Understanding the Dynamics of Digital Payment Adoption Among Public University Students of Bangladesh: A Quantitative Study

Understanding the Dynamics of Digital Payment Adoption Among Public University Students of Bangladesh: A Quantitative Study | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article Understanding the Dynamics of Digital Payment Adoption Among Public University Students of Bangladesh: A Quantitative Study Apu Chandra Das Apu This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-4145194/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract Digital payment system has gained significant acceptability over the course of time across the world. Our daily life is being more dynamic than before due to the addition of these digital methods of payments. Bangladeshi universities are also mostly under the inclusion of digital payment system. In the current world, universities are adopting technological advancements for the modernization of their daily activities, including the adoption of digital payment systems. This study aims to investigate the utilization and effect of the digital payment system among the university students in various public universities in Bangladesh. By forming a structured questionnaire, primary data has been collected on the frequency of usage, reasons for adoption, perceived transparency compared to traditional methods of payments, impact on transaction speed, administrative burden minimization, major barriers to adoption, effect on financial management, ease of use, and potential for a shift to cashless campus. Digital Payments Cashless Transaction Cash Transactions Student Community Transparency and Efficiency Figures Figure 1 Figure 2 Figure 3 Figure 4 Figure 5 1. INTRODUCTION At present Bangladesh is witnessing digital transformation because of the connectivity with the broadband along with the larger accessibility to the existing digital methods of payments. The rapid transformation of digital technology has largely contributed to the expansion of digital payment systems towards various sectors such as various educational institutions. Universities across the world are increasingly adopting digital payment systems to make the financial transactions much easier and faster which enhances convenience for students, faculty, and staff. Digital payment systems usually offers a large number of benefits than the traditional cash-based transactions and helps to move towards improved transparency, faster transaction speeds, and minimization of administrative burden. 2. REVIEW OF LITERATURE Suneel Kumar ( 2019 ) observed that both time utility and rewards induces the students to use digital payment systems while lack of security and additional charges demoralize them to restrain from using digital payment system. He also found that the male responder has found them comfortable while using digital payment system along with additional adaptability with it and education plays a vital role in influencing individual to pay digitally. Nwankwo & Odi ( 2013 ) found that electronic payment system bears great significance to the Nigerian economy and suggests that cashless payment system must go through a proper screening before formulating the e-payment system. Manual payment causes slowness to the transaction process which was a common scenario before the emergence of modern banking system. Zlatko Bezhovski (2016) noted that larger user base of mobile phones has caused to online payments to be popular. His findings also shows that this payment method is well suited for micropayments subject to successful implementation. The major reasons identified was time and place independence, frequent accessibility etc. On the other hand the barriers identified was security concern, inconsistency during larger payments and incompleteness of the available mobile payment market. Ngoc Doan ( 2014 ) states that adoption images of mobile wallet among the consumers in Finland is regarded as the preliminary stage of Innovation-Decision Process, This study also reveals that there is potential mobile wallet market in Finland because almost 88% respondent believes that mobile wallet can be a better alternative for the traditional method. A large portion of respondents are highly concerned about the security privacy as major factors regarding the use of mobile payment system. Shinki Katyayani Pandey ( 2022 ) concludes that digital payments follows a robust growth 26.2 percent in terms of size as compared to 2020-21. This study also found that post pandemic period due to the concern of people about health regulations fear about cash transactions diverted them to use the digital payments of system. 3. RESEARCH GAP Since digital payment system is a newly introduced concept among the users there are few studies available regarding this. While reviewing literature related to the digital payment system adoption and availability in the public universities in Bangladesh the studies available were mostly fragmented and uncomprehensive. Another noticeable limitation found was that the existing studies did not focus on higher education (e.g. universities) institution which has the major portion of digital payment system users. As a result the researcher felt the significance of conducting a comprehensive study on several facets of the digital payment system focusing on the public university students of Bangladesh. 4. OBJECTIVES Given the increasing significance of digital payments, there is a growing need to examine the extent to which they are embraced by individuals. Limited research exists on this specific field, particularly concerning students as the focal demographic. Hence, this study seeks to address these research gaps through the following objectives: To determine the frequency and extent of usage of the digital payment system among university students for various transactions. To assess the impact of the digital payment system on transaction speed, administrative burden reduction, and financial management practices within the university students. To examine user satisfaction, perceptions of transparency, and ease of use associated with the digital payment system among students. To identify and analyse major challenges hindering the widespread adoption of digital payment methods within the university students. 5. METHODOLOGY Properly structured methodology bears great significance as it constitutes the base of research studies. So the researcher has formulated the following methodology to conduct the study. 5.1. SELECTION OF STUDY AREA Public universities in Bangladesh appeal to both students and parents due to its economic viability, quality of education as compared to private universities, better job opportunities etc. These universities contributes to the making of skilled workforce and researchers who further plays important role the development of the country. Considering all these facts, the researcher conducted this study based on the student community of public universities in Bangladesh. 5.2. DATA COLLECTION This study is based on both primary and secondary data sources. Primary data has been collected from 400 respondents from different public universities of Bangladesh through a well-structured electronic questionnaire using Google form. On the other hand required secondary data has been collected from articles, newspapers, magazines and journals which deals directly or indirectly with the particular topic related to and thereby analyzed the objectives of the present study. 