See discussions, stats, and author profiles for this publication at: https://www.researchgate.

net/publication/343041661

"Factors affecting the consumer's adoption of E-wallets in India: An

empirical study"

Article · July 2020

CITATION READS

1 2,734

2 authors, including:

Viral Bhatt
SAL Institute of Management
53 PUBLICATIONS   11 CITATIONS   

SEE PROFILE

Some of the authors of this publication are also working on these related projects:

The aim of the paper is to present findings of research into growth of road projects globally and locally under the PPP (Public Private Partnership) mode. A Pearson
correlation analysis is performed to identify the relationship among Gujarat, India and world‟s scenario in PPP projects. Data was collected from various official
departments. A high correlation was identified among the local, national and international scenario. PPP provides ample diversity of net benefits to both public and
private sector. This is the first kind of comparison made which was not done by anyone previously. The findings help the decision makers of PPP projects by knowing its
strong correlation locally, nationally and globally. View project

"A STUDY ON FACTORS INFLUENCING CONSUMER'S PREFERENCE WHILE MAKING PURCHASE DECISION OF FIRST OWN CAR IN AHMEDABAD CITY" View project

All content following this page was uploaded by Viral Bhatt on 18 July 2020.

The user has requested enhancement of the downloaded file.

Alochana Chakra Journal ISSN NO:2231-3990

“Factors affecting the consumer’s adoption of E-wallets in India: An

empirical study”
First Author Second Author
Hiteshi Ajmera Dr.Viral Bhatt
Assistant Professor Director
LJ Institute of Management Studies SAL Institute of Management
Ahmedabad Ahmedabad

Abstract
As the cashless sector is growing in the economy, we can see its presence and impact on various
segments especially E-wallets has eased the way business transactions are carried out. E-wallet is
emerging as an exceedingly huge approach. The Researcher has administrated the cross sectional
survey in Ahmedabad city and collected the data from the respondents who are using the E-wallet
application. Structured Questionnaire has been applied and targeted to those clusters where the
consumers are availing E-wallet services. A sample size of 420 respondents is targeted from the
various areas of Ahmedabad. The study tries to focus on the categorical variables like gender, age,
occupation, income, education and qualification and various questions related to factors affecting the
adoption of E-wallets. The researcher also focuses on understanding the opinion of consumers with
respect to perceived service quality, perceived trust, perceived benefits and perceived satisfaction.
Attitude Likert Scale has been applied to understand the intensity of satisfaction and in turn adoption
of E-wallet by consumers on different statements framed within the questionnaire. Eventually
researcher also considers one of the independent variable as dependent variable; overall perceived
satisfaction to ascertain the effects of other three independent variables on perceived satisfaction
derived which in turn lead to consumer’s adoption of E-wallets.

1. Introduction

Amazing shifts in the digitization of payments has been seen in the last 24 months in
India. Demonetization by Modi government has provided a strong impetus for consumers to move
from cash to non-cash payment methods, and while the transaction levels seen in the months
immediately post demonetization have not only sustained but a new normal has been found.
Cash crunch had a significant influence on Intention to use the mobile wallet, though it did not
significantly influence the perceived security. (Krishna Kumar, Dr.C.Sivashanmugam, Ajay
Venkataraman,2017).
Increase in merchant outlets, as well as proliferation of UPI that provides a simple and convenient
way to transfer money across bank accounts has paved a way for increased adoption of digital
instruments. Overall, the proportion of cash transactions in the total consumer spending in the country
has come down from 78% in 2015 to 68% in 2017(Source: RBI).
Interestingly, a large part of the activity in the digital payments space has been led by non-
banks. PayTM, one of the leading mobile wallets in the country, claims to have acquired more than 5
million merchants using QR code, a technology which has gained significant prominence in

