A PROJECT REPORT ON

STUDY OF E-WALLETS IN NAVI MUMBAI

SUBMITTED BY

RIYA AGRAWAL
T.Y.B.M.S. [SEMESTR
VI] DIV.: B
ROLL NO.: 06

ACADEMIC YEAR

2020 – 2021

UNDER THE GUIDANCE OF

MS. SNEHA VASKAR

DATE OF SUBMISSION
10th April 2021

SVKM’S NARSEE MONJEE COLLEGE OF COMMERCE AND

ECONOMICS (AUTONOMOUS)
VILE PARLE (W), MUMBAI - 400 056

AFFILIATED TO

UNIVERSITY OF MUMBAI

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 DECLARATION

I, Riya Agrawal, of SVKM’s Narsee Monjee College of Commerce and Economics

(Autonomous) of TYBMS [Semester VI] hereby declare that I have completed my
project, titled ‘STUDY OF E-WALLETS IN NAVI MUMBAI’ in the Academic
Year 2020 – 2021. The information submitted herein is true and original to the best
of my knowledge.

Riya Agrawal

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 CERTIFICATE

I, MS Sneha Vaskar, hereby certify that Riya Agrawal of SVKM’s Narsee

Monjee College of Commerce and Economics (Autonomous) of TYBMS [Semester
VI] has completed the project on ‘STUDY OF E-WALLETS IN NAVI
MUMBAI’ in the academic year 2020 – 2021 under my guidance. The information
submitted herein is true and original to the best of my knowledge.

Ms. Sneha Vaskar Dr. Parag

Ajagaonkar
Project Guide Principal

External Examiner

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 ACKNOWLEDGEMENT

It has always been my sincere desire as a management student to get an opportunity

to express my views, skills, attitude and talent in which I am proficient. A project is
one such avenue through which a student who aspires to be a future manager does
something creative. This project has given me the chance to get in touch with the
practical aspects of management.

I am extremely grateful to SVKM’s Narsee Monjee College Of Commerce And

Economics (Autonomous) for having prescribed this project work as part of the
academic requirement in the Bachelor of Management (BMS) course.

I wish to appreciate the SVKM management and the college for providing all the
required facilities. I would like to thank the Principal and the Vice Principal, for
their dynamic leadership.

I sincerely thank my Project Guide, Ms Sneha Vaskar, for guiding me throughout

the project and without whose support; the project may not have taken shape.

I also appreciate all the support provided by the library staff and the teaching and
supporting staff of the college for providing all the necessary academic content and
resources to enable the completion of my project.

Finally, I thank all my friends and family members who have directly or indirectly
helped me towards the completion of this project.

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 TABLE OF CONTENTS

Chapter Title of the chapter Page No.

No.

1. Introduction 6-22
2. Review of literature 23-37
3. Research Methodology 38-42
4. Data Analysis and 43-72
Interpretation
5. Findings and Observations 73-76
6. Conclusion and suggestions 77
7. References 78-80
8. Appendix 80-88

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 Chapter 1
INTRODUCTION

Digital payment, as contrast to traditional cash payments, is a type of payment that

is done through digital methods and ways. Both the payer and the payee can send
and acquire money using digital ways in different kinds of digital payments.
Electronic payment is another name for it. Since its introduction, the platform has
grown strongly and adapted to handle large volumes of transactions at a very less
time.

A digital wallet, also known as e-wallet, is an electronic device, online service, or

software program that allows an individual to make electronic transactions with
another individual bartering digital currency units for goods and services.There are
many e-wallet apps serving as a digital wallet in India including PhonePe, Google
Pay, Paytm, and Amazon Pay.

The original form of digital payments can be traced back to 1997, when in Helsinki
Coco Cola launched a few vending machines and innovated the way to purchase the
can of Coco Cola via text messages. Though it is very different from what the E-
wallets are, but this is what is the origin of online payments or digital payments.
But there are some people who say that the origin of E-wallets happened in July
2008, when Apple started an app store and opened it to various third-party
developers. Soon electronic devices like mobile phones and computers and Ipads
became the means for buying movie tickets or travel tickets, online shopping,
ordering of food and so many more things. By 2003, more than 95 million users
had use a mobile phone to make online payment and purchased something via a
mobile device. The first company to launch a mobile wallet was Google. It
launched its mobile wallet in 2011. In 2012, Apples’ Passbook could be used to
board flight tickets and passes and coupons. In 2014, Apple Pay launched Apple
Pay. It was launched in US and soon it spread to UK and China. In 2015 Android

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Pay and Samsung Pay also came into the market. Ever since the innovations in
these E-wallets they have now become necessity for people through which they
complete most of their payments.

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‘Internet banking’ or ‘online banking’ means to provide banking services by use
of internet technology and every transaction is modified electronically. Each
financial institution has websites for delivering all information and by use of ICT
fast communication with customers proves helpful for both bank executives and
individuals or customers. Despite of all the threats in banking industry, there is an
enormous opportunity for underdeveloped banks to reap the advantages available
from internet banking. Many ways like Automatic Teller Machine (ATM), Mobile
Banking (MB), Debit and Credit cards, Electronic Fund Transfer (EFT) make
banking transactions very easy to consumers and also convenient. They can
perform transactions without bounding time limit, without visiting bank offices or
branches, without use of physical money. By using digital online payments,
business transactions, payments and receipts can be easily performed. Internet
banking quality includes customer service quality, bank service and product
quality and internet system quality and provides best deals. Internet banking is a
cost-effective delivery channel for banking sector. All financial transactions are
encrypted and using multi-layer security system.

In online system user ID and password is working as a shield to protect financial

transactions. Internet banking is differed from P.C. system and provides all
banking services even after working hours of bank. Indian banking industry has
got tremendous growth due to technological development. Every banking
transaction is operated by electronic means or by using different devices.
Customers can access banking operations round-the-clock. Indian customers are
moving towards e-banking system, but they are more concerned about privacy and
security of banking transactions. At current stage although all banks are offering
electronic banking services but still there is a need of study about awareness level
of customers regarding e-banking.

In the context that the economy is on the rise, e-commerce in India has grown
stronger and more popular. Currently, many companies have applied e-commerce

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in their business as a major contributing factor to the company's success.
Nowadays, most of the India’s population is using the internet and is among the
top in terms of online time in Asia. The

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internet has changed the way people buy and pay the bill traditionally. Mobile
financial transactions are becoming a potential industry, the trend of mobile
payment is driven by the strong growth of the mobile phone market. The mobility
of mobile payment has provided users with the ability to use it anytime and
anywhere compared to other payments.

With the widespread coverage of smartphones throughout India, many businesses

have embraced the trend of developing business models, many mobile payment
applications have been created. Since then, the e-wallet was born, and e-wallets
have integrated all the necessary services for life. Customers can use e-wallets to
pay for food, drink, go shopping at supermarkets and convenience stores, buy e-
commerce goods, buy tickets (airplanes, trains, intercity buses), buy entertainment
services (online movie service), and book hotel using financial services such as:
payment for money transfer from abroad, domestic money transfer, payment of
consumer finance, purchase of insurance and for almost any transaction.

To understand about digital wallet, first off one must know about what wallet is.
Wallet is something wherein a person can keep his/her money, important cards
etc. Similarly, the case is with digital wallet or e-wallet where an individual can
keep his money. Examples of digital wallets include Paytm, PhonePe, free charge,
etc. Operating on e- wallet is an easy task, we just must create an account on
particular digital wallet app, and we can keep our money digitally in our e-wallet,
very safely. Digital wallet also helps in completing online transactions, purchasing
and fulfills online transactions etc. Furthermore, it can be used for the online
shopping, online selling as well.

Digital wallet helps in various transactions such as making payments (electricity,

water, fees etc), shopping online, booking train and flight seats and buying movie
tickets many more. Digital wallet is safe to use as it reduces the complexity of

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carrying physical money for payment, and the payments is done electronically
which helps to save time and in promoting cashless transactions. One of the
digital wallets is that an individual is not

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required to carry cash all the time, payments can be done, or money can be
transferred from any place to another place or person anywhere in the world.
Digital wallets also help in making fee payment, performing different kinds of
banking activities, etc from anywhere and at any time, which therefore helps in
saving a lot of time and effort. Digital wallets not only have advantages it also has
various disadvantages too, for example it can be hacked by anyone; the password
of digital wallets can be misplaced which can occur huge losses.

To access the digital wallet a person needs a connection with an electronic gadget
for transactions and maintaining the cost is not convenient for every individual.
Mainly data connection is also required to which is not always affordable by poor
people. So, one can say digital wallet is something which can be used easily by all
individuals, and it also makes one's life easier, but it can't always be so much
beneficial as it has different limitations too. After Demonetization the use of e-
wallet have been rapidly increasing as people are now getting equipped with
digital methods and are on the way of cashless economy which allows them to use
this device or services anywhere anytime. E-wallet is performing at a very great
speed in banking services as now people don’t have to go banks for the transactions
and conveniently complete transactions at the click of a button.

E-wallet is one of the technology apps and software program. E-wallet is a device
that has also been called as a digital wallet. E-wallet is a software application that
uses various electronic devices such as computers or mobile devices for
completing online transactions. E-wallet is also a payable device and includes
electronic payments without the use of cash or money. In this, the seller must
collect the customer’s payment using the unique two-dimensional quick-response
code, also known as (QR) code that the seller generates. For example, Google Pay,
Amazon Pay, Paytm and so on.

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If the customer wants to use e-wallets method of payment, they need to install the
Mobile app to begin with the payments and services. They can complete the
payment of their products by scanning the QR code using the relevant app
which they downloaded.

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Moreover, there are two types of QR code that are mostly used and available in
the market. For instance, Dynamic QR code and Static QR code. For dynamic QR
code, it means that the buyer does not really need to enter the purchase amount for
QR payment because the account details and amount to be paid are already fixed
into the QR code. For the static QR code, it is exactly opposite to the dynamic QR
code. The buyer must enter the purchase amount for QR payment, and it has the
account details only that are fixed into the QR code. Furthermore, whether people
purchase the product in a store or purchase online they can use the e-wallet.

There is a convenience service which the bank account is able linked to the e-
wallet. Money from the bank can easily be deposited in e-wallet. The money will
be automatically top up when the balance falls below the amount that you set, and
the money won’t get transferred. There is high safety as the e-wallet needs your
ID document (Aadhar Card) to verify your identity. For instance, a digital wallet
can also verify the age of the buyer while purchasing alcohol and cigarettes and
according to the age complete or deny the transaction.

Digital payment came in India with the vision and mission of a cashless economy.
The Digital India program is a flagship program of the Government of India with a
vision to convert India into a digitally empowered society and knowledgeable and
informed economy. As part of promoting cashless transactions and converting
India into a cashless society, different modes of digital payments are available and
used in the market. One among them being E-wallets or mobile wallets

During the COVID-19 pandemic, the digital payment system saw an increase in its
usage which never happened before. All the E-wallet apps reported an increase in
the number of users, volume of transactions done, and daily limits utilized. It was
during the pandemic when mobile wallets and other modes of digitalpayments became
a necessity, rather than a luxury that many were reluctant and forbidding to use.
Indians have the mentality of remaining traditional and stick to the old methods if they

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can before they make a switch for

15
convenience. This is seen in the usage of other mobile wallets too. It is the youth
which mostly uses electronic wallets, and the other age groups are yet to catch on.
But eventually will adapt to it.

