Factors Influencing Choice of Payment Methods

1. Offers, Rewards, Cashback, Discount etc

2. Demographic Factors

2.1. Gender

2.2. Age

2.3. Education

2.4. Occupation

3. Others

3.1. Economic Factors

3.2. Willingness

3.3. Financial Knowledge

3.4. Past Experience

3.5. Competition

4. Transaction Factors

4.1. Type of goods purchased

4.2. Place of Goods Purchased

4.3. Frequency of Payments

5. Features of Payment Instruments

5.1. Convenience

5.2. Speed

5.3. Privacy & Security

5.4. Cost