Volume IX, Issue VI, June/2020 Page No:1081

Alochana Chakra Journal ISSN NO:2231-3990

developing countries like China. Most of them after demonetization have shifted to PayTM. PayTM is
not only used online but offline as well. (Pooja Patil, 2017).
Digital giants like Google and Facebook offer seamless payment services leveraging UPI through
Google Pay and WhatsApp Pay respectively. E-commerce companies like Flipkart also offer
payments solutions through PhonePe. It is clear that mobile wallet will alter the other modes of online
payment in future. The users of mobile wallet are much satisfied on its usage. Factors like brand
loyalty, convenience of shopping plays an important role in adoption of mobile wallet .Security and
safety of funds plays a challenging factor for the users. (Dr.S.Manikandan, J.MaryJayakodi,2017).
Digital payments is expected to evolve rapidly over the next few years, and non-cash spend to
overtake cash spend by 2020. Digital wallet is quickly becoming mainstream mode of online payment
due to convenience and ease of use. However, the challenges were security of funds and dependency
on internet connection a major reason for less adoption. (Hem Shweta Rathore,2016).
The central bank’s directive that all wallet issuers follow strict KYC guidelines starting 1 st March
caused considerable disruption, as customers struggled to get their KYC done amidst inadequate
infrastructure. The record transaction value shows wallet companies, which were struggling to set up
compliance infrastructure and convince users to provide know-your-customer (KYC) documents,
have survived the storm and signed up new customers. Being a new product as compared to
debit/credit cards, customer education is important so it is the duty of all the mobile wallet companies
to educate them. By doing this, sooner it will be a great success in global market. (M Manikandan and
Dr. S Chandramohan,2015).
The government launched BHIM-Aadhaar platform for merchants to facilitate digital payments. The BHIM
app enables every Indian citizen to pay digitally using their biometric data like their thumb imprint on a
merchants’ biometric-enabled device which could be smart phone having a biometric reader. While mobile
wallet payments have doubled in last one year, the use of debit and credit cards has been limited due to the
lack of available infrastructure in non-urban areas.

E-Wallets
E-wallet is a type of pre-paid account in which a user can store his/her money for any future online
transaction. An E-wallet is protected with a password. With the help of an E-wallet, one can make
payments for groceries, online purchases, and flight tickets, among others.
E-wallet has mainly two components, software and information. The software component stores
personal information and provides security and encryption of the data. The information component is
a database of details provided by the user which includes their name, shipping address, payment
method, amount to be paid, credit or debit card details, etc.

Volume IX, Issue VI, June/2020 Page No:1082

Alochana Chakra Journal ISSN NO:2231-3990

1. Pre Paid Payment.

Pre-paid payment instruments are type of payment solutions which can be used to purchase goods
and services, including fund transfer, against an amount which is stored in such instruments. The
amount in pre-paid instrument can be transferred by cash, by debit, or by credit card. The pre-
paid instruments include smart cards, internet accounts, internet wallets, mobile accounts and
mobile wallets.

2. Closed Payment.
These are usually issued by business houses or e-commerce companies, where some amount of
money is locked with the merchant in case of a cancellation or return of the order. Closed
payment instruments issued can be used to purchase goods and services from him or business.
These instruments do not permit cash withdrawal or redemption. No third party payments and
settlement are allowed in such instruments. Flipkart.com, Jabong.com, and Makemytrip.com offer
closed wallets.

3. Semi Closed Payment.

Semi-closed wallets such as Paytm, which do not permit cash withdrawal or redemption, but will
allow you to buy products at merchants which have tied up with them and also allows performing
financial services at listed locations. Other semi-closed wallets are Oxigen Services and Citrus
Payment.

4. Open System Payment.

Open System Payments like M-Pesa from Vodafone, ICICI Bank can be used for purchase
products, including funds transfer at any card accepting merchant locations and also permit cash
withdrawal at ATMs.

5. Semi Open System Payment.

Airtel Money is a semi-open wallet, which will allow the customer to transact with merchants at
PoS that have a tie-up with Airtel. You can't withdraw cash or get it back. Another example for
semi open is Gift Cards issued by banks.

Convenience and ease of doing the transaction are the key growth drivers of the Indian m- wallet
market. Digital wallet applications provide a more convenient transaction processing method for
customers, giving businesses that employ this technology a competitive edge in the market. However,
it was found that performance expectancy, social influence, facilitating conditions, perceived risk,
perceived value, perceived regulatory support, as well as promotional benefits, to be significant
factors in predicting behavioural intentions to adopt mobile wallet solutions. The impact of effort
expectancy was found to be statistically insignificant.(Khushbu Madan; Rajan Yadav 2016)

2. Literature Review:

Venkatesh, et al. [33] explored the variables affecting consumer integration of new information
technology innovations. They collectively formed a model called the Unified Theory of Acceptance
and Use of Technology (UTAUT) and suggested that individual reactions to using information
technology directly affect intentions to use information technology that in turn influences the actual
use of information technology.