It was during the demonetization in 2016 and the COVID-19 pandemic in 2020 that
people who were not ready to switch or people who rarely used such E-wallets
made the switch, and many have permanently switched due to its convenience and
accessibility. It says that it takes 21 days to form a habit, and surely, the year-long
lockdown in 2020 because of the Covid pandemic has made the usage of mobile
wallets a habit for many users who now find it difficult to switch back to the
traditional mode of payment.

The digital revolution continues to transform and surprise us every day with most
aspects of our daily life. In particular, the digital revolution has resulted in the
vertical convergence of business and commercial channel capacities. The digital
revolution has also transformed the public sector organizations and services. The
next step in the digital revolution is the transformation and innovation of the old
honored traditional physical wallet into the e- wallet.

Virtual cash or Cashless Transaction is becoming an upcoming technology that has

seen a remarkable growth in the last year. Cashless payments are now becoming a
popular trend in each field. Be it E-Commerce websites or a simple payment or
DTH recharge Cashless services are proving to be the future of transaction
payments and services, with minimum or no use of physical cash. It is also being
considered an alternative to other various types of cards like plastic cash.

E-wallet is a payment through electronic card which is used for transactions made
online through a computer or a smartphone. Its utility or use is same as a credit or
debit card. An E-wallet is to be linked with the individual’s bank account to
complete transactions.

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E-wallet is a kind of pre-paid account in which an individual can store his/her
money for any future online transaction. E-wallet has mainly two components, i.e.,
software and

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information. The software component ensures safety and stores personal
information and provides security and encryption of the data. The information
component acts as a database of details that are provided by the user which includes
their name, shipping address, payment method, amount to be paid, credit or debit
card details, etc. Demonetization has forced a lot of people and places to accept
digital payments. Reliance Jio plans to get 10 million merchants on board for its Jio
Money Merchants solution. Your neighborhoods grocer might have switched
already.

In electronic wallet, the individual pre-loads cash in the e-wallet and use it to make
payments or fulfill transactions. Loading of money in the bank is done either
electronically using a computer or mobile by debiting from a credit card or bank
account or physically by handing over cash at a local merchant or at the ATM
counters. Mainly the requirement is of an internet connection and a mobile
/computer. With the technology and data in place, mobile based operations through
mobile wallets have become a mode for financial transaction. There are charges for
using mobile wallets, which includes some registration fees and cash loading
charges towards payment of companies and service providers. These charges are at
times higher than those as compared to internet banking. However, the main
advantage with the mobile wallet is that while online shopping, the customer is
mainly benefitted from the concessions or offers from the payment companies in
the form of cashbacks or rebates etc. The use of mobile wallets substantially
reduces the cost of doing banking transactions. Through e-wallets small and micro
payments can also be done covering many people.

Benefits of e-wallets

For the use of debit cards, we must go to a designated point of place or at some
counters. However, in case of mobile wallets, money simultaneously moves along
with the individual and he can access it from an instrument (Mobile phone) held in

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his hand – his

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mobile or computer, giving a lot of flexibility and conveniently for the account
holder. Further mobile wallets eliminate the dangers associated with card thefts.
For those who stay far away from ATM or bank branches, for instance, the rural
areas, money is still accessible to them at just a click of a button.

Therefore, e-wallet comes handy for those who do not have a bank account, debit
card or credit card,and especially those who may not be eligible for receiving them.
Now, mobile wallet services are not generally designed to handle big payments.
The use of e-wallets eventually and mainly reduces and lowers down the cost of
doing banking transactions. Through mobile wallets small and micro payments are
done which cover many people and can be cost effectively carried out. Effecting
such transactions through the old or normal or traditional way would be a hectic
task for the banks, requiring more people to be employed at their counters.

The use of e-wallet has been very successful in India, where millions of people are
estimated to be using this service to transfer small amounts of money to other
people and merchants via their mobiles. In India, this has resulted in the increase
support of large number of agents and business correspondents. Use of mobile
wallets particularly facilitates technology and e-commerce as customers are not
required to fill out order forms at each site when they purchase an item as the
information has already been stored and is automatically updated and entered in the
order fields across merchant sites. Use of e- wallets helps in moving away from a
cash-based economy to a cashless one.

Applications

There will be different applications of e-wallet. These can be as follows:

• Bill payments – Bill payments are the regular reception of some compensation
for a recurring and repeated service. For instance, paying rent is a form of bill
payment because it is done every month.

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• Money transfer – Money transfer refers to the payment done while sitting at home
and transferring the money via cashless transactions over the bank or E-wallets.
There are various forms of money transfer like electronic fund transfer, Wire
transfer, Giro, Money order, Postal order and many more.

• Faster payments in shops – If there is huge queue at the billing counter in a shop,
we can directly make payment via scanning the QR code or typing the UPI Id and
save a lot of time and effort.

• Ticket booking (Air, Train, Bus) – For booking of a bus, train or flight we can
directly make payments at the click of a button and avoid standing in the queue for
long, which saves a lot of time and helps us being effective.

• Bank account management – Since every transaction is happening via our Bank
Account, it has written records of everything and maintains transactions in a proper
way and avoids any frauds and confusion of money.

• E-Commerce – E-commerce is a huge platform for almost everything happening

around us. It helps us to buy anything online and enjoy the benefit of everything
conveniently and smoothly.

• M-Commerce – Nowadays, everyone has mobile phones and a lot of people have
started doing everything digitally. We can conduct any transaction with our mobile
phones at our own comfort.

The idea of an E wallet is not a new one. Indeed, Japan, America, Sweden and South
Korea have already sold-out cell phone-based digital wallet solutions. Consumers
in those countries can use their cell phones to pay for shopping, groceries, order
from a vending machine, and even payment by themselves at airline ticketing
counters.

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Rapid innovation and usage of smartphones in everyday life transformed many
things like

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the way people of connecting with each other, share information and conduct
financial transactions. Mobile phones have bought many user-friendly functions
like payments to different transactions. The innovation in technology made the life
of people easy and many of the activities can be done at a click with smartphone.

Mobile users can use their mobile phones to make payments by using different
applications installed in the phone. Along with the payments, mobile phones are also
facilitating storing of receipts, coupons, business cards and bills etc. Mobile phone
apps can perform various functions of hard money hence it is called “Digital
Wallet” or “Mobile Wallet” or “Mobile money” also referred as mobile payment,
mobile money transfer. World bank has called it as a merger and intersection of
both banking and telecommunications services.

Mobile wallet has many significant characteristics like anytime and anywhere
transfer, mobile transfer, secure and safe and convenient transfer of money. It is
also considered as a bank for those who do not have the reach or approach to banks
and do the banking transaction like sending away and receiving money. Digital
wallets are gaining high momentum in the Indian market due to increase in the
technology penetration and acceptance of new developments by the users. By using
Mobile Wallet, all the payments can be made anytime, anywhere including
receiving or storing or sending money. It operates very closely with banks and
telecom companies to offer various banking services to its subscribers.

Through Money transfer option an individual can send money from their mobile
money account to a different subscriber anywhere anytime, which, where one can
purchase and send airtime to another subscriber within the same network. Prepaid
mobile phone services introduced a new way for use of mobile for financial
transaction which is going to help in big way to do lot of transactions especially
who are living in rural areas or have less access to the banks A customer can pay for
any kind of service by having preloaded money without any authentication process.
At present there are various mobile wallet companies India competing to provide

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hassle free services to customers.

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E-wallet is a prepaid online wallet where one can store money before hand and
enter transactions and make payments at his or her convenience. E-wallets can be
used anywhere and anytime, and they are accepted, from stationary store to online
shopping. People use mobile wallets to avoid the hassle of visiting a bank or using
a credit or debit card since it is prepaid and there is no chance of theft or payment
failure. There is no minimum payment amount on any of the E-wallet platforms
such as Google Pay let the users make transactions at any amount of as low as ₹1.
Government giants and huge companies too like IRCTC are also allowing users to
make payments using e-wallets.

Mobile wallets are growing tremendously popular in number not only over the
years but also over the span of months. As per RBI reports, value of e-wallet
transactions increased 4% from ₹14,632 crores in June 2019 to ₹15,202 crores in
July 2019.

There are different apps available that allow users to makepayments online. These
are very convenient to use and provide flexibility to the users as they allow users to
make payments anytime and from anywhere. Some of the apps used for online
payments are as follows: PhonePe, GooglePay, Amazon Pay and Paytm.

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PhonePe, headquartered in Bengaluru, is a digital wallet company and is the first
app built on Unified Payment Interface (UPI). It is a UPI-based app that allows
users to make transactions using PhonePe wallet, credit/debit card, or UPI. It was
founded in December

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2015, by Sameer Nigam, Rahul Chari, and Burzin Engineer. The app of PhonePe is
available in 11 languagaes. We can send or receive or complete any transaction through this
App. This app allows one to pay utility bills, do recharges,and transfer money.
PhonePe is accepted as a payment option at over 17.5 million offline and online
merchant outlets across 500 cities in India covering food, travel, groceries,
medicines, movie tickets, etc. It currently has over 280million users. The company
launched the PhonePe ATMin January 2020. The PhonePe ATM allows
neighborhood Kirana stores to dispense cash in real time to customers. In 2021, it
won the award for the “Excellence in Insurtech and also received an award at
Asoocham’s Fintech & Digital Payments award 2021. Recently PhonePe released a
new feature to facilitate payments to buy silver coins and bars.

Paytm has its headquarters in Noida, UP. It was founded in August 2010. The
investment done during the founding stage was US$2 million which was invested
by its founders, Vijay Shekar Sharma. It initially started off as a prepaid mobile
and DTH recharge platform and at the later stage added data card and many other
features too. It is available in 11 languages. One extra feature added in this app is
that the users can receive cashback in the form of gold through its “PhonePe Gold
Offer.” Paytm also provides banking facility in the form of Paytm Payment Bank
in which an account can be opened without any charges. A user can deposit an
amount of 1 lakh in this account and an interest of 3.5% can also be earned on that
amount. According to Times of India, the shareholders of Paytm have approved
the largest IPO the country has ever seen, a whopping Rs. 16,600 crore (PTI, 2021).

