A Study of Consumer Perception Towards Mobile Wallet in Delhi NCR

CONSUMER PERCEPTION TOWARDS MOBILE WALLET
A STUDY OF CONSUMER PERCEPTION TOWARDS MOBILE

WALLET IN DELHI NCR
Dissertation submitted in partial fulfillment of the requirements for the award of

the two year full time degree of POST GRADUATE DIPLOMA IN
MANAGEMENT
By
Sameer khan
Roll No GM17239
Under the guidance of
Ms. Komal kapoor
GL BAJAJ INSTITUTE OF MANAGEMENT AND RESEARCH

GREATER NOIDA
2017-19
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EXECUTIVE SUMMARY
1 CHAPTER 1
INTRODUCTION 05 – 18
2 CHAPTER 2
INDUSTRY PROFILE 19
 MOBILE WALLET OVERVIEW 20
 THE ECOSYSTEM OF MOBILE WALLET 21
 CARD CONTROLLERS 21
 MERCHANTS & CARRIERS 23
 TOP 5 DIGITAL WALLETS IN INDIA 24-26
3 CHAPTER 3
REVIEW OF LITERATURE 27– 33
4 CHAPTER 4
RESEARCH METHODOLOGY 34 - 36
 INTRODUCTION 35
 RESEARCH METHOD AND DATA COLLECTION 35
 TITLE OF THE STUDY & NEED OF THE STUDY 36
 OBJECTIVE 38
 RESEARCH METHODOLOGY 41
 RESEARCH DESIGN 42
 TOOLS & TECHNIQUES 43
43
 PLAN OF ANALYSIS
43
 LIMITATION OF THE STUDY
5 CHAPTER 5
ANALYSIS AND INTERPRETATION 44 – 52
6. CHAPTER 6
FINDINGS AND RECOMMENDATIONS 56
7. CHAPTER 7
CONCLUSION 57 – 58
8 CHAPTER 8
BIBLIOGRAPHY 59 – 60
ANNEXURE 62-66
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EXECUTIVE SUMMARY
In present world mobile play an important role in our daily life. A mobile wallet is
a way to carry your cards information in a digital form on your mobile device. By
using this platform you can make payments for your purchases through
Smartphone, tablet or smart watch instead of using card physically. It is a form of
e-commerce model that is designed to be used with mobile devices due to their
convenience and easy access. In India, the growing adoption of Smartphone’s and
mobile phone has given a boost to the mobile wallet industry in India. Players like
Pay tm, Mobikwik, free recharge, oxygen etc. have taken charge towards the
payment system. The study aims to know the customer perception towards M
wallets. Factor analysis technique is used to identify factors which affect customer
perception towards M wallets.
The last decade has seen tremendous growth in use of internet and mobile phone in
India. Increasing use of internet, mobile penetration and government initiative such
as Digital India are acting as catalyst which leads to exponential growth in use of
digital payment. Electronics Consumer transaction made at point of sale (POS) for
services and products either through internet banking or mobile banking using
smart phone or card payment are called as digital payment. The consumer
perception of digital payment has a significant and positive impact on adoption of
digital payment. The structured questionnaire was used as research tool for
understanding consumer perception of digital payment. Primary data was collected
from 150 respondents in Delhi. ANOVA and frequency analysis was used to
analyze the responses. ANOVA indicate that there is no significant variance in
consumer perception based on the demographic factors such as gender, age,
profession and annual income of the patients. However education was found to
significant influence for adoption of digital payment.
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CHAPTER 1
INTRODUCTION
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INTRODUCTION
In today-world, smartphone has become important part of everyday life. As it has

become more affordable, the number of smartphone users has increased
dramatically. Along with smartphone production, plenty of services have been
created to utilize the possible functions of smartphones. Not only smartphones are
used as communication devices, but also to be used as socialized tool,
entertainment tool, internet access tool, and even payment tool .Thanks to
technology, mobile users can nowadays use their smartphones to make money
transaction or payment by using applications installed in the phone. Besides
payment, people can also store receipts, coupons, business cards, bills…in their
smartphones. When smartphones can function as leather wallets, it is called
“Digital Wallet” or widely known as “Mobile Wallet”.
Motivation of the research came from various factors. First of all, the mobile wallet
is a recent term. In other words, it is a “trendy” topic that has been discussed in
technical forums and financial websites in several years lately. One can see the
word “Mobile Wallet” multiple times from the internet, yet he does not know what
mobile wallet is. Therefore, the research is made due to personal curiosity to gain
practical knowledge about mobile wallet during the research process in order to
understand how consumers perceive this new technological service. Secondly, I am
one of a smartphone users and I would like to exploit the capability of the phone.
Other users perhaps also have this desire. For that reason, I conduct this research to
observe people’s opinions about this new service.
It has been said that every disruption creates opportunities and one such disruption
was the announcement of demonetization by Prime Minister Mr. Narender Modi
on 08 November 2016. Demonetization created huge growth opportunity for digital
payment in India and the digital wallet companies garbed the opportunities with
both the hands to expand their market share. Demonetization has presented a
unique platform for adoption of digital payment, as an alternative to cash for
Indian consumers. Adoption of cashless transaction has been significantly pushed
by Prime Minister Mr. Narender Modi as part of government reforms after
demonetization of high value currency of Rs. 500 and 1000 (86% of cash
circulation). The demonetization resulted in unprecedented growth in digital
payment. By February this year, digital wallet companies had shown a growth of
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271 percent for a total value of US$2.8 billion (Rs. 191 crores) [1], Indian
government and private sector companies such as Paytm, Freecharge and
Mobikwik had been aggressively pushing several digital payment applications,
including the Aadhaar Payment app, the UPI app, and the National Payments
Corporation of India (NPCI) developed the Bharat Interface for Money (BHIM)
app. Digital transfers using apps has brought behavioral change and helped in the
adoption of digital payment. This has resulted in ease of transfer of money in rural
areas which was not touched earlier by the digital payment method. Now many
foreign investors want to invest in digital payment industry which is new attractive
destinations because of scope of tremendous expansion in India. There are number
of facilitators which are leading to the growth of digital payment and transition
from cash economy to less cash economy. These facilitators include penetration of
internet connectivity on smart phones, non-banking financial institution facilitating
digital payment, one touch payment, rise of financial technology sector and push
by government either by giving incentives or tax breaks. These all factors are
creating positive atmosphere for growth of digital payment in India.
Digital Payment Modes in India .There are several mode of digital payment
available in India. These are:
Online or mobile wallets: They are used via the internet and through smartphone
applications. Money can be stored on the app via recharge by debit or credit cards
or net-banking. Consumer wallet limit is Rs. 20,000 per month and the merchant
wallet limit is Rs. 50,000 per month after self-declaration and Rs. 100,000 after
KYC verification.
Prepaid credit cards: Pre-loaded to individual’s bank account. It is similar to a

gift card; customers can make purchases using funds available on the card -and not
on borrowed credit from the bank. Can be recharged like a mobile phone recharge,
up to a prescribed limit.
Debit/RuPay cards: These are linked to an individual’s bank account. Can be

used at shops, ATMs, online wallets, micro-ATMs, and for e-commerce purchases.
Debit cards have overtaken credit cards in India. The number of debit cards in
December 2015 increased to 630 million compared to 22.75 in 2014
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AEPS: The Aadhaar Enabled Payment System uses the 12-digit unique Aadhaar
identification number to allow bank-to-bank transactions at PoS. AEPS services
include balance enquiry, cash withdrawal, cash deposit, and Aadhaar to Aadhaar
fund transfers.
USSD: Stands for Unstructured Supplementary Service Data based mobile

banking. It is linked to merchant’s bank account and used via mobile phone on
GSM network for payments up to Rs. 5,000 per day per customer.
UPI: The United Payments Interface (UPI) envisages being a system that powers
multiple bank accounts onto a single mobile application platform (of any
participating bank). Merges multiple banking features, ensures seamless fund
routing, and merchant payments. It facilitates P2P fund transfers.
The Mobile wallet (M-wallet) provides all of the functions of today’s wallet
on one convenient smart card eliminating the need for several cads. The M-Wallet
will also provide numerous security features not available to regular wallet
carriers. Identification is required for every credit card transaction and the card is
equipped with a disabling device if the card should be tampered with. Mobile-
Wallet is a digital wallet (also known as a M-wallet) which allows users to make
electronic commerce transactions quickly and securely.
Mobile wallets being very useful for frequent online shoppers are
commercially available for pocket, palm-sized, handheld, and desktop PCs. They
offer a secure, convenient, and portable tool for online shopping. They store
personal and financial information such as credit cards, passwords, PINs, and
much more.
M-wallet is an electronic wallet for most important personal information