Lee [34] investigated the impact of perceptions of interactivity on consumer trust and transactions in
mobile commerce and concluded that trust does in fact play a significant role in determining
consumer intentions for transactions.

Volume IX, Issue VI, June/2020 Page No:1083

Alochana Chakra Journal ISSN NO:2231-3990

Lin and Wang [35] examined the factors that contributed to customer loyalty in mobile commerce;
perceived value and trust were found to be directly related to customer satisfaction and customer
loyalty; customer satisfaction was also suggested to positively affect customer loyalty; and habit was
proposed to determine customer loyalty.

Kuo, Wu, and Deng [36] found that service quality positively influences both perceived value and
customer satisfaction. Perceived value positively influenced both customer satisfaction and post-
purchase intention and that customer satisfaction positively influenced post-purchase intention.

Luo, Zhang and Shim [37] examined trust and risk perceptions in the adoption stage of the wireless
Internet platform, suggesting a research model to suggest factors such as trust, risk, self-efficacy, and
performance expectancy which drive the consumer acceptance of mobile banking services.

Satadruti chakraborty and Dipa Mitra [28] examined that customers of digital wallet were satisfied
with the service provided to them. However, there were concerns over security and safety of the
funds.

V Nguyen, KhanhCa, Dang, HienAnh [29] found that perceived trust is the strongest predictor of
intention to use mobile payment services followed by perceived ease of use, perceived enjoyment,
perceived behavioural control, perceived usefulness and subjective norm, respectively.

Rupali Batra and Neha Kalra [30] established that there exists a huge untapped market for digital
wallets both in terms of increasing awareness as well as its usage. Security issues in terms of fear of
cash loss and lack of usability for international transactions are the prime barriers to its adoption.

İkram Daştan, Cem Gürler [31] examined that perceived trust, perceived mobility and attitude factors
have a positive effect on the adoption of Mobile Payment Services.

AbhijitTadse and Harmeet Singh Nannade [32] concluded that PayTm is currently performing well in
terms of privacy but it has to work upon discounts/offers, transaction time and bring about innovation
to increase customer satisfaction.

3. Model Development

Consumer’s intention towards adopting E-wallet

Intention refers to an individual's willingness to perform (Ajzen, 2003) or not to perform a specific
future behavior (Konerding, 1999). It has been considered as an important predictor of an individual's
behaviors (Ajzen, 2002, Castaneda Munoz-Leiva & luque 2007). The research tries to understand
various factors affecting the consumer’s adoption of E-wallets. The research has derived four major
areas: Perceived service quality, perceived satisfaction, perceived benefits and perceived trust.
These four factors directly influence the consumer’s intention to adopt. Based on the rigorous
literature review, four independent variables have been identified to evaluate them in context of
dependent variable of consumer’s intention to adopt E-wallets. After the rigorous process the model
with four independent variables and one dependent variable have been derived and discussed below.

Volume IX, Issue VI, June/2020 Page No:1084

Alochana Chakra Journal ISSN NO:2231-3990

Fig. 3.1 – Model to evaluate the buying intention of consumer due to four independent variables:

Perceived Perceived
Trust Satisfaction

Perceived
Perceived
Service
Intention Benefits
Quality to adopt E-
wallet by
consumer

3.1 Perceived Service Quality

Consumer's comparison between service expectation and service performance has been identified as
service quality in general terms. There is a subjective comparison that customers have between the
quality of service, which they receive and what they actually get (Parasurman et al., 1985; Gefen,
2002). The service quality is determined by the total utility received by the beneficiary of the service
(Alsamydai et al 2012). Research has identified e-service quality as a web-based service or an
interactive service that delivered on the internet (Ghosh et al 2004), where the overall customer
assessment and Judgment of e-service delivery in the virtual marketplace (Rowley 2006).

3.2 Perceived Satisfaction

Rust and Oliver (1994) were keen on measuring consumers’ satisfaction on new technology and
pointed out that for any new technology, product quality and its convenience decides consumers’
perception and influence satisfaction level and preference. However, there is still a need of in-depth
research on Indian consumers to identify factors influencing their perceived satisfaction towards any
new technology like mobile wallets. Several studies confirmed the positive association between
consumers’ perception and satisfaction of any new technology (Agus et al., 2007; Yang and Lee,
2010)

Volume IX, Issue VI, June/2020 Page No:1085

Alochana Chakra Journal ISSN NO:2231-3990

3.3 Perceived Benefits

The adoption of a new technology is also affected by perceptions of the benefits it offers to its users.
It is especially true in the case of adoption of consumer-based technology as compared to most of the
existing technology adoption studies which have been conducted mostly in an organizational context.
Companies involved in providing mobile wallet services often provide various kinds of benefits such
as app download cash rewards, coupon codes, cash discounts, loyalty points and other freebies. Such
PBs may prove to be an important antecedent to mobile wallet adoption considering the growing
competition and entry of new players into the mobile wallet landscape.