Google Pay (GPay) is a digital wallet platform and online payment system
developed by Google to power in-app, online, and in-person contactless purchases
on mobile devices, enabling users to make payments with smartphones,tablets, or
watches. In India, Google Pay allows transactions using UPI only. It uses near-
filed communication (NFC) to transmit card information and facilitate funds
transfer to the retailer. It replaces the chip (both credit or debit and magnetic
stripes transaction by allowing the user to directly upload the same in the Google

27
wallet. It has two-factor authentication which gains the trust of the user and avoids
frauds and thefts and leakage of personal information. ) There

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is no wallet facility and the app is directly linked to the bank account. A user can
also earn Rs.51 by inviting a friend and making him do any transactionsusing your
reference link. Furthermore, the first transactionusing this app provides the user
with some amount of scratch cards. It is the most popular app among the Indian
youth because of its simplicity.

Amazon Pay is an online payment platform owned by Amazon. It was launched in

2007 with the view of giving the facility to the people ordering from Amazon to
directly pay through Amazon and win huge rewards and rebates. Amazon pay
includes variety of products for the buyers and the suppliers to complete online
transactions. Till now, it has reached to 21 countries and has a huge market.

This study focuses on the usage and relevance of mobile wallets, specifically
PhonePe, Paytm, and GPay and Amazon Pay, in Navi Mumbai generally and also
during the COVID-19 pandemic. The objectives of the research include the
examination of the relevance and popularity of mobile wallets particularly Google
Pay, Amazon Pay, PhonePe and PayTm, in Navi Mumbai during the COVID-19
and analyze the reasons for the increase in users and usageof mobile wallets in
India during the pandemic.

Definition of Concepts
1. Electronic Wallet - E-wallet is one of the technology apps and software
program. E- wallet is a device that has also been called as a digital wallet. E-
wallet is a software application that uses various electronic devices such as
computers or mobile devices for completing online transactions.

2. Internet Banking – Internet banking is also known as net banking or online

banking, it is an electronic payment system that enables the customer of a
bank or a financial institution to make financial or non-financial transactions
online via the internet.

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3. Automated teller machine (ATM) - It is an electronic banking outlet that
allows

30
 customers to complete basic transactions without the aid of a branch
representative or teller.

4. QR code – It is a machine-related code consisting of an array of black and

white squares, typically used for storing URLs or other information for
reading by the camera on a smartphone.

5. Wallet - Wallet is something wherein a person can keep his/her money,

important cards etc. It is a physical place where you can keep pictures, money,
and the important small things.

6. Demonetization - Demonetization is the act of stripping a currency unit of its

status as a legal tender. It happens when there is a change in the national
currency. The current money in usage or the current notes and coins are pulled
from circulation and retired, and to be replaced by new coins and new notes.

7. IRCTC – Indian Railway Catering and Tourism Corporation (IRCTC) is a

subsidiary of the Indian Railways that handles the catering, tourism and online
ticketing operations of the Indian railways.

8. UPI Id – UPI Id is also called as Virtual Payment Address (VPA), is a unique

address that you create to send and receive money. With UPI Id, you do not
need to feed in the bank account details. Almost all the banks offer UPI
service.

Research Problem
A research problem is a “statement displaying an area of concern, a condition which
could be improved, a difficulty to be eliminated, or a troubling question existing in

31
any scholarly literature whether in theory or in practice that emphasizes on the
need for meaningful

32
understanding and deliberately investigation” (Writer)
A researcher is is likely to land up in an unfocused project without a clear
perspective and justification due to lack of well-defined research problem. A
research problem therefore helps the researcher to contribute to novel insights (
(McCombes, 2019).
The present study aims to study the awareness and popularity of E-wallets
amongst working professionals.
It will help to answer the following questions:
1. What is an E-wallet?
2. What are some of the well-known E-wallets used in India?
3. What are the benefits of using an E-wallet?
4. What are the applications of E-wallets?
5. Which is the most used E-wallets?
6. How has Covid19 pandemic affected the digital payments industry?
7. What are the suggestions about the improvements to be made in the E-wallets?

Objectives of the study

The objective of a study is a structured and brief description of the
accomplishments the research intends to achieve which provides a framework for
the study. The research objectives of the study are influenced by the problem
statement. E-wallets is a broad concept having a lot of applications and forms
under it. Thus after closely reviewing the extensive literature available, the
researcher aims to limit the study to specific topics to fill the research gap as well
as to ensure quality research.

The following are the objectives of the study:

1. To examine the awareness and popularity of mobile wallets in Navi Mumbai
2. To analyze the impact of Covid-19 on mobile wallets in Navi Mumbai
3. To analyze and examine the reasons for the increase in users and usage of
mobile wallets.

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Need for the Study
This study helps understand the reasons for the increase in popularity of mobile
wallets during the COVID-19 pandemic and helps to analyze the factors affecting
it. Many users of mobile wallets during the COVID-19 pandemic made the switch
due to necessary reasons. During this time,mobile wallets became a necessity
rather than a luxury.

Research Structure
To get the measure of the factors that influence on intention of customer as
desirable model, the research would be gather data by using survey tool through
distribute online method. All the data would be examined and analyzed to get the
measure of which factor significantly positive impact on the using intention of E-
wallets. Mainly, the age, education, gender, occupation, and income data would be
made in accordance with this study.
The first part introduces the new digital revolution and E-wallets in particularly in
Navi Mumbai, the purpose of this research and research structure. The next is the
literature review. An overview of the literature of previous researchers who also
discussed about usage of e-wallet, and the factors affecting it. The third part talks
about the methodology, which provides information about the survey to be
distributed in the form of questionnaire and collected data from young
professionals and analyze data. The fourth part shows the data analysis results.
The last part includes the conclusion and suggestions.

Scope of the Research study

The scope of the documented statement of everything that goes into making a
project successful. It includes deliverables, a timeline, milestones, and reports. It
conveys the boundaries of the project.
The study is based on the users of e-wallets in Navi Mumbai. This research paper
studies the reasons for increasing use of e-wallets. In addition, it also examines the
problems faced and the new suggestions to make the use of e-wallets more

34
convenient.
The respondents are above 18 yearsof age and below 32 years of age and have
basic knowledge on how to use theseapps. The data were collected from Jan 1 to
31, 2022.

35
Limitations of the study
The limitations of the study are those characteristics of design or methodology
that impacted or influenced the interpretation of the findings from the research.
Study limitations are the constraints placed on the ability to generalize from the
results, to further describe applications to practice, and/or related to the utility if
findings that are the result of the ways in which one individually chooses to design
the study or the method used to establish internal and external validity or the result
of unanticipated challenges that emerged during the study. (California, 2022).

36
 Chapter 2
REVIEW OF LITERATURE

An article that was published on 1st of July 2015 in The Economic Times stating
that “Whether you have to pay for a taxi ride or teach your child the basics of
managing money, a preloaded mobile wallet could be the answer.”

(Rajesh Krishna Balan, 2006) in their paper talk about the requirements and
challenges of deploying a nationwide digital wallet solution in Singapore.
Moreover, they explained in detail as to why digital wallet innovations is required
in Singapore and identifies the key challenges in building and innovating an E-
wallet. The amin challenges included were mass market appeal, Stakeholder
dynamics and compelling user experience. It also supported peer-to-peer cash
transactions in detail and ended the paper with their proposed solution which was to
leverage new cell phone technologies and change the payment models.

(UpadhayayaAbhay, 2012) This research paper mainly emphasizes on electronic

commerce and electronic wallets. It talks about how E-wallets have been the main
source for payment nowadays and anyone can make payment anywhere at anytime
by just having a mobile device and data connection. Money can be transferred from
E-wallet to E-wallet without the use of personal account numbers. Talking about the
negative side of E-wallets, the only thing that misses is authentication. The findings
pf the paper shows how people are more digitised as compared to the previous years
and how people have reacted to these changes.

(Chauhan, April, 2013) Pinal Chauhan focuses on how the E-wallets are going to
make the job of the user easy and less cumbersome. The people who use Mobile
wallets just need to make payment at the end of the transaction, i.e., after
purchasing is completed. The author also discusses about the server-side E-wallets
and client-based E-wallets. She also talks about an encryption algorithm, which is
used for a secure transaction. The algorithm is

37
called RC4. Even after a lot of disadvantages the Author concludes that the
advantages outweigh them.

(Ramesh) has stated that cash as a mode of payment is an expensive proposition for
the Government. The country needs to innovate and modernise itself in the way of
making payments and move towards a cashless economy. This will help to reduce
the currency management cost, track numerous transactions, check frauds and tax
avoidance etc., enhance finance inclusion and integrate the parallel economy with
the mainstream in the economy. Mobile wallets are still at the nascent stage as only
15% of the internet users use mobile wallets. The companies should put in more
efforts for marketing and advertising and conduct more advertising campaign to
increase the usage of Mobile wallets.

According to (Castronova, 2014) in their article, even though apple released two
new products in the event, the star of the show was a piece of software which
caught the eye of millions namely Apple Pay.

Digital India is a flagship program of the Government of India to turn India to a

digital economy. The digital India was innovated in 2015 and the next year 2016
demonetization of 500 and 1000 notes took place. Because of demonetization and
various initiatives have boosted the country’s digital payment. Furthermore, more
initiatives like BHMI and UPI, was launched to support the transition and faster
adoption of faster payments. The digital payment system includes various phases
like: Registration, Billing, Choice of payment and Payment confirmation. This
payment system includes instruments of electronic payment, namely cash, checks
and cards. After demonetization, the e-commerce sector is affected as the traditional
modes of payments have stopped and are replaced by credit cards, debit cards, net
banking etc. increases the chances of people leaving without money. (Sambhy,
2014)

38
In the era of demonetization and digital payments of taking transactions for almost
every receipt and payment, it has affected the rural areas as the new advent of
technology has not reached remote places. It has resulted in the loss of small and
seasonal vendors who don’t have access to banks and do not have a bank account of
their own or have their Aadhar card for authentication or further process. During
the whole process of digitisation, the rural population has been overlooked and the
fact has been ignored while adopting digitisation and starting the new mode of
payment. (Doan, 2014)

(Salodkar, December, 2015) discusses about the numerous applications like PayTm,
MobiWik, Freecharge etc. These applications can be downloaded on any electronic
devide and can be used for manking digital payments or shopping online or for
buying movie tickets. Most of the Applications have their own portal and an
individual can perform all these tasks on the app itself which save s a lot of time
and effort. In these Applications the user must link his/her dibir or credit card with
the same application to start using this Application for payments and other
transactions. This research paper also talks about various risks and needs of
electronic payments. The author concludes that E-wallets allows the user to enjoy
easy going and comfortable platform to do any transaction and pay, that too at the
least time possible.

(Ambarish, 2015) The focus of this paper is that how the future of electronic
payments will be based on various elements like mobile environments and devices,
the electronic wallet and standards meant to increase the flexibility of these
transactions. E-wallet will pave the way for a secure, fast, and futuristic way of
transactions. Moreover, a user can make payment anywhere at anytime with just the
click of a button without worrying about the security of these transactions. In
addition to the previous point, it concludes that everything can be done in just a
matter of seconds.