(credit cards, calling cards, passwords, PINs, account numbers and more).So like a
real wallet; M-wallet keeps information in cards. Several related pieces of
information for example, a username, a password and a URL. Also to personalize
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cards with icons, colors, and on some platforms, pictures. To help keep cards
organized, the cards created are stored in categories. Wallet files can have many
different categories, and can be put in any kind of card in any category. In addition,
categories can be nested as well, allowing placing categories within categories.
Different Wallets as per need can be created, and different information in

each wallet can be stored. For example, a personal wallet file for our own cards
and an office wallet file that we share with an assistant or other members of our
team. We can place copies of the same cards in different files as appropriate. For
example, we might want to place copies of the same cards in different files as
appropriate. For example, we might want our business credit card listed in both of
our wallet files for extra convenience. To facilitate the credit-card order process,
many companies are introducing Mobile wallet services. M-wallets allow us to
keep track of our billing and shipping information so that it can be entered with
one click at participating merchants' sites. M-wallets can also store echecks, ecash
and our credit-card information for multiple cards. A popular example of an M-
wallet on the market is Microsoft Wallet. To obtain Microsoft Wallet, one needs to
set up a Microsoft Passport. After establishing a Passport, a Microsoft M-wallet
can be established. Then, M-wallets can be used for micro-payments. They also
eliminate reentering personal information on the forms, resulting in higher speed
and efficiency for online shoppers. Microsoft Passport consists of several services
including, a single sign-in, wallet and kids passport services. A single sign-in
service allows the customer to use a single name and password at a growing
number of participating e-commerce sites. The shopper can use to make fast online
purchases with a wallet service . Kid’s passport service helps to protect and control
children's online privacy. We should protect our wallet file with a password. With
a password protected wallet we must enter the wallet’s password before we can see
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the information on any of the cards in that wallet. Anyone can open a wallet that
does not use a password so we should set a password for any wallet that contains
personal information.
A digital wallet refers to an electronic device or online service that allows an

individual to make electronic transactions. This can include purchasing items on-
line with a computer or using a smartphone to purchase something at a store. An
individual's bank account can also be linked to the digital wallet. They might also
have their driver's license, health card, loyalty card(s) and other ID documents
stored on the phone. The credentials can be passed to a merchant's terminal
wirelessly via near field communication (NFC). Increasingly, digital wallets are
being made not just for basic financial transactions but to also authenticate the
holder's credentials.
The digital wallet is the engine of mobile commerce. Without a digital

wallet, consumers need to enter a wealth of information into a form constrained by
the smartphone’s screen size. While the mobile wallet space for in-store payments
has only emerged with the launch of Apple Pay in the autumn of 2014 (soon
followed by Google’s Android Pay and Samsung Pay), the concept of a digital
wallet has been in-market since the early days of online commerce.
PayPal created a digital wallet to support the first major online marketplace,
eBay. While PayPal attempted to broaden the offering’s appeal outside of eBay for
several years, the concept of storing payment information with an online provider
to enable purchases outside of eBay initially didn’t catch on. Amazon 1-Click
emerged in 2006, raising the bar in terms of user experience (UX) and expanding
merchant and customer vision of the digital wallet’s capabilities.
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Since then, other digital and mobile wallets have emerged, and there is now
a variety of different approaches to online and mobile proximity payments, all
falling under the general description of “digital wallet.”
Digital wallets often have many more functions, including person-to-person

(P2P) payments and other payment methods, balance-inquiry and reporting
functions, support of loyalty programs (rewards, coupons), and other functions.
The main objective of digital wallets is to make quick transactions thereby
discouraging people to make use of use cash. This boom is the aftereffects of
Demonetization. This study is about Growth of Mobile -wallets in India.
Technology in Mobile -wallet
A digital wallet has both a software and information component. The

software provides security and encryption for the personal information and for the
actual transaction. Typically, digital wallets are stored on the client side and are
easily self-maintained and fully compatible with most e-commerce web sites. A
server-side digital wallet, also known as a thin wallet, is one that an organization
creates for and maintains on its servers. Server-side digital wallets are gaining
popularity among major retailers due to the security, efficiency, and added utility it
provides to the end-user, which increases their enjoyment of their overall purchase.
The information component is basically a database of user-inputted information.
This information consists of shipping address, billing address, payment methods
(including credit card numbers, expiry dates, and security numbers), and other
information. The key point to take from digital wallets is that they're composed of
both digital wallet devices and digital wallet systems. There are dedicated digital
wallet devices such as the biometric wallet by Dunhill, where it's a physical device
holding someone's cash and cards along with a Bluetooth mobile connection.
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Benefits of M-Wallet
The various benefits of M-wallet are
Lower Cost
Purchases made in stores now –a-days does not require cash because
purchasing process is been made simple by tapping on the mobile device. The
point of sale system as reduced transaction cost of business.
Competitive Advantage
Mobile wallet application provides a more comfortable transaction process

to the customers giving business that employ this technology a competitive edge in
the market
Modern
Mobile wallet opens up an entirely new aspect to payment method on large

markets, introducing Many businesses opportunities and greater potential revenue.
Convenience
Consumers are able to make their purchase in seconds with simply tapping
on their mobile device .The purchasing is made quicker and easier bringing
satisfaction to the consumers.
Some of the benefits of M-wallets include
 Send and receive payments anywhere in the world.

 Unlimited transfers.
 Easy recurring payments and transfer.
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 Manage our account from our mobile phone.

 World Ventures-branded prepaid MasterCard available.
 Security for our bank account and credit card numbers.
 Email or SMS notifications after transactions
 Access commissions faster.
 Pull money into our M-wallet from any bank account.
 Receive wired funds/transfers directly into M-wallet.
 Any bank account worldwide.
 Transfer money from M-wallet to M-wallet without sharing personal
account numbers
 Request paper commissions checks.
RATIONALE OF STUDY
M-wallet usage awareness as spread among the people in India due to

government policy of demonetization and this as forcefully induced the usage of
mobile wallet. Some of the security issues and risks factor reduced the use of M-
wallets. It is important to study the user’s opinion and awareness about usage of
M-wallets in India. It will helpful for the M-wallets provider to increase their user
in future. This study will highlight some of the problems faced by the user while
using E-wallets for their financial transactions. This study is also find the
demonetization increase the growth of E-wallets in India
Categories of M-wallets
M wallets can be categorized into four parts: open wallets, semi open
wallets, closed wallets, semi close wallets.
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Open Wallets: As the name suggests, open wallets are open to multiple
services i.e. it allows a customer to buy goods and services, transfer funds and also
to withdraw cash from banks or ATMs.
Semi-open Wallets: This type of wallet is subject to a condition that it has to

be associated with some specific company. The customer can load money in some
application and spend it.
Closed Wallets: These are most popular specifically amongst e-commerce

companies. Some minimum amount is reserved with the merchant in case of return
or cancellation of product.
Semi-Closed Wallets: These types of wallets are in high demand by

merchants with the limitation that they do not provide redemption or withdrawals.
This wallet allows you to buy goods and services from listed merchants thereby
opening an account in your name.
Digital wallet in India
PhonePe
PhonePe is a revolutionary way to make mobile payments in India. From