5.3. TOOLS OF ANALYSIS While conducting this study the researcher have used various tools such as tabulation and simple statistical measures like frequency, percentage and average to analyze the data. The researcher have also incorporated graphical illustration of pie chart and bar chart wherever necessary for better understanding and visualizing of the obtained results. 5.4. LIMITATIONS OF THE STUDY The primary data collected from the respondents may not be rigorous due to the recall lapses. Due to the time and resource constraint the researcher was confined to only the public universities of Bangladesh and data was collected from only 400 respondents. So findings from this study may not be generalized for all the universities in Bangladesh. 6. DATA ANALYSIS AND INTERPRETATION 6.1. USAGE OF DIGITAL PAYMENT USER AMONG THE PUBLIC UNIVERSITY SRUDENTS OF BANGLADESH This section explores the tabular analysis of the digital payment system user among the student communities of public universities from the collected primary data. TABLE-1: DIGITAL PAYMENT USER IN PUBLIC UNIVERSITIES OF BANGLADESH Variable Categories No. of Respondents Percentage to Total (%) Age 19–24 400 100% Gender Male 224 56% Female 176 44% Educational Background Undergraduate 400 100% Source: Compiled from the primary data Table-1 shows that all the respondents were undergraduate students and their age ranged from 19–24. Out of 400 respondents, 56% of the total respondents are consists of female students (Number of Female Respondents is 224) and 44% of the remaining respondents are consists of the male students (Number of Male Respondents is 176). 6.2. AWARNESS AND USAGE OF DIGITAL PAYMENTS SYSTEM Technological innovation helps to shifts toward the cashless method of transaction. Thereby the researcher have tried to examine the level of awareness and the most preferred method of digital payments among the students. TABLE-2: AWARNESS AND USAGE OF DIGITAL PAYMENTS SYSTEM Percentage of Students Known about Digital Payment System Percentage of Students unaware about Digital Payment System 90% (No. of Respondents 360) 10% (No. of Respondent 40) Source: Compiled from the primary data Above table reports that a large portion of the respondents (90%) are aware of the digital payment system available in their universities and the remaining 10% are not aware of the existing digital payment system. Since a large portions of respondents are using the available digital payment system, the researcher tried to examine the most preferred methods of payments and the result is illustrated by the following pie chart. Figure 1 : Most Preferred Digital Payment System The above pie chart illustrates that more than half of the respondents (57.5%) prefers mobile banking app while performing their academic transaction. The second most used (34.7%) method of payment is the online banking. On the other hand only a few respondents use payment method such as credit and debit card as shown by the figure (2.4%). Apart from these payment methods, some users prefer to use other payment tools (5.4%). So it can be concluded that students mostly prefers using mobile payment apps such as Bkash, Nogod, Rocket etc. to perform their transaction related to academic purposes. 6.3. FREQUENCY OF USING DIGITAL PAYMENT TOOLS This section tries to find out how frequently the students use the digital payment tools to perform their transaction related to academic needs. The findings are shown in a pie chart below: Figure-1 Figure 2: Frequency of Using Digital Payment Tools The above figure indicates that nearly half of the respondents (48.4%) rarely uses the digital payments tools to perform their academic transaction such as registration fee, credit fee, library fee, grade sheet fee etc. The reasons behind is that almost in all public universities the students pay their semester or credit fee twice a year that’s why nearly half of the respondents answered that they use these payment tools rarely or once after every six months. But another portion of students (36.8%) uses the digital payment tools monthly to pay their semester fee, credit fee, grad sheet fee etc. So it’s a positive sign that a moderate portion of the students are using the modern payment method. Similarly it is also found that a smaller portion the respondents (2.7%) uses the available digital payment method in their academic purposes. But 8.2% of the respondents confessed that they never use the modern payment system to their academic activities. 6.4. PRIMARY REASONS FOR USING DIGITAL PAYMENT METHODS AND ITS TRANSPARENCY This section attempts to figure out why the respondents prefer to use the digital payment tools and how they evaluate the transparency of the digital method of payments. The findings of this section is recorded below: TABLE-3: PRIMARY REASONS FOR USING DIGITAL PAYMENT METHODS Primary Reasons Percentage of the Total Respondents Easy to Use 45.1% Security 9.3% Speed of Transactions 23.1% Time Savings 38.5% Cost Reduction 5.5% All of The Above 41.2% Source: Compiled from the primary data Table-3 explains the primary reasons for using digital payment methods. For example nearly half of the respondents (45.1%) believes that digital payment methods are easy to use, as a result a large portion of the students use these payment methods. Another reason is the concern of security and only 9.3% have found digital payment tools are secured. Speed of transactions also play a vital role in convincing the students to use these payment tools and 23.1% of the respondents considers speedy transaction as the primary reason. The most attractive feature of digital payment tools is that it saves the time as compared to manual transaction. So relatively large portion of the respondents agreed that they consider savings of time as crucial factor. A smaller portion of the respondents use the digital payment tools because they find them useful in the reduction of transportation or transaction cost. Lastly 41.2% of the total respondents supported all the above reasons as the primary factors for the use of the digital payment systems. 6.4.1. TRANSPARENCY OF DIGITAL PAYMENT METHODSFigure-3 Fig. 3: Transparency of Digital Payment Methods A large portion of the respondents (79.7%) believes that the available digital payments are more transparent than the traditional cash transaction because it has made their life much easier and faster than before. By contrast, very few respondents (only 3.3%) finds the digital payment system not transparent to use. Interestingly 17% of the remaining respondents find themselves inconclusive while determining either digital payment methods are transparent or not. So it can be concluded that majority of the students believes in the transparency of the digital payment system available in their universities. 6.5. Comparison of Transaction Speed Due to the technological advancements transaction has become much faster than the traditional one. In this section of study the researcher tries to find out how faster has become the daily life after adopting the digital payment methods. The findings are shown by using diagrammatically: Figure 4 : Comparison of Transaction Speed According to the findings, a large portion of repsondents believes that digital payment system has made their transcation faster than before resulting in higher utility. It also saves the valuable time of the syudents community by making their transaction faster. By contrast, 7.1% of the students argued that they were unable to find any change in the transaction speed as compared to before the adoption of modern payment methods. A very smaller portion have found that digital payment methods are responsible for slowing down the transaction speed and the reamaining 7.1% are uncertain either their speed of transactions has become faster or not. So it can be convincingly concluded that transaction speed has become faster than before. 