As the new mission of India is making the country technologically advanced, we can

39
expect a wider usage of E-wallets amongst Indians soon. There are a lot of
problems with the

40
digitisation process mainly being security issues, technical knowhow, and no access
to internet at various places. Development in the field of offline payment schemes
for digital wallets can be beneficial. To gain the trust of people and avoid
fraudulent activities and thefts the security should be made better. Furthermore, we
must ensure that this process is well encrypted so that we can avoid frauds and
thefts easily. (Aparna, 2015)

Due to demonetization and introduction of mobile wallets there has been an increase
in the usage of online transactions. Due to the new advent of technology and fast
access of the mobile wallets, online banking has been replaced directly. Mobile
wallets also provide security authentications that protects our payment information,
which simplifies the process of online transactions. Majority of the population has
never faced any immediate problems with their online payments. The new portfolios
also allow simple procedures and process for these online transactions and
payments. (Shree, 2015)

In their paper they compared the physical wallet and digital wallets as well as credit
and debit cards with digital wallet. The amin conclusion is that the E-wallets are
more convenient than credit and debit cards as it does not have any formalities of
entering card number and pin. They have also discussed about the benefits of E-
wallets over internet banking. (Manikandan, 2015)

Digital wallets are safer and more convenient as compared to physical wallets and
are used very frequently online shopping. To continue and facilitate the process of
ordering credit cards, various companies are now introducing electronic wallets.
Electronic wallets are very convenient to use as they allow you to track your billing
and shipping details at just a click of a button on various merchant sites. E-wallets
can also store information about electronic cheques, electronic cards, and electronic
cash. It is easy to use and therefore people have become familiar with, and it has
become easier to adopt to the technology for even the public. (Kaur, 2015)

41
E-wallet as a platform allows you to load online money in the wallets. One can add
money on the digital wallets using technology. However, the constraint is that you
can only transfer the money to the same wallet. If you have a particular payment app
on your mobile for the transfer of money you can transfer money only to another
person if that person has the same app on their phone. Similarly, you cannot
transfer money from one wallet to another app. There are many E-wallets available
in the digital marketplace such as PayPal, lime, Yes Pay etc. There are various pros
and cons of using E-wallets. E-wallets has helped the Government in preparing and
keeping the track of all the cash inflows and outflows. (Sagayarani, 2015)

(Batra, January, 2016) Roopali Batra mainly worked upon studying how the
digitalisation of payments can be considered as boon to the growth of a country’s
economy. The authors have also spoken about the adoption patterns, i.e., how
people react to the digital wallets. It also talks about the most popular used E-
wallets. In the analysis, the author’s concluded that the number of people using and
believing in the digital industry has increased tremendously. People find it super
comfortable and convenient to make the payments. However, the question of
security is still unanswered. The international transactions are hard to make and
sometimes confuse people. The suggestion that the author provided was that a lot of
security mechanisms need to be explored ti make the usage of E-wallets full proof.

(Shukla, June 2016) explains how the technology, mobile phones and computers
have grabbed the attention of a wide variety of customers. Through the usage of
smart phones, the task of people have becomes easy and one can easily use a ton of
applications at just a click of a button. It acts as a convenient platform for the users
to make payments in a fraction of second. The credit also goes to some various
Government agencies that reinforced India to use Mobile phones and this is how
people started contributing towards digital India. Telecom companies played a huge
role in improving the technology by

42
providing 3G, 4G and 5G services for faster transactions. In the paper, the author
discusses about four types of E-wallets, open, closed, semi-open and semi-closed.
The author suggests that companies and these applications should offer certain
kinds of coupons, rebates and gifts and cashbacks to promote the use of E-wallets
amongst Indian users. Moreover, a lot of research and innovation is yet to be
discovered.

(Kalyani, June 2016) talks about the usage, developments, scope, advantages, and
disadvantages of E-wallets particularly in India. He also recommends adopting
technology within the minimum possible time frame. He mainly focuses on the four
types of E-wallets: open, closed, semi-open, semi-closed. He also emphasizes on
the problems and the issues and challenges the E-wallet companies are struggling
with. The main challenges or issues include phone battery, data security, user
acceptance etc. Technology has a long way to increase the usage of E-wallets and
make the people more digitally inclined. There has been a huge change in the
transactions happening in ancient time and the modern world. Earlier, there was
barter system that was followed, the the market started using physical notes and
coins as money and no-a-days people are moving towards digitisation and mobile
devices. Today credit cards, debit cards, net transfers and E-wallets are increasing
in the market. Though they have risk too, but their advantages are more as
compared to the disadvantages. The author used a questionnaire to survey about the
preferences of people and concluded that people using these mobile wallets mainly
for payment of bills and recharging their Televisions or mobile phones. Still a lot
can be done about the increase in the reach and spreading awareness about the same.

(Rathore) Nowadays everyone has a phone, whether it be a 15-year-old kid. Even if

you see 1-year olds know how to operate a mobile phone. The fascination about
mobile phones has grown immensely in the past few years and due to which
everything is getting digitized. Mobile wallets are also gaining a lot reach because of
digitisation, and everyone is making payments, shopping at their own convenience,
sitting at home and saving time and effort. The benefitted stakeholders are

43
customers, banks, and financial institutions. Nowadays

44
everyone is moving towards the digitisation industry and more tech-savvy people
can be seen around.

(Chen, 2016)in his article stated that a chip payment (card payment) takes much
longer than the new mobile wallets. On an average Apple Pay took 3.4 seconds,
Samsung Pay took around 3.1 seconds and Android Pay (Google pay) took around
4.8 seconds to make payments in three retail outlets whereas chip payment took 9.3
seconds on an average over the same three outlets.

(Dr. Poonam Painuly, May 2016) is a whole description about mobile wallets, its
types and trends? It includes various sectors in which mobile wallets are used. It
explains the importance of mobile wallets in the banking industry. It talks about how
the mobile wallets are becoming a marketing channel soon. Mobile wallets are also
contributing highly to seamless shopping experience for customers and increase the
tendency for repurchases with amazing experiences. They conclude by speaking
about the importance and growth of mobile phones in the business, social and
economic industry. Since mobile wallets are also reaching the remote and rural
areas, we can consider and conclude that mobile wallets have a great future ahead of
them.

(Pawan, 2016) Personally, I find this research paper against the use of E-wallets
and this paper emphasizes more towards the negative side. He has stated how the
usage of E-wallets have been restricted to the mobile users. People are using E-
wallets mainly for recharging the DTH and paying the bills. For a few services
people must buy an electronic device, which can also be done via different
methods. According to the author the awareness and practical usability of the E-
wallets is low. He has also provided solutions to overcome the low usability by
adding more value-added services to the E-wallets. E-wallet has a benefit

45
that it provides a large variation in limit. People can create their wallets with as low
as Rs. 10 and as high as Rs. 10000 or more.

(Pinal, 2016) The main reason for the increase in the usage of E-wallets is security,
anonymity of transaction, cost of transactions and plurality of functions like
payments of any kind, travel card, e-key for building transactions etc. but still E-
wallets have more disadvantages in terms of interoperability and standardization of
security and formats.

By identifying the socio-economic characteristics of the customers of E-baking

Amutha Das studies various reasons of adopting the E-baking system and the
customers perception towards various service qualities and to the cons and
challenges to E-banking. The study included both primary data and secondary data.
The sample size was 90 people. The data was analysed by suing the simple
percentage method, Chi square test and the probability analysis. The amin service
quality dimensions were reliability, ease of use, convenience, save of time, etc. The
main reason was convenience as compared to the other dimensions. On the other
hand, the problems faced by the customer were less knowledge regarding the
technology, less responsiveness and risk at the time of transaction. The adoption
rate of E- banking can be improved by spreading more awareness and providing
new offers. (Das, 2016)

(Koti, 2016) studied about the awareness of E-banking and the perception of
customers in both negative and positive ways. Data was collected from 100 bank
colleagues, and it was analysed using the percentage method. When checked
demographically, it was observed that most ales used E-wallets as compared to
females. Transfer of funds through E-wallets was the main service used widely by
the customers. Customers were satisfied because of ease of use and save in time
because of convenience and accessibility but were also worries about the security
threats and frauds due to online transaction.

46
In this last 10 years the world has been rapidly digitized. For instance, now we have
Internet purchases and social interactions through messaging services, electronic
mails, and social networks on the internet. Digital payments were a art of digital
tablets even before they existed. Payments can be made for our services and powers
at any time and anywhere we are. Demonetization of money on 2016, has definitely
allowed digital payments to take over the economy. (Ramesh)

Digital wallets sector is growing fast in India with an increase rate of 94%. The
usage of smart phones and mobile phones is strong worldwide, with easy-to-use
feature and convenience. (Wahi, 2017)

According to (Madhu Chauhan, 2017), “youngsters are becoming more aware and
responsible towards digital payments and are contributing in some or the other way
towards growth and success of making India digital. Despite many security issues,
people are inclined towards e-payments because of its convenience, ease of use,
quick service and availability.”

Most Indians have nowadays been being seen shopping online and use the digitized
mode of payment. Since demonetization people are afraid to carry physical money
and therefore shifting to cashless economy and since demonetization of 500 and 100
notes, the digital wallet companies have acted smart and started to introduce cash
backs, discounts and coupons to their customers which is available at both online
and offline platforms from time to time. This has helped the E-wallets to reach
flying colours since 2016. Mobile wallets have changed the traditional ways of
making and receiving payments and everything has been digitized because of the
advent of new technology as people are shopping online, paying bills online etc.
The new generation wants the work to be done faster and without hard work and
rather to smart work. We are now moving to a new world

47
of technology, which relates to social media networks and uses smart phones and
Ipads for anything and everything. Adoption of digital payments methods in a
country like India , where people take a lot of time from shifting old methods to a
new one, it is surprising as people have attained and adopted technology for there
day to day chores. ( (Rana, 2017)

The banking sector has a range of payment products like cheques, transfers, money
orders, instant payment service and mobile banking but did not find which is the
easiest and the convenient way to make payments. The inability to respond to this
need has driven people away from the banking system and has pushed them into
ever more dominant electronic wallets. This is the most easy and convenient way of
making payments without any verification or any legal offer. (JOCIL, 2017)

Digital wallets have helped the users and customers to make payments with their
mobile phones in the easiest way possible. But the only drawback in which the
digital payment system must operate is the payment gateway to improve the
efficiency of transactions, with 70% of people experiencing a problem with the
payment gateway. After research it is concluded that only 5% of the respondents
said that they received assistance each time they had a failure while operating the
app. All the main digital portfolio acquisitions of the country currently deal with the
privacy rules, but also need to provide rebates, cash discounts, to increase the
customer satisfaction. (Tadse, 2017)

(Amsaveni, 2017)Examined about the customer awareness in the E-banking sector

provided by the public sector banks. Data was collected from 460 customers based
on the convenience sampling method. Simple percentage method and ranking
method was used to analyse the data. The findings showed that most of the users
were male and graduate and more than 75%of the users had account for more than 5
years. The awareness about RTGS transactions and net banking transactions was the
highest. It also revealed that the Indian banking sector was moving from man to
machines and dependency to automation.