UPI payments to recharges, money transfers to online bill payments, you can do it
all on PhonePe. PhonePe is way better than Internet Banking and offers you the
safest and fastest online payment experience in India.
Google Pay
Google Pay is a digital wallet platform and online payment system

developed by Google to power in-app and tap-to-pay purchases on mobile devices,
enabling users to make payments with Android phones, tablets or watches.
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Airtel Money
With the Airtel Money app, users can easily recharge prepaid accounts or
pay postpaid bills. You can also shop online if your digital wallet has cash loaded
in it. It’s also extremely safe as every transaction or payment you make requires a
secret 4-digit mPin.
Citimasterpass
Citi MasterPass, a free digital wallet, helps make checking out while online
shopping a speedier process. Once you’ve stored all your payment and shipping
details in your Citi Wallet, simply click on the MasterPass button and it will take
care of the rest.
Citrus Pay
Citrus Pay, one of the top e-wallets in India, it offers a Citrus wallet for
customers as well as payment solutions to businesses. With a strong base of 800
million customers, it has definitely earned its spot as one of the best mobile wallets
in India.
Ezetap
Ezetap, a Bangalore based digital payment solution founded in 2011, offers

business owners solutions to accept card payments via electronic devices. It also
sends customers e-receipts through an SMS or email.
Freecharge
Freecharge, one of the most famous names right now when it comes to
digital payment in India, has been known to target the youth in all their
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promotions. With equivalent amount of coupons given for every recharge you
make, it’s a great option to save while paying your bills online.
HDFC PayZapp
HDFC PayZapp, making digital payment in India simplified with one click
payments, is one of the top online wallets in India. Users can easily compare flight
and hotel tickets and even buy music or pay bills with the app. Simple connect
your debit/credit card once and forget worrying about making payments.
ICICI Pocket
While you might find a Pocket card redundant, considering you’re opting for
an e-wallet app to avoid using a card, they do have a pretty neat wallet app. It’s
VISA powered and can be used on any Indian website, or to transfer money to
email ids, WhatsApp contacts, and also just tap and pay your friends easily.
Jio Money
JioMoney, launched recently in 2016 by Jio, is a digital payment app. With

JioMoney, one can receive great discounts and offers. Users can also bookmark
their frequently visited retailers so shopping can be made quicker than usual.
Juspay
JusPay Safe is a payment browser with over 650+ transactions in a day.

They offer a browser with which users can make payments quickly via cards with
2 clicks.
Lime
LIME, launched by AXIS in 2015, was the first mobile app in India to
integrate wallets, shopping, payments, and banking. Apart from the usual features
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like making payments, they also let you analyze what you spend. With a cool
feature that rounds up all your change and invest in a deposit, and a shared wallet
tool, they’ve definitely earned their spot in the top list of mobile wallets in India.
Mobikwik
Mobikwik is a Gurgaon based e-wallet payment system in India that helps

its users store their money. Founded in 2009 by Bipin Singh and Upasana Taku,
this digital wallet enables users to recharge, pay bills, and make third-party
purchases with one tap.
Momoexpress
MomoeXpress, a Bangalore based digital wallet in India, claims to have the

fastest checkout system. Though they’re only available in Bangalore, they have a
wide range of solutions they offer to residents on the city. From paying for your
rickshaw ride to salons & spas, there are over 3000 outlets available at your
disposal
Moneyon Mobile
MoneyOnMobile, authorized by the Reserve Bank of India, enables users to

buy goods, products, and services from registered merchants. It’s a multilingual
app that reaches remote areas of the country to millions of users making online
payments available to a wide population.
Mswipe
Mswipe, the first mobile point-of-sales solution in India was founded in

2012. They don’t exactly offer an app, but they do provide a machine that can be
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attached to your mobile device to accept card payments. This may not be a digital
wallet app but it does support going cashless.
Olamoney
Ola Money, launched in 2015, is a digital wallet in India offered by Ola.

While it’s majorly being used to make payments for Ola cab rides, making cashless
traveling a dream come true, it can also be used to buy groceries or flight tickets
and much more.
Oxigen
Oxigen, a FinTech company founded in July 2004, is one of the major

providers of digital payment in India. Along with making online purchases and
paying bills, you can also send gift cards to your dear ones.
Paymate
PayMate, founded in 2006 by Ajay Adiseshann, launched PayPOS in 2012,

an app for small business owners to receive payments conveniently via debit cards
and credit cards and also process electronic transactions.
Paytm
Paytm, launched in 2010, is currently the largest mobile wallet app in India.
With payments via Paytm being accepted almost everywhere; it’s hard not to
simply switch to it completely. From paying mobile bills to buying movie tickets,
there’s almost nothing you can’t do with Paytm.
Payumoney
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PayUmoney, a part of PayU India, is a free payment gateway solution for

merchants to collect payments from customers via debit/credit cards or net
banking, and more. They also offer SMS and email invoicing for merchants that do
not have a website.
State Bank Buddy
State Bank Buddy, a product of State Bank of India, is an online wallet in

India that’s available in 13 languages. Users (non SBI account holders too) can
send money via Facebook, or to other bank accounts, book hotels or movie tickets
and much more.
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CHAPTER 2
INDUSTRY & COMPANY PROFILE
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MOBILE WALLET OVERVIEW
Back to history, mobile wallet is developed from a concept called “Digital Wallet”.
It dated back in 1996 when the founder of Digital Wallet, Sam Pitroda, who filed
the patent in the United States. He “professed that a digital wallet would consist of
a liquid crystal display not much bigger than a regular plastic bank card, which
preferably a touch-sensitive screen and simple user interface that lets the user flip
through the digital wallet in the same manner he/she flips through a leather wallet”.
(Pitroda S., Desai M., 2010)
So far, there has not been yet a proper definition for the word “Mobile Wallet”
written by specific scholars. In the Non-Confidential GSMA White Paper, mobile
wallet was defined as “a software application on a mobile handset that function as
a digital container for payment cards, tickets, loyalty cards, receipts, vouchers and
other items that might be found in a conventional wallet. The mobile wallet
enables the user to manage a broad portfolio of mobile NFC [Near Field
Communication] services from many different companies” (GSMA, 2012). In
other words, mobile wallet is “formed” when your smartphone functions as a
leather wallet: it can have digital coupons, digital money (transaction), digital
cards, and digital receipts...etc. all in your smartphone. This means, you install the
application that are created by some companies such as Google Inc., Apple Inc. or
PayPal in your phone, and use those applications to pay directly for the products
you have purchased (online/offline).
One view, expressed by Kevin Erickson (2013) - a technology blogger from

Credera (a technology consulting firm from the USA) is that mobile wallet tries to
perform these following features for single user (Erickson, 2013):
 Display and store coupons or account offers from businesses which users
subscribed or engaged with
 Identify real time discounts and offers from different business locations
 Provide search engine and evaluation tool for restaurants and shops based on
location
 Act as payment tool with credit and debit cards
 Organize receipts
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The ecosystem of mobile wallet

There are two possible points of view when we look at the ecosystem of the mobile
wallet. In terms of technology and it is based on the founder point of view, Pitroda
introduced in detail the mobile wallet ecosystem as in figure
Card controllers
Card controllers are defined as “those that own the card or account data” (Stringer,
2014). Those companies for instance: Visa, Master Card, American Express,
Discover, Wal-Mart, Apple, Google, Amazon, PayPal, Facebook…etc. They are
simply categorized into 3 groups with their strengths and weaknesses to influence
the mobile wallet market:
a) Card Network: Visa, Master Card, American Express…
They are the traditional card companies, the one who set regulations and pricing on
cards. They operate as partners in the finance market and form into a network. Due
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to the fact that it was established for a long time, these companies actually “own”
big account data information. Therefore, the network has a great opportunity in
increasing the “share of wallet” by collaborating with different “wallet businesses”.
However, satisfying consumers is a difficult task. Consumers tend to shift or just
migrate to other payment options that can bring convenience to them, which
probably will require change in the system to fit into consumers’ demand. For
instance, the most foreseen scenario of change is that they have to implement the
payment in digital form paid by smartphones available for their users to maintain
the market share.
b) Card-on-file Merchants: Google, Apple, PayPal, Starbucks, Wal-

Mart…
This category includes companies who have both “physical POS infrastructure in
place and a strong online card-on-file” (Stringer, 2014). Their biggest advantage is
that they are able to approach their consumers with mobile wallet service. The
reason is that the consumers have already felt comfortable using their products; it
should not be an obstacle to put more payment method such as mobile wallet in
their e-payment. Another strength is that this group can offer the alternative
payment in their digital wallet besides the credit or debit card. For example, Apple
created Passbook application where consumers can store their cards and just by
tapping on which cards consumers would like to use, the transaction will be
completed (AppleInc., 2012).
Unlike the Card Network mentioned in a), these companies in some extend are
competitors toward each other, especially the competition between Apple and
Google (Williams, 2014). In order to gain more mobile wallet market share, they
have to learn how to cooperate with each other, or at least can be effective
competing with each other .
c) Digital Asset Companies

