PROJECT REPORT
ON
Consumer Preference towards Using Mobile Wallets
After the impact of demonetisation
Under the Guidance of
Dr. Charu Rawat
Assistant Professor
Submitted by
Adrika Singh
Session
2022 - 2025
Amity Business School
Amity University, Lucknow
CONFIDENTIALITY AGREEMENT
This AGREEMENT is between the office of the register Amity
University Uttar Pradesh Lucknow Campus and Adrika Singh a
student presently studying at the Amity Business
School.
The student named above desires to undertake summer project
intern in Amity University as a part of her studies. The competent
authority of the institute where the student is presently studying has
officially recommended the student, confirming her antecedents, track
record and good moral character.
CONFIDENTIALITY:
Confidential information means any information of a secret or
confidential nature relating to the internship / training workplace.
Confidential information may include, but is not limited to, trade
secrets, proprietary information, customer information, customer lists,
methods, plans, documents, data, drawings, manuals, notebooks,
reports, models, inventions, formulas, processes, software,
information system, contracts, negotiations, strategic planning,
proposals, business, alliances, and trading materials and I or any
other intellectual property of the University.
The student / intern agrees to observe the confidentiality
requirements of the Amity University, its Disciplinary procedure in all
respects and any additional requirements set out by the Amity
University. Specifically, the students / intern agrees to observe
confidentiality in the following respects.
As University intern, I agree that:
.1 I will use confidential information only as needed by me to perform
my legitimate duties
as intern. This means, among other things that.
A. I will not seek confidential information for which I have no
legitimate need to know,
B. I will not any way divulge share, copy, release sell loan revise,
alter or destroy any
confidential information except as properly authorized within the
scope of my internship:
C. I will not misuse confidential information or carelessly care for
confidential information; and
D. I will strive to protect the privacy of all confidential information that
I come into contact with.
2. I will safeguard and will not disclose my access code or any other
authorization I have that allows me to access confidential information.
I accept responsibility for all activities undertaken using my access
code and other authorization.
3. I will report to my Head / supervisor activities by any individual or
entity that I suspect may compromise the confidently of confidential.
Reports made in good faith about suspect activities will be held in
confidence to the extent permitted by law, including the identity of the
individual reporting the activities;
4. I will be responsible for my misuse or wrongful disclosure of
confidential information and for my failure to safeguard my access
code or other authorization to access confidential information. I
understand that I have no right or ownership interest in any
confidential information referred to in this agreement. The University
may at any time
revoke my access code, other authorization or access or confidential
information. At all time during my internship with Amity University, I
will act in the best interests of PMC.
I have read and understand the above definition of "confidential
information "I agree that I
will not at any time, both during and after my enrollment in University
Internship, communicate or disclose confidential information to any
person corporation or entity. It is
understood that any breach of confidentiality will result in immediate
termination of the internship and that a report of the breach will be
made by the concerned Head of Institution.
HAVE READ THE ABOVE CONFIDENTIALITY AGREEMENT AND
AGREE TO ITS TERMS.
AGREED -Adrika Singh (SIGNATURE)
Adrika Singh (PRINTED FULL NAME) 10.07.2023 (DATE)
Signature of Authorized signatory of the institution (Institution
deputing the students)
ACCEPTED REGISTRAR
AMITY UNIVERSITY, UP LUCKNOW
DECLARATION
Title of Project - CONSUMERS PREFERENCE TOWARDS
MOBILE WALLETS AFTER DEMONETISATION
I understand what plagiarism is and am aware of the Amity
University's policy in this regard. I declare that
a) The work submitted by me in partial fulfillment of the requirement
for the award of-degree B.COM HONS assessment
in this Term Paper is my own; it has not previously been presented
for another assessment.
b) I declare that this Te r m P a p e r is my original work. Wherever
work from other source has been used, all debts (for words data,
arguments and ideas have been appropriately acknowledged and
referenced in accordance with the requirements of NTCC Regulation
and Guidelines.
c) I have not used work previously produced by another student or
any other person to submit it as my own.
d) I have not permitted, and will not permit, anybody to copy my work
with the purpose of passing it off as his or her own work.
e) The work conforms to the guidelines for layout, content and style
as set out in the Regulations and Guidelines.
Adrika Singh
Enrollment No- A7004622083
B.com honors
STUDENT'S CERTIFICATE
Certified that this report is prepared based on the Term Paper
undertaken by me from 5th June 2023 to 2h July 2023, under the
able guidance of Dr. Chaaru Rawat in partial fulfillment of the
requirement for award of degree of Bachelors of Commerce from
Amity University, Uttar Pradesh.
Dr Chaaru Rawat, Assistant Professor, ABS