48
Mainly this research paper talks about the impact of age, income, and education of
the customers regarding the digital payments. The research paper’s study is based
on primary data. Data of 200 people was collected by using the convenience
sampling method. The responses were analysed by using the percentage method
and the Chi square test. The findings resulted that there is a positive relation
between age and digital payment and between education and digital payment but on
the other hand there was no relation between income and digital payments. The
conclusion came out that the new advent of technology and the new idea driven by
technology has improved the performance in the banking sector and made people
aware about digitization and recommended to expand awareness about E-banking
amongst the people. (Vally S. , 2018)

(Alaknanda Lonare, 2018) The purpose of this paper is to understand the factors
affecting the increase in user proportion and its significance in adoption of e-wallet
and also the disparity in user proportion in metro and tier-2 cities. The significant
variable indicated was simplicity which implies about the ease of use of the wallet
payment system. The vendor market hasn’t been diffused into yet, and seeing the
difficulties and problem they face, it seems difficult that they will be able to
penetrate it in the future. There were various suggestions included in the paper, such
as, that E-wallets should be integrated well with the bank system. The reach of E-
wallets has not increased to a great extent so it should also reach the small sectors.

(Sumit Agrawal, 2018) in their research found out that the new payment technology
changes the consumer perception towards small-scale transactions, and this leads to
the spill over effect driven by the small merchants featuring small-size transactions.
Furthermore, we see that the new entrepreneurs who recently ventured out their
business gain more from the low-cost, convenient new technology.

49
The Government of India has proposed many strategies and structures for the
innovation of digitization of money as an alternative to cash transactions after the
new way of demonetization. The demonetization has provided the companies in the
portfolio with a platform to accelerate the exchange economy in India, which
includes helping small suppliers find alternatives. Buyers and consumers have
started using the digitized mode of payments and many portfolios are registered
online and are versatile and secure. They are used to expand relationships with
more suppliers and with their stakeholders. It was a way to the digital world for
India. After demonetization of 500 and 1000 notes in 2016 many companies and the
Government realized that India could suffer less if we went to a cashless economy
as people need not worry about the physical notes in change of notes. These
portfolio companies have persuaded people to move towards a cashless economy
without the use of physical cash. (NazimSha, 2018)

The difference in the usage of electronic payments amongst different countries is

because of quality of regulatory framework and the condition of the preparations of
telecommunications infrastructures. New online payment services through Internet
and Mobile phones are escalating in advanced and developed economies. The
electronic payment is safe and secure. There are a lot of things needed for bank
transfers and credit card payments but for E-wallets just a mobile device is
required. Payment can be done without the involvement of any third party. We can
make transactions easily through these technologies. The easy to use and immediate
availability and user-friendly interface have made the users to switch to digital
methods. (Vally, 2018)

E-wallets has witnessed rapid growth over the last years. E-wallet usage is addictive
about 80% of the people use them weekly. People generally use these for ease of
use and discounts. Mobile bill payments and online shopping are the biggest
spending categories for E-wallets. People spend Rs. 4286 per month on an average
through their E-wallets. Paytm covers 75% of the market by value and leave the
other players like Mobiwik,

50
Freecharge etc. Paytm has a huge chance of being the E-wallet giant as 96% of the
users have installed the Paytm app. There is not much difference in usage or market
share by metro, age, or gender. Metros like Ahmedabad, Kolkata, Lucknow, have
been slower in adopting the digital spending are jumping to be the E-wallet
bandwagon faster, with a larger proportion of digital spending on E-wallets.
(Regalix, 2018)

(Akilandeswari, 2019)Emphasised on how customers reacted towards online

banking services. It also measured the customer satisfaction level while undergoing
online transactions. Data was collected from 3 public sector banks with 50
respondents from each bank. The likert scale was used to collect the information.
After the study it was concluded that people were satisfied with the online banking
services and accepted the new modes of payments.

(Greeshma Sajan, 2020) in their paper concluded that currently smartphones have
become an absolute necessity in our daily lives. The technology advancement
allows the users to use their smartphones for transactions of different kinds. People
are becoming more and more aware of cashless payments and in future, they will
rely more on digital payments.

There are various subjective norms regarding to the adoption of tele banking. People
think in different ways and then decide whether they want to adopt to technology or
not. It examines the similarities and differences between 3 subjective norms, they
are family, friends, and control groups for researching about tele banking.
Questionnaires were used as primary data the sample size was 280. Different
statistical tools were used to analyse the given data. The methods used to examine
the behaviour of the user was CRA, whereas they examine the behaviour related to
sports and health TPB was used. The theory of diffusion of innovation was used to
explain bout the adoption of new ideas and new technology. The results revealed
that there were differences amongst the subjective norms in terms of intention and

51
action. There is a positive relation between all the three groups and also the three
subjective norms reacted positively towards the adoption of tele banking.
(Nayanajith, 2020).

52
There are a various factors affecting the intention, satisfaction, and
recommendation of Mobile wallet. This paper mainly discusses on which is the
significant factor which has led to the adoption of E-wallets. The sample size
collected was 206. The findings resulted that the effects of innovation stress and
social influence led to the adoption of E-wallets. Customer satisfaction was also a
reason for the adoption of E-wallets. Technology acceptance model and unified
theory of acceptance and use of technology models were used to study about the
behaviour of the users regarding the intention and satisfaction of using mobile
wallet. The results revealed that ease of use, attitude, perceived risk, usefulness etc.
were the main factors affecting the intention of the user to use Mobile wallets. A
model was proposed to study the behaviour of the user. To measure the intention to
use by the user, perceived risk and stress were used. (Singh, 2020)

(Santhanakrishnan, 2020)Analysed the satisfaction of customers towards E-banking

and compares the same in the private and the public sector banks. It is descriptive
research. The same size is 100 and the sample size was equally distributed
amongst the private and the public sector. The two banks selected were SBI and
ICICI. The test used were Z-test, standard error test, etc. The main three service
quality dimensions included in the study are tangibility, reliability, and
responsiveness. The findings revealed that the customers were satisfied with the
tangibility in both the private and the public sector banks, whereas for reliability
and responsiveness people were more satisfied in the public sector as compared to
the private sector.

(T.Sumathi, 2020)Gives a detailed analysis about the role of trust and perceived risk
while the adoption of electronic banking services. It also studied the mediating effect
of perceived risk between trust and adoption of e-banking. The study was
descriptive and quantitative. The sample size was 375. The respondents included
were university students and entrepreneurs. Multistage sampling technique was
adopted, and the data was analysed by measurement model. The results showed that

53
trust and perceived risk had a significant effect on people while adopting to the E-
banking methods.

54
(Harikhanth, 2020)Studied about the perception of customers towards the e-banking
services. It described the challenges and problems and the remedial measures to
solve the problems while using e-banking services. Data was collected from 50
respondents. The data collected was analysed using the weighted average method,
the percentage method and Cho square test. The results concluded that ATM was the
most used banking mode and tele banking and smart cards were the least preferred
ones. Lack of knowledge about technical know-how the major obstacle and there
were where demographic problems associated with the customer satisfaction.

Statista published a report on Digital Payments in India, stating the market overview
of the digital payments and mentions the statistics of the preferred e-payment
services used among Indians and shows the Unified Payment Interface (UPI) usage
across India in June 2021. In the financial year 2021, more than 44 billion digital
payments were recorded across India. This was a tremendous increase as compared
to the three previous years. Since the beginning of Covid in India the number of
digital payment transaction and the use of Mobile wallets started to increase.
Moreover, the use of UPI increased too while the use of credit transfers, such as
RTGS and NEFT decreased because of the increase in the usage of the mobile
wallets. The international key players such as Google pay and Amazon Pay, entered
the market. The most use App was PhonePe. It also mentions the impact of
consumer on the usage of the digital payments during Covid.

55
 Chapter 3
RESEARCH METHODOLOGY

Research methodology is a systematic and theoretical way of doing analysis

of different methods to a particular field of study. It covers various concepts
like paradigm, theoretical model, and the diverse quantitative and qualitative
techniques. A methodology does not set out to provide solutions - it is,
therefore, not the same thing as a method. Instead, it offers the theoretical
underpinning for understanding which method, set of methods or best
practices which can be applied to specific case, for example, to calculate a
specific result. It acts as a guide to conduct an objective and good research.
(Rose, 2005)

The researcher has conducted a very detailed and systematic study and used
both qualitative and quantitative research methods like experiments, survey
research, participant behaviour and perception along with the secondary
data. The quantitative methods focus on the types and the number of
observations and respondents as well as create appropriate statistical models
to conclude. The qualitative methods focus on the detailed description of the
observations. This chapter aims to describe the research design used and
discusses about the methods and procedures adopted by the researcher in
order to study about E-wallets and their popularity in Navi Mumbai and
analyse their impact in the digitization sector.

Limitations of the study

• The data was collected from the working professionals who are from
navi Mumbai or work in Navi Mumbai thereby causing a geographical
limitation. Therefore, the data is limited to a certain extent and is based
on one location only.
• The study has taken into consideration of about 103 responses from
working professionals. This sample size is adequate to conduct
statistical analysis but could be a limitation in generalization on
account of the number. Working professionals above the age of 32
were not taken into consideration for this study.

56
• There were certain working professionals who had a problem of
language to, therefore to a certain extent language barrier was also
observed. Therefore, some questions had to explained to people to get
in their responses.

57
 • Data collection happened on for during a month and future changes
were not taken into consideration.

Sampling design

• The population of this study comprises of all the working

professionals from the age of 18 to 32 and working in various
industries like FMCG, logistics, textiles, automobiles, or any other
business, who either live in Navi Mumbai or have their business in
Navi Mumbai.
• Navi Mumbai in this study covers areas from Panvel to Vashi.
• The population of the working professionals is not exact. The sample
size consists of 103 respondents only, whereas their may be more
working professionals in Navi Mumbai.

Sampling method

A sample is used to make observations and find information about the

perception of the sample population regarding a certain topic, to make
generalization in relation to existing theory and various sampling techniques.
Sampling techniques are broadly divided into two types:

I. Probability or random sampling is where every item of the

population has an equal chance of being included in the sample. The
following are the types of random sampling:
• Simple random sampling: It means that every case of the
population has an equal probability of inclusion in the sample.
• Systematic sampling: It means that every nth case is selected
randomly.
• Stratifies sampling method: Stratified sampling is where the
population is divided into strata (or subgroups) and a random
sample is taken from each subgroup.
• Cluster sampling: Here the entire population is divided into
clusters of groups and a random sample is then taken from

58
these clusters or groups.

59
 • Multi-stage sampling: It is a process to move towards a
narrow sample in a stepwise method.

II. Non-probability or non-random sampling is generally attributed to

qualitative research wherein the odds of an item of the population
being selected cannot be calculated. It relies on the subjective
judgement of the researcher. The following are the types of non-
probability:
• Quota Sampling: Here the participants of the sample are
selected based on predetermined characteristics.
• Snowball Sampling: It is also called chain sampling wherein
the existing participants recruit future or new participants.
• Convenience sampling: A sample wherein respondents are
selected because they are readily and easily available.
• Purposive and judgement sampling: It is a strategy in which
participants are selected deliberately to provide important
information that otherwise cannot be obtained from any other
choices. For collection of data, the researcher used the random
sampling method.

