INFLUENCE OF DIGITAL PAYMENT METHODS ON IMPULSIVE PURCHASE BEHAVIOR: EXAMINING THE ROLE OF GOOGLE PAY, CREDIT CARDS AND MINIMUM BANK BALANCE REQUIREMENTS- A DETAILED ANALYSIS

One of the most important wings of Consumer Behaviour is impulsive purchasing decisions which means buying a commodity or a service without any planning. People generally make these kinds of impulsive purchases and later regret it. The advancements in technology have contributed a lot to the growth of this behaviour among individuals. Now-a-days, online payment facilities like UPI payments (generally done through google pay and other UPI platforms) have made financial transactions a lot easier with just a click of a button. Credit card facilities like points, bonuses, awards and predominantly overdraft facilities have made impulsive purchasing behaviour very easy and common among individuals. This in turn has also made people less aware about their financial planning and statistically it is also proven that most of the individuals often fail to maintain the minimum bank balance requirements due to impulsive purchasing decisions. The main goal of the study is to: (1) analyse how the advancements in technology (seamless UPI payments with just a click) trigger the impulsive purchasing behaviour among individuals, and (2) evaluating how impulsive purchasing decisions among people are influenced by maintaining a minimum bank balance requirement. It is seen that people have grown ignorant towards rational financial decision making due to their impulsive purchasing behaviour. The advancement in technology has no doubt been a blessing for mankind but the ease of payment platforms has triggered the impulsive purchasing decisions among individuals a lot. Similarly, credit cards encourage impulsive purchases by minimising the apparent immediate financial impact. Conversely, keeping a minimum amount in bank accounts effectively discourages consumers from making rash purchases because they want to stay out of trouble and keep their credit intact. The Inference shows that Convenience and Ease of use, Perceived Security, User Interface and Integration with E-Commerce Platforms, various Demographic and Behavioural Patterns and other Regulatory and Ethical Considerations cause a rise in the impulsive purchasing Behaviour. Surveys and questionnaires were used in conjunction with other research methods to gather information on payment methods, the frequency of impulsive purchases, and consumer knowledge of bank balances on the basis of 3 major categories, namely, Psychological Impact of Digital Payments, Technological Factors, Economic Considerations, Consumer Behaviour and Demographics. Inferences showed that the 3 major stated factors play an important role in the Impulsive Purchasing Behaviour and maintaining the minimum bank balance requirements.