ADRIKA SINGH A7004622083
FACULTY CERTIFICATE
Forwarded here with a Term Paper on “Consumer Preference
towards Using Mobile Wallets After the impact of demonetisation”
submitted by ‘Adrika Singh Enrollment No A7004622083’ student
of B.com (hons)
This project work is partial fulfillment of the requirement for the
degree of Bachelor's in Commerce from Amity University Lucknow
Campus, Uttar Pradesh.
Dr Chaaru Rawat Assistant Professor
Amity University, Lucknow
PREFACE
In the contemporary world, mobile phones are ubiquitous. Everything is now attainable
with just one touch thanks to technological innovation. The users of mobile phones may
transfer money to anyone at any time by utilising the software that are pre-installed on
the devices. The key factor influencing the prevalence of mobile wallets is the rise in
mobile phone and internet usage. This research was done to determine what influences
customers' preferences for mobile wallets. From 150 respondents, the first-level data was
gathered using a structured questionnaire. To identify the variables influencing customer
preference, frequency analysis and ANOVA were utilised. Additionally, an analysis was
done on the effects of demographic characteristics on customer choice for mobile wallets.
.
TABLE OF CONTENTS
Serial No.
Topic
1.
Title Page/ Cover Page
-
2.
Student’s Declaration
-
3.
Certificate
-
4.
Preface
-
5.
Acknowledgement
-
6.
Introduction
1-13
7.
Objectives of The Study
14
8.
Literature Review
1522
9.
Sigificance of The Study
23
10.
Research Methodology
2425
11.
Data Analysis
2644
12.
Findings
45
13.
Conclusions
4647
14.
Managerial Implications
&Future Research
Directions
4851
15.
Limitations
52
16.
References
5354
17.
Annexures
5560
INTRODUCTION
Today's world has made smartphones a vital component of daily life. The number of
smartphone users has drastically grown as they have become more accessible. In addition
to the creation of smartphones, several services have been developed to make use of the
capabilities of cellphones. Smartphones aren't just used for communication; they may also
be used for socialising, entertainment, internet research, and even make payments. Thanks
to new age technology, mobile users may now use their cellphones to conduct financial
transactions or make payments utilising the phone's built-in applications. Along with
accepting/ making payments, consumers may save invoices, coupons, business cards, and
receipts in their cellphones. "Digital Wallet" or, more commonly, "Mobile Wallet" is the
term used when cellphones may serve as leather wallets.
The research's inspiration came from a variety of sources. The word "mobile wallet" is
new, to start. In other words, it is a "trendy" subject that has been debated in financial and
technical forums recently for a number of years. Even though he may repeatedly see the
term "Mobile Wallet" on the internet, he is unsure of what it actually is. In order to better
understand how customers view this novel technical service, the research was conducted
out of personal desire to learn about mobile wallet in practise. Second, I use a smartphone
and would like to make the most of it's capabilities.
It's possible that other users share similar desire. I conduct this study in order to get data
on people's perceptions of this new service for that reason.
Every disturbance, it has been said that offers new chances, and the demonetization
declaration done by Prime Minister Mr. Narendra Modi on November 8, 2016, was one
such disruption.
India’s demonetization ded digital wallet manufacturers took advantage of the ability to
grow their market share as a substantial growth opportunity for digital payments. Indian
consumers now have a unique platform to accept digital payments in place of cash thanks
to demonetization. Prime Minister Mr. Narender Modi has actively advocated the usage of
cashless transactions as part of governmental changes since the demonetization of high
value notes of Rs. 500 and 1000, which accounted for 86% of the circulation of cash at the
time. The demonetization process resulted in an unprecedented rise in digital payments.By
February of current year, digital wallet businesses had grown by 271%, reaching US$2.8
billion (Rs. 191 crores) in total. The Indian government and private sector companies
Paytm, Freecharge, and Mobikwik, as well as the National Payments Corporation of India
(NPCI), which created the Bharat Interface for Money (BHIM) app, had been aggressively
promoting a number of digital payment applications, including the Aadhaar Payment app,
the UPI app, and others. Digital transfers made possible by apps have altered behaviour
and accelerated the use of electronic payments. As a result, isolated places that were
previously unaffected by digital payment methods can now transfer money more easily.
The digital payment industry has recently risen to the top of the most enticing investment
prospects because of India's potential for rapid development. Numerous reasons are
supporting the growth of digital payments and the transition away from an economy
centred on cash to one with fewer actual currency units. Among these enablers include the
rising popularity of mobile internet connectivity, one-touch payments, the expansion of the
financial technology sector, and government efforts like tax breaks and incentive schemes.
These all help create an atmosphere that is suitable for the growth of digital payments.
Online Payment Modes in India
In India, there are several online payment options. Which are:

