Methodology

Since there has not yet been a systematic examination of digital financial literacy initiatives in academic and public libraries, author developed a survey questionnaire to collect and analyse quantitative and qualitative data from library and information science professionals at North eastern India to learn more about their experiences with digital financial literacy. Taking an exploratory approach, the author was interested in discovering whether or not librarians aware and support about digital financial literacy on organization like university, colleges and public libraries. The present research is applied research and conducted through online survey method. The statistical population of the study was 120 library and information science professionals who are working in the north eastern part of India. Questionnaire was designed in Google form and that link shared the WhatsApp Forums managed by the academic community in library and information science professionals. But only 94 (78.33%) respondents are replied within a month. In this research, Purposive sampling technique used to complete this study with 8 questions related with Digital financial literacy especially digital payment experience. Closed survey questions revealed the types of assistance provided and personal finance issues of interest, whereas open survey questions revealed digital payment awareness, impediments, challenges, and persons involved.

Data Analysis and Interpretation

Table 1: Demographic details.

Table 1 presents the participants demographic details. The sample included a slightly higher proportion of males (69%) than females (31%). All participants (100%) were 25 years old; most participants (41%) were the range of above 46 years old. It is confirmed that they earning and using the money, so they must know little about financial literacy. In terms of designation, most participants were Assistant Librarian (39%), which is highest compared with other respondents’ librarian (28) and professional assistant and others. Nearly 15% of the respondents are falls under the category of deputy librarian. Majority respondents came from the colleges (44%), followed by public library professionals and University. Thus, respondents could be expected to possess sufficient literacy and numeracy skills to use digital financial literacy/payment system.

Digital Financial literacy support to the users

Table 2: Digital Financial literacy support to the users

Above the table shows that about library professionals support to the patrons regarding digital financial literacy. Most of the library and information science professional responded for the organized DFL awareness programs (33%) to the library users, followed by digital payment practical sessions (25%), Bank experts talk shows (17%), interaction with victim to digital payment practical session (8%) and only 7 library professionals responded they conducted joint program with state /central finance ministry for digital financial literacy session. This result shows library and information science professionals support to the users to create the digital financial literacy with Information literacy and digital literacy.

Different method of Digital Payment experience

Table 3: Different method of Digital Payment experience

Results for the various method of digital payment experience among library and information science professionals as shown in Table.3 revealed that that cent percent respondents (94) had digital payment experience with banking cards, followed by bank prepaid cards 91% (86), internet banking 73% (69), mobile banking 54% (51) and Point of Sale (PoS) Terminal 45% (42). Only nine library and information science professionals had digital payment experience with Aadhaar enabled payment system (AEPS).

Advantages of digital payment

Table 4: Advantages of digital payment

With regards of advantages of digital payment system 100% (94) of the respondents believed that instant payment. Followed by higher payment security 73% (69), contactless 70% (66), saves processing costs 68% (64), low risk of theft 56% (53) and better customer convenience 54% (51). Nearly half of the library and information science professionals are believed as transparent. This result shows that almost above fifty percent of the respondents are agreed all the advantages of the digital payment system.

Disadvantage of Digital Payment

Table 5: Advantages of digital payment

The results from table five above showed that respondents expressed about various disadvantages of digital payment system. Nearly 96% (90) respondents were stated most disadvantage of digital payment system is service fees. Followed by reliance on telecommunication infrastructure 95% (89), inconvenient for offline sales 90% (85) and technical problems 81% (76). Only 67 library and information science professionals are agreed the disadvantage of vulnerability to cyber-criminals. This data clearly revealed that above 70% of the library and information professionals are believed some disadvantage is there in the digital payment system.

Aware about various safety methods while making digital payment

Table 6: Safety methods while making digital payment

It is very important to aware about various safety methods while making digital payment. Researcher have listed five major safety methods tabulated in table 6 and result shows that all library and Information professional (N=94) are aware the safety tips of “Don’t share passwords/OTP”. Followed by 97% (91) marked the tips for “Avoid saving card details”, 87% (82) respondents are aware about “Avoid public computers/Wi-Fi networks and 84% (79) respondents are fully aware about “Use of private window for transaction”. Only 71% (67) respondents are aware the tips of “Beware of fraudulent apps”. It shows above 70% respondents are well aware the researchers safety opinions while making digital payment.

Online fraud experience

Table 7: Online fraud experience

Above table illustrates that online fraud experience among respondents, 66% (62) respondents have received online fraud phone calls/mails/texts but carefully avoided them”. Followed by 65% (61) library and science professionals not received such phone calls/mails/texts and do not know anyone personally who has been a victim and 35% (33) respondents not received such online fraud phone calls/mail/texts but they know someone personally who has been victim. Only 20% library and information science professionals of this study have been a victim of digital payment frauds.

Preferred device to make the digital payment

Table 8: Preferred device to make the digital payment

While ranking the device preferred and used for making the digital payment securely it is explicable (Table-8) that the most of the respondents (85%) used and preferred desktop/laptop. Now the shape, size and facilities of the android smart phones are changing day by day and it is inevitable from the daily life. Most of the users are preferred android smartphone for their digital payment transaction. In the preferred device (63%) of respondents ranked android smartphone as the second device for digital payment. It is evident that 14% of respondents preferred Tablet device. Only six respondents were preferred for Apple iPhones for digital/online payment. It may be due to the lack of device among the respondents.

Opinion about Digital Payment system in libraries

Table 9: Opinion about Digital Payment system in libraries

Table eight articulates that respondents’ opinions about digital financial literacy and digital payment system in the libraries. 91% (86) respondents were aware few ways to earn money for library also familiar to managing the library budget/finance, 86% (81) respondents were agreed library acquisition and subscription payment transaction made through online, 71% (67) respondents have an experience in book selling or any program/resource for raising money to the library, 66% respondents agreed some other resources also have for making money for library except fines/photocopying/selling of the books, 63% (59) respondents were sated that library user pays the fine/dues in institutional common account/cash in hand, 55% (52) respondents stated that library has separate bank account to do the digital payment process and 38% (36) respondents stated that library user pays the fine/dues in library bank account. Only 31% (29) respondents replied for library receives grant/donation through digital mode.