Data collection

The following procedure was followed by the researcher for data collection:

• A structured questionnaire was prepared by the researcher using

different types of questions. It was formulated by incorporating the
various discussions contained in different literatures as well as by
reviewing the previously constructed survey instruments on the
relevant topics.
• The questionnaire had various questions regarding the awareness of E-
wallets and different factors that affected the use of E-wallets by the
users.
• The questionnaire was focused on four types of E-wallets, and they

60
 were, Google pay, Amazon pay, Paytm and Phonepe.
• The total number of questions were 18, and these questions covered
almost everything bout E-wallets and the awareness of the same in
Navi Mumbai.

61
 • No personal questions were included to avoid any kinds of arguments
and discomfort to the respondent.
• The researcher has collected the data by distributing structured
questionnaires to working professionals through regulated Goggle
form which were sent to the working professionals after an initial
discussion about the topic.
• The research was done using both primary and secondary sources. The
primary resources included the questionnaire, whereas the secondary
sources included the previous research paper that were written on the
same topic.

Descriptive tools

The descriptive tools used by the researcher in this

study are: Measures of central tendency:

Central tendency is defined as “the statistical measure that identifies a single

value as representative of an entire distribution.” It is the central position of
a frequency distribution for a group of data. Central tendency can be
measured in three ways

(1) Mean
(2) Median
(3) Mode

The mean is simple average scope of a distribution whereas the median is a

centre or middle value, and the mode is the highest frequency.

In case of normal distribution, mean, median, and mode are identical. This
study uses three major types of estimated of central tendency:

1. Mean: The Mean is the average which is computed by the addition of

all the values in the data set divided by the number of observations in
it and is the most common method used to describe a central tendency.
2. Median: The median is the middle value of the set of observations and
acts as another measure of central location for a variable. Median is

62
 easy to compute and understands and is not distorted by outliers.
3. Mode: Mode is the most used frequency in a data set. There is a
possibility that sometimes data sets do not have a mode because each
value tends to occur only

63
 once whereas sometimes the data sets could have more than one
mode. This happens when the data set has two or more values of equal
frequency which is greater than that of any other value.

The descriptive statistics were used in this study to describe the responses of
the working professionals which helped the researcher to make conclusions
about the awareness about E-wallets in Navi Mumbai.

64
 Chapter 4
DATA ANALYSIS

Research data analysis is a process used by researchers for reducing data to a

story and interpreting it to derive insights. The data analysis process helps in
reducing a large chunk of data into smaller fragments, which makes sense.

Three essential things take place during the data analysis process — the first
data organization. Summarization and categorization together contribute to
becoming the second known method used for data reduction. It helps in
finding patterns and themes in the data for easy identification and linking.
Third and the last way is data analysis – researchers do it in both top-down
or bottom-up fashion. (Schensul, 2020)

Researchers rely heavily on data as they have a story to tell or problems to

solve. It starts with a question, and data is nothing but an answer to that
question. But what if there is no question to ask? Well! It is possible to
explore data even without a problem
– we call it “Data Mining” which often reveal some interesting patterns
within the data that are worth exploring.

Irrelevant to the type of data, researchers explore, their mission, and

audiences’ vision guide them to find the patterns to shape the story they
want to tell. One of the essential things expected from researchers while
analysing data is to stay open and remain unbiased towards unexpected
patterns, expressions, and results. Remember, sometimes, data analysis tells
the most unforeseen yet exciting stories that were not expected at the time of
initiating data analysis. Therefore, rely on the data you have at hand and
enjoy the journey of exploratory research. (Schensul, 2020)

Types of data in research

Every kind of data has a rare quality of describing things after assigning a
specific value to it. For analysis, you need to organize these values,
processed, and presented in each context, to make it useful. Data can be in
different forms; here are the primary data types.

65
 • Qualitative data: When the data presented has words and
descriptions, then we call it qualitative data. Although you can
observe this data, it is subjective and harder to analyse data in
research, especially for comparison. Example: Quality data represents
everything describing taste, experience, texture, or an opinion that is
considered quality data. This type of data is usually collected through
focus groups, personal interviews, or using open-ended questions in
surveys.
• Quantitative data: Any data expressed in numbers of numerical
figures are called quantitative data. This type of data can be
distinguished into categories, grouped, measured, calculated, or
ranked. Example: questions such as age, rank, cost, length, weight,
scores, etc. everything comes under this type of data. You can
present such data in graphical format, charts, or apply statistical
analysis methods to this data. The (Outcomes Measurement
Systems) OMS questionnaires in surveys are a significant source of
collecting numeric data.
• Categorical data: It is data presented in groups. However, an item
included in the categorical data cannot belong to more than one
group. Example: A person responding to a survey by telling his
living style, marital status, smoking habit, or drinking habit comes
under the categorical data. A chi- square test is a standard method
used to analyse this data.
The data for the study was collected according to the methodology discussed
in the previous chapter. Various appropriate statistical techniques were
applied systematically to study the objectives and conclude data.
The respondents for this research were working professionals between the
age of 18 and 32 who have their business within Navi Mumbai. The research
paper covers the information with respect to gender, age group, awareness of
E-wallets, most used E- wallet, purpose of using E-wallets, factors affecting
the use of E-wallets, obstacles faced while using E-wallets and suggestions
of making the use of E-wallets more convenient.

66
 Frequency Percentage
Age Group 18-22 86 83.5%
23-27 11 10.7%
28-32 6 5.8%
Total 103 100%

Gender Male 41 39.8%

Female 62 60.2%
Total 103 100%

Awareness of Yes 102 99%

E-wallets No 1 1%
Total 103 100%

Usage of Paytm 70 68%

platform Gpay 73 70.9%
PhonePe 30 29.1%
Amazon Pay 25 24.3%
Other 11 10.7%
Purpose of use Money transfer 83 80.6%
of E-wallet Online Shopping 90 87.4%
Recharge 69 67%
Bill Payment 65 63.1%
Booking Tickets 61 59.2%
Frequency of Everyday 39 37.9%
using E-wallet Twice a week 37 35.9%

One a week 8 7.8%

Once or twice a month 19 18.4%

Approximately Less than 1000 25 24.3%

monthly usage 1000-2500 30 29.1%

67
2500-5000 22 21.4%
5000-10000 15 14.6%

68
 More than 10000 11 10.7%

Factors Immediate payment 95 92.2%

affecting usage Easy to use 91 88.3%
Availability 69 67%
Everywhere Quick 66 64.1%

Avoiding queue 49 47.6%

Frequent and good 40 38.8%
discounts
Refunds 31 30.1%

Are these Yes 96 93.2%

transactions No 7 6.8%
secured?
Total 103 100%

E-wallet you Paytm 32 31.1%

use the most Gpay 53 51.5%

PhonePe 8 7.8%
Amazon Pay 6 5.8%
Other 4 3.9%
Total 103 100%
Obstacles Connectivity issues 67 65%
faced while Involves danger of 42 40.8%
using E-wallets getting hacked

Not usable for 18 17.5%

international
transactions
Money transfer 24 23.3%
limit is less

69
E-wallets are Strongly disagree 12 11.7%
useful mode of
payment Disagree 1 1%
Neutral 14 13.6%
Agree 46 44.7%
Strongly Agree 30 29.1%
Agree 46 44.7%
Strongly Agree 30 29.1%
Usage of E- Yes 73 70.9%
wallets before No 30 29.1%
pandemic
Total 103 100%

Did you start Yes 79 76.7%

using E-wallets No 24 23.3%
because of the Total 103 100%
pandemic?

Most Paytm 32 31.1%

convenient E- Gpay 55 53.4%
wallet to use
PhonePe 8 7.8%

Amazon Pay 5 4.9%

Other 3 2.9%

Total 103 100%

E-wallets your Paytm 31 30.1%

friends use the Gpay 66 64.1%
most PhonePe 5 4.9%

Amazon Pay 0 0%
Other 1 1%

Total 103 100%

Paytm 37 35.9%
Gpay 61 59.2%

70
Most used E- PhonePe 3 2.9%
wallet around Amazon Pay 1 1%
you
Other 1 1%

Question wise analysis

A. What age group do you belong to?

Age group Frequency Percentage

18-22 86 83.5 %
23-27 11 10.7 %
28-32 6 5.8 %
Total 103 100 %

Analysis and Interpretation

• The respondents of the group belong to the ages between 18 to 32.

83.5% of the respondents belonged to the age of 18 to 22. 10.7%
belonged to the age of 23 to
27. 5.8% of the respondents belonged to the age of 28 to 32.
• The respondents are mainly from the age of 18 to 22.

71
Conclusion

• We can conclude that the respondents are majority between the age of 18
and 22.

B. What is your gender?

Gender Frequency Percentage

Male 41 39.8%

Female 62 60.2 %

Total 103 100 %

Analysis and Interpretation

• It is observed that from a sample of 103 respondents. 60.2% were

females and 39.8% were females. The female respondents (62/103)
have outnumbered the male respondents (41/103).
• The study is dominated by females.

72
Conclusion
• We can conclude that the respondents are dominated by women.

C. Are you aware of E-wallets?

Frequency Percentage

Yes 102 99%

No 1 1%

Total 103 100%

Analysis and Interpretation

• It is observed that amongst 103 respondents, 102 people know about

E-wallets. 99% of the respondents are aware about E-wallets and 1%
of the respondents are not aware about E-wallets.

• It is observed that a lot of people are aware about E-wallets. This

means that people are technology driven and are acquainted with the
new digitization methods.

73
 • When the respondents were asked whether they know about E-wallets
majority of them answered a YES.

• The mean respondent value was 1, the median was 1 and the mode
was also 1, which helps us conclude that overall, the respondents are
aware about E-wallets.

Conclusion

• We can conclude that the respondents are aware about E-wallets

and new advent of technology.

D. If yes, which platform do you use?

Frequency Percentage

Paytm 70 68%

Gpay 73 70.9%

PhonePe 30 29.1%

Amazon Pay 25 24.3%

Other 11 10.7%

74
Analysis and Interpretation

• The respondents were asked about which E-wallets do they use the
most from Paytm, Gpay, PhonePe and Amazon pay, or some other.

• It can be observed that most of the people use Paytm as well as Gpay.
70.9% of the respondents use Gpay and 68% of the respondents use
Paytm.

• PhonePe is used by 30% of the respondents, Amazon pay is used by

24.3% of the respondents and 10.7% of the respondents use other E-
wallets too.

• When the respondents were asked which platform do they use the
most, it was found that Paytm and Gpay are the most used E-wallet
platforms.
• The mean respondent value was 2, the median was 2 and the mode
was also 2, which helps us conclude that overall the respondents used
Gpay as an E-wallet platform the most.