6.6. Paperwork and Administrative Burden Modern payment methods can reduce use of paper by completing activities in cashless way and it may also affect the administrative burden. So this section provides gathered information about the paperwork and administrative burden. Figure 5 : Paper Work and Administrative Burden The findings in this section revealed that the majority of the respondents (91.8%) believes that due to the adoption of modern payment method, There is minimization of both paperbased work and administrative burden. It has also enabled administration to be more efficient in terms of activities than before. On the other hand only a few portion(2.2%) finds that it doesn’t contribute to lower paperbased work and administrtive burden. Finally, 6% of the remaining respondents thinks that probably there is lower paperbased work and administrtive burden. 6.7. MAJOR BARRIERS TO THE ADOPTION OF DIGITAL PAYMENT METHODS Some barriers are always plays role to prevent users from adopting modern payment methods. This section focuses on the major barriers that play vital role in adopting modern payment methods. TABLE-4: MAJOR BARRIERS TO THE ADOPTION OF DIGITAL PAYMENT METHODS Major Barriers Percentage (%) of the Total Respondents 1. Lack of Awareness About Digital Payment System 42.9% 2. Security Concerns 18.7% 3. Limited Acceptance 13.2% 4. Insufficient Knowledge 21.4% 5. University Authority are Unable to Continue the Online Banking System 0.5% 6. Sometimes it Faces Technical Difficulties 0.5% 7. Facing no Barriers to Use 0.5% 8. Bugs in the System 0.5% 9. Don’t Have Personal Account 0.5% 10. Not Used to 1.3% Source: Compiled from the primary data Among the various barriers to the adoption of digital payment methods, lack of awareness is one of the most important barrier as 42.9% of the respondents believe that students are unable to adopt the available modern payment methods because they are ignorant of it. Another major portion (18.7%) believes that security concerns also impose barriers to the adoption of modern payment methods since it is newly introduced concept, there is always fear of losing money while transacting. It is also found that some universities are unable to incorporate all the common method of payments for the students, as a result they don’t find it useful. Again there is a portion (21.4%) who are familiar with the available digital payment methods, but they don’t have sufficient knowledge to utilize properly the benefit of digital payment system. Only 1.3% respondents believes that not being used to the modern payment system causes them to engage with it. The other reasons found were bugs I the system, having no personal account etc. which constitutes a very smaller portion the total respondents (Each having 0.5%). 6.8. POTENTIAL SHIFT TOWARDS A COMPLETELY CASHLESS CAMPUS IN THE FUTURE The respondents were also asked if there will be a potential cashless campus in future. Majority of the students (88%) answered that they foresee a potential complete cashless campus in future. On the other hand only 7% of the respondents believe that there will not be a complete shifts to cashless campus in future and the remaining part of the respondents are uncertain either there will be a shift or not. 7. RECOMMENDATIONS Considering the importance of public universities in Bangladesh, following steps to be taken to improvise the current scenario of the digital payment systems in the public universities of Bangladesh: I. Conducting awareness campaign about the usefulness of the digital payment system. II. Infrastructural development to provide reliable and secured modern payment transaction. III. Integration of digital payment system with the canteen/cafeteria, student portals and libraries. IV. Arrangement of training on data security, usages and access. V. Providing incentives and rewards in the form of cashback, loyalty points and discounts on various university services. 8. CONCLUSIONS Digital payments methods are increasingly being popular to the student community of the public universities of Bangladesh. By analysing the usages of digital payments tools among the public university students, it was found that majority of the student community use various methods of payment conduct their academic transactions. The intensity of the users was also different because students mainly pay their semester and credit fee twice a year. But it was noticeable that a healthy portion the student community use these payment methods mostly mobile banking apps to pay library fine, grade sheet fee etc. It was also found that they consider the digital payment system both transparent and speedy with some exception. Another noticeable findings is that majority of the student community believes in the idea that paper base work and administrative burden have been reduced due to the adoption of modern payment methods. The student community mostly believes that there will be a potential shift to cashless campus in future. Finally a number of barriers were found which are problematic to the adoption of modern payment systems. So recommendations have been provided to improvise the current scenario and make a user friendly universal environment to get the maximise benefit from digital payments in public universities of Bangladesh. Declarations Author Contribution The author completely contributed to finish the all part of the research paper. Ethics Statement: This study received ethical approval from the Institutional Review Board (IRB) of Shahjalal University of Science and Technology, Sylhet, Bangladesh. Consent Statement: All participants in this study provided informed consent prior to their involvement. For participants under the age of 18, consent was obtained from their legal guardians. References Kumar, S. (2019). An Empirical Study of Adoption of Digital Payments among Students of Delhi University. Journal of IMS Group, 16(1). Odi, N., & Richard, E. O. (2013). Electronic payment in cashless economy of Nigeria: problems and prospects. Journal of Management Research, 5(1), 138-151. Bezovski, Z. (2016). The future of the mobile payment as electronic payment system. European Journal of Business and Management , 8 (8), 127-132. Doan, N. (2014). Consumer adoption in mobile wallet: a study of consumers in Finland. Pandey, S. K. (2022). A Study on Digital Payments System & Consumer Perception: An Empirical Survey. Journal of Positive School Psychology , 6 (3), 10121-10131. Franciska, A. M., & Sahayaselvi, S. (2017). An overview on digital payments. International Journal of Research , 4 (13), 2101-2111. Nwankwo, O., & Eze, O. R. (2013). Electronic payment in cashless economy of Nigeria: Problems and prospect. Journal of Management Research , 5 (1). Ahmed, S. S., Rayhan, S. J., Islam, M. A., & Mahjabin, S. (2012). Problems and prospects of mobile banking in Bangladesh. Journal of Information Engineering and Applications , 1 (6), 16-34. Reyan, Q. (2014). Problems and prospects of mobile banking in Bangladesh. Available at SSRN 2674347 . Hoque, S. M. S., & Alam, S. M. (2010). The role of information and communication technologies (ICTs) in delivering higher education–A case of Bangladesh. International Education Studies , 3 (2). Karim, M. R. (2015). E-government in service delivery and citizen’s