This is “a group of card controller companies sells digital assets, or sells physical
assets online with little to no physical POS presence” (Stringer, 2014). ITunes of
Apple Inc. and Google Wallet of Google are the particular examples in this group.
These companies were built in a Card-Not-Present e-commerce environment, thus
they get familiar with m-commerce as well. Their strength is the same as the b)
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Card-on-file Merchants group, which they have a big data information of

consumers to exploit and use it for conducting mobile wallet. The scheme of this
group looks a bit of “single-player”, which means that their business only runs
within their own circle. Some big physical retail giants such as The Home Depot or
IKEA do not want to partner with this group. This led to the limitation of the
market share. The reason is according to Stringer perhaps relate more in politics
than technology
Merchants
The physical stores are called merchant or point of sale (POS), for example, a retail
outlet or a restaurant. “A successful mobile wallet must have a large merchant base
that accepts the wallet” (Carrington, 2014). Merchant plays a very crucial role in
mobile wallet establishment. If the merchants do not support the payment by
mobile wallet, the transaction will be difficult to make.
Due to the fact that consumers would like to have alternative payments, merchants
have to adapt in the mobile wallet market. They should change from cash-based
system into other alternative payments. The main focus of merchant is to sell the
products faster and cheaper (Stringer, 2014). Therefore, the change is a necessary
action for merchant.
Carriers
Carriers are the Mobile Service Providers. Different countries will have different
carriers. “In many countries, the carriers often control what software (or hardware)
[can be installed] on the mobile devices that connect to their network (Stringer,
2014). There are several big carriers that are known widely. For instance, AT&T
Inc., T-Mobile and Verizon Wireless are the 3 biggest mobile service providers in
USA. In September 2013, these 3 carries launched the Isis Mobile Wallet
application which enabled American mobile users to make transaction with their
NFC-equipped smartphones (Nelson, 2013).
In Japan, the biggest carrier is NTT DoCoMo (DoCoMo). In Finland, TeliaSonera

accounts for 49% of market share had made the company become the biggest
mobile service provider (comparing to Elisa Mobile 28%, and DNA of Finnet
Group 15%) (Annukka Kiiski, Heikki Hämmäinen, 2004). In order to initiate
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mobile wallet in Finland, it is essential to take into consideration the technical

requirements of these 3 incumbent operators. The proportion of GSM market in
Finland is illustrated
Top five digital wallets in India

 PAYTM: Paytm is an Indian e-commerce shopping website headquartered
in Noida, India, launched in 2010. It is owned by One97 Communications.
The firm started by offering mobile recharging, adding bill payment and e-
commerce in INDIA, with products similar to businesses such as Flipkart,
Amazon, Snapdeal. In 2015 Paytm received a license from RBI for starting
India's first payments bank. Paytm is available in 10 Indian languages and
offers online use-cases like mobile recharges, utility bill payments, travel,
movies, and events bookings as well as in-store payments at grocery stores,
fruits and vegetable shops, restaurants, parking, tolls, pharmacies and
education institutions with the Paytm QR code.[2] California based PayPal
had filed a case against Paytm in the Indian trademark office for using a logo
similar to its own on 18 November 2016.[3] As of January 2018, Paytm is
valued at $10 billion.
 MOBIKWIK: Mobikwik is a mobile wallet and online payment system

headquartered in Gurgaon, India, launched in 2009 by Bipin Preet Singh and
Upasana Taku. It was tied up with various online merchants such as e-Bay,
BookMyShow, Dominos, Shopclues and Snapdeal to provide to provide
accessibility of their wallet as a payment option e-commerce sites.
Mobikwik enables prepaid mobile, DTH and data card recharges, post-paid
mobile bills payment and utility bill payment for electricity, gas and landline
connections. Customers add money to an online wallet that can be used for
payments. In 2013 the Reserve Bank of India authorized the company's use
of the MobiKwik wallet, and in May 2016 the company began providing
small loans to consumers as part of its service. The company launched its
MobiKwik Lite mobile app in November 2016, designed for users of
older 2G mobile networks and for those in areas with poor internet
connectivity. In November 2016, the company reported having 1.5
million merchants using its service and a user base of 55 million customers.
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 BHIM: Bharat Interface for Money (BHIM) is a mobile app developed

by National Payments Corporation of India (NPCI), based on the Unified
Payment Interface (UPI). It was launched by Prime Minister Narendra Modi,
at Digi Dhan mela at Talkatora Stadium in New Delhi on 30 December
2016. It was named after B. R. Ambedkar and is intended to facilitate e-
payments directly through banks as part of the 2016 Indian banknote
demonetisation and drive towards cashless transactions. The app supports all
Indian banks which use that platform, which is built over the Immediate
Payment Service infrastructure and allows the user to instantly transfer
money between bank accounts of any two parties.[5] It can be used on all
mobile devices.
 OXIGEN: Oxigen is the first virtual wallet in India, to be integrated with

NPCI (National Payments Corporation of India) that allows for Instant
Money Transfers anytime. Oxigen Services India Pvt. Ltd was founded in
July 2004 by Mr. Pramod Saxena in partnership with the Blue Label
Telecom, a South African company with an objective to reach services to the
masses of India, through a virtual network for Payments and Services. This
mobile wallet is approved by RBI. In the year 2015, Oxigen has processed
over 2 billion transactions till date. The company was started in 2004 by an
alumnus of IIT Roorkee with the help of Blue Label Telecom, and the
company was listed on the South African Stock Exchange.
The payment solutions provider allows customers to make mobile/DTH
recharges, money transfers through banks and the Oxigen Wallet, utility bill
payments, and other similar payments. The firm reportedly has a retail
footprint of 200,000 active outlets with 2 billion transactions processed as of
January 2016. In June 2016, it was reported that the transaction volume rate
of Oxigen was 600 million transactions per annum with a customer base of
more than 150 million.
 FREECHARGE: Free charge is an e-commerce website headquartered in

Mumbai, Maharashtra. Freecharge was started in August 2010 by Kunal
shah and Sandeep Tandon. It provides online facility to recharge any prepaid
mobile phone, postpaid mobile, DTH and Datacards in India. Freecharge has
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collaborated with some of the best and most popular and food companies
like peter England, McD, KFC to give discount coupons when the users
recharge with them FreeCharge is an e-commerce website headquartered
in Gurgaon. It provides online facility to recharge any prepaid mobile
phone, postpaid mobile, DTH & Data Cards in India. On 8 April
2015, Snapdeal acquired Freecharge in what is being referred to as the
second biggest takeover in the Indian e-commerce sector so far, after the
buyout of Ibibo by rival MakeMyTrip, and the biggest venture capital exit in
India to date. The deal was for approximately $400 million USD as cash and
stock. On 27 July 2017, Axis Bank acquired FreeCharge for $60 million..
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CHAPTER 3
LITERATURE REVIEW
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LITERATURE REVIEW
This part introduces some of the foundation concepts of consumer adoption toward
technological products or any innovation in general.
Adoption concept
In diffusion of innovation literature, “adoption” is one of the oldest and most

important concepts (Eveland, 1979). “Adoption can refer to a process, an event, or
a state of being - sometimes all at once…Adoption is laden with positive value and
implied finality. Adopters are those who adopt, as opposed to rejecters who decide
not to adopt, or non-adopters who have yet to begin the process of becoming
adopters” (Zenobia, 2008). Many diffusion of innovation research has been using
adoption concept as the main variable and it has successfully given the main basis
for the generalizability (Eveland, 1979).
Zenobia (2008) summarized the 3 types of adoption decisions suggested by Rogers