Online or mobile wallets: These can be used online and via applications on
smartphones. On the app, money can be refilled with debit or credit cards, as well
as through net-banking. Following self-declaration and KYC verification, the
monthly limits for consumer and merchant wallets are established at Rs. 20,000 and
Rs. 50,000 and Rs. 100,000, respectively.

Prepaid credit cards: The user's bank account is used to preload these cards.
Customers can make purchases using the funds on the card, much like with a gift
card, as opposed to utilising credit that has been borrowed from the bank. may
receive a limited amount of recharges similar to a cell phone.

Debit/RuPay cards are associated with an individual's bank account. can be used
to make purchases at ATMs, micro-ATMs, retailers, online, and in stores. Debit
cards have eclipsed credit cards in India. There were 630 million debit cards in
December 2015 as opposed to 22.75 million in December 2014.

• AEPS: The Aadhaar Enabled Payment System enables bank-to-bank transactions
at point-of-sale (PoS) by using the 12-digit unique Aadhaar identification number.
AEPS services include financial transfers from one Aadhaar to another and balance
inquiries.
• USSD: refers to leveraging unstructured supplemental service data for mobile banking.
It is connected to the merchant's bank account and allows for payments of up to Rs 5,000
per day per client using a GSM mobile phone.
• United Payments Interface (UPI): With the help of this technology, many bank
accounts will be usable on a single mobile application platform (of any participating bank).
combines a number of banking operations, ensures secure fund transfer, and facilitates
merchant payments. It facilitates P2P money transactions.
The Mobile wallet (M-wallet) combines all of the functionality of today's wallet on a single
convenient smart card in place of several cards. The M-Wallet will also include a variety
of security features that are unavailable to users of regular wallet carriers.
Every credit card transaction requires identification, and the card has a deactivating feature
in case it is tampered with. A digital wallet called Mobile-Wallet, commonly referred to as
an M-wallet, enables users to trade rapidly and securely in electronic commerce.
Commercial mobile wallets for pocket-sized, palm-sized, portable, and desktop PCs are
readily accessible and particularly helpful for regular online consumers. They provide a
handy, practical, and safe tool for internet buying. They keep track of a variety of financial
and personal details, including credit card numbers, passwords, and PINs.
M-wallet is an electronic wallet storing the most crucial personal data, including account
numbers, passwords, credit card information, and calling cards. M-wallet stores data on
cards, almost like a genuine wallet does. A username, a password, and a URL, for example,
are many connected pieces of information. Cards can be customised further by adding
symbols, colours, and, on certain systems, images. The generated cards are placed in
categories to aid in maintaining organisation.
One may make different/ separate wallets as needed and store different types of data in
each wallet. As an illustration, we might have a personal wallet file for our own cards and
a shared office wallet file with our team or an assistant. If necessary, duplicates of the same
cards can be kept in additional folders. For instance, depending on the situation, we could
wish to store duplicates of the same cards in several folders. For added convenience, we
could want our company credit card to be listed in both of our wallet files. Many businesses
are launching mobile wallet services to speed up the credit-card ordering process. Mwallets provide us the ability to remember our billing and shipping information so that we
can quickly enter it on the websites of participating merchants. E-checks, electronic
currency, and our credit card data for various cards may all be stored in m-wallets.
Microsoft Wallet is a well-known example of an M-wallet on the market. One must create
a Microsoft Passport in order to use Microsoft Wallet. A Microsoft M-wallet may be
created after a Passport has been setup. M-wallets can then be used for small payments.
Online consumers benefit from increased speed and efficiency as they also remove the need
to repeatedly enter personal information on forms. Microsoft Passport offers a number of
services, such as wallet, kids passport services, and single sign-on. A client may sign in
with just one name and password at an increasing number of participating e-commerce
websites thanks to single sign-in services. The customer can utilise a wallet service to make
quick online transactions. The Kid's Passport programme aids in securing and managing
kids' internet privacy. Our wallet file has to be password-protected. Before we can view
the data on any of the cards in a wallet that is password-protected, we must first input the
wallet's password. Any wallet that doesn't require a password can be opened by anyone,
hence we should always set one for any wallet containing sensitive data.
A digital wallet is an electronic gadget or internet service that enables users to conduct
transactions online. This may involve utilising a computer to make online purchases or a
smartphone to make purchases in-person. The digital wallet can also be connected to a
person's bank account. Additionally, they may have stored on their phone their driver's
licence, health card, loyalty card(s), and other identification papers. Near field
communication (NFC) allows the credentials to be wirelessly sent to a merchant's terminal.
Digital wallets are being developed more often for purposes other than the most basic
financial transactions, such as credential authentication.
The mobile commerce engine is the digital wallet. Customers must type a wealth of data
into a form that is limited by the smartphone's screen size if they don't have a digital wallet.
While the notion of a digital wallet has been in use since the early days of internet
commerce, the mobile wallet area for in-store purchases has only just developed with the
release of Apple Pay in the 2014 (soon followed by Google's Android Pay and Samsung
Pay).
In order to serve eBay, the first significant online marketplace, PayPal developed a digital
wallet. The idea of keeping payment information with an internet provider to enable
transactions outside of eBay has been around for a while, and PayPal has tried to expand
the offering's appeal outside of eBay. When Amazon 1-Click debuted in 2006, it raised the
bar for user experience (UX) and expanded how users and businesses perceived the
potential of the digital wallet.
Since then, other digital and mobile wallets have appeared, and there are currently several
distinct methods for making online and mobile proximity payments that are all included
under the umbrella term "digital wallet."
Digital wallets usually incorporate P2P payments and other payment methods, balance
enquiry and reporting capabilities, support for loyalty programmes (rewards, discounts),
and other features. The main purpose of digital wallets is to speed up transactions, which
deters the use of cash. This boom clearly shows how demonetization has had an impact.
The focus of this study is the expansion of mobile wallets in India.
mobile wallet technology A digital wallet includes both software and data. The programme
offers safety and encryption for both the actual transaction and the personal information.
The majority of e-commerce websites may be used seamlessly with digital wallets because
they are frequently kept on the client side, are easy to manage, and are kept private. Often
referred to as a server-side digital wallet, a thin wallet. A corporation creates and maintains
a wallet on its servers. Server-side digital wallets are becoming more and more common
among major retailers because to the security, efficiency, and added usefulness it provides
to the end-user, which increases their pleasure with their entire purchase. Essentially, the
information component is a database of user-submitted data.
The shipping and billing addresses, payment information (such as credit card numbers,
expiration dates, and security codes), and other specifics are all included in this data. The
fact that digital wallets are made up of both digital wallet systems and devices is the most
crucial factor to keep in mind. Some digital wallet solutions, like the Dunhill biometric
wallet, combine a Bluetooth mobile connection with a physical device for storing cash and
credit cards.Advantages of M-Wallet
The several advantages of M-wallet include
Lower Price
Nowadays, cash is not needed to make purchases because tapping on a mobile device has
simplified the shopping procedure. The point of sale system lowers the cost of doing
business in transactions.
Competitive Benefit
Mobile wallet software gives clients a more comfortable transaction experience, offering
companies who use it a competitive edge in the market.
A modern mobile wallet introduces several business prospects and a bigger possibility for
revenue, opening up a completely new aspect to payment methods on broad marketplaces.
Convenience

Customers may make a purchase in a matter of seconds by touching on their mobile
device.Customers are satisfied since purchasing is made quicker and easier.
The following are some advantages of M-wallets:

Transact in payments from anywhere in the world.

Transfers are limitless.

Simple transfer and regular payments.

Utilise our mobile device to manage our account.

A prepaid MasterCard bearing the World Ventures logo is offered.

Protection of the credit card and bank account numbers.

After transactions, emails or SMS notifications

Quicker access to commissions.

Transfer funds from any bank account to our M-wallet.

Get money transferred or wired immediately into your M-wallet.

Any bank account in the globe.

Transfer money across M-wallets without disclosing personal account information.
RATIONALE FOR THE STUDY
Due to the government's demonetization programme, mobile wallet usage has become
more widely known among Indians. The adoption of M- wallets was restricted by several
security concerns and risk factors. Studying user perceptions and understanding of Mwallet usage in India is crucial. The M-wallet provider will benefit from an increase of
users in the future. This study will highlight a few of the difficulties users may encounter
while utilising e-wallets for their financial activities. This study also discovered that the
demonetization accelerated the development of E-wallets in India.
Categories of M-wallets

Open wallets, semi-open wallets, closed wallets, and semi-closed wallets are the
four subtypes of M wallets.