satisfaction: a case study on public sectors in Bangladesh. International Journal of Managing Public Sector Information and Communication Technologies (IJMPICT) , 6 (2), 49-60. Karim, M. W., Haque, A., Ulfy, M. A., Hossain, M. A., & Anis, M. Z. (2020). Factors influencing the use of E-wallet as a payment method among Malaysian young adults. Journal of International Business and Management , 3 (2), 1-12. Shetu, S. N., Islam, M. M., & Promi, S. I. (2022). An empirical investigation of the continued usage intention of digital wallets: The moderating role of perceived technological innovativeness. Future Business Journal , 8 (1), 43. Ashraf, M. A., Alam, M. M., & Noor, M. S. (2010). The influence of privacy and trust on the adoption of internet banking in Bangladesh. Malaysian Management Journal , 14 , 33-48. Azam, M. S., Morsalin, M., Rakib, M. R. H. K., & Pramanik, S. A. K. (2023). Adoption of electronic commerce by individuals in Bangladesh. Information Development , 39 (4), 764-786. Additional Declarations No competing interests reported. Cite Share Download PDF Status: Posted Version 1 posted You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. We do this by developing innovative software and high quality services for the global research community. Our growing team is made up of researchers and industry professionals working together to solve the most critical problems facing scientific publishing. Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-4145194","acceptedTermsAndConditions":true,"allowDirectSubmit":true,"archivedVersions":[],"articleType":"Research Article","associatedPublications":[],"authors":[{"id":282379802,"identity":"57b06e80-e2f1-4e49-984d-2ba8013bc9ca","order_by":0,"name":"Apu Chandra Das Apu","email":"data:image/png;base64,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","orcid":"","institution":"Shahjalal University of Science and Technology","correspondingAuthor":true,"prefix":"","firstName":"Apu","middleName":"Chandra Das","lastName":"Apu","suffix":""}],"badges":[],"createdAt":"2024-03-21 17:39:02","currentVersionCode":1,"declarations":"","doi":"10.21203/rs.3.rs-4145194/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-4145194/v1","draftVersion":[],"editorialEvents":[],"editorialNote":"","failedWorkflow":false,"files":[{"id":53391852,"identity":"1c0988d4-d45a-4606-a8aa-cc32fb75217c","added_by":"auto","created_at":"2024-03-25 12:35:42","extension":"png","order_by":1,"title":"Figure 1","display":"","copyAsset":false,"role":"figure","size":56205,"visible":true,"origin":"","legend":"\u003cp\u003e\u003cstrong\u003eMost Preferred Digital Payment System\u003c/strong\u003e\u003c/p\u003e","description":"","filename":"1.png","url":"https://assets-eu.researchsquare.com/files/rs-4145194/v1/ec27a9e99d3b96f59edd28bd.png"},{"id":53391850,"identity":"c69a3979-5850-4484-9c2d-c28e2331959d","added_by":"auto","created_at":"2024-03-25 12:35:41","extension":"png","order_by":2,"title":"Figure 2","display":"","copyAsset":false,"role":"figure","size":45352,"visible":true,"origin":"","legend":"\u003cp\u003e\u003cstrong\u003eFrequency of Using Digital Payment Tools\u003c/strong\u003e\u003c/p\u003e","description":"","filename":"2.png","url":"https://assets-eu.researchsquare.com/files/rs-4145194/v1/1f850938fe687db570ad22fd.png"},{"id":53391848,"identity":"13a7a244-f1f9-4948-97a2-4dd6fade49f7","added_by":"auto","created_at":"2024-03-25 12:35:41","extension":"png","order_by":3,"title":"Figure 3","display":"","copyAsset":false,"role":"figure","size":32829,"visible":true,"origin":"","legend":"\u003cp\u003e\u003cstrong\u003eTransparency of Digital Payment Methods\u003c/strong\u003e\u003c/p\u003e","description":"","filename":"3.png","url":"https://assets-eu.researchsquare.com/files/rs-4145194/v1/b35183f87dd788c692a4bbcd.png"},{"id":53391859,"identity":"6a795d70-39b6-4593-a3d3-202486a19670","added_by":"auto","created_at":"2024-03-25 12:35:43","extension":"png","order_by":4,"title":"Figure 4","display":"","copyAsset":false,"role":"figure","size":45259,"visible":true,"origin":"","legend":"\u003cp\u003e\u003cstrong\u003eComparison of Transaction Speed\u003c/strong\u003e\u003c/p\u003e","description":"","filename":"4.png","url":"https://assets-eu.researchsquare.com/files/rs-4145194/v1/e9c052a58b5f950b4ecbec75.png"},{"id":53391853,"identity":"7e5c2e98-16f3-4ba7-b519-4805c84bf1ef","added_by":"auto","created_at":"2024-03-25 12:35:42","extension":"png","order_by":5,"title":"Figure 5","display":"","copyAsset":false,"role":"figure","size":39618,"visible":true,"origin":"","legend":"\u003cp\u003e\u003cstrong\u003ePaper Work and Administrative Burden\u003c/strong\u003e\u003c/p\u003e","description":"","filename":"5.png","url":"https://assets-eu.researchsquare.com/files/rs-4145194/v1/93cdd837734280600ed5250d.png"},{"id":60740434,"identity":"96a98fd3-7a00-42f2-921f-ccef1392e24b","added_by":"auto","created_at":"2024-07-20 13:16:31","extension":"pdf","order_by":0,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":883291,"visible":true,"origin":"","legend":"","description":"","filename":"manuscript.pdf","url":"https://assets-eu.researchsquare.com/files/rs-4145194/v1/d0210e6a-8ecc-4aa6-953f-3c6aa547b441.pdf"}],"financialInterests":"No competing interests reported.","formattedTitle":"\u003cp\u003eUnderstanding the Dynamics of Digital Payment Adoption Among Public University Students of Bangladesh: A Quantitative Study\u003c/p\u003e","fulltext":[{"header":"1. INTRODUCTION","content":"\u003cp\u003eAt present Bangladesh is witnessing digital transformation because of the connectivity with the broadband along with the larger accessibility to the existing digital methods of payments. The rapid transformation of digital technology has largely contributed to the expansion of digital payment systems towards various sectors such as various educational institutions. Universities across the world are increasingly adopting digital payment systems to make the financial transactions much easier and faster which enhances convenience for students, faculty, and staff. Digital payment systems usually offers a large number of benefits than the traditional cash-based transactions and helps to move towards improved transparency, faster transaction speeds, and minimization of administrative burden.\u003c/p\u003e"},{"header":"2. REVIEW OF LITERATURE","content":"\u003cp\u003e \u003cem\u003eSuneel\u003c/em\u003e Kumar (\u003cspan citationid=\"CR1\" class=\"CitationRef\"\u003e2019\u003c/span\u003e\u003cem\u003e)\u003c/em\u003e observed that both time utility and rewards induces the students to use digital payment systems while lack of security and additional charges demoralize them to restrain from using digital payment system. He also found that the male responder has found them comfortable while using digital payment system along with additional adaptability with it and education plays a vital role in influencing individual to pay digitally.\u003c/p\u003e \u003cp\u003e \u003cem\u003eNwankwo \u0026amp;\u003c/em\u003e Odi (\u003cspan citationid=\"CR2\" class=\"CitationRef\"\u003e2013\u003c/span\u003e) found that electronic payment system bears great significance to the Nigerian economy and suggests that cashless payment system must go through a proper screening before formulating the e-payment system. Manual payment causes slowness to the transaction process which was a common scenario before the emergence of modern banking system.