The Sustainability of Financial Innovation in E-Payment Systems

This chapter introduces the concept of financial market and highlights the role of e-payment systems in the financial market by focusing on the keywords of financial innovation, e-payment and sustainability.

In this chapter, to explore the past and understand the present scenario in financial market, a comprehensive literature review (LR) is performed, in which 809 articles from the database of Scopus for the last 10 years are extracted and analyzed using VOSviewer software for bibliometric analysis. Citation analysis of the popular identified factors is highlighted that will help the future researchers to focus on the identified popular factors for research in the financial market. The chapter also presents a conceptual model of financial market, to uncover the future of financial markets.

This chapter comprehensively presents the step by step research methodology, used for the financial market research analysis.

In this chapter customer opinion and perception towards e-payment system is disclosed with the help of descriptive analysis of the responses collected from the respondents using questionnaire.

This chapter focusses on the identification of sustainability factors. Out of the 77 variables used in the questionnaire for collection of the information, on sustainability of financial innovation in e-payment system (EPS), the important factors are identified and derived using exploratory factor analysis (EFA). This chapter further presents validation of the identified factors through confirmatory factor analysis (CFA). Based on the identified factors, a model for EPS is proposed. The chapter also presents a scale developed based on identified factors.

This chapter elaborates the concept of Structural Equation Modelling (SEM) and further validates the model for the sustainability of financial innovation using factors of e-payment system, adoption intention, trust and sustainability, and finally derives a model for the sustainability of the financial innovation using SEM. The chapter also presents Sustainability of E-payment System on Customer Perspective (SEPSCP) through segmentation approach.

This chapter highlights the research contribution, managerial implications followed by the strategy to be implemented to attain sustainability of financial innovation in e-payment system (EPS). The chapter further addressed the future scope of research in the financial market, with brief concluding remarks.