Open Wallets: As the name suggests, open wallets are accessible to a wide range
of services, enabling users to make purchases, send money to others, and withdraw
money from ATMs and banks.

Semi-open Wallets: These wallets must be linked to a certain company in order to
function. Customers can load funds into an app and utilise those funds to make
purchases.

• Closed wallets: They are particularly well-liked with e-commerce businesses. In
the event that a customer returns or cancels a purchase, the merchant reserves a
certain minimum amount.

Semi-Closed Wallets: With the caveat that they do not offer redemption or
withdrawals, these wallets are highly sought after by retailers. This wallet enables
you to establish an account in your name by making purchases from the listed
merchants.

India's digital wallet : A ground-breaking method of mobile payment in India is
PhonePe. On PhonePe, you can do anything from UPI payments to recharges,
money transfers to online bill payments. PhonePe provides you with the safest and
quickest online payment experience in India, making it much superior than Internet
Banking.

Google Wallet Google developed Google Pay, a digital wallet platform and online
payment system that enables users to make payments with Android phones, tablets,
or watches, in order to support in-app and tap-to-pay transactions on mobile
devices.

Airtel Cash Users may simply reload prepaid accounts or pay postpaid bills with
the Airtel Money app. If you have money put into your digital wallet, you may also
purchase online. Additionally, it is incredibly secure since you need a 4-digit mPin
for every purchase or transaction you complete.

Citimasterpass Citi Master Pass, a free digital wallet, speeds up the checkout
process while purchasing online. Simply click the Master Pass button once you've
entered all your payment and shipping information into your Citi Wallet, and it will
handle the rest.

Citrus Pay One of the most popular e-wallets in India, Citrus Pay, provides
payment options for both companies and consumers through its Citrus wallet. It has
unquestionably earned its place as one among the finest mobile wallets in India
with a huge client base of 800 million users.

Ezetap: Founded in 2011, Bangalore-based Ezetap provides company owners with
ways to take card payments using smart devices. Additionally, it delivers electronic
receipts to clients via email or SMS.

Freecharge: Freecharge, one of the most well-known brands in India right now
for digital payments, is well-known for focusing all of their marketing efforts on
young people. It's a terrific way to save money by receiving equal amounts of
coupons for each recharge you complete.

HDFC Pay Zapp : HDFC Pay Zapp, One of the most popular online wallets in
India makes digital payment processing simple with one-click transactions. The
software allows users to effortlessly compare hotel and travel prices, as well as to
purchase music and make payments. Once you've connected your debit or credit
card, you can stop worrying about paying bills.

Pocket by ICICI They do have a very nifty wallet software, however you might
find a Pocket card superfluous given that you're using an e-wallet app to avoid using
a card. It is powered by VISA and can be used to pay your friends quickly and
effortlessly on any Indian website as well as to send money to email addresses and
WhatsApp connections.

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 A payment browser called JusPay Safe processes more than 650
transactions every day. They provide a browser that allows customers to rapidly
pay with cards with only two clicks.

LIME: Launched by AXIS in 2015, Lime LIME was the first smartphone app in
India to offer wallets, shopping, payments, and banking. They allow you to track
your expenditure in addition to doing the usual tasks, including processing
payments. Their ingenious feature that collects all of your spare change and invests
it in both a deposit and a shared wallet tool has surely earned them a spot on the top
list of mobile wallets in India.

Mobikwik Indian electronic wallet service Mobikwik is based in Gurgaon and lets
users keep their money. With only one tap, users of this digital wallet, which Bipin
Singh and Upasana Taku established in 2009, may recharge, pay bills, and complete
transactions with third parties.

Momoexpress : MomoeXpress, an Indian digital wallet with headquarters in
Bangalore, promises to offer the quickest checkout process. Despite only being
present in Bangalore, they provide a variety of services to locals there. There are
more than 3000 shops at your disposal, from paying for your rickshaw trip to
hairdressers and spas.

MoneyOnMobile The Reserve Bank of India has granted MoneyOnMobile
permission to allow consumers to purchase goods, services, and merchandise from
registered merchants. With millions of users and access to distant parts of the
country, it is a bilingual software that enables online payments for a sizable portion
of the population.

Mswipe The first mobile point-of-sale system, called Mswipe, was launched in
India in 2012. They do offer a device that can be connected to your mobile device
in order to accept card payments, even if they don't really provide an app. This app,
while not technically a digital wallet, does enable cashless transactions.

Olamoney In India, Ola launched its digital wallet, Ola Money, in 2015. It may be
used for a variety of items, including buying groceries or plane tickets, but is mostly
used to pay for Ola cab rides, making cashless travel a reality.

Oxigen, a FinTech company founded in July 2004, is one of the primary providers
of digital payment in India. You can send gift cards and online messages to loved
ones.