\u003c/p\u003e \u003cp\u003e \u003cem\u003eZlatko Bezhovski (2016)\u003c/em\u003e noted that larger user base of mobile phones has caused to online payments to be popular. His findings also shows that this payment method is well suited for micropayments subject to successful implementation. The major reasons identified was time and place independence, frequent accessibility etc. On the other hand the barriers identified was security concern, inconsistency during larger payments and incompleteness of the available mobile payment market.\u003c/p\u003e \u003cp\u003e \u003cem\u003eNgoc\u003c/em\u003e Doan (\u003cspan citationid=\"CR4\" class=\"CitationRef\"\u003e2014\u003c/span\u003e\u003cem\u003e)\u003c/em\u003e states that adoption images of mobile wallet among the consumers in Finland is regarded as the preliminary stage of Innovation-Decision Process, This study also reveals that there is potential mobile wallet market in Finland because almost 88% respondent believes that mobile wallet can be a better alternative for the traditional method. A large portion of respondents are highly concerned about the security privacy as major factors regarding the use of mobile payment system.\u003c/p\u003e \u003cp\u003e \u003cem\u003eShinki Katyayani\u003c/em\u003e Pandey (\u003cspan citationid=\"CR5\" class=\"CitationRef\"\u003e2022\u003c/span\u003e\u003cem\u003e)\u003c/em\u003e concludes that digital payments follows a robust growth 26.2 percent in terms of size as compared to 2020-21. This study also found that post pandemic period due to the concern of people about health regulations fear about cash transactions diverted them to use the digital payments of system.\u003c/p\u003e"},{"header":"3. RESEARCH GAP","content":"\u003cp\u003eSince digital payment system is a newly introduced concept among the users there are few studies available regarding this. While reviewing literature related to the digital payment system adoption and availability in the public universities in Bangladesh the studies available were mostly fragmented and uncomprehensive. Another noticeable limitation found was that the existing studies did not focus on higher education (e.g. universities) institution which has the major portion of digital payment system users. As a result the researcher felt the significance of conducting a comprehensive study on several facets of the digital payment system focusing on the public university students of Bangladesh.\u003c/p\u003e"},{"header":"4. OBJECTIVES","content":"\u003cp\u003eGiven the increasing significance of digital payments, there is a growing need to examine the extent to which they are embraced by individuals. Limited research exists on this specific field, particularly concerning students as the focal demographic. Hence, this study seeks to address these research gaps through the following objectives:\u003c/p\u003e \u003cp\u003e \u003cul\u003e \u003cli\u003e \u003cp\u003eTo determine the frequency and extent of usage of the digital payment system among university students for various transactions.\u003c/p\u003e \u003c/li\u003e \u003cli\u003e \u003cp\u003eTo assess the impact of the digital payment system on transaction speed, administrative burden reduction, and financial management practices within the university students.\u003c/p\u003e \u003c/li\u003e \u003cli\u003e \u003cp\u003eTo examine user satisfaction, perceptions of transparency, and ease of use associated with the digital payment system among students.\u003c/p\u003e \u003c/li\u003e \u003cli\u003e \u003cp\u003eTo identify and analyse major challenges hindering the widespread adoption of digital payment methods within the university students.\u003c/p\u003e \u003c/li\u003e \u003c/ul\u003e \u003c/p\u003e"},{"header":"5. METHODOLOGY","content":"\u003cp\u003eProperly structured methodology bears great significance as it constitutes the base of research studies. So the researcher has formulated the following methodology to conduct the study.\u003c/p\u003e \u003cdiv id=\"Sec6\" class=\"Section2\"\u003e \u003ch2\u003e5.1. SELECTION OF STUDY AREA\u003c/h2\u003e \u003cp\u003ePublic universities in Bangladesh appeal to both students and parents due to its economic viability, quality of education as compared to private universities, better job opportunities etc. These universities contributes to the making of skilled workforce and researchers who further plays important role the development of the country. Considering all these facts, the researcher conducted this study based on the student community of public universities in Bangladesh.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec7\" class=\"Section2\"\u003e \u003ch2\u003e5.2. DATA COLLECTION\u003c/h2\u003e \u003cp\u003eThis study is based on both primary and secondary data sources. Primary data has been collected from 400 respondents from different public universities of Bangladesh through a well-structured electronic questionnaire using Google form. On the other hand required secondary data has been collected from articles, newspapers, magazines and journals which deals directly or indirectly with the particular topic related to and thereby analyzed the objectives of the present study.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec8\" class=\"Section2\"\u003e \u003ch2\u003e5.3. TOOLS OF ANALYSIS\u003c/h2\u003e \u003cp\u003eWhile conducting this study the researcher have used various tools such as tabulation and simple statistical measures like frequency, percentage and average to analyze the data. The researcher have also incorporated graphical illustration of pie chart and bar chart wherever necessary for better understanding and visualizing of the obtained results.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec9\" class=\"Section2\"\u003e \u003ch2\u003e5.4. LIMITATIONS OF THE STUDY\u003c/h2\u003e \u003cp\u003eThe primary data collected from the respondents may not be rigorous due to the recall lapses. Due to the time and resource constraint the researcher was confined to only the public universities of Bangladesh and data was collected from only 400 respondents. So findings from this study may not be generalized for all the universities in Bangladesh.\u003c/p\u003e \u003c/div\u003e"},{"header":"6. DATA ANALYSIS AND INTERPRETATION","content":"\u003cdiv id=\"Sec11\" class=\"Section2\"\u003e \u003ch2\u003e6.1. USAGE OF DIGITAL PAYMENT USER AMONG THE PUBLIC UNIVERSITY SRUDENTS OF BANGLADESH\u003c/h2\u003e \u003cp\u003eThis section explores the tabular analysis of the digital payment system user among the student communities of public universities from the collected primary data.\u003c/p\u003e \u003cp\u003e \u003cb\u003eTABLE-1: DIGITAL PAYMENT USER IN PUBLIC UNIVERSITIES OF BANGLADESH\u003c/b\u003e \u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"No\" id=\"Taba\" border=\"1\"\u003e \u003ccolgroup cols=\"4\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eVariable\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eCategories\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eNo. of Respondents\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003ePercentage to Total (%)\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eAge\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e19\u0026ndash;24\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e400\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e100%\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\" morerows=\"1\" rowspan=\"2\"\u003e \u003cp\u003e\u003cb\u003eGender\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e\u003cb\u003eMale\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e224\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e56%\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e\u003cb\u003eFemale\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e176\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e44%\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eEducational Background\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e\u003cb\u003eUndergraduate\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e400\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e100%\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003ctfoot\u003e \u003ctr\u003e\u003ctd colspan=\"4\"\u003e\u003cb\u003eSource: Compiled from the primary data\u003c/b\u003e\u003c/td\u003e\u003c/tr\u003e \u003c/tfoot\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003eTable-1 shows that all the respondents were undergraduate students and their age ranged from 19\u0026ndash;24. Out of 400 respondents, 56% of the total respondents are consists of female students (Number of Female Respondents is 224) and 44% of the remaining respondents are consists of the male students (Number of Male Respondents is 176).