Impact Based Study on Mobile Wallets in India

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Anshuli Singh
Piyusha Rustagi


With the rapid technological advancements taking place around the world every day, mobile phones and internet connectivity have posed as one of the most significant inventions done by mankind. This was made possible with the inception of mobile wallets in the technological world. Mobile wallet is a virtual wallet that stores payment card information on mobile devices. The mobile wallet industry is estimated to grow 150% to approximately $4.4 billion by 2022. This accelerated increase is estimated due to increased adoption and inclusion of the platform that is backed by the government.

The present study aims to explain the impact and adoption of mobile wallets and consumer perception towards the same. A structured questionnaire was prepared for this study and data was collected from 299 valid respondents and factors affecting adoption and threats was analyzed using various statistical tools. An online survey was circulated and the data was collected through convenience sampling. The survey consisted of 15 objective questions which collected information regarding preference, adoption, threats and demographic details. Statistical analysis was performed on IBM SPSS 22. The data was tested for Reliability using Cronbach's Alpha, Normality using Shapiro-Wilks and ANOVA were performed to check significant difference in adoption, threat and preference for different groups of various demographic variables such as age, gender, occupation, education and income level. Regression analysis was also conducted using linear regression to check impact of variables such as ease to use  security and safety and accessibility on the reputation of the company.

The study showed many findings in relation to preference, adoption and threats relating to mobile wallets. Paytm emerged to be the current market leader with recharges and money transfer as the most popular services accessed. It was found that there was a significant difference for adoption of mobile wallets among age groups of 16-25 & 36-45 and Students & Businessmen with the first group in each case showing favorable outcomes in adoption. Another finding was the presence of significant difference in relation to preference of mobile wallet over other cashless alternatives among the group of Student & Businessmen and the low income (0-15 lakhs per annum) and high income groups (16 lakhs and above per annum) with the latter group preferring other alternatives in both the situation. The study suffers from the limitation of sampling and since the data was collected through surveys it is open to subjective bias as well. Time constraint is also a major limitation of this study. The implication of the study is to determine factors that affect the adoption and reputation of the company in this fast paced, rapidly growing industries so that current market players can work with the findings to adapt and change to retain their position in the industry and also to sustain their market share. The study was conducted with primary data and the analysis was performed personally with the finding being drawn on first hand basis indicating the utmost originality of the study. References for secondary data are also mentioned in APA format.


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How to Cite
Singh, A. ., & Rustagi, P. . (2018). Impact Based Study on Mobile Wallets in India. Ramanujan International Journal of Business and Research, 3(1), 67–92.