Paymate Ajay Adiseshann started PayMate in 2006, and the company released
PayPOS in 2012 as a way for small business owners to easily accept debit and credit
card payments and conduct online transactions.
• Paytm Paytm, which debuted in 2010, is currently the most well-known mobile wallet
app in India. Since Paytm payments are practically accepted everywhere, it is tough to
avoid making the full transition. Paytm allows users to accomplish almost anything,
including everything from pay cell phone bills to buy movie tickets.
• PayUmoney: A subsidiary of PayU India, PayUmoney is a free payment gateway service
that enables companies to accept payments from customers using debit/credit cards, net
banking, and other options. For companies without websites, they also provide SMS and
email invoicing services.
Buddy State Bank State Bank of India's online wallet, State Bank Buddy, is offered in 13
different languages in India. Users (including those without SBI accounts) may send money
to other bank accounts or via Facebook, book hotels or movie tickets, and do a lot more.
MOBILE WALLET OVERVIEW
Going back in time, the idea of the "Digital Wallet" is where the mobile wallet concept
was born. The patent was originally submitted in the US in 1996 by Sam Pitroda, the
creator of Digital Wallet. Specifically, he "professed that a digital wallet would consist of
a liquid crystal display not much larger than a regular plastic bank card, with 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." (2010) Pitroda S., Desai
M.
The term "Mobile Wallet" has not yet been given a clear meaning by a particular
academicMobile wallets are described as "software applications 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" in the NonConfidential GSMA White Paper. The user may handle a wide range of mobile NFC
[Near Field Communication] services from several businesses using the mobile wallet,
according to GSMA (2012). In other words, a mobile wallet is "formed" when your
smartphone behaves like a leather wallet, allowing you to keep digital cards, receipts,
coupons, money (transactions), and more on it. This suggests that you download
programmes developed by companies like Google Inc., Apple Inc., or PayPal to your
phone and use those programmes to pay for the items you have directly purchased (online
or offline).
According to Kevin Erickson (2013), a technology writer from the US-based Credera (a
technology consulting organisation), mobile wallets aim to provide the following
functionalities for a single user:
• Showcase and save discounts or account offers from companies that customers have
subscribed to or interacted with
Find current specials and deals at various business locations.
• Provide a search engine and tool for evaluating local businesses like stores and
restaurantsact as a credit and debit card payment method.
Top five digital wallets in India

PAYTM: Launched in 2010, Paytm is an Indian e-commerce retail platform with
its headquarters in Noida. One97 Communications owns it. The business started
off by providing mobile recharging before moving on to bill payment and ecommerce in India, where it sold products that competed with those from Flipkart,
Amazon, and Snapdeal. 2015 saw the RBI grant Paytm a licence to create India's
first payments bank. The Paytm QR code supports both offline transactions like
mobile recharges, utility bill payments, travel, movie ticket purchases, and event
registrations as well as online transactions like parking, tolls, pharmacies, and
dining establishments. [On November 18, 2016, PayPal, a company based in
California, complained to the Indian trademark authority about Paytm's use of a
logo that was similar to its own.[3] As of January 2018, Paytm's market value was
$10 billion.

MOBIKWIK: Founded in 2009 by Bipin Preet Singh and Upasana Taku,
Mobikwik is an Indian mobile wallet and online payment system with
headquarters in Gurgaon. It has partnerships with a number of online retailers,
including e-Bay, BookMyShow, Dominos, Shopclues, and Snapdeal, to make
their wallets accessible as a payment method on e-commerce websites. Mobikwik
allows for the recharging of prepaid mobile, DTH, and data cards as well as the
utility payments for power, gas and landline connections, as well as postpaid
mobile bills. Customers add money to an online wallet so they can make
purchases. In 2013, the Reserve Bank of India authorised the business to utilise
the MobiKwik wallet, and in May 2016, the business began providing small loans
to consumers as part of its service. For people who utilise obsolete 2G mobile
networks and reside in areas with poor internet connection, the company
developed its MobiKwik Lite mobile app in November 2016. As of November
2016, the company reported having 1.5 million merchants using its service and a
user base of 55 million customers.

BHIM: Bharat Interface for Money (BHIM) is a smartphone application built
using the Unified Payment Interface (UPI) by National Payments Corporation of
India (NPCI). On December 30, 2016, during the Digi Dhan Mela at the Talkatora
Stadium in New Delhi, Prime Minister Narendra Modi debuted it. It was created
to support epayments made directly through banks as part of the 2016 Indian
banknote demonetisation and push towards cashless transactions, and it bears B.
R. Ambedkar's name.