(2003, 5th edition) in his Diffusion of Innovations book: - Optional adoption
decision is made by single individual such as the consumers’ decision. - Collective
adoption decision is taken place by group consensus. - Authority adoption
decision is established by more or less a few individuals who hold positions of
power, status or technical professionals in a group. This research paper will focus
mainly on Optional adoption decision which means that it studies the adoption
decision of consumers. However, “optional” does not imply that the adoption is
made without the influence of such factors as opinions of others (family,
friends...etc.) or the impact of the image imposed by advertising agency (Katz,
1962). Hence adoption is intrinsically a social process (Zenobia, 2008).
Innovation-decision process
The Innovation – Decision Process of Rogers (1983, p.165) is “a process through

which an individual (or other-decision making unit) passes from first knowledge of
an innovation, to forming an attitude toward the innovation, to a decision to adopt
or reject, to implementation of the new idea, and to confirmation of this decision”
(Figure 4). The process was called as the Technology Adoption Decision Process
(TADP) by Zenobia (2008) and it has been also the most frequent cited model. For
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a sizable number of studies such as the scale of this research, TADP model is very
suitable to put in practice (Ettlie, 1980).
According to Rogers (1983, p.163), there are 5 stages included in this

conceptualization:
- Knowledge: the existence of innovation is exposed to an individual so

that she/he gains some basic understanding of the innovation’s
functionalities.
- Persuasion: favorable or unfavorable attitudes toward the innovation
are formed in an individual.
- Decision: when an individual perform activities or actions leading to
the choice of adoption or rejection toward innovation.
- Implementation: when the innovation is put into used by an
individual. - Confirmation: when an individual requires the
reinforcement of an innovation-decision already made. However,
he/she can also reverse the previous decision in case the innovation’s
messages are conflicting.
Knowledge stage
Knowledge stage inaugurates when an individual is introduced about the existence

of innovation and that individual can gain some knowledge of the innovation’s
functionalities (Rogers, 1983, p. 164). Interestingly, as stated by Rogers (1983), the
individual receives the existence signal of innovation accidentally. Thus, he/she
cannot actively seek for information of innovation until they know its presence. As
we can see in medical field, it is because of the communication channels and
messages such as salesperson and marketing campaigns, the doctors or physicians
are able to obtain information of new existing drugs (Coleman, 1966). It is the
same story with mobile wallet. In order to make it acknowledged (in Finland), the
business stakeholders have a job to give out the information by advertising,
blogging, or creating seminars to inform the image of mobile wallet.
In addition, Rogers (1983, p.167) raised a paradox of need versus awareness in this
stage. He questioned “Does a need precede knowledge of a new idea, or does
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knowledge of an innovation create a need for that new idea?”. He explained that
there had not been a research can answer this question properly (so far until 1983).
When a person has knowledge of an innovation, a need might be created and vice
versa; when he is in need, he will seek for the information. Thus, knowledge of
innovation existence can lead to the motivation of consumer adoption (Rogers,
1983, p. 166).
Types of knowledge and how they influence the awareness of consumers were also
discussed by Rogers (1983). However, this paper will not focus much on this part.
Persuasion stage
Knowing about the innovation does not mean that an individual will adopt and use
it. The characteristics of decision making unit will have effects on the adoption.
They are the social status, belief…such as individual might not find the new
innovation is useful for him or it does not fit into his current situation. To make the
information become relevant, the knowledge will continue going through the
innovation-decision process. This is where the persuasion stage takes place.
In this stage, the individual forms a favorable or non-favorable attitude toward

innovation (Rogers, 1983, p. 169). The information that individual has perceived
now will lead to psychological thinking. He will search for more information about
the innovation. Hence, it is important that where he finds the knowledge, what
messages he receives, and how he interprets those messages in favor of his own
understanding.
Innovation can be viewed as highly uncertain (Feldman, 1994). For that reason, it
generates certain uncertainty level in individual leading to the feeling of need for
social-reinforcement of his attitudes toward new idea (Rogers, 1983, p. 170). He
would like to compare his opinions to others to make sure he is “walking” on the
right track. Partly, mass media also plays some role in this reinforcement.
The consumers tend to ask these questions in this stage: “What are the innovation’s
consequences?”, “What will its advantages and disadvantages be in my situation?”
(Rogers, 1983, p. 170). Mobile wallet creators should be able to answer those
queries. The favorable or non-favorable attitude toward mobile wallet depends
heavily on this stage. The formation of these attitudes does not result directly in
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adoption or rejection. Nevertheless, it does form a tendency. It is undoubtedly that

when someone tells us about the positive image of a new idea, we are often
motivated to adopt it (Rogers, 1983, p. 170). Yet in case the innovation is
undesirable, support for rejection will be sought [instead of adoption] (Seligman,
2006, p. 116).
Decision stage
Decision stage occurs when an individual (or other decision-making unit) involved
in activities that lead to adoption or rejection an innovation. Adoption is
understood as the decision to use an innovation. And rejection is a decision not to
adopt an innovation (Rogers, 1983, p. 172).
In reality, the innovation will not be adopted by consumers if they have not yet
tried to use it. Checking the innovation to see whether it is useful for one’s
situation is necessary. In some cases, the innovation cannot be put for trial.
Therefore, innovations that can be divided for testing will have a better chance to
be adopted in a more rapid speed of adoption (Rogers, 1983, p. 172). A similar
view is held by Seligman (2006) that “partial adoption and vicarious trial adoption
allow the individual to encounter new stimuli for further adjustment of perceptions
of the technology and for understanding how the innovation can be incorporated
into the individual’s environment” . One of the suggestions to facilitate the trial of
innovation is distribution of free samples to consumers/clients (Rogers, 1983).
With mobile wallet, it is not an easy task to implement the trial due to the fact that
it relates to a number of stakeholders for the operation, which can lead to high cost.
It perhaps needs marketing departments to create brilliant and innovative solutions
to put mobile wallet on trial.
It is hard to forget that in this stage, an individual can reject the innovation for
various reasons. There are 2 different types of rejections developed by Eveland
(1979):
- Active rejection: when an individual consider the adoption of

innovation (with or without trial) but then he decides not to adopt it.
- Passive rejection (or non-adoption): when an individual never
considers to adopting the innovation.
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Implementation stage
Implementation occurs when an individual (or other decision-making unit) puts an

innovation to use (Rogers, 1983, p. 174) and seeks technical information for the
implementation (Seligman, 2006). Rogers (1983) pointed out that consumers in
this stage will likely have these questions “Where do I obtain the innovation?”,
“How do I use it?”, “What operational problems am I likely to encounter and how
can I solve them?” (p. 174). Relating it to mobile wallet case, the companies
should have responsibilities to make these answers available in the market, as well
as offer technical assistance when needed to users.
There is a term called “reinvention” of technology which was discussed by Rogers

(1983) in this implementation stage. It described “a degree to which an innovation
is changed or modified by the user in the process of its adoption and
implementation” (Rogers, 1983, p. 176). Reinvention is simply adaptive, and
possibly evolutionary (Swanson, 1994).
When the new innovation becomes institutionalized and regularized as part of the
adopter’s ongoing activities, the implementation stage might ends at this point. In
addition, it might present for the termination of the whole innovationdecision
process for most users. Yet for some, it can continue to the last official stage “the
confirmation stage” (Rogers, 1983, p. 175).
Confirmation stage
This is the last stage in the innovation-decision process model. The individual (or
other decision-making unit) seeks the reinforcement for the innovation decision
which he already made, but he may reverse this decision if he encounters
conflicting messages from the innovation (Rogers, 1983, p. 184). The individual
may be encouraged by dissonance and he may reverse his decision depending on
the information he receives (Seligman, 2006, p. 117).
To prevent the “conflicting message” from happening, Rogers (1983) suggested

that the agents should have additional duty of providing supporting messages to
consumers. He expressed that one of the possibilities of high rate of discontinuance
in innovations is that the agents think that adoption will continue automatically
once it is secured. But without having continued effort toward consumers, the
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discontinuance will take place; because negative messages about innovation of

course exist in most consumers’ system (Rogers, 1983, p. 186).
Possible factors influencing consumer adoption of mobile payment
Niina Mallat, a researcher from Helsinki School of Economics in Finland, has

published a research paper called “Exploring Consumer Adoption of Mobile
Payments – A Qualitative Study” in 2006. This paper examined the consumer
adoption toward mobile payments using qualitative research method. The
empirical data therefore was collected by the establishment of 6 focus group
sessions and were carried out in late 2002 from interviewees who are from
Helsinki metropolitan area in Finland (Mallat, 2006).
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CHAPTER 4
RESEARCH METHODALOGY
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Introduction
This part will explain thoroughly how this research paper is conducted. The aim of
this research is to answer the fore-mentioned research questions. Which are
 What factors /and how those factors influent the adoption of mobile wallet
from the mobile consumers in Finland?
 How mobile wallet has been adopted by consumers in Finland?
In order to reach this goal, it is necessary to understand the researched topics

represented in these key words: mobile wallet, technology adoption, consumer
adoption, and possible factors which can influent the adoption.
Research method and data collection

