STUDY OF CRITICAL ANALYSIS OF FINANCIAL SERVICES OFFER BY

DIGITAL WALLET WITH REFERENCE TO DOMBIVLI AREA

A Project submitted to

University Of Mumbai for partial completion of the degree of

Master in Commerce

Under the Faculty of Commerce

By

Ms. Raksha Vittal Bangera

Under the Guidance of

Dr. Manoj B. Makwana
Pragati College of Art and
CommerceDombivli (E)
2023
 PRAGATI COLLEGE OF ART AND COMMERCE

DOMBIVALI (E)

Certificate

This is to certify that Ms. Raksha Vittal Bangera has worked and duly
Completed her/his Project Work for the degree of Master in Commerce
Under the Faculty of Commerce in the subject of M.Com-Part 2 ( sem IV)
and her/his project is entitled, “Study of Critical Analysis of Financial
Services Offer by Digital Wallet with Reference to Dombivli Area “
Under MySupervision.

I further certify that the entire work has been done by the learner under my
guidance and that no part of it has been submitted previously for any
degree or diploma of any University.

It is her/his own work and facts reported by her/his personal findings and
Investigations.

Dr. Manoj B. Makwana

Research Guide

Date of Submission

External Examiner
 Declaration

I the undersigned Ms. Raksha Vittal Bangera hereby declare that the
workembodied in this project work titled “Study of Critical Analysis of
Financial Services Offer by Digital Wallet with Reference to Dombivli
Area” form my own contribution to the research work carried out under the
guidance of Dr.Manoj B. Makwana is a result of my own research work
and has not been previously submitted to any other University for any other
Degree / Diploma to this or any other University.

Wherever reference has been made to previous works of others, it has

been clearly indicated as such and included in the bibliography .

I, here by further declare that all information of this document has been
obtained and presented in accordance with academic rules and ethical
Conduct.

Ms. Raksha Vittal Bangera

( Research Student )
Certified by

Dr.Manoj B. Makwana
Research Guide
 Acknowledgment

To list who all have helped me is difficult because they are so numerous
and the depthis so enormous.

I would like to acknowledge the following as being idealistic channels and

dimensions in the completion of this project.

I take this opportunity to thank the University of Mumbai for giving me the
chance to do this project.

I would like to thank my Principal, Dr. Jyoti H. Pohane for providing the
necessary facilities required for completion of this project.

I take this opportunity to thank our Coordinator Dr.Manoj Makwana for

her moral support and guidance.

I would also like to express my sincere gratitude towards my project guide

Dr.Avinash Shendre whose guidance and care made the project
successful.

I would like to thank my college library for having provided various

reference books and magazines related to my project.

Lastly, I would like to thank each and every person who directly or indirectly
helped me in the completion of the project, especially my parents and
peers who supported me throughout my project.
 CONTENTS

Chapter Title Page

No No

Title
Certificate
Declaration
Acknowledgement
Contents
List of Table
List of Figures
01 Introduction
02 Review of Literature
03 Research Methodology
04 Data analysis, Presentation & Interpretation
05 Conclusion, Findings and Suggestion
Bibliography
Appendix
a) PDF copy of Google Questionnaire
b) PDF copy of Responses of Questionnaire
 INDEX

SRN CONTENTS PAGENO

O

1. INTRODUCTION

A) CONCEPTNADINTRODUCTION

B) E-COMMERCE

C) M-COMMERCE

D) DIGITAL-WALLET

E) TYPES OF DIGITAL-WALLET
PERMITTEDININDIAANDWHO CAN USE THEM

F) ADVANTAGES AND
DISADVANTAGES OF DIGITAL WALLET
G) FACTORS INFLUECING THE ADOPTION OF
DIGITAL WALLET
H) MAJORPLAYERSINMARKET

