CONSUMER’S PERCEPTION ON INCREASING USE OF MOBILE WALLETS IN INDIA

Abstract

TheItermIpaymentIisIasIoldIasIhumanIcivilization,IsinceIthenItheIpaymentIindustryIhasIundergoneIaIdr asticItransitionIfromIbarterIsystemItoIvirtualIpayments(mobileIwallets).BarterIsystemIanIageIoldImetho dIofIexchangeIwhichIhasIbeenIusedIforIcenturiesIlongIbeforeImoneyIwasIinvented,IpeopleIexchange dIgoodsIandIservicesIforIotherIgoodsIandIservicesIinIreturn.ITheItradingIsystemIexpandedIitsIbounda riesItowardsIexchangingIpreciousImetalsIlikeIcopper,Ibronze,IgoldIetc.IWithItheIadventIofItheIindustr ialIrevolutionIinItheI18thIcentury,IbankingIsystemIwasIadoptedIasIstandardIpaymentIandIasIaImoneta ryIregulatingIbody.IThisIledItoItheIdevelopmentIofIotherImodesIlikeIloans,IsavingsIa/c,IwithdrawalsI etc.IAfterItheIsuccessIofIbankingIsystem,IourIcashIbasedIsocietyIevolvedIthroughIinternet,IthisIledItoI buildingIupIofIvariousIelectronicIpaymentIsystemsIlikeIDebitIcard,ICreditIcard,IEchequesIandIisInowI pushingIintoItheIdigitalIfrontierIofIvirtualIwalletI(mobileIplatform).IMOBILEITECHNOLOGYI hasI paved I aI wayI throughIwhichIpeopleIandIbusinessesIbuyIandIsellItheIgoodsIandIservices.IWithI thisIadvancementIinItechnology,IthingsIaroundIusIhaveIdrasticallyIchanged.IAsIsmartIphonesIhaveI becomeImoreIaffordableI&Iprevalent,IitIcatersItoImansIcomfortI&IconveniencesIi.e.IorderingIfood,I onlineIshopping,IbookingI movieIticketsIetc. WithItheIintroductionIofIdigitalIwalIetsIinIearlyI90’sIpioneeredIbyISamIPitrodaIwithItheIvision,Iunde rlyingItheIneedsIofItheIcustomersanIeasyItoIuseIinterface,IabilityItoIsecurelyItransactIinItheIvirtualIandIrealIworld,IinIcameIappbasedIwalletsIsuchIasIPaytm,IMobikwik,IFreechargeIetc,IwhichIhasIbecomeIextremelyIconvenientIfor IaIpersonItoImakeIcashlessItransactions.IMobileIwalletIisIequivalentItoIphysicalIwallet,IitIprovidesIaIp latformIforItheIuserItoIkeepImoneyIinIitIasIthatIofIanIbankIaccountIi.e.ItheIuserIneedsItoImakeIanIa ccountIwithIaImobileIwalletIprovider,ImoneyIcanIbeIloadedItoItheIMwalletIaccountIusingIaIdebitIcard,IcreditIcard,IbankIaccountIetc.ITheImoneyIloadedIbyItheIuserIcanI beIusedItoIpayIforIgoodsI&Iservices,ItransferIfundsIfromItheirImobileIwalletIthroughIaIsimpleISMSI orIviaINearIFieldICommunicationsI(NFC)IorItheIwalletIservicesIthatItakesIinItheIusersIpaymentIinfor mationIandIpaysItheIusersIbillsIinstantlyIforIcertainIservices.IRBIIhasIincreasedItheImoneyIloadingIlimi tIfromIRsI5,000/-ItoIRsI1,00,000/-I.