The results of a qualitative research conducted by Niina Mallat have been found
and used as important secondary data to support for the answer of the question
“What factors influent the adoption of mobile wallet from the mobile consumer in
Finland?” This qualitative research did an effective and qualitative work in finding
the possible influencing factors toward mobile payment. It can also apply to mobile
wallet case.
This research utilizes quantitative method in order to get the statistic results from
respondents. Not only quantitative method emphasizes on testing and verification,
but also it focuses on facts and /or reasons for social events. Moreover, its results
can be generalized by population membership .Using quantitative method will be
able to answer the research questions how the factors influent the adoption of
mobile wallet in Finland and how mobile wallet has been adopted in Finland
Secondary data and primary data have been selected to define key words: mobile
wallet, technology adoption and consumer adoption. The most used model of
Technology Adoption Decision Process (Zenobia, 2008) is rooted from the
Innovation-Decision Process which was created in 1962 by Rogers and developed
throughout decades (also by him). The main primary data collected for this
research paper is dated in 1983 by Rogers (3rd edition). And secondary data was
gathered from dynamic sources including internet sources and variety of journals.
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Title of The Study:
A study of consumer preference towards M-wallets.
Need of The Study:
The study was mainly conducted to identify the preference towards m-wallets.
OBJECTIVE:
 To find out the awareness and preferences of the consumers towards M-

wallet service providers.
 To study the services provided by the M-wallet providers and the services
used by the M-wallet users.
 To know the strategy of M-wallet to increase consumer engagement.
 To know the problems and challenges adopted to link in the adoption of M-

wallet.
HYPOTHESIS:
H1-There is a significant relationship between transfer of money through
M-wallets and income of consumer.
H2-There is a relationship between occupation of the consumer and
mode of payment preferences.
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CROSSTABS
/TABLES=payment BY income
/FORMAT=AVALUE TABLES
/STATISTICS=CHISQ CORR
/CELLS=COUNT
/COUNT ROUND CELL.
Crosstabs
[DataSet0]
Case Processing Summary
Cases
Valid Missing Total
N Percent N Percent N Percent
payment * income 100 100.0% 0 0.0% 100 100.0%
payment * income Crosstabulation

Count
Income Total
1.00 2.00 4.00 5.00 6.00
1.00 49 0 0 0 0 49
payment 2.00 6 10 2 1 23 42
3.00 0 0 0 0 9 9
Total 55 10 2 1 32 100
Chi-Square Tests
Value df Asymp. Sig. (2-

sided)
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Pearson Chi-Square 89.087a 8 .000

Likelihood Ratio 110.190 8 .000
Linear-by-Linear Association 62.052 1 .000
N of Valid Cases 100
a. 11 cells (73.3%) have expected count less than 5. The minimum expected
count is .09.
Symmetric Measures
Value Asymp. Std. Errora Approx. Tb Approx. Sig.
Interval by Interval Pearson's R .792 .030 12.829 .000c

Ordinal by Ordinal Spearman Correlation .866 .033 17.106 .000c
N of Valid Cases 100
a. Not assuming the null hypothesis.

b. Using the asymptotic standard error assuming the null hypothesis.
c. Based on normal approximation.
REGRESSION
/MISSING LISTWISE
/STATISTICS COEFF OUTS R ANOVA CHANGE
/CRITERIA=PIN(.05) POUT(.10)
/NOORIGIN
/DEPENDENT method
/METHOD=ENTER occupation.
Regression
[DataSet0]
Variables Entered/Removeda
Model Variables Entered Variables Method

Removed
1 occupationb . Enter
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Model Summary
Model R R Square Adjusted R Std. Error of the Change Statistics

Square Estimate R Square Change F Change df1 df2 Sig. F
1 .798a .637 .633 .64919 .637 171.639 1 98
a. Predictors: (Constant), occupation

a. Dependent Variable: method
b. All requested variables entered.
ANOVAa
Model Sum of Squares Df Mean Square F Sig.
Regression 72.338 1 72.338 171.639 .000b
1 Residual 41.302 98 .421
Total 113.640 99

b. Predictors: (Constant), occupation
Coefficientsa
Model Unstandardized Coefficients Standardized t Sig.

Coefficients
B Std. Error Beta
(Constant) .180 .149 1.208 .230

1
occupation .936 .071 .798 13.101 .000
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RESEARCH METHDOLOGY:
This part will explain thoroughly how this research paper is conducted. The aim of
this research is to answer the fore-mentioned research questions which are:
a) What factors /and how those factors influent the adoption of mobile wallet from
the mobile consumers in Finland?
b) How mobile wallet has been adopted by consumers in Finland?
In In this study, a combination of both Primary & secondary data will be used
.Primary data is used in the form of questionnaire method , which will be created
by using Google forms & by distributing among social media users . In addition to
it, secondary data will be used to support the study.
RESEARCH DESIGN
“A study design is the arrangement of the condition for the collection and analysis
of data in a manner which helps the purpose of the study.” As the study was made
on the distribution channel of PepsiCo and such documents being considered
confidential, the questionnaire method of surveying the distributer was adopted and
separate questionnaire was prepared for the customers and retailers. Each question
has 2-4 options, giving sufficient options to the respondents. On the bases of the
answers to these questions, the findings are analyzed.
The quantitative method used is Questionnaire. The questionnaire was designed via
online survey tool called Google form .The respondents are introduced about
mobile wallet at the beginning of the survey including word explanation and a
video example sourced from YouTube: a video made by Westpac Company in
New Zealand, which advertises about its mobile wallet . The video was presented
due to the fact that many consumers do have the knowledge of mobile wallet, yet
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they can misunderstand it with other general terms (such as mobile payment).
Hence, a direction is drawn at the beginning of the questionnaire to guide
respondents to the right thought.
The respondents are divided into 3 categories after they have answered general
questions such as information about their age and whether or not they use
smartphones. Each group will have slightly different questions depending on the
category and some identical questions. The divided groups include:
- The Unknown: who have not heard about “mobile wallet” term until they did the
questionnaire? - The Awareness (Yes, I’ve known/ I’ve heard but I’ve never used):
the title has expressed the characteristics of this group. The questionnaire was sent
to potential respondents who reside in Finland (including Finnish and other
nationalities) via Facebook messages. They are mostly friends and friends’ circles.
The duration for response is two weeks. As a result, the number of respondents is
91 out of 100 leading to 91% answer rate. The other 9 respondents did not meet the
due date which was set by researcher
RESEARCH METHODOLOGY:
Method of research- Description research was used.
Tools used for data collection: A questionnaire was structured together the
primary Information.
SOURCES OF DATA COLLECTION:

The data has been collected from both primary and secondary methods have been
used.
Primary data- It was collected by interacting people face to face and with the help
of questionnaire.
Secondary data- it was collected from, internet, books ,magazines, online portals.
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Structured questionnaire: Structured questionnaire is a printed list of

questions to be filled by the respondents. The structured questions are being made
as short as possible and simple to understand. The questionnaire is designed such
that it helps to elicit the accurate information.
TOOLS AND TECHNIQUES:
The first-hand information was collected by interviewing the smartphone

consumers. A questionnaire was formulated and circulated to the retailers and
customers. Hence the survey method is the tool used here for data collection
Sampling Method: Convenience Sampling

Convenience sampling was a non-probability sampling technique where
subjects are selected because of their convenient accessibility and proximity to the
researcher. A statistical method of drawing representative data by selecting people
because of the ease of their volunteering or selecting units because of their
availability or easy access. The advantages of this type of sampling are the
availability and the quickness with which data can be gathered. The disadvantages
are the risk that the sample might not represent the population as a whole, and it
might be biased by volunteers.
SAMPLING DESIGN:
• Sample unit: Consumers in Delhi NCR.
• Sample size: 80 respondents
• Sampling method: Non Probability sampling technique.
• Place of study: Delhi , NCR
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PLAN OF ANALYSIS:
The questionnaires were tabulated using tally method. The tabulated data was
analyzed and inferences were drawn. The tabulated data has been depicted in the
form of a graph. The promoters of different brands working there were not taken
for sample size.
LIMITATION OF THE STUDY:
 Unawareness about the Mobile wallet

