CONSUMER’S PERCEPTION TOWARDS INCREASING USE OF MOBILE WALLETS

Abstract

Today’s world is engrossed with digital technology and trends, from daily bread to business, home to office implementation of electronic gadgets have become the part and parcel of the life. Dealing of financial issues with liquid cash is conquered with virtual cash. All the basic payment transactions of daily life can be completed on a single click in other words mobile payment system (i.e.) “MOBILE WALLET”, has changed the worlds payments system by providing multiple digital services right from utility payment to e-tailing. In India, the growing adoption of Smartphone’s and mobile internet has given a boost to the mobile wallet industry in India. Players like Paytm, Mobikwik, Freecharge, oxygen, citrus etc have taken Charge towards the payment system. There are currently about 25 mobile wallet payment gateways in INDIA out of which few payment system gateways are licensed by RBI as payment bank. The study provides the insights of the consumer’s behavior and preferences towards M-wallets. Findings reveals that security, necessity, time, satisfaction of the services used are the factors which influences the consumers towards M-wallets and the respondents also feel that M-wallet saves time and has made life easier. Moreover the study identified the hurdles that consumers face when they want to adopt M-wallet as their mode of payment, the study witnessed that security issue is the prime concern of the respondents. M-wallets play a significant role in day to day life with the increase in the use of smart phones and access to internet.