3.4 Perceived Trust

The degree of mutual trust that exists between a marketer and customer decides the success of the
relationship between them. Perceived trust (PT) has acted as a catalyst for the success of various new
IT/IS introduced in the recent past (Pham and Ho, 2014). Depending upon the security and privacy
policies followed by mobile wallet application providers determines how much consumers perceive
them to be trustworthy. Trust was considered to be an important factor in determining adoption
intentions for similar technologies by other researchers as well (Chong et al., 2012; Zhang et al.,
2012; Chong, 2013a, 2013b).

4. Research Process

The researcher has applied the cross sectional survey in Ahmedabad city and collected the
data/opinion from the respondents with regards to adoption of E-wallets, through structured
questionnaire. The researcher focuses to understand the opinion of the respondents with respect to
perceived service quality, perceived satisfaction, perceived benefits and perceived trust. Researcher
also considers the dependent variable as an overall outcome of the above mentioned independent
variables. The study primarily focuses on the following research objectives:

 To study the various demographic aspects of the consumer’s adoption pattern of E-wallet
 To establish the intensity of the relationships amongst various factors of consumer adoption
of E-wallet
 To measure the impact of each factor on consumer’s perceived satisfaction of using the E-
wallet

Research Design

(Aaker et al, 2001) defined research design as the detailed outline of the study which helps in
achievement of the research objectives and decisions related to research process and data collection
methods used. Descriptive research design is mainly applied where the researches wants to improve
on existing work. So here in this study, the researcher has used descriptive research design. Here the
researcher attempts on understanding the level of perception regarding various aspects like perceived
service quality (PSQ), perceived benefits (PB), perceived trust (PT) and perceived satisfaction (PS).
Here researcher evaluates the impact of all independent variables on dependent variable i.e. overall

Volume IX, Issue VI, June/2020 Page No:1086

Alochana Chakra Journal ISSN NO:2231-3990

outcomes. This is unique attempt made by researcher trying to derive new conclusions with fresh
collection of data in different geographical region, demographic profile and with different techniques.

Sampling Design

The collection of data has been done using structured questionnaire and applying purposive non-
probability sampling. While conducting the research the researcher has considered the age of people
15 to 75 years for a sample size of 420 respondents from the Ahmedabad city of Gujarat. They have
been classified into groups of age, gender, marital status, education, occupation and monthly income.

Statistical Tools and Techniques:

Researcher applied the tools like reliability, descriptive and hierarchical regression and correlation
analyses to understand the most influential factors amongst the all independent factors. Here
researcher has applied summated scale to derive the value of independent and dependent variables.
SPSS 2.0 and Ms Excel are used for the statistical analysis purpose.

5. Analysis

The data of 420 respondents were collected through structured questionnaire where the entire
questionnaire statements were related to the four independent variables perceived service quality
(PSQ), perceived trust (PT) perceived benefits (PB) and perceived satisfaction (PS). The purpose of
research is to understand the impact of four independent variables on overall outcomes on consumer’s
adoption of E-wallets. The first thing was to analyze the internal consistency of structured
questionnaire, whether respondents understand the meaning of the statements and they are consistent
while giving the response of the various statements. Hence the researcher has applied the tools
cronbach’s alpha to evaluate internal consistency of opinion given by the respondents.

Reliability of scale

Reliability of the scales was checked by computing Cronbach alpha, a measure of reliability
which found to be satisfactory. All the variables’ coefficient of alpha was above 0.6 specifying a
satisfactory internal consistency.

Reliability for Factors

Particulars Cronbach’s Alpha No. of items

PSQ 0.914 9
PT 0.897 8
PB 0.893 6
PS 0.917 8

Table 5.1

Regression analysis gives the understanding and estimation of the relationships among variables. It
helps in understanding how the distinctive value of dependent variable changes with the change in one
of the independent variable when other independent variables are unchanged. Now when the
researcher have established the linear relationship among the dependent variable and independent
variables, the researcher wish to estimate the degree of change in the value of dependent variable due
to change in independent variable.

