IMPACT OF DIGITAL PAYMENT SYSTEMS ON PERSONAL FINANCIAL MANAGEMENT: A STUDY OF RESIDENTS OF JHANSI CITY, UTTAR
DOI:
https://doi.org/10.29121/ShodhSamajik.v3.i2.2026.142Keywords:
Digital Payment Systems, UPI, Personal Financial Management, Digital Payments, Jhansi City, Financial ManagementAbstract
Purpose: Digital payment systems have become a vital aspect of daily financial activities and have changed the way people make payments and manage their personal finances. The purpose of research is to examine the usage pattern of digital payment systems and assess their impact on the personal financial management of residents of Jhansi City, Uttar Pradesh, India.
Methodology: The study adopts a quantitative research approach. Primary data were collected through Convenience sampling from 238 residents of Jhansi City using a questionnaire. Personal financial management statements were measured using a five-point Likert scale. The collected data were analysed using descriptive statistics, Chi-square Goodness of Fit Test and right-tailed One-Sample t-test.
Findings: The findings show that UPI was the most preferred digital payment method (80.3%), while 84.9% of respondents used digital payment systems daily. Money transfer was the most common purpose of digital payment use. The Chi-square results showed significant differences in the usage pattern of digital payment systems. Further, all eight personal financial management statements recorded mean scores above 3.80. The right-tailed One-Sample t-test revealed that all statements were above the neutral value of 3 (p < 0.001), showing a positive impact on personal financial management.
Originality/Value: This study provide district level data on digital payment usage and personal financial management with respect to residents of Jhansi City. The findings are suitable for encouraging digital financial literacy, secure payment practices and effective use of digital payment systems.
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