OXIGEN: Being linked with NPCI (National Payments Corporation of India),
Oxigen is the first virtual wallet in India to support instant money transfers at any
time. Mr. Pramod Saxena established Oxigen Services India Pvt. Ltd. in July 2004
in collaboration with Blue Label Telecom, a South African business, with the goal
of providing services to the general population of India through a virtual network
for payments and services. The RBI has authorised this mobile wallet. Oxigen has
now handled more than 2 billion transactions in 2015. With the assistance of Blue
Label Telecom, the business was founded in 2004 by an IIT Roorkee alumni, and
it was listed on the South African Stock Exchange.
• The supplier of payment solutions enables clients to pay utility bills, recharge
mobile/DTH services, move money between accounts, use the Oxigen Wallet, and make
other similar payments. As of January 2016, the company purportedly completed 2
billion transactions across 200,000 active retail establishments. According to a study
from June 2016, Oxigen has a client base of more than 150 million people and a
transaction volume rate of 600 million per year.
FREECHARGE: An e-commerce website called Free Charge is based in Mumbai,
Maharashtra. In August 2010, Kunal Shah and Sandeep Tandon launched Freecharge.
Any prepaid mobile phone, postpaid mobile phone, DTH, and Datacards in India may be
recharged online with this service.
To reward consumers that recharge with them, Freecharge has partnered with some of the
greatest and most well-known food brands, like Peter England, McD, and KFC.
Gurgaon is home to the e-commerce website FreeCharge. Any prepaid mobile phone,
postpaid mobile phone, DTH, and data cards in India may be recharged online with this
service. After rival MakeMyTrip's purchase of Ibibo, Snapdeal purchased Freecharge on
April 8, 2015, marking both the largest venture capital exit in India to date and the secondlargest takeover in the Indian e-commerce sector to date. The transaction involved about
$400 million USD in cash and shares. For $60 million, Axis Bank purchased FreeCharge
on July 27, 2017.
LITERATURE REVIEW
This section discusses some of the fundamental ideas behind customer acceptance of
technology innovations or any innovation at all.
Concept of adoption
"Adoption" is one of the oldest and most significant notions in the literature on the
dissemination of innovations (Eveland, 1979). A procedure, an event, or a state of being
can all be referred to as adoption, sometimes all at once.Adoption carries a lot of good
connotations and a sense of closure. According to Zenobia (2008), "Adopters are those
who adopt as opposed to rejecters who choose not to adopt or non-adopters who have not
yet started the process of becoming adopters. Adoption idea has been used as the major
variable in many diffusion of innovation studies, and it has effectively provided the
primary foundation for generalizability (Eveland, 1979).
Zenobia (2008) summarized the Rogers (2003, 5th edition) proposed three different
adoption options in his book Diffusion of Innovations: - A single person, such as the
consumer, decides whether to adopt optionally. - A decision about collective adoption is
made by group consensus. - The choice to accept authority is made by a very small
number of people who are in positions of power, prestige, or technical expertise within a
group. This research study will primarily focus on customers' optional adoption choices,
which implies that it will examine consumer adoption choices. The term "optional" does
not, however, indicate that the adoption was made without consideration of outside
influences like other people's opinions (family, friends, etc.) or the impact of the image
that an advertising agency imposed (Katz, 1962). As a result, adoption is fundamentally a
social activity (Zenobia, 2008).
Innovation-decision process
According to Rogers (1983, p. 165), the innovation-decision process is "a process
through which an individual (or other-decision making unit) passes from first knowledge
of an innovation, to forming an attitude towards the innovation, to a decision to adopt or
reject, to implementation of the new idea, and to confirmation of this decision" (Figure
4). The method was named the Technology Adoption Decision Process (TADP) by
Zenobia (2008), and it is also the model that has been referenced the most frequently. The
TADP model is ideally suited for use in a wide range of investigations, including those of
this size (Ettlie, 1980).
Rogers (1983, p. 163) lists 5 steps that make up this conceptualization:
- Knowledge: An individual is made aware of the presence of an invention so that she or
he can develop a fundamental grasp of the functionality of the innovation.
-Persuasion: An individual develops favourable or unfavourable views towards the
invention.
-Decision: When an individual takes actions that influence their decision to accept or
reject innovation.
Implementation is the act of a person putting an idea to use. When a person needs
confirmation of an innovative decision they have already made. In the event if the
innovation's signals clash, he or she may also choose to go back on the earlier choice.
Knowledge stage
Knowledge stage inaugurates when an individual is introduced about the existence of a
person can learn a little bit about the functionality of the invention (Rogers, 1983, p.
164). It's interesting to note that the person unintentionally picks up the existence signal
of innovation, according to Rogers (1983). As a result, until people are aware that
innovation exists, they cannot actively seek it out. As we can see, in the medical sphere,
doctors and other medical professionals are able to learn about new medications that are
already on the market thanks to communication channels and messages like salespeople
and marketing efforts (Coleman, 1966). With mobile wallet, the situation is the same.
The business stakeholders in Finland have a responsibility to disseminate the information
by running advertisements, writing blogs, or organising seminars to enlighten the public
about mobile wallets.
In this stage, Rogers (1983, p. 167) brought up the dichotomy of need vs awareness.
"Does a need precede knowledge of a new idea, or does knowledge of an innovation
create a need for that new idea?" he questioned. He clarified that up until 1983, there had
not been any study that could adequately address this subject. A person may have a need
while they are aware of an invention, and vice versa; when they are in need, they will
look for the information. As a result, consumer adoption might be motivated by
knowledge of an innovation's existence (Rogers, 1983 P 168). Rogers (1983) also