 Many people don’t know how to use it.
 Unavailability of the platform.
 Some of the respondents not answer to all the questions, it delays the data
collection
 The time period of the study was limited.
 The primary data collection was through questionnaire only. The responds
from the respondents may not accurate.
 Due to time limitations the sample size for the study was limited to 50
 As the usage of M-Wallets may differs to person to person, the findings of
the study may not be accurately suitable to others.
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CHAPTER 5
ANALYSIS AND INTERPRETATION
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ANALYSIS AND INTERPRETATION

TABLE NO 1
Q1
ANALYSIS: From the above table it can be observed that 64.6% consumer’s
lies in the age between 18-25, 30.4% lies between 26-35 & rest of 5% lies between
the age group of 35-45.The 18-25 age group consumers are the regular users of M-
wallets.
TABLE NO. 2
Q2
ANALYSIS: From above table it is observed that 41.8% consumers are the
students who are the regular users of M-wallets & 36.7% are the employees , rest
of the self-employed or businessmen.
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TABLE NO 3
Q3
ANALYSIS: From the above table it is observed that 48.7% consumers have their
income between 0-2,50,000, 42.3% consumers have their income level from
2,50,000-5,00,000 & rest of the 9% consumers have their income level from
5,00,000-10,00,000.
TABLE NO 4
Q4
ANALYSIS: According to the table 93.7% consumers have smartphones& rest

of using normal phones.
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TABLE NO 5
Q5
ANALYSIS: From the above table it Is found that 83.5% are the consumers who
uses online payment and rest of the consumers uses offline payments methods.
TABLE NO 6
Q6
ANALYSIS: From the above table it is observed that 48.7% consumers uses
debit cards for their payments, 35.9% consumers uses Mobile wallets/E-Wallets &
rest of the 15.4% consumers uses credit cards.
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TABLE NO 7
Q7
ANALYSIS: From the above table it is observed that 65% of the consumers
heard about the mobile wallet payments and used it, 25.3% of the consumers are
those who are hearing about it for the first time and rest are those who had heard
about it but never used it.
TABLE NO 8
Q8
ANALYSIS: From the above table it is observed that many of the

consumer are aware with Paytm, Mobikwik, Goolge Pay respectively.
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TABLE NO 9
Q9
ANALYSIS: From the above table it is observed that many of the consumers are
using Paytm the most i.e 72.4% & Google pay ranked 2nd in this category with
28.9%.
TABLE NO 10
Q10
ANALYSIS: From the above table it is found that consumer uses M-wallets for
Recharge(71.4%), bills payment(26%), Transportation (16.9%), food/movie
tickets(19.5), Online Shopping (36.4%), Transfer Money(37.7%).
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TABLE NO 11
Q11
TABLE NO 12
Q12
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TABLE NO 13
Q13
TABLE NO 14
Q14
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TABLE NO 15
Q15
TABLE NO 16
Q16
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CHAPTER 6
FINDINGS AND SUGGESTIONS
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5.1 SUMMARY OF FINDINGS
 62% of the respondents are male and 38% of the respondents are female.
 24% of the respondents are aged less than 25, 42% of the respondents are
aged between 25 – 35, 16% of the respondents are aged between 36 – 45,
10% of the respondents are aged between 46 – 55 and 8% of the respondents
are aged Greater than 55.
 10% of the respondents are completed high school education, 12% of the
respondents are completed diploma, 54% of the respondents are under
graduates, 18% of the respondents are post graduates and 6% of the
respondents are completed other degrees.
 14% of the respondents are government employee, 64% of the respondents
are private sector employee, 10% of the respondents are student and 12% of
the respondents said others.
 66% of the respondents are fully aware about functionality of E-wallets and
34% of the respondents are partially aware about functionality of E-wallets.
 Response on Information about E-wallets, 44% of the respondents said
Social media, 34% of the respondents said Friends, 10% of the respondents
said Magazine and 12% of the respondents said Television.
 all the respondents are use E-wallet for financial transactions
 Response on Prefer E-wallet over other modes of Payment, 62% of the
respondents said Time saving, 28% of the respondents said Ease of use and
10% of the respondents said Security.
 Response on wallet prefer most of the time, 12% of the respondents said
Paytm, 16% of the respondents said Phonepe, 54% of the respondents said
Google Pay, 4% of the respondents said Freecharge, 4% of the respondents
said Mobikwik, 6% of the respondents said Amazonpay and 4% of the
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respondents said Others.

 Response on purpose of using E-wallet, 16% of the respondents said Money
transfer, 52% of the respondents said Recharge, 20% of the respondents said
Bill payment and 12% of the respondents said All the above.
 Response on reason for use E-wallet, 10% of the respondents said Quicker
checkout (i.e. saves time), 50% of the respondents said Access to coupons /
rewards / discounts, 8% of the respondents said More convenient to make
purchases, 8% of the respondents said More secure than cash/credit card, 6%
of the respondents said Hassle-free, 14% of the respondents said Cost
savings and 4% of the respondents said Other.
 Response on usage of E-wallets, 10% of the respondents said 1 - 5 times,
14% of the respondents said 6-10 times, 20% of the respondents said 11-15
and 56% of the respondents said More than 15 times.
 Response on how often use E-wallet pre demonetization, 16% of the
respondents said weekly and 84% of the respondents said monthly.
 Response on how often use E-wallet post demonetization, 12% of the
respondents said daily, 54% of the respondents said weekly and 34% of the
respondents said monthly.
 Response on way to make payment in E-wallet, 22% of the respondents said
Scan QR Code, 20% of the respondents said UPI Id and 58% of the
respondents said Third party application.
 Response on how much money load in E-wallet on monthly basis; 14% of
the respondents said less than 500, 24% of the respondents said 500 – 1000
and 62% of the respondents said more than 1000.
 Response on how much money loaded in E-wallet till now, 12% of the
respondents said less than 5000, 40% of the respondents said 5000 – 10000
and 48% of the respondents said more than 10000.
GLBIMR Page 55
 Response on usage of E-wallets increases post demonetization, 86% of the

respondents said agree and 14% of the respondents said neutral.
 All the respondents agree that cash back offers in E-wallets increases its
usage.
 92% of the respondents are satisfied and 8% of the respondents are neutral.
 All the respondents are likely want to continue using E-wallet.
 24% of the respondents found any difficulties in use E-wallet and 76% of the
respondents not found any difficulties in use E-wallet.
 58.3% of the respondents said too time consumption to set up and 41.7% of
the respondents said cannot be used for International transaction.
 All the respondents said E-wallet services useful as mode of payment.
 All the respondents said likely E-wallet should be widely available in India.
 All the respondents believe E-wallet transactions are secured.
 All the respondents said E-wallet promotes cashless payment to the next
level.
 All the respondents said like to use E-wallet in future.
 All the respondents said like to refer friend to use E-wallet.
 Response on overall satisfaction about growth of E-wallet in India, 84% of
the respondents are satisfied, 12% of the respondents are neutral and 4% of
the respondents are dissatisfied.
 Pricing (transaction fee, service fee) affect in decision of using E-wallets.
GLBIMR Page 56
SUGGESTIONS AND RECOMMENDATIONS