• From the chart above, we can also observe that people use more than

75
one E- wallet, which is a great progress for Indian economy, and it
means that more people are aware about the use of E-wallets in India.

76
Conclusion

• We can conclude that Paytm and Gpay are the most used E-wallet
amongst all the other E-wallets.

E. What is the purpose of your use of E-wallet? (Select all which apply)

Frequency Percentage
Money transfer 83 80.6%

Online Shopping 90 87.4%

Recharge 69 67%
Bill Payment 65 63.1%
Booking Tickets 61 59.2%

Analysis and Interpretation

• From the chart it can be observed that people use E-wallets
mainly for Online Shopping and Money transfer. Out of 103
respondents 90 respondents (87.4%) use E-wallets for online
shopping.
• 80.6% of the respondents use E-wallets for money transfer.

77
67% of the respondents use E-wallets for Recharge.

78
 • 63.1% of the respondents use E-wallets for Bill Payment.
59.2% of the respondents use E-wallets for Booking tickets.
• When the respondents were asked for what purpose they used
the E- wallet, it was observed that they mostly use it for Online
shopping and money transfer.
• The mean respondent value was 2, the median was 2 and the
mode was also 2, which helps us conclude that overall, the
respondents used E- wallets mainly for online shopping.

Conclusion

• Hereby, we can conclude that respondents use E-wallets mostly for

online shopping.

F. How frequently do you use E-wallet?

Frequency Percentage

Everyday 39 37.9%

Twice a week 37 35.9%

One a week 8 7.8%

Once or twice a month 19 18.4%

79
Analysis and Interpretation

• It is observed that 37.9% of the respondents use E-wallets every day.

35.9% of the respondents use E-wallets twice a week.
• 18.4% of the respondents use E-wallets once or twice a month. 7.8%
of the respondents use E-wallets once a week.
• People are getting awareness about E-wallets and are moving to the
new advent of technology.
• When the respondents were asked about how frequently they used E-
wallets most of them responded Every day.
• The mean respondent value was 2, the median was 2 and the mode was
1, which helps us conclude that overall, the respondents use E-wallets
every day for completing there day to day transactions.
• People are moving from traditional methods of payment to modern
methods of payment and are moving towards digitization.

Conclusion

• From the analysis and interpretation, we can conclude that people

mostly use E- wallets every day for their day-to-day transactions.

G. What is your approximate monthly usage?

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 Frequency Percentage

Less than 1000 25 24.3%

1000-2500 30 29.1%
2500-5000 22 21.4%
5000-10000 15 14.6%
More than 10000 11 10.7%

Analysis and Interpretation

• 24.3% of the respondents spend less than Rs. 1000 monthly

from E- wallets. 29.1% of the respondents spend 1000 to 2500
monthly from E- wallets.
• 21.4 % of the respondents spend 2500 to 5000 monthly from
E-wallets. 14.6% of the respondents spend 5000 to 10000
monthly from E-wallets. 10.7% of the respondents spend more
than 10000 monthly from E- wallets.
• It can be observed that respondents mostly spend 1000 to 2500
monthly from E-wallets.
• When the respondents were asked how much they spend
monthly through E-wallets it can be observed that people spent
around 1000 to 2500.

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 • The mean respondent value was 2, the median was 2 and the
mode was also 2, which helps us conclude that overall, the
respondents spend around 1000 to 2500 monthly over E-
wallets.

Conclusion

• It can be concluded that respondents spend around 1000 to

2500 monthly over E-wallets.

H. What are the factors, which makes you use-wallet? (Select all which
apply)

Frequency Percentage

Immediate payment 95 92.2%

Easy to use 91 88.3%
Availability 69 67%
Everywhere Quick 66 64.1%

Avoiding queue 49 47.6%

Frequent and good discounts 40 38.8%
Refunds 31 30.1%

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Analysis and Interpretation

• It can be observed that 92.2% of the respondents use E-wallets

for immediate payment.
• 88.3% of the respondents use E-wallets because it is easy to
use and is convenient for people.
• 67% of the respondents use E-wallets because it is easily
available, and one only needs and electronic device and internet
connection and the link with the bank account.
• 64.1% of the respondents use E-wallets because if completed
transactions quickly and comfortably.
• 47.6% of the respondents use E-wallets because they find it cost
effective as they don’t have to stand in long queues, which
saves time and effort.
• 38.8% of the respondents use E-wallets because they feel that
E-wallets provide frequent discounts and rebates which keeps
the user excited and motivated to enter another transaction.
• 30.1% of the respondents use E-wallets because it is easy to
issue refunds from E-wallets as compared to the traditional
method.
• When the respondents were asked about what factors make

83
them use E- wallets, most of the respondents responded that
they use E-wallets mostly for immediate payment and easy to
use.

84
 • The mean respondent value was 1, the median was 1 and the
mode was also 1, which helps us conclude that overall, the
respondents use E- wallets mostly because it is easy to use,
and we can make payments immediately.

Conclusion

• From the data analysis and interpretation, it can be concluded

that the respondents use E-wallets mostly because it is easy to
use, and we can make payments immediately.

I. Which E-wallet do you use the most?

Frequency Percentage

Paytm 32 31.1%
Gpay 53 51.5%

PhonePe 8 7.8%
Amazon Pay 6 5.8%
Other 4 3.9%
Total 103 100%

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 Analysis and Interpretation
• 31.1% of the respondents use Paytm for payments using E-wallets.
• 51.5% of the respondents use Gpay for payments using E-wallets.
• 7.8% of the respondents use PhonePe for payments using E-
wallets.
• 5.8% of the respondents use Amazon Pay for payments using E-
wallets.
• 3.9% of the respondents use E-wallets other than Paytm, Gpay,
PhonePe and Amazon Pay.
• When the respondents were asked about which E-wallets do
you use the most, it was seen that Gpay is the most used E-
wallets.
• The mean respondent value was 2, the median was 2 and the
mode was also 2, which helps us conclude that overall, Gpay is
the most used E- wallet amongst the 103 respondents.

J. Do you think these transactions are secured?

Frequency Percentage

Yes 96 93.2%

No 7 6.8%

86
Total 103 100%

87
Analysis and Interpretation

• It is observed that 93.2% of the respondents feel that E-wallets are

secured, and they willingly use E-wallets.
• 6.8% of the respondents feel that E-wallets are not secured.
• This is mainly because of the mentality of people and lack of
knowledge about technical.
• When the respondents were asked about whether E-wallets were
secure form of transactions most of the respondents feel that it is
secure.
• The mean respondent value was 1, the median was 1 and the mode
was also 1, which helps us conclude that overall, the respondents feel
that E-wallets are secured form of transaction.

K. What are the obstacles you face while using E-wallets?

Frequency Percentage

Connectivity issues 67 65%

Involves danger of getting 42 40.8%

hacked

88
Not usable for international 18 17.5%
transactions
Money transfer limit is less 24 23.3%

Analysis and Interpretation

• It is observed that 65% of the respondent’s face connectivity issues

while making payments.
• 40.8% of the respondents feel that there is danger of getting hacked
and they feel unsafe while completing transactions.
• 17.5% of the respondents have observed that E-wallets are not usable
for international transactions.
• 23.3% of the respondents feel that money transfer limit is less, which
causes issue of storing money.
• When the respondents were asked about what obstacles they came
across while using E-wallets majority of the respondents felt that there
are connectivity issues while making payments and it involved the
danger of getting hacked.
• The mean respondent value was 1, the median was 2 and the mode
was also 1, which helps us conclude that overall, the respondents felt
that there are connectivity issues while making payments and it
involved the danger of getting hacked.

89
Conclusion

• Hereby you can conclude that, the respondents felt that there are
connectivity issues while making payments and it involved the danger
of getting hacked.
• With this we can also infer, that still Indian people are afraid of using
new technologies, since they lack the technical know how and are
afraid to adapt to the new technologies and innovations.

L. E-wallets are a useful mode of payment.

Frequency Percentage

Strongly disagree 12 11.7%

Disagree 1 1%
Neutral 14 13.6%
Agree 46 44.7%
Strongly Agree 30 29.1%

90
91
 Analysis and Interpretation

• It is observed that 29.1% of the respondents strongly agree that

E-wallets are useful mode of payment.
• 44.7% of the respondents agree that E-wallets are a useful
mode of payment.
• 13.6% of the respondents have a neutral opinion about the
usefulness of E-wallet.
• 1% of the respondents disagree that E-wallets are a useful
mode of payment.
• 11.7% of the respondents strongly disagree that E-wallets are a
useful mode of payment.
• When the respondents were asked about whether they feel that
E-wallets were secure or not, mostly agree that they are secure
and are convenient to use.
• The mean respondent value was 4, the median was 4 and the
mode was also 4, which helps us conclude that overall, the
respondents felt that there are E-wallets are a secure mode of
payment and convenient to use.

Conclusion

• Hence, we can conclude that majority of respondents feel that E-

wallets are a secured mode of payment and convenient to use.

M. Did you use E-wallets before the pandemic?

Frequency Percentage

Yes 73 70.9%
No 30 29.1%

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Total 103 100%

Analysis and Interpretation

• It can be observed that 70.9% of the respondents did use E-

wallets before the pandemic, whereas 29.1% of the
respondents did not use E-wallets before the pandemic.
• When the respondents were asked about whether they used E-
wallets before the pandemic, majority of them answered a Yes.
• The mean respondent value was 1, the median was 1 and the
mode was also 1, which helps us conclude that overall, the
respondents did use E- wallets before the pandemic.

Conclusion

• It can be concluded from the data analysis that E-wallets were used by
the respondents even before the pandemic.

N. Did you start using E-wallets because of the pandemic?

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 Frequency Percentage

Yes 79 76.7%
No 24 23.3%

Total 103 100%

• It can be observed that 76.7% of the respondents started using

E-wallets because of the pandemic.
• 23.3.% of the respondents did not start using E-wallets because
of the pandemic, that means, either they used it before the
pandemic, or they do not use E-wallets at all.
• When the respondents were asked about whether they started
using E- wallets after the pandemic most of the respondents
answered that they were using the E-wallets even before the
pandmiec and not because of the pandemic.
• The mean respondent value was 2, the median was 2 and the
mode was also 2, which helps us conclude that overall, the

94
respondents knew about

95
 E-wallets even before the pandemic and were aware of the
mew advent of technology and used it for their daily payments.

Conclusion

• It can be concluded that people were aware of E-wallets and used E-

wallets even before the pandemic and were technology driven.

O. Which one is the most convenient E-wallet to use?

Frequency Percentage

Paytm 32 31.1%
Gpay 55 53.4%
PhonePe 8 7.8%

Amazon Pay 5 4.9%

Other 3 2.9%

Total 103 100%

96
Analysis and Interpretation

• 31.1% of the respondents find that Paytm is the most convenient E-wallet
to use.
• 53.4% of the respondents find that Gpay is the most convenient E-wallet
to use.
• 7.8% of the respondents find that PhonePe is the most convenient E-
wallet to use.
• 4.9% of the respondents find that Amazon Pay is the most convenient
E-wallet to use.
• 2.9% of the respondents feel that some other E-wallet other than
Paytm, Gpay, PhonePe and Amazon Pay.
• When the respondents were asked about which E-wallet is the most
convenient to use, most of the respondents responded that Gpay is the
most convenient E- wallet to use.
• The mean respondent value was 2, the median was 2 and the mode
was also 2, which helps us conclude that overall, the respondents felt
that Gpay is the most convenient E-wallet to use.