highlighted different information types and how they affect customer awareness.
However, this section won't receive much attention in this essay.
Persuasion stage
The mere fact that someone is aware of the invention does not guarantee they will use it.
The adoption will be impacted by the decision-making unit's features.
They are social standing, beliefs, etc.Such a person might not find the new innovation
valuable for him or that it fits into his circumstances at the time. The knowledge will
continue to move through the innovation-decision process in order to become relevant.
The persuading phase begins at this point.
At this point, a person develops a positive or negative attitude towards innovation
(Rogers, 1983, p. 169). The knowledge that person knows right now will cause them to
think psychologically. He'll look for further details on the invention. Therefore, it's
crucial that he uses the knowledge that he finds how he analyses the signals he gets in
order to further his own understanding.
It's possible to consider innovation to be quite unclear (Feldman, 1994). As a result, it
causes a certain amount of doubt in the person, which makes him feel the need for social
reinforcement of his attitudes towards the new notion. To make sure he is "walking" in
the correct direction, he wants to compare his ideas to those of others.
During this phase, customers frequently inquire about the following: "What are the
effects of the innovation?" and "What are its advantages and disadvantages in my
circumstance?" (1983, Rogers, p. 170). people questions ought to be answered by people
who developed mobile wallets. This has a major impact on whether people have a
positive or negative opinion of mobile wallets.
Adoption or rejection does not directly follow from the development of these attitudes.
But it does develop a propensity. Undoubtedly, we are frequently persuaded to accept a
new thought when someone informs us of its favourable reputation (Rogers, 1983, p.
170). However, if the innovation is unwelcome, support for rejection [rather than
acceptance] will be sought (Seligman, 2006, p. 116).
Deciding Phase
When a person (or other decision-making unit) engages in actions that result in the
adoption or rejection of an invention, the decision stage is said to have occurred. The
choice to employ an invention is referred to as adoption. Furthermore, rejecting an
invention means choosing not to use it (Rogers, 1983, p. 172).
In actuality, if customers haven't used the innovation yet, they won't embrace it. It is vital
to assess the invention to determine its applicability to one's circumstances. In other
situations, the invention cannot be tested.
As a result, ideas that can be tested in smaller groups will have a greater chance of being
accepted quickly (p. 172). Seligman (2006) expressed a position that was similar to ours,
stating that "partial adoption and vicarious trial adoption allow the individual encounter
new stimuli for further adjustment of perceptions of technology for understanding how
the innovation can be incorporated into the individual's environment." Distribution of free
samples to customers/clients is one of the ideas suggested to help with innovation testing
(Rogers, 1983).
Implementing a mobile wallet trial is difficult since it involves many different parties
who are involved in the operation and might be expensive. To test mobile wallet, it could
be necessary for marketing teams to come up with clever and original ideas.
It is difficult to overlook that at this point, a person might reject the invention for a
number of reasons. Eveland (1979) created 2 distinct categories of rejections:
-Active rejection: When a person considers adopting an invention (with or without trying
it out) but ultimately chooses against doing so.
-Passive rejection (or non-adoption): When a person never gives the invention a second
thought.
Implementation stage
Implementation happens when a person (or other decision-making unit) uses an invention
and looks for technical information to support the implementation (Rogers, 1983, p. 174)
(Seligman, 2006). The queries "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?" are
likely to come up for customers in this stage, according to Rogers (1983). (p. 174). In the
context of the mobile wallet instance, the businesses should be accountable for making
these solutions accessible to customers and providing them with technical support as
needed.
In this implementation stage, Rogers (1983) proposed the concept of "reinvention" of
technology. According to Rogers (1983, p. 176), it indicated "the extent to which an
innovation is changed or modified by the user in the process of its adoption and
implementation." Simply put, innovation is adaptive and perhaps even evolutionary
(Swanson, 1994).
The implementation phase may come to a close at this point when the new invention gets
institutionalised and regularised as a part of the adopter's continuing activity.
Additionally, it may signal the end of the entire innovation-decision process for the
majority of consumers. However, for some people, it may go on to the last step, known as
"the confirmation stage" (Rogers, 1983, p. 175).
Confirmation stage
The innovation-decision process model ends with this phase. If the person (or other
decision-making unit) receives contradictory messages from the innovation, he may
decide to change his mind (Rogers, 1983, p. 184). The individual (or other decisionmaking unit) wants the reinforcement for the innovation decision that he has already
made. Depending on the facts he gets, the person may be encouraged by dissonance and
change his mind (Seligman, 2006, p. 117).
Rogers (1983) proposed that the agents be required to perform the extra task of
conveying supportive messages to customers in order to avoid the "conflicting message"
from occurring. The agent's belief that adoption will continue automatically once it is
achieved, he said, is one explanation for the high incidence of discontinuation in
inventions. However, if consumer efforts are not maintained, the discontinuation will
occur since most consumers' brains already contain negative messages about innovation
(Rogers, 1983, p. 186).
Potential determinants of customer acceptance of mobile payments A study paper titled
"Exploring Consumer Adoption of Mobile Payments - A Qualitative Study" was released
in 2006 by Niina Mallat of the Helsinki School of Economics in Finland. In this work, a
qualitative research approach was used to investigate customer acceptance of mobile
payments. Since the respondents were from the Helsinki metropolitan region in Finland,
six focus group sessions were established and conducted in late 2002 to gather the
empirical data (Mallat, 2006).
OBJECTIVES OF THE STUDY

