Comparative analysis between financial institution and telecommunication company payment options usability towards the patronage rate in Barangay 72 Tondo, Manila / (Record no. 24074)

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-- Comparative analysis between financial institution and telecommunication company payment options usability towards the patronage rate in Barangay 72 Tondo, Manila /
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-- Undergraduate Thesis: (BSBA major in Financial Management) - Pamantasan ng Lungsod ng Maynila, 2023.
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Summary, etc. Abstract There has been a recent surge in the use of digital wallets, as pandemic rise people became more reliant to the use of these digital wallets as a mode of payment and transferring money. The traditional method of remitting money that was accessible in the past has been superseded by the digital wallet, or an e-wallet, a modern invention that allows consumers to perform all of their banking transactions while lounging in the comfort of their own homes by connecting to their banks using their mobile phones. Back in the day, people used technology such as banks and remittance centers like Non-Bank Financial Institutions but when the technology was introduced due to its advancement, e- wallets were made by Telecommunication Companies. Both Non-Bank Financial Institution and Telecommunication Company provide money transfer services and a range of payment options, but they have different approaches to doing so. Pera Padala is a service provided by Non-Bank Financial Institution that allows customers to send and receive money inside and beyond the Philippines quickly, easily, and safely. In addition to offering banking services, NBFI also offers bill payment options. After completing the transaction form slip meant for bill payment, customers may pay their bills at NBFIs Branches and Payment Centers in just a few easy steps. In contrast, The Philippine government is adopting and using digital payment methods developed by various telecommunication companies through a number of methods. Additionally, the digital wallet is thought to be the greatest alternative for fund transactions. Users of digital wallets have access to a wide range of useful services and a platform for money transfers. They are designed in such a way that all the services customers require are available in one place. Users may pay bills, buy loads and credits, invest in stocks and other financial instruments, transmit money to other digital wallet users or other institutions who are affiliated with the service, and more by keeping money in a virtual wallet. In simple words, it is an electronic wallet that provides financial services via mobile devices. This study intends to investigate and identify the variables influencing the usability of the payment options used by Non-Bank Financial Institutions as compared to the Telecommunication Company in order to assess their patronage rate. This study uses both a descriptive and a causal-comparative design to compare the two services. The usability of Non-Bank Financial Institutions and the Telecommunication Company payment option will be compared to the patronage rate of classified users in Barangay 72 Tondo, Manila. While descriptive, it will outline the traits of the demographic phenomena under investigation. The research's findings will outline the variables that affect NBFI and Telecom's usability in relation to their patronage rates. As it identifies which payment method has the features that are more beneficial, accessible, risk-free, and most relevant for businesses, it will be advantageous to various firms and individual users. The study's findings will also assist NBFI and Telecom's in formulating plans to enhance their services for the short- and long-term. The problem with specific factors of usability, such as accessibility, accuracy, convenience, issues, payment literacy, satisfaction, security and data privacy, service fees, and social influence, are the measures and will be the basis of a recommended business model to integrate for NBFI and Telco for the betterment of their service offered, according to the respondent's perception of their services. In regard to demographic profile, most of the respondents are from ages 18-27 years old, most active users and engaged in banking are Gen Zs, while when it comes to sex, Females the majority of consumers which accumulated more than half of the total sample which supports the data from World Remit that females are the frequent users of payment options. Lastly in demographic monthly income, results pertains that most of the respondents are from low-middle income families with monthly income ranging from P 18,201 - 36,400. Talking about the assessment of the respondents of the usability of NBFI and Telco, as per money transfer and bills payment most of the respondents strongly agreed to the NBFIs accuracy, convenience, payment literacy, satisfaction, security and data privacy, and service. When it comes to accessibility, issues, and social influence users agreed. While Telcos money transfer and bills payment, majority of respondents strongly agreed to the accessibility, accuracy, convenience, payment literacy, satisfaction, and social influence. Other factors like issues, security and data privacy, and service consumers agreed. In measuring the patronage rate of the respondents towards NBFI and Telco, in a view of Non-Bank Financial Institution payment options, most of the respondents said that they have been using NBFI payment options services for five (5) years and longer because most NBFI are established since the 1990s. Whereas, in Telecommunication Company payment option users started using it three (3) to four (4) years ago. Most likely because of the surge of epidemic that force people to stay at home and the only means to communicate and to do transactions is through mobile phones. The difference between the NBFI and Telco as money transfer, the factors such as accessibility, accuracy, convenience, issues, satisfaction, security and data privacy, and social influence findings pertains that they have significant differences. While factors like payment literacy and service fee show no significant differences. However, in regards to bills payment, factors like accessibility, accuracy, issues, security and data privacy, service fee, and social influence data reveals that they have significant differences while, factors such as convenience, payment literacy, and satisfaction conveys no significant differences. Moving on to the relationship of demographic profile of respondents and their assessment on NBFI and Telco payment options in terms of money transfer and bills payment. In respondents' profile of age and sex, all results reveal that there is no significant relationship between the age and sex of respondents and their assessments on NBFI and Telco payment options, it accepts the null hypotheses. In view of the monthly income of the respondents and their assessments on NBFI and Telco payment options in terms of money transfer and bills payment, the results are opposite. The data shows that there is a significant relationship between the monthly income of the respondents and their assessments on NBFI and Telco payment options; it rejects the null hypothesis. Lastly is the relationship between the patronage rate of the respondents and their assessments on NBFI and Telco payment options in terms of money transfer and bills payment. The result for NBFI shows no significant relationship between the patronage rate of the respondents and their assessments on Non-Bank Financial Institutions payment options in terms of money transfer and bills payment. In contrast, Telco results show that there is a significant relationship between the patronage rate of the respondents and their assessments on Telecommunication Company payment options in terms of money transfer and bills payment.
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