\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec12\" class=\"Section2\"\u003e \u003ch2\u003e6.2. AWARNESS AND USAGE OF DIGITAL PAYMENTS SYSTEM\u003c/h2\u003e \u003cp\u003eTechnological innovation helps to shifts toward the cashless method of transaction. Thereby the researcher have tried to examine the level of awareness and the most preferred method of digital payments among the students.\u003c/p\u003e \u003cp\u003e \u003cb\u003eTABLE-2: AWARNESS AND USAGE OF DIGITAL PAYMENTS SYSTEM\u003c/b\u003e \u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"No\" id=\"Tabb\" border=\"1\"\u003e \u003ccolgroup cols=\"2\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003ePercentage of Students Known about Digital Payment System\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003ePercentage of Students unaware about Digital Payment System\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e90% (No. of Respondents 360)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e10% (No. of Respondent 40)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003ctfoot\u003e \u003ctr\u003e\u003ctd colspan=\"2\"\u003e\u003cb\u003eSource: Compiled from the primary data\u003c/b\u003e\u003c/td\u003e\u003c/tr\u003e \u003c/tfoot\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003eAbove table reports that a large portion of the respondents (90%) are aware of the digital payment system available in their universities and the remaining 10% are not aware of the existing digital payment system. Since a large portions of respondents are using the available digital payment system, the researcher tried to examine the most preferred methods of payments and the result is illustrated by the following pie chart.\u003c/p\u003e \u003cp\u003e \u003c/p\u003e \u003cp\u003eFigure \u003cspan refid=\"Fig1\" class=\"InternalRef\"\u003e1\u003c/span\u003e: \u003cb\u003eMost Preferred Digital Payment System\u003c/b\u003e\u003c/p\u003e \u003cp\u003eThe above pie chart illustrates that more than half of the respondents (57.5%) prefers mobile banking app while performing their academic transaction. The second most used (34.7%) method of payment is the online banking. On the other hand only a few respondents use payment method such as credit and debit card as shown by the figure (2.4%). Apart from these payment methods, some users prefer to use other payment tools (5.4%). So it can be concluded that students mostly prefers using mobile payment apps such as Bkash, Nogod, Rocket etc. to perform their transaction related to academic purposes.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec13\" class=\"Section2\"\u003e \u003ch2\u003e6.3. FREQUENCY OF USING DIGITAL PAYMENT TOOLS\u003c/h2\u003e \u003cp\u003eThis section tries to find out how frequently the students use the digital payment tools to perform their transaction related to academic needs. The findings are shown in a pie chart below:\u003c/p\u003e \u003cp\u003e \u003cb\u003eFigure-1\u003c/b\u003e \u003c/p\u003e \u003cp\u003e \u003c/p\u003e \u003cp\u003e \u003cb\u003eFigure 2: Frequency of Using Digital Payment Tools\u003c/b\u003e \u003c/p\u003e \u003cp\u003eThe above figure indicates that nearly half of the respondents (48.4%) rarely uses the digital payments tools to perform their academic transaction such as registration fee, credit fee, library fee, grade sheet fee etc. The reasons behind is that almost in all public universities the students pay their semester or credit fee twice a year that\u0026rsquo;s why nearly half of the respondents answered that they use these payment tools rarely or once after every six months. But another portion of students (36.8%) uses the digital payment tools monthly to pay their semester fee, credit fee, grad sheet fee etc. So it\u0026rsquo;s a positive sign that a moderate portion of the students are using the modern payment method. Similarly it is also found that a smaller portion the respondents (2.7%) uses the available digital payment method in their academic purposes. But 8.2% of the respondents confessed that they never use the modern payment system to their academic activities.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec14\" class=\"Section2\"\u003e \u003ch2\u003e6.4. PRIMARY REASONS FOR USING DIGITAL PAYMENT METHODS AND ITS TRANSPARENCY\u003c/h2\u003e \u003cp\u003eThis section attempts to figure out why the respondents prefer to use the digital payment tools and how they evaluate the transparency of the digital method of payments. The findings of this section is recorded below:\u003c/p\u003e \u003cp\u003e \u003cb\u003eTABLE-3: PRIMARY REASONS FOR USING DIGITAL PAYMENT METHODS\u003c/b\u003e \u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"No\" id=\"Tabc\" border=\"1\"\u003e \u003ccolgroup cols=\"2\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003ePrimary Reasons\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003ePercentage of the Total Respondents\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eEasy to Use\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003e45.1%\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eSecurity\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003e9.3%\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eSpeed of Transactions\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e\u003cb\u003e23.1%\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eTime Savings\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e\u003cb\u003e38.5%\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eCost Reduction\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e\u003cb\u003e5.5%\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eAll of The Above\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e\u003cb\u003e41.2%\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003ctfoot\u003e \u003ctr\u003e\u003ctd colspan=\"2\"\u003e\u003cb\u003eSource: Compiled from the primary data\u003c/b\u003e\u003c/td\u003e\u003c/tr\u003e \u003c/tfoot\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003eTable-3 explains the primary reasons for using digital payment methods. For example nearly half of the respondents (45.1%) believes that digital payment methods are easy to use, as a result a large portion of the students use these payment methods. Another reason is the concern of security and only 9.3% have found digital payment tools are secured. Speed of transactions also play a vital role in convincing the students to use these payment tools and 23.1% of the respondents considers speedy transaction as the primary reason. The most attractive feature of digital payment tools is that it saves the time as compared to manual transaction. So relatively large portion of the respondents agreed that they consider savings of time as crucial factor. A smaller portion of the respondents use the digital payment tools because they find them useful in the reduction of transportation or transaction cost. Lastly 41.2% of the total respondents supported all the above reasons as the primary factors for the use of the digital payment systems.