Volume IX, Issue VI, June/2020 Page No:1087

Alochana Chakra Journal ISSN NO:2231-3990

To achieve the basic purpose of this research, here researcher want to measure the impact of various
independent factors like perceived service quality, perceived trust, perceived benefits on overall
satisfaction of consumer adoption of e-wallets. Therefore researcher applies multiple regressions to
evaluate the impact. The initial step for multiple regressions is to understand whether multiple
regression models of independent variables and dependent variable is valid or not.

Model Summary b

Model R R Adjusted Sts. R F df1 df2 Sig. F Durbin-

Square R Error of square change Change Watson
Square the change
estimate
1 .865a .748 .746 .41490 .748 400.590 3a 405 .000 2.002

Table 5.2

Y=a+β01x1+ β02x2+ β03x3+€

Where Y denotes overall adoption outcomes, a denotes constant, β01, β02, β03 are the respective
regression coefficient on overall adoption outcomes and x1, x2, x3 denote independent factors like
perceived service quality, trust, benefits and satisfaction respectively and € denotes error term. In the
model summary (Table 5.2) it is clearly indicated that sig value is .000 which is less than 0.05 it
indicates that the multiple regression model is significant, it also indicate that explained variance by
the independent variables create significant impact on the customer satisfaction while using various E-
wallets. Considering model summary value of R is .865 which is more than 0.50 shows the very
strong correlations amongst the independent variable and value of coefficient of determination R2 is
.748. This means 74.80% changes in the value of consumer satisfaction is possible in E-wallets
because of all four independent variables service quality, trust, benefits and satisfaction while
remaining 25.20% changes occurs because of all remaining factors. In the second column value of
adjusted R2 is very close to coefficient of the determination because all the three independent variables
significantly contribute in the changes of dependent variable. The Durbin Watson test value indicates
2.002 which almost touch the benchmark that means researcher does not violate the assumption of
serial auto correlations. The value of coefficient of determination indicate that variance explained by
three independent factors contribute more than unexplained variance.

ANOVAa

Model Sum of Df Mean Square F Sig.

Squares

Regression 206.875 3 68.958 400.590 .000b

1 Residual 69.718 405 .172

Total 276.593 408

a. Dependent variable: OPSAT

b. Predictors: (constant), OPT, OPB, OPSQ

Volume IX, Issue VI, June/2020 Page No:1088

Alochana Chakra Journal ISSN NO:2231-3990

Table 5.3

Coefficientsa

Model Unstandardized Standardized t Sig. Collinearity

Coefficients Coefficients Statistics

B Std. Error Beta Tolerance VIF

(Constant) .246 .107 2.292 .022

OPT .274 .050 .260 5.513 .000

1
OPB .447 .041 .461 10.848 .000

OPSQ .223 .048 .210 4.593 .000

a. Dependent variable: OPSAT

Table 4.4

From Table 4.4 researcher wants to understand the individual impact of each factors on dependent
variable, since this is cross sectional research therefore researcher emphasize on unstandardized
coefficient. The coefficient table first column indicates the value of constant and respective regression
coefficients of independent variables shows their relative impact on dependent variable overall
perceived satisfaction.

H1: there is a significant impact of perceived service quality on overall perceived satisfaction
H2: there is a significant impact of perceived trust on overall perceived satisfaction
H3: there is a significant impact of perceived benefits on overall perceived satisfaction

Here the fifth column in the coefficient table indicates the significant value for each independent
factor is .0022, .000 and .000 respectively all of which are less than 0.05 hence it shows that all the
independent variables have a significant impact on the dependent factor, which is overall perceived
satisfaction.

β01= when perceived service quality changes by 1 unit it creates .274 changes in the value of overall
perceived satisfaction
β02= when perceived trust changes by 1 unit it creates .447 changes in the value of overall perceived
satisfaction
β03= when perceived benefits changes by 1 unit it creates .223 changes in the value of overall
perceived satisfaction

If we put these values in to the regression equation it would be as follows:

Y=a+β01x1+ β02x2+ β03x3+€ can be computed as under,
Y= .246+.274(service quality) +.447(trust) +.223(benefits) +€
From the above values, it can be analyzed that trust is the most influential independent variable
affecting dependent variable followed by quality and benefits. Majority of the respondents have

Volume IX, Issue VI, June/2020 Page No:1089

Alochana Chakra Journal ISSN NO:2231-3990

strongly agreed that trust in the safety and security of the product (E-wallet) has played a major role in
deriving the overall satisfaction. This means that account should be secured with multi level
authorization in order to prevent unauthorized access and also their personal information should be
used for authorized purposes only. They also agreed that in case of connectivity issues the account
should get automatically logged out and there should be several authenticated and secured ways of
regaining lost account and password. They also agreed on the fact that in case of incomplete
transaction the payment is transferred back to user’s account and no extra charge be applied.

