Online Payment vs Traditional Payment: A Comparative Study on

Perception of Consumers Towards Different Payment Methods

THE PROBLEM

Statement of the Problem

Although many people now use online banking apps to pay their bills and

other expenses, there are still many people who do not have these apps and do

not utilize it as a payment option. Many people don’t trust online transactions for

a variety of reasons, including the prevalence of frauds and con artists online,

and they would rather pay in cash. This study sought to answer the following

questions:

1. What factors affects consumers on utilizing online payment apps in

terms of;

1.1 security,

1.2 convenience, and

1.3 trust?

2. What factors affects consumers on utilizing traditional payment method

in terms of;

2.1 security,

2.2 convenience, and

2.3 trust?

3. Is their significant difference between using traditional and online

payment method?
 INTRODUCTION
Rationale

In this sophisticated world, almost all is done with the aid of technology

(e.g., paying fees). In one mere swipe or tap, payment is done in a matter of

seconds. Gone are the days with long queues where the skin is exposed to the

scorching heat of the sun for hours. With the aid of technology, cashless

transactions are made possible, making purchases and payments easier and

more convenient through one single movement of the tips. However, to avail of

this kind of service, an application is to be installed, which will then serve as an

e-wallet. Nevertheless, traditional payment methods are still present, especially

in those stores that do not offer e-payment methods, and they still play an

important role here in our country.

It is impossible to optimize business operations for all new and long-term

occupations and activities without the use of information technology. The

advancement of technology has benefited society greatly and affected people's

lives, attitudes, and social activities. The accessibility of a great deal of

knowledge has been one of the most significant advancements in social

resilience. Since the pandemic hit us, payment through mobile phones has

become more popular and useful. Almost all of the transactions are made online

due to restrictions and the ban on close contact. There are numerous possibilities

for online transactions, which make life simpler for everyone by eliminating the

need to drive long distances to the bank, send or receive money, or pay bills. On
the other hand, cash is still in demand, and its circulation continues to grow

within our country. There are still some people who prefer traditional payment

because they find it more convenient, especially since digital payment requires

an internet connection and not all merchants accept digital payment yet, so there

is still a need to make transactions using the traditional payment method. These

payment methods play a significant role in business society. Payment systems

are therefore playing a critical role in the success of monetary policy, which

involves financial transactions and their impact on economic and financial activity

around the world.

By conducting this study, the researchers will be able to differentiate the

difference between online and traditional payment and will be able to understand

the perception of consumers between these existing payment methods in our

society.
Online Payment vs Traditional Payment: A Comparative Study on

Perception of Consumers Towards Different Payment Methods

In Partial Fulfillment of the Requirements of the Subject

Practical Research 2

Quidlat, Sherifa

Mascarinas, John Benedict

Estoce, Hazel Joy

Remojo, Denise Nicole

Caboverde, Lovely

Lucresia, Rizhelle
October, 2023