\u003c/p\u003e \u003cdiv id=\"Sec15\" class=\"Section3\"\u003e \u003ch2\u003e6.4.1. TRANSPARENCY OF DIGITAL PAYMENT METHODSFigure-3 Fig.\u0026nbsp;3: Transparency of Digital Payment Methods\u003c/h2\u003e \u003cp\u003e \u003c/p\u003e \u003cp\u003eA large portion of the respondents (79.7%) believes that the available digital payments are more transparent than the traditional cash transaction because it has made their life much easier and faster than before. By contrast, very few respondents (only 3.3%) finds the digital payment system not transparent to use. Interestingly 17% of the remaining respondents find themselves inconclusive while determining either digital payment methods are transparent or not. So it can be concluded that majority of the students believes in the transparency of the digital payment system available in their universities.\u003c/p\u003e \u003c/div\u003e \u003c/div\u003e \u003cdiv id=\"Sec16\" class=\"Section2\"\u003e \u003ch2\u003e6.5. Comparison of Transaction Speed\u003c/h2\u003e \u003cp\u003eDue to the technological advancements transaction has become much faster than the traditional one. In this section of study the researcher tries to find out how faster has become the daily life after adopting the digital payment methods. The findings are shown by using diagrammatically:\u003c/p\u003e \u003cp\u003e \u003c/p\u003e \u003cp\u003eFigure \u003cspan refid=\"Fig2\" class=\"InternalRef\"\u003e4\u003c/span\u003e: \u003cb\u003eComparison of Transaction Speed\u003c/b\u003e\u003c/p\u003e \u003cp\u003eAccording to the findings, a large portion of repsondents believes that digital payment system has made their transcation faster than before resulting in higher utility. It also saves the valuable time of the syudents community by making their transaction faster. By contrast, 7.1% of the students argued that they were unable to find any change in the transaction speed as compared to before the adoption of modern payment methods. A very smaller portion have found that digital payment methods are responsible for slowing down the transaction speed and the reamaining 7.1% are uncertain either their speed of transactions has become faster or not. So it can be convincingly concluded that transaction speed has become faster than before.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec17\" class=\"Section2\"\u003e \u003ch2\u003e6.6. Paperwork and Administrative Burden\u003c/h2\u003e \u003cp\u003eModern payment methods can reduce use of paper by completing activities in cashless way and it may also affect the administrative burden. So this section provides gathered information about the paperwork and administrative burden.\u003c/p\u003e \u003cp\u003e \u003c/p\u003e \u003cp\u003eFigure \u003cspan refid=\"Fig3\" class=\"InternalRef\"\u003e5\u003c/span\u003e: \u003cb\u003ePaper Work and Administrative Burden\u003c/b\u003e\u003c/p\u003e \u003cp\u003eThe findings in this section revealed that the majority of the respondents (91.8%) believes that due to the adoption of modern payment method, There is minimization of both paperbased work and administrative burden. It has also enabled administration to be more efficient in terms of activities than before. On the other hand only a few portion(2.2%) finds that it doesn\u0026rsquo;t contribute to lower paperbased work and administrtive burden. Finally, 6% of the remaining respondents thinks that probably there is lower paperbased work and administrtive burden.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec18\" class=\"Section2\"\u003e \u003ch2\u003e6.7. MAJOR BARRIERS TO THE ADOPTION OF DIGITAL PAYMENT METHODS\u003c/h2\u003e \u003cp\u003eSome barriers are always plays role to prevent users from adopting modern payment methods. This section focuses on the major barriers that play vital role in adopting modern payment methods.\u003c/p\u003e \u003cp\u003e \u003cb\u003eTABLE-4: MAJOR BARRIERS TO THE ADOPTION OF DIGITAL PAYMENT METHODS\u003c/b\u003e \u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"No\" id=\"Tabd\" border=\"1\"\u003e \u003ccolgroup cols=\"2\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eMajor Barriers\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003ePercentage (%) of the Total Respondents\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e1. Lack of Awareness About Digital Payment System\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e42.9%\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e2. Security Concerns\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e18.7%\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e3. Limited Acceptance\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e13.2%\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e4. Insufficient Knowledge\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e21.4%\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e5. University Authority are Unable to Continue the Online Banking System\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e0.5%\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e6. Sometimes it Faces Technical Difficulties\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e0.5%\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e7. Facing no Barriers to Use\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e0.5%\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e8. Bugs in the System\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e0.5%\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e9. Don\u0026rsquo;t Have Personal Account\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e0.5%\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e10. Not Used to\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e1.3%\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003ctfoot\u003e \u003ctr\u003e\u003ctd colspan=\"2\"\u003e\u003cb\u003eSource: Compiled from the primary data\u003c/b\u003e\u003c/td\u003e\u003c/tr\u003e \u003c/tfoot\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003eAmong the various barriers to the adoption of digital payment methods, lack of awareness is one of the most important barrier as 42.9% of the respondents believe that students are unable to adopt the available modern payment methods because they are ignorant of it. Another major portion (18.7%) believes that security concerns also impose barriers to the adoption of modern payment methods since it is newly introduced concept, there is always fear of losing money while transacting. It is also found that some universities are unable to incorporate all the common method of payments for the students, as a result they don\u0026rsquo;t find it useful. Again there is a portion (21.4%) who are familiar with the available digital payment methods, but they don\u0026rsquo;t have sufficient knowledge to utilize properly the benefit of digital payment system. Only 1.3% respondents believes that not being used to the modern payment system causes them to engage with it. The other reasons found were bugs I the system, having no personal account etc. which constitutes a very smaller portion the total respondents (Each having 0.5%).