIM depicts “Bharat Interface for Money”. As the name suggests, the BHIM app has bridged the gap between the users and their hard earned money. The app has made e-transactions very easy. In the present study, we conducted a survey with 87 respondents from Telangana. The data were analysed using the principal component analysis (PCA) method. Four factors were extracted using PCA, which explained a total accumulated variance of 64.69% for consumer motivation to use, and consumer identified drawbacks of the BHIM app. The study revealed two clear patterns of responses among the respondents about BHIM app - one pattern of motivation to use BHIM app, and the other pattern was the drawbacks of using BHIM app. These two were independent of one another, that is, they were not correlated. To overcome the drawbacks while using BHIM app, a success model was proposed by us.