The IUP Journal of Bank Management
Mobile Wallet Adoption in India: An Analysis

Article Details
Pub. Date :Feb, 2019
Product Name : The IUP Journal of Bank Management
Product Type : Article
Product Code : IJIT11902
Author Name : Gunjan Sharma and Kushagra Kulshreshtha
Availability : YES
Subject/Domain : Finance
Download Format : PDF Format
No. of Pages : 30



India is continuously striving to position itself as one of the biggest digital economies. In this endeavor, several initiatives such as demonetization are being undertaken. Demonetization has brought about a significant shift in the mindset of the Indian consumers. As a consequence, the consumers have started looking for technology that may not only facilitate their transactions, but is also secure, hassle-free and easy-to-use. In India, almost 94% of the people have access to mobile phones. Therefore, the increased usage has provided the platform for facilitating cashless transactions and digital payments with the help of mobile wallet (m-wallet). These days, m-wallets are used for executing various financial transactions. In the emerging economies, m-wallets provide a platform to target a large population. In India, m-wallet services are growing because of its various advantages. However, the consumers’ liking, disliking and preferences keep changing with the passage of time. Therefore, in this study, an attempt has been made to explore the various factors affecting the intention to use m-wallets, through the relevant literature, by applying exploratory factor analysis. A survey was conducted among 243 respondents across India. Factors such as convenience, safety, complexity, trialability, compatibility, service quality, privacy, availability of information and ease of use were identified. This study would be of help to the policy makers as well as marketing strategists to design more customized m-wallets. Moreover, it would assist the banking industry in incorporating these observations in the form of features in their m-wallet services.


Virtual cash or cashless transaction is an emerging trend that has seen an enormous increase in the last couple of years. Cashless payments in almost all areas are now becoming a popular drift. Mobile wallet (m-wallet) has become one of the important financial facilities for paying electronically and boosting the digital economy. This is a mobile app that performs as a virtual wallet, where a customer can register himself and can raise a fixed amount of money for payments and recharges with a service provider (Sardar, 2016). The m-wallets are being used in the place of a physical wallet by storing money and making the payments electronically through the account for essential items, traveling, movie ticket, electricity bill payment, etc.


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