\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec19\" class=\"Section2\"\u003e \u003ch2\u003e\u003cb\u003e6.8. POTENTIAL SHIFT TOWARDS A COMPLETELY CASHLESS CAMPUS IN THE FUTURE\u003c/b\u003e\u003c/h2\u003e \u003cp\u003eThe respondents were also asked if there will be a potential cashless campus in future. Majority of the students (88%) answered that they foresee a potential complete cashless campus in future. On the other hand only 7% of the respondents believe that there will not be a complete shifts to cashless campus in future and the remaining part of the respondents are uncertain either there will be a shift or not.\u003c/p\u003e \u003c/div\u003e"},{"header":"7. RECOMMENDATIONS","content":"\u003cp\u003eConsidering the importance of public universities in Bangladesh, following steps to be taken to improvise the current scenario of the digital payment systems in the public universities of Bangladesh:\u003c/p\u003e\n\u003cp\u003eI.\u0026nbsp; \u0026nbsp; \u0026nbsp;Conducting awareness campaign about the usefulness of the digital payment system.\u003c/p\u003e\n\u003cp\u003eII.\u0026nbsp; \u0026nbsp;\u0026nbsp;Infrastructural development to provide reliable and secured modern payment transaction.\u003c/p\u003e\n\u003cp\u003eIII.\u0026nbsp; \u0026nbsp; Integration of digital payment system with the canteen/cafeteria, student portals and libraries.\u003c/p\u003e\n\u003cp\u003eIV.\u0026nbsp;\u0026nbsp; Arrangement of training on data security, usages and access.\u003c/p\u003e\n\u003cp\u003eV. \u0026nbsp; \u0026nbsp;Providing incentives and rewards in the form of cashback, loyalty points and discounts on various university services.\u003c/p\u003e"},{"header":"8. CONCLUSIONS","content":"\u003cp\u003eDigital payments methods are increasingly being popular to the student community of the public universities of Bangladesh. By analysing the usages of digital payments tools among the public university students, it was found that majority of the student community use various methods of payment conduct their academic transactions. The intensity of the users was also different because students mainly pay their semester and credit fee twice a year. But it was noticeable that a healthy portion the student community use these payment methods mostly mobile banking apps to pay library fine, grade sheet fee etc. It was also found that they consider the digital payment system both transparent and speedy with some exception. Another noticeable findings is that majority of the student community believes in the idea that paper base work and administrative burden have been reduced due to the adoption of modern payment methods. The student community mostly believes that there will be a potential shift to cashless campus in future. Finally a number of barriers were found which are problematic to the adoption of modern payment systems. So recommendations have been provided to improvise the current scenario and make a user friendly universal environment to get the maximise benefit from digital payments in public universities of Bangladesh.\u003c/p\u003e"},{"header":"Declarations","content":"\u003ch2\u003eAuthor Contribution\u003c/h2\u003e\u003cp\u003eThe author completely contributed to finish the all part of the research paper.\u003c/p\u003e\n\u003cp\u003eEthics Statement: This study received ethical approval from the Institutional Review Board (IRB) of Shahjalal University of Science and Technology, Sylhet, Bangladesh.\u003c/p\u003e\n\u003cp\u003eConsent Statement: All participants in this study provided informed consent prior to their involvement. For participants under the age of 18, consent was obtained from their legal guardians.\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\n \u003cli\u003eKumar, S. (2019). An Empirical Study of Adoption of Digital Payments among Students of Delhi University. Journal of IMS Group, 16(1).\u003c/li\u003e\n \u003cli\u003eOdi, N., \u0026amp; Richard, E. O. (2013). Electronic payment in cashless economy of Nigeria: problems and prospects. Journal of Management Research, 5(1), 138-151.\u003c/li\u003e\n \u003cli\u003eBezovski, Z. (2016). The future of the mobile payment as electronic payment system. \u003cem\u003eEuropean Journal of Business and Management\u003c/em\u003e, \u003cem\u003e8\u003c/em\u003e(8), 127-132.\u003c/li\u003e\n \u003cli\u003eDoan, N. (2014). Consumer adoption in mobile wallet: a study of consumers in Finland.\u003c/li\u003e\n \u003cli\u003ePandey, S. K. (2022). 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M., \u0026amp; Noor, M. S. (2010). The influence of privacy and trust on the adoption of internet banking in Bangladesh. \u003cem\u003eMalaysian Management Journal\u003c/em\u003e, \u003cem\u003e14\u003c/em\u003e, 33-48.\u003c/li\u003e\n \u003cli\u003eAzam, M. S., Morsalin, M., Rakib, M. R. H. K., \u0026amp; Pramanik, S. A. K. (2023). Adoption of electronic commerce by individuals in Bangladesh. \u003cem\u003eInformation Development\u003c/em\u003e, \u003cem\u003e39\u003c/em\u003e(4), 764-786.\u003c/li\u003e\n\u003c/ol\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":true,"hideJournal":true,"highlight":"","institution":"","isAcceptedByJournal":false,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"Digital Payments, Cashless Transaction, Cash Transactions Student Community, Transparency and Efficiency","lastPublishedDoi":"10.21203/rs.3.rs-4145194/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-4145194/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eDigital payment system has gained significant acceptability over the course of time across the world. Our daily life is being more dynamic than before due to the addition of these digital methods of payments. Bangladeshi universities are also mostly under the inclusion of digital payment system. In the current world, universities are adopting technological advancements for the modernization of their daily activities, including the adoption of digital payment systems. This study aims to investigate the utilization and effect of the digital payment system among the university students in various public universities in Bangladesh. By forming a structured questionnaire, primary data has been collected on the frequency of usage, reasons for adoption, perceived transparency compared to traditional methods of payments, impact on transaction speed, administrative burden minimization, major barriers to adoption, effect on financial management, ease of use, and potential for a shift to cashless campus.\u003c/p\u003e","manuscriptTitle":"Understanding the Dynamics of Digital Payment Adoption Among Public University Students of Bangladesh: A Quantitative Study","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2024-03-25 12:35:36","doi":"10.21203/rs.3.rs-4145194/v1","editorialEvents":[{"type":"communityComments","content":0}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true}}],"origin":"","ownerIdentity":"c21ba893-bae0-4ce6-b4ed-a0c394c490d2","owner":[],"postedDate":"March 25th, 2024","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"posted","subjectAreas":[],"tags":[],"updatedAt":"2024-07-20T13:08:24+00:00","versionOfRecord":[],"versionCreatedAt":"2024-03-25 12:35:36","video":"","vorDoi":"","vorDoiUrl":"","workflowStages":[]},"version":"v1","identity":"rs-4145194","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-4145194","identity":"rs-4145194","version":["v1"]},"buildId":"qtupq5eGEP_6zYnWcrvyt","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}