Determinants of behavioural intention toward payment banks in India: An exploratory study in Bangalore

Payment Banks have emerged due to the swift development of digital banking in India as one of the factors of financial inclusion. The behavioral intention of customers to adopt and use the services of Payment Banks, however, is a determining factor in the success of the Payment Banks. This study aims at analyzing the variable that affect behavioral intention to Payment Banks in Bangalore, India. The research is grounded on major constructs derived out of the Unified Theory of Acceptance and Use of Technology (UTAUT) and these are the Performance Expectancy, Effort Expectancy, Social Influence, Facilitating Conditions, Habit, and Price Value. A research design of exploratory type was taken, and 100 respondents in Bangalore were surveyed on a five-point Likert scale structured questionnaire as the primary data. A multiple regression analysis was used to assess how independent variables affect behavioral intention. The findings show that the six determinants have a significant impact on behavioral intention. The strongest predictors were Performance Expectancy, and the next one was Facilitating Conditions, and lastly, Habit. The model describes 49 percent of the variation in behavioral intention which is a good explanatory power. The research findings conclude that the technological usefulness, support of infrastructure, pricing perception and behavior patterns are very essential in influencing the adoption of Payment Banks. The findings can be used in practice to improve the digital financial inclusion strategies in India.