Conclusion

• From the above analysis and interpretation, it can be concluded that

majority of respondents feel that Gpay is the convenient E-wallet to

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use.

98
 P. Which E-wallet do your friends use the most?

Frequency Percentage

Paytm 31 30.1%
Gpay 66 64.1%
PhonePe 5 4.9%

Amazon Pay 0 0%
Other 1 1%

Total 103 100%

Analysis and Interpretation

• 30.1% of the respondent’s friends use Paytm.
• 64.1% of the respondent’s friends use Gpay.
• 4.9% of the respondent’s friends use PhonePe.
• 0% of the respondent’s friends use Amazon Pay.

99
 • 1% of the respondent’s friends use other E-wallets other than
Paytm, Gpay, PhonePe and Amazon Pay.
• When the respondents were asked about which E-wallet their
friends use the most, most of them answered that Gpay is the
most used E-wallet amongst their friends.
• The mean respondent value was 2, the median was 2 and the
mode was also 2, which helps us conclude that overall, the
respondents conveyed that their friends used Gpay mostly.

Conclusion

• Hereby, it can be concluded that Gpay is the most used E-wallets

amongst the respondent’s friends.

Q. According to you, which one is the most used E-wallet?

Frequency Percentage

Paytm 37 35.9%
Gpay 61 59.2%

PhonePe 3 2.9%
Amazon Pay 1 1%

Other 1 1%

100
 Analysis and Interpretation
• 35.9% of the respondents feel that Paytm is the most used E-wallet.
• 59.2% of the respondents feel that Gpay is the most used E-wallet.
• 2.9% of the respondents feel that PhonePe is the most used E-
wallet.
• 1% of the respondents feel that Amazon Pay is the most used E-
wallet.
• 35.9% of the respondents feel that Paytm is the most used E-wallet.
• 1% of the respondents feel that the most used E-wallet is some
other E- wallet other than Paytm, Gpay, PhonePe and Amazon
Pay.
• When the respondents were asked about which E-wallet is the
most used, according to them, most of them answered Gpay is
the most used E-wallet around them.
• The mean respondent value was 2, the median was 2 and the
mode was also 2, which helps us conclude that overall, the
respondents felt that Gpay is the most used E-wallet around
them.

R. Do you have any suggestion for making the use of E-wallets more
convenient?

101
Analysis and Interpretation
• The respondents gave a lot of new suggestions that can be used
while E- wallet more convenient.

102
 • They want an easy-to-use feature so that people who lack in the
technical know-how, or the older generation people who don’t
know much technology, can use it too, without any difficulty.
• To gain the trust of the people, these transactions should be
made more secure and two factor authentication should be
used while making payments from E-wallets and KYV process
should be done simpler.
• One of the respondents gave an interesting insight that E-
wallets can increase there reach by working even in no
network area places and without any internet connection. By
this people will start using more of E-wallets even at remote
places.
• The server problems should be eliminated, and more
transparency should be there on the application and the
application should be made in a way that it can handle huge
traffic at one time.
• Strong actions must be taken against online fraud so that such
fraud acts get stopped and this will help people build trust on
usage of E-wallets.
• E-wallets should be available at the buses and at auto rickshaws
too.
• E-wallet applications should add split in the application for
more easy use and convenience.
• E-wallet application makers should make the availability of
credit-based funds too.
• There should be given more preference to the after services
and calls if anything goes wrong in any transaction.
• They should increase the limit of transactions.

Conclusion

• Mostly people want the transaction to be secured and the KYC

process to be simpler and quick.

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• People also want a good after service of the transaction in case of any
miss happening or a chance of fraud.

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 Chapter 5
Findings

At the time of digitization, the paper intends to concentrate on the user

perception, use pattern preferences and satisfaction level regarding advanced
E-wallets based on the investigation of 103 respondents. It additionally
identifies the boundaries and challenges and the recommendations needed for
the adoption of the same. The findings and results indicate that there exists a
gigantic untapped showcase for advanced wallets in terms of increasing the
awareness and in addition to increase the utilization. Moreover, the
frequency and the estimation of each transaction using the computerized E-
wallets is limited and constrained. Mainly online shopping rose as the primary
reason for the utilization of computerised wallets. The results found that
respondents inclined towards using E-wallets since they spare time and are
anything but difficult to utilize and get to. In any case, security of money
transacted remains their major concern. Security issues in terms of dread of
money misfortune and absence of convenience for international transactions
are the prime boundaries to its adoption.

• Major chunk of respondents was female.

• 60.2% of the respondents were female.
• For the most part used automated E-wallet is Gpay with the greatest
share of 70.9%.
• Most of the respondents of this research paper belonged between the
age of 18 to 22. This implies that a lot of teenager and young starting
professionals are aware about the use of E-wallets and are open to
adapt to the new modes of digitization.
• The respondents of this research paper are aware about the E-wallets,
as 99% of the respondents responded a yes.
• It was inferred that the respondents used E-wallets mainly for online
shopping and money transfers. Moreover, because of the pandemic
people stopped visiting the offline stores and started to shop online via
Myntra, Amazon and Flipkart. To maintain social distancing and
avoid the spread of covid people started using online payments for the

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delivery of the product. This was the time when E- wallets took a huge
turn and people started getting aware of it. Since people could not visit
the banks, everyone started using the online facility for transfer of
payments and completing transactions.

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• Since nowadays E-wallets have become the most used mode of
payments, it was observed that almost 40% of the respondents use E-
wallets every day for their payments and transactions.
• It is very strange as well as very good to know that India is
progressing in terms of technology, which stands to be the future of
many countries. It is glad to see how Indians are getting to know about
the new advent of technology and adapting to it.
• When the respondents were asked about their monthly usage of money
through E-wallets, it could be seen that majority of the respondents
spent Rs. 1000 to 2500 using E-wallets. Very less respondents use
money more than 10000 for E- wallet transactions. This helps us
conclude that people are not yet comfortable making huge payments
or completing huge transactions through E-wallets. This helps us
know that the security and trust and more awareness about it should be
spread so that people can even deal in huge transactions and complete
their deals.
• There are a lot of factors which make people use E-wallets and prefer
it over the traditional mode of payment. Some of them are immediate
payments, frequent discounds and rebates, refunds, avoiding queue,
easy to use, availability.
• Out of all the factors mentioned above, the two main factors which
affect the use of E-wallets in a positive way are Immediate payments
and easy to use feature.
• Immediate payments help people save time and effort. Some people
are very impatient as to when the payment will be processed and when
can they buy the product or the service. E-wallets have made this
problem go away and helped people to complete transactions
immediately without waiting.
• E-wallets are used by downloading an automated application of the
same. The application has chat bots which guide people must how to
complete the KYC process and how to make payments. Since it
doesn’t have many complications and processes to complete, people
prefer E-wallets over any other form of payment.

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• Social media has changed the life of people. When people are asked
about which E-wallet they use the most, most of them answered that
they used Gpay the most followed by Paytm. The majority chunk of
respondents uses either of the two E- wallets.

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• Gpay and Paytm are more used because the companies did their
marketing well and gained the trust of people while entering a
transaction. Since they were the earliest E-wallets to be launched they
mainly captured the market and knew how to deal with the
competition.
• The respondents feel that these transactions are secured. This has
happened mainly because of the experience and the increase in the
usage of E-wallets. A newbie would hesitate to deal into transactions,
but when they use E-wallets they start feeling secured and they feel
comfortable the next time while dealing into the same.
• Everything has pros and cons, and so do E-wallets. E-wallets too have
some obstacles, that the users face while dealing into payments. Some
of the obstacles are Connectivity issues, involves danger of getting
hacked, not usable for international transactions and the limit of the
money. The two main obstacles of E-wallets are connectivity issues
and the danger of getting hacked.
• Connectivity issues lead to delayed payments and creates a confusion
for the user, whether the payment has been processed or not. This can
take a lot of time of the user and make him restless at the same time.
• Since E-wallets do not have two factor authentication, or any link with
the mobile device, it can be hacked. These frauds or miss happenings
scare people to deal into these transactions.
• The respondents feel that E-wallets are a useful mode of payment
since it avoids standing in queues, waiting for their turn to make the
payment in physical cash, saves time and effort, can be done at any
hour, i.e., 24/7, and does not require much technical know-how.
• 70% of the respondents used E-wallets before the pandemic, that means
that even before the lockdown people were aware about what e-
wallets are and processed their transactions using the same.
• Only 23% of the respondents discovered and started using E-wallets
after Covid, since everyone was in lockdown and people started Online
shopping and making payments using their mobiles.
• According to the respondents, Paytm and Gpay are the most

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convenient use E- wallet, and this is because of the easy usage of the
application and accessibility of the same.

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• The respondents were asked, which E-wallet did their friends use the
most, it was known that 64% of the respondents’ friends used Gpay
and 30% of the respondents’ friends used Paytm.
• The respondents were asked about their personal view, as to which E-
wallets is most popular around them and they think is the most used
one, it was found that Gpay was the most popular one.

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 Chapter 6
Conclusion and Suggestions

E-wallet payment is a growing concept in this generation and era.

Technologies used in the banking sector have completely changed the way in
which the baking business
works. Users of E-wallets can easily complete their transaction with less time
and effort. It is also noticed that some customers don’t have the proper
awareness about different electronic modes of payment, or they have less
computer knowledge to use E-wallets. It is very important to spread
awareness amongst the E-wallet users to improve the usage of electronic
modes of payment. In this study it is concluded that the frequency of using
E-wallets is increasing day by day and people are getting aware about the are
advent of technology. Notwithstanding technological advancement, many
customers still often prefer cash in hand to the traditional way because they
think that cash in hand is safer as compared to the E-wallet. This viewpoint
of the old generation in contrast with the new generation. As everything has
pros and cons, so does E-wallets. We need to make the right choices as wise
users and have the awareness of the E-wallet that we use.

Suggestions

It is observed that there are instances and incidents of misuse of sims and
cards, so it is recommended to prevent impersonation and sim swapping
attacks nowadays. We can have methods of payment, in which the users can
even make payments offline and at the ease of their home.

• Security should be stricter, and people should be able to trust the

mode of payment.
• Awareness of E-wallets should be spread.
• The usage of E-wallets should also be made offline.
• There should be a method of checking the name of the person, we
are making payment too.

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• A lot of kirana stores still don’t have E-wallets usage, so it should
be made more accessible.
• Redirects should be avoided so that users can easily complete their
payments.

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 Chapter 7
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 Chapter 8
Appendix

The questionnaire circulated is attached below.

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