Another most influential factor is the service quality where most of the respondents believed that the
mobile wallet application are quite user friendly and where instructions are also available in regional
and national language apart from English. They also agreed that the application is compatible with all
kinds of devices and also provides several modes of payment which are processed quickly and
payment confirmation messages are received immediately with minimum steps involved.

As far as benefits are concerned, it was found that consumers preferred to be valued and expect
benefits over a period of time as they become loyal customers. The benefits can be something as
tangible as gifts and vouchers to the members or intangible benefits like reward points, upgrading the
membership type and so on. Percentage based discounts are also highly attractive feature to generate
customers. All the independent factors have a greater degree of influence on the dependent variable,
overall satisfaction.

Volume IX, Issue VI, June/2020 Page No:1090

Alochana Chakra Journal ISSN NO:2231-3990

Chart 5.5

Chart 5.6
Here it is equally important to evaluate whether the data is not affected by the issue of multi
Collinearity, hence the tolerance and VIF is the obvious choice of statistical tools to address the issue
of multi collinearity. If we consider the last two columns of tolerance and VIF, all the values of
independent variables of tolerance is more than .10 and all the values of VIF is less than 10. It
indicates that researcher does not violate the assumption of multi collinearity. With the help of chart
5.5 the researcher frames the Normality chart with Histograms; shape of the chart is almost bell shape
indicating that the researcher does not violate the assumption of normality.

6. Recommendations and conclusion

The analysis can be concluded by saying that all the independent factors that have been identified and
studied have significant influence on the overall satisfaction of the consumers which in turn
influences their E-wallets adoption behavior. As trust is a major influencing factor, E-wallet
companies should ensure that all the quality parameters like safety, security, authorization,
authentication, 24/7 support, privacy concerns should be controlled effectively to develop the trust of
consumers. Also to take advantage of second most influencing factor, quality, E-wallet companies
should provide 24/7 online toll-free support to the address the issues and grievances. E-wallet
providers should collaborate with maximum payment vendors to offer best payment gateway options
and discounts to its members. Also the benefits provided to the members should be distinct on the
volume of transactions so as to provide varied benefits and privileges.

E-wallets are quickly becoming mainstream mode of online payment. Shoppers are adopting E-
wallets at an incredibly rapid pace, largely due to convenience and ease of use. Tech-savvy shoppers
are increasingly demanding seamless, Omni-channel retail experiences and looking for solution that
delivers this. There’s no question that in future E- wallets will gain more widespread acceptance. In
the process of making any payment via a mobile wallet, consumers have to deal with issues of small
screen sizes, low bandwidth and the like, creating problems for them when trying to browse easily on

Volume IX, Issue VI, June/2020 Page No:1091

Alochana Chakra Journal ISSN NO:2231-3990

their mobile devices. However, with the introduction and growing penetration of smart phones with
larger display sizes as well as with the introduction of speedy 3G and 4G mobile internet connections,
these issues have been eliminated to a great extent.