 To get the maximum benefits of using E-wallets, peoples should fully know
about the functionality of E-wallets.
 The peoples should starts using e-wallets more than other payment options
to do their financial transactions.
 To increase the usage of E-wallets, they should be integrated better with the
bank system.
 E-wallets should be integrated in small vendors like vegetable sellers, tea
shops and platform based shops.
 The E-wallet providers need to create more awareness to smaller sector
vendor and need to be better integrated.
 The government of India should encourage the vendors to implement E-
wallet payment mode.
 The security of E-wallets should be increased from the providers.
 In future, payment failure should be avoided and the cash refund should be
given to the users quickly. In some cases cash refund may take up to three
days to one week.
 To increase the usage of E-wallet in future, the E-wallets provider should
provide more cash back offers, scratch cards and discount to increase their
usage and it also recommend usage of e-wallets to other peoples.
 In future, all types of transactions should be include in E-wallets
 The time consumption for transaction should be minimized and they should
include feature like international transaction.
GLBIMR Page 57
CHAPTER 6
CONCLUSION
GLBIMR Page 58
CONCLUSION
This study was conducted to find the growth of E-wallets in India. From the study,
it was clear that most of the peoples are aware about E-wallet and most of the
educated peoples are frequently using E-wallets for their financial transactions.
Majority of the users prefer Google pay as the E-wallet. It is clear that E- wallets
will alter the other modes of online payment in future. The users of E-wallet are
much satisfied on its usage. Some of the factors which affect the user to make the
decision in choosing E-wallets are pricing (transaction fee, service fee),
convenience, ease of use, brand loyalty, secured privacy, utility of innovation and
usefulness of e-wallet. The usage of E-wallets post demonetization is increased
rapidly and its help the Growth of E-wallets in India and in some aspects E-wallets
providers need to be improved.
DIRECTION FOR FUTURE RESEARCH
In future, this study will be used for the researchers to known about the
growth of e-wallets in India. This study can be done as a comparison between two
e-wallets in India. The sample size of the study will be increased from 50 to 200 or
above to get more accurate result.
GLBIMR Page 59
CHAPTERR 7
BIBILIOGRAPHY
GLBIMR Page 60
BIBLIOGRAPHY
1. Ambarish Salodkar, Karan Morey and Prof. Mrs. Monali Shirbhate, “Electronic Wallet”,
International Research Journal of Engineering and Technology (IRJET), Volume 2, Issue
9, December 2015
2. Pinal Chauhan, “E-Wallet: The Trusted Partner in our Pocket”, International Journal for
Research in Management and Pharmacy , Vol. 2, Issue 4, April 2013
3. Roopali Batra, Neha Kalra, “Are Digital Wallets The New Currency?”, Apeejay Journal
of Management and Technology, Vol 11, No 1, January 2016
4. Trilok Nath Shukla, “Mobile Wallet: Present And The Future”, International Journal in
Multidisciplinary and Academic Research (SSIJMAR),Vol. 5, No. 3, June 2016
5. Pawan Kalyani, “An Empirical Study about the Awareness of Paperless E-Currency
Transaction like E-Wallet Using ICT in the Youth of India”, Journal of Management
Engineering and Information Technology (JMEIT),Volume -3, Issue- 3, Jun. 2016
6. Poonam Painuly and Shalu Rathi (2016) “Mobile wallet: An upcoming mode of business
transactions “International journal in management and social science .volume 4 pp356-
363.
7. Dr.Hem Shweta Rathore (2016) “Adoption of digital wallet by consumers” BVIMSR’s
journal of management research. Volume 8 issue 1, pp 69-75.
GLBIMR Page 61
ANNEXURE 1
GLBIMR Page 62
QUESSIONNAIRE
Q1 Your age
o 18-25
o 26-35
o 36-45
o Above 45
Q2 Occupation
o Student
o Employee
o Self employed
o Business
o Home maker
o Retired
o Any other
Q3 INCOME
o 0-2,50,000₹ per month
o 2,50,000-5,00,000 ₹ per month
o 5,00,000-10,00,000 ₹ per month
o Above 10,00,000 ₹ per annul
GLBIMR Page 63
Q4 Do you use smart phone ?
o Yes
o No
o I used to. Not anymore
Q5 Have you used a smartphone for making (online) payment?
o Yes
o No
Q6 Which mode of payment do you prefer the most?
o Debit card
o Credit card
o Mobile wallet/e-wallet
o Any other
Q7 Are you aware about the mobile wallet payment gateway ?
o Hearing about it for the 1st time.
o Heard about it & used it.
o Heard about it but never used it.
Q8 which of these M-wallet payment gateways are you aware off ?
o Paytm
o Mobikwik
o Citrus
o Oxigen
o Free charge
o Any other
GLBIMR Page 64
Q9 which one of the following M-wallet payment services you prefer using the
most?
o Paytm
o Mobikwik
o Citrus
o Oxigen
o Free charge
o Any other
Q 10 You prefer using M- wallet for completing ________________ transactions

?
o Recharge
o Utility bill payments
o Transportation
o Food/Movie tickets
o Online shopping
o Transfer money
o Any other
Q11 how often do you use M-wallet? (per month)
o Daily
o Once
o Twice
o Thrice
GLBIMR Page 65
Q12 Rate the M-wallet services that you have used ?
o Highly satisfied
o Satisfied
o Neutral
o Dissatisfied
Q13 Would you like to use the Mobile wallet service when it is widely available ?
o Very likely
o Likely
o Neutral/ it does not matter
o Unlikely
o Very unlikely, can you tell me why?
Q 14 Would you prefer to continue using a Mobile wallet?
o Very likely
o Likely
o Neutral
o Unlikely
o I stopped using M-wallets
Q15 Are there any problems when you use Mobile Wallet ?
o No
o Yes
o If yes, than what are the problems faced?
GLBIMR Page 66

A Study of Consumer Perception Towards Mobile Wallet in Delhi NCR

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CONSUMER PERCEPTION TOWARDS MOBILE WALLET

A STUDY OF CONSUMER PERCEPTION TOWARDS MOBILE

Dissertation submitted in partial fulfillment of the requirements for the award of

Under the guidance of

Ms. Komal kapoor

GL BAJAJ INSTITUTE OF MANAGEMENT AND RESEARCH

In today-world, smartphone has become important part of everyday life. As it has

Prepaid credit cards: Pre-loaded to individual’s bank account. It is similar to a

Debit/RuPay cards: These are linked to an individual’s bank account. Can be

USSD: Stands for Unstructured Supplementary Service Data based mobile

M-wallet is an electronic wallet for most important personal information

Different Wallets as per need can be created, and different information in

A digital wallet refers to an electronic device or online service that allows an

The digital wallet is the engine of mobile commerce. Without a digital

Digital wallets often have many more functions, including person-to-person

Technology in Mobile -wallet

A digital wallet has both a software and information component. The

The various benefits of M-wallet are

Mobile wallet application provides a more comfortable transaction process

Mobile wallet opens up an entirely new aspect to payment method on large

Some of the benefits of M-wallets include

 Send and receive payments anywhere in the world.

 Manage our account from our mobile phone.

M-wallet usage awareness as spread among the people in India due to

Semi-open Wallets: This type of wallet is subject to a condition that it has to

Closed Wallets: These are most popular specifically amongst e-commerce

Semi-Closed Wallets: These types of wallets are in high demand by

Digital wallet in India

PhonePe is a revolutionary way to make mobile payments in India. From

Google Pay is a digital wallet platform and online payment system

Ezetap, a Bangalore based digital payment solution founded in 2011, offers

JioMoney, launched recently in 2016 by Jio, is a digital payment app. With

JusPay Safe is a payment browser with over 650+ transactions in a day.

Mobikwik is a Gurgaon based e-wallet payment system in India that helps

MomoeXpress, a Bangalore based digital wallet in India, claims to have the

MoneyOnMobile, authorized by the Reserve Bank of India, enables users to

Mswipe, the first mobile point-of-sales solution in India was founded in

Ola Money, launched in 2015, is a digital wallet in India offered by Ola.

Oxigen, a FinTech company founded in July 2004, is one of the major

PayMate, founded in 2006 by Ajay Adiseshann, launched PayPOS in 2012,

PayUmoney, a part of PayU India, is a free payment gateway solution for

State Bank Buddy

State Bank Buddy, a product of State Bank of India, is an online wallet in

MOBILE WALLET OVERVIEW

One view, expressed by Kevin Erickson (2013) - a technology blogger from

The ecosystem of mobile wallet

a) Card Network: Visa, Master Card, American Express…

b) Card-on-file Merchants: Google, Apple, PayPal, Starbucks, Wal-

c) Digital Asset Companies

Card-on-file Merchants group, which they have a big data information of

In Japan, the biggest carrier is NTT DoCoMo (DoCoMo). In Finland, TeliaSonera

mobile wallet in Finland, it is essential to take into consideration the technical

Top five digital wallets in India

 MOBIKWIK: Mobikwik is a mobile wallet and online payment system

 BHIM: Bharat Interface for Money (BHIM) is a mobile app developed

 OXIGEN: Oxigen is the first virtual wallet in India, to be integrated with

 FREECHARGE: Free charge is an e-commerce website headquartered in

In diffusion of innovation literature, “adoption” is one of the oldest and most

Zenobia (2008) summarized the 3 types of adoption decisions suggested by Rogers

The Innovation – Decision Process of Rogers (1983, p.165) is “a process through

According to Rogers (1983, p.163), there are 5 stages included in this

- Knowledge: the existence of innovation is exposed to an individual so

Knowledge stage inaugurates when an individual is introduced about the existence