Analyzing consumer preferences and financial behavior: a comparative study of e-wallets, debit cards, and credit cards

This comparative study delves into the intricate relationship between consumer preferences and financial behavior, focusing on three prominent payment methods: E-wallets, debit cards, and credit cards. In an era marked by technological advancements and evolving financial landscapes, understanding how consumers navigate and choose among these payment options is crucial for both industry stakeholders and policymakers. The research employs a multifaceted approach, combining quantitative and qualitative analyses to capture a comprehensive view of consumer choices. This study aims to evaluate the relationship between independent variables which are security, convenient, and social influence and dependent variable, consumer preferences for payment methods. This study uses a quantitative design by distributing questionnaires to users. Through a simple random sampling technique, the respondents involved were a total of 200 random respondents. Statistical Package for Social Science (SPSS) software is used in this study to evaluate the data using the descriptive analysis, reliability test, spearman's correlation analysis, chi squared tests, ordinal regression, and hypothesis testing. These tests are used to determine if there is any relationship between each of the three variables and the payment method preferences of the customers. The findings demonstrate the favorable association between all the parameters. Overall research results indicate that customer preferences for payment methods are positively correlated with security, convenience, and social impact. Practically speaking, this study has value not only because it can close a portion of the academic gap but also because it can benefit parents, students, commercial banks, and other relevant parties. Practically speaking, this study not only significantly closes the achievement gap but also benefits parents, students, commercial banks at universities, and other pertinent parties.