7. References

1. https://www.goodreturns.in/classroom/2016/11/types-mobile-wallets-their-difference-
518655.html
2. https://www.livemint.com/
3. https://www.financialexpress.com/industry/demonetisation-effect-mobile-payments-double-
in-1-year-4g-to-aid-faster-growth-than-china/932457/
4. http://www.icommercecentral.com/open-access/study-of-consumer-perception-of-digital-
payment-mode.php?aid=86419
5. https://www.sumhr.com/digital-wallets-india-list-online-payment-gateway/
6. http://digitalwallet.weebly.com/advantages--disadvantages.html
7. https://www.financialexpress.com/money/7-key-challenges-indias-mobile-wallet-industry-
needs-to-overcome/832911/
8. https://www.worldwidejournals.com/global-journal-for-research-analysis-
GJRA/recent_issues_pdf/2017/March/March_2017_1491823379__107.pdf
9. https://pdfs.semanticscholar.org/2b7e/5c7e7b4cbcbaf2d834fcac664d17f6449ca0.pdf
10. https://www.emeraldinsight.com/loi/ijsim
11. https://www.researchgate.net/publication/229068606_Modeling_users'_acceptance_of_mobil
e_services
12. https://www.researchgate.net/publication/220202210_Decision_Factors_for_the_Adoption_of
_an_Online_Payment_System_by_Customers
13. https://www.researchgate.net/publication/237406649_A_TAM_Framework_to_Evaluate_Use
rs'_Perception_towards_Online_Electronic_Payments
14. https://www.researchgate.net/publication/222412729_Examining_multi-
dimensional_trust_and_multi-
faceted_risk_in_initial_acceptance_of_emerging_technologies_An_empirical_study_of_mobi
le_banking_services
15. https://www.researchgate.net/publication/220490520_Exploring_user_adoption_of_mobile_b
anking_An_empirical_study_in_China
16. https://pdfs.semanticscholar.org/a4dd/ce87edaa6d2bf14d0bd362e1c9beb24b030b.pdf
17. https://www.researchgate.net/publication/46468028_A_Multi-
Country_Assessment_of_Mobile_Payment_Adoption
18. https://www.researchgate.net/publication/236795994_Exploring_Merchant_Adoption_of_Mo
bile_Payment_Systems_An_Empirical_Study
19. https://iiste.org/Journals/index.php/JMCR/article/viewFile/31308/32146
20. https://www.researchgate.net/publication/235424514_Using_E-S-
QUAL_to_Measure_Internet_Service_Quality_of_E-Commerce_Web_Sites_in_Greece
21. https://www.worldwidejournals.com/global-journal-for-research-analysis-
GJRA/recent_issues_pdf/2017/March/March_2017_1491823379__107.pdf
22. Adoption of digital wallets by consumers by Dr Hem Shweta Rathore,April 2016
23. Behavioural intention to adopt mobile wallet: a developing country perspective ISSN: 1755-
4195 by Khushbu Madan, Rajan Yadav June, 2016.
24. Intention to use mobile wallet: Extension of TAM model. ISSN (print): 2393-8374 ISSN
(online): 2394-0697 by Krishna Kumar, Dr.C.Sivashanmugam, Ajay Venkataraman, 2017.

Volume IX, Issue VI, June/2020 Page No:1092

Alochana Chakra Journal ISSN NO:2231-3990

25. Customer perception towards mobile wallet ISSN: 2455-6661 by Anjali Ahuja, Richa Joshi,
2018

26. An emprical study on consumers adoption of mobile wallet with special reference to chennai
city ISSN: 2394-3629(P) Dr.S.Manikandan, J.MaryJayakodi (May,2017)
27. Consumer preference and satisfaction of M-wallets: a study on North Indian consumers ISSN:
0265-2323 Nidhi Singh, Shalini Srivastava,Neena Sinha,2016
28. Satadruti chakraborty and Dipa Mitra (2017)” A study to identify parameters that affect
customer satisfaction for e-wallet services in India”
29. Nguyen, KhanhCa, Dang, HienAnh (2016) “Predicting Consumer Intention to Use Mobile
Payment Services: Empirical Evidence from Vietnam”
30. Rupali Batra and Neha Kalra (2016) Are digital wallets the new currency?”
31. İkram Daştan, Cem Gürler (2016) “Factors Affecting the Adoption of Mobile Payment
Systems: An Empirical Analysis”
32. AbhijitTadse and Harmeet Singh Nannade (2017) “A study on usage of Paytm”
33. V. Venkatesh, M. G. Morris, G. B. Davis, and F. D. Davis, User acceptance of information
technology: Toward a unified view
34. T. Lee, The Impact of perceptions of interactivity on customer trust and transaction intentions
in mobile Commerce
35. H. Lin and Y. Wang, An examination of the determinants of customer loyalty in mobile
commerce contexts
36. Y. F. Kuo, C. M. Wu, and W. J. Deng, The relationships among service quality, perceived
value, customer satisfaaction, and post-purchase intention in mobile value-added services
37. X. Luo, H. Li, J. Zhang, and J. P. Shim, Examining multi-dimensional trust and multi-faceted
risk in initial acceptance of emerging technologies: An empirical study of mobile banking
services

Volume IX, Issue VI, June/2020 Page No:1093

View publication stats