To research young awareness of mobile wallets in India

To determine the preference of mobile wallets among young people following the
effects of demonetization, as well as to investigate how users see mobile wallets.

To determine how demographic characteristics, affect customer choice for mobile
wallet.

To determine the variables influencing consumer choice for mobile wallet.
RESEARCH METHODOLOGY
Meaning of research
Research is defined as the creation of new knowledge and the creative use of already
available knowledge to offer new concepts, theories, and understandings. "Research is a
careful, methodical, and objective investigation conducted to obtain true facts, reach
judgements, and establish rules regarding a specific issue in some field of knowledge."
Research Methodology
Research methods can be used to carefully tackle the research challenge. It may be thought
of as a science that investigates how scientific research is carried out. “ Research
methodology is the methodical, theoretical evaluation of the methodologies employed in a
field of study. In order to address an issue, it involves strategies for describing, analysing,
and anticipating events; it is the "hows"; the process or procedures of conducting research.
A methodology does not aim to provide solutions, but it does provide the theoretical
groundwork for understanding which process, or combination of processes, may be
deployed to a specific situation. Research methodology includes all of the following:
research designs, target populations, sample sizes and sampling methodologies, data
collection instruments, and data processing techniques.
Research design
The study's management value is influenced by the fact that it was carried out utilising a
questionnaire, in which several questions were answered to help the company's strategies
be refined. Customers' reviews of the services' quality are investigated and examined. The
research aids the business in concentrating on areas for development and the kinds of
modifications that need to be made. If the survey results are favourable towards the
product, it spurs them on to implement additional policies and programmes. Additionally,
it offers client feedback that benefits the business by reflecting on their overall
performance.
In order to improve all of its workers' capabilities and competitive skills, the firm goes to
great lengths to upskill and continuously train them.
Target audience
My research is focused on professionals, students, and others in India who are familiar
with Instagram.
Investigational methodology
Exploratory research was done for the project. A strong research design consistently has
an outstanding impact on the data and elevates the reliability of the gathered and evaluated
research data. The optimal study design is sometimes regarded as the one that produces the
fewest errors.
Hypothesis of the study
A hypothesis is either a put out explanation for an event that has been seen or a wellsupported forecast of a possible unintended relationship between multiple phenomena. In
Greek, where the word "hypostenia" initially arose, it meant "to put under" or "to suppose."
two types of separate hypotheses
A null hypothesis is one that might be disproved by the evidence provided by the observed
data. This often puts forward an overarching or default stance, like there is no distinction
between the therapy and the control.
Alternative theory: The constraint being evaluated is invalid. Simply said, it is the opposite
of the null hypothesis.
This investigation is detailed. After demonetization, a significant section of the populace
expressed fear about using mobile wallet or online banking programmes to pay bills, etc.
Primary and secondary data are used in this study. Information is gathered from students
at several Kanpur-area colleges. Since the data is only gathered once and is finished in
two months, this study is cross-sectional. It uses convenience sampling. A Google Docs
document was used to generate an online survey that was distributed to responders in
order to gather data. Based on previously completed research projects, factors extracted
from a literature analysis, expert views, and a pilot study, the questionnaire was
constructed and organised.
The SPSS (statistics software for the Social Sciences) statistics software and ANOVA
statistical tool are used to analyse the data that has been gathered.
FINDINGS
Sixty two percent of responders are men and 38 percent are women. In the survey, 24%
of respondents are under 25, 42% are in their 25s to 35s, 16% are in their 36s to 45s, 10%
are in their 46s to 55s, and 8% are above 55.
•10% of respondents have completed their high school education, 12% have earned
diplomas, 54% have earned their undergrad degrees, 18% have earned their postgraduate
degrees, and 6% have earned other degrees.
•14% of respondents said they worked for the government, 64% said they worked in the
private sector, 10% claimed they were students, and 12% said they did not know.
•Only 34% of respondents and 66% of respondents are completely and fully aware of the
functions of electronic wallets, respectively.
•In response to a question 44% of respondents indicated social media as their primary
source of e-wallet knowledge, followed by 34% friends, 10% periodicals, and 12%
television.
• Every responder uses an electronic wallet to conduct financial activities.
•When asked why they chose an e-wallet over other payment methods, respondents gave
three responses: time savings (62%), ease of use (28%), and security (10%).
•When asked which type of wallet they prefer most often, 12% of respondents replied
Paytm, 16% said Phonepe, 54% said Google Pay, and 4% said Apple Pay.
Four percent of respondents said Freecharge, four percent mentioned Mobikwik, six
percent mentioned Amazonpay, and four percent mentioned others.
•When asked what their main reasons were for utilising an e-wallet, 16% of respondents
stated money transfers, 52% said recharges, 20% said bill payments, and 12% said all of
the above.
•When asked why they use an e-wallet, 10% said it made checkout quicker (saving time),
50% said it gave them access to coupons, rewards, and discounts, 8% said it made
shopping more convenient, 8% said it was more secure than using cash or a credit card,
6% said it was hassle-free, 14% said it saved them money, and 4% said it was for another
reason.
•When asked how often they use e-wallets, 10% of respondents indicated once to five
times, 14% once to ten times, 20% once to fifteen times, and 56% once to more than
fifteen times.
• When asked how frequently they used their e-wallets prior to demonetization, 16%
replied weekly and 84% stated monthly.
•When asked how often they use their e-wallets after demonetization, 12% of respondents
replied everyday, 54% said once a week, and 34% said once a month.
•When asked how to make payments using an e-wallet, 22% of respondents replied
scanning a QR code, 20% said using a UPI ID, and 58% said using a third-party
application.
•When asked if they agree or disagree that e-wallet usage has increased since
demonetization, 86% of respondents said they agree and 14% said they disagree.
•Every responder concurred that the use of e-wallets is increased by cash back incentives.
•92% of respondents say they are satisfied, while 8% say they are neutral.
•Everyone who responded is likely to want to keep using the e-wallet.
•Only 24% of respondents said they had trouble using their electronic wallets, while 76%
said they had no trouble at all.
•58.3% of respondents claimed that setting up would take too long, and 41.7% said that it
couldn't be utilised for international transactions.
CONCLUSION
The purpose of this study was to determine how E-wallets were developing in India. The
survey showed that most individuals are aware of electronic wallets and that most
educated people routinely use them for financial transactions.
The majority of customers choose Google Pay as their electronic wallet. E-wallets will
undoubtedly change the other online payment methods in the future. The E-wallet's users
are quite happy with how it works. Some of the elements that influence the user's choice
Pricing (transaction fees, service fees), Convenience, Ease of Use, Brand Loyalty,
Secured Privacy, Utility of Innovation, and E-Wallet Usefulness are factors to consider
while selecting e-wallets. Following demonetization, e-wallet usage has swiftly
expanded, aiding in the expansion of the industry in India. However, there are several
areas where e-wallet providers may do better.
MANAGERIAL IMPLICATIONS AND FUTURE RESEARCH DIRECTIONS
People should be completely aware of the operation of electronic wallets in order to reap
the full benefits of utilising them.
•Instead of utilising alternative payment methods, users should start using e-wallets for
their financial activities.
•To promote the use of e-wallets, the bank system should be properly connected with
them.
•Small vendors like vegetable dealers, tea shops, and platform-based enterprises should
incorporate e-wallets.
•The E-wallet providers must increase vendor awareness in the smaller market and
improve integration.
•The Indian government needs to push businesses to accept payments using electronic
wallets.
•Providers should strengthen the security of E-wallets.
•Payment failure should be prevented going forward, and users should receive cash
refunds swiftly. Cash refunds may take three days to a week.
•In order to enhance e-wallet usage in the future, e-wallet providers could provide more
cash back incentives, scratch cards, and discounts to increase their usage. They should
also encourage others to use e-wallets.
•In the future, all transactions should be supported via e-wallets.
•International transactions should be available, and transaction times should be kept to a
minimum.
Limitations
Unawareness of the mobile wallet and a lack of familiarity with its use.
• The platform's unavailability.
•Some respondents don't respond to all the questions, which causes a delay in data
collecting
•The study's time frame was constrained.
•The main method of data gathering was a single questionnaire. The responders'
responses might not be correct.
•Due to scheduling constraints, the study's sample size was capped at 50.
•As M-Wallet usage varies from person to person, the study's conclusions might not
apply to everyone.
REFERENCES
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.
ANNEXURES
QUESSIONNAIRE
Q1. Your age
o 18-25
o 26-35
o 36-45
o oAbove 45
Q2. Occupation
o Student
o Employee
o Self employed
o Business
o oHome 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
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 of?
o Paytm
o Mobikwik
o Citrus
o Oxigen
o Free charge
o oAny other
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
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?