I) SERVICES PROVIDED BY DIGITAL WALLET

GATEWAY PROVIDERS
J) HOW COVID-19 EFFECTED DIGITAL- WALLET

K) 10WAYSCOVID-19ISMOVINGUS TOWARS A
CASHLESS ECONOMY
2. RESEARCHMETHODOLOGY

A) INTRODUCTION
B) NEEDOFTHE STUDY

C) OBJECTIVEOFSTUDY

D) SIGNIFICANCEOFTHESTUDY

E) SELECTIONOFPROBLEM

F) LIMITATIONOFTHESTUDY

G) RESEARCH DESIGN , SAMPLING,

DATACOLLECTION,CLASSIFICATION
OFDATA

H) PRIMARYDATAANDSECONDARY DATA

I) RESEARCHINSTRUMENT

3. LITERATUREREVIEW

4. DATAANALYSISINTERPRETATIONANDORESENTATI
ON

5. FINDINGSRECOMMENDATIONANDCONCLUSION 76

PREPARATIONOFQUESTIONNARE 78
 CHAPTERNO.01
INTRODUCTION

“Digital WallEt”
 CONCEPT AND INTRODUCTION

The recent growth of e-commerce and the consumer’s increasing interest in purchasing Over the
net have significantly changed the landscape of Indian retail market. Today customers are
inclined to accept the changes and keep their eye on the benefits they can obtain from online
retailers. The recent example of changing consumer purchase pattern is the flipkart’s ‘Big Billion
Day’ Sale. The growth in online sales can be partially attributed to the internet’s advantages of
providing large amount of information quickly and inexpensively and its growing accessibility.
Yet, to reach its full potential business owners who use ecommerce as a distribution channel
need a clearer understanding of who buys online, what they buy online, why they buy online,
and how the non-internet buyers can be transformed into an online buyer in order to increase
online sale.

The purpose of this study is to understand and analyses the effect of cashback websites on online
purchase decision of Indian customer. Today’s world is engrossed with digital technology and
trends, from daily bread to business, home to office implementation of electronic gadgets have
become the part and parcel of the life. Dealing of financial issues with liquid cash is conquered
with virtual cash.

All the basic payments transaction of daily life can be completed on a single click in other words
digital payment system (i.e.) “DIGITAL WALLET” has changed the worlds payment system by
providing multiple digital services right from utility payment to e-tailing. In India, growing
adoption of smartphones and mobile internet has given a boost to the digital wallet industry in
India. Players like paytm, mobikwik, freecharge, oxygen, citrus etc have taken charge towards
the payment system. There are currently about 25 mobile wallet payment gateways in India out
of which few payment system gateways are licensed by RBI as payment bank. the study
provides the insights of the consumer’s behaviour and preference towards Digital wallets.

Findings reveals that security, necessity, time, satisfaction of the service used are the factors
which influences the consumer towards D-wallets and the respondents also feel that D-wallet
save time and has made life easier. Moreover, the study identified the hurdles that consumer face
when they want to adopt D-wallet as their mode of payment, the study witnessed that security
issue is the prime concern of the respondents D-wallet play a significant role in day-to-day life
with the increase in the use of smart phones and access to internet.
E-COMMERCE

Electronic commerce or E-commerce is a term for any type of business or commercial

transaction that involves the transfer of information across the internet .it covers a range of
different types of businesses, from consumer-based retail sites, through auction or music sites, to
businesses exchanges trading goods and services between corporation. It is currently one of the
most important aspects of the internet to emerge.
E-commerce allows consumers to electronically exchange goods and services with no barriers of
time or distance. Electronic commerce has expanded rapidly over the past five years and is
predicted to continue at this rate, or even accelerate. In the near future the boundaries between
“CONVENTIONAL” and ELECTRONIC” commerce will became increasingly blurred as more
and more businesses move section of their operation onto internet.
Emerged in the early 1990s today its use has increased at a rapid rate. Today, the majority of
companies have an online presence. In fact, the ability to conduct business through the internet
has become a necessity. Everything from food and clothes to entertainment and furniture can be
purchased online
This sector classified into four major types, based on the parties involved in the transaction
business-tobusiness (B2B), Business-to-consumer(B2C), Customer-to-business(C2B), And
customer-to-customer (C2C).

According to a study conducted by the internet and mobile Association of India, the Ecommerce
sector is estimated to reach ₹211,005 crore by December 2016. By 2020,India is expected to
generate $100 billion online retail revenue out of which $35 billion will be through fashion E-
commerce. Online apparel sales are set to grow four times in coming years. However, B2B’s
acceptance is on an upward trend due to its rising awareness amongst small and medium
enterprise (SMEs), which are closed to 13 million in number.

In India E-commerce is growing at a very rapid pace. India had an internet user base of about
354million as of June 2015 and is expected to cross 500 million in 2017 and by 8% in 2020.
Despite being the second-largest user base in world, only behind China (650million, 48% of
population), the penetration of e-commerce is low compared to markets like the United States
(266million, 84%of population), or France (54million, 81 %population), but is growing at an
unprecedented rate, adding around 6 million new entrances every month. The industry consensus
is that growth is at an inflection point.

The trend of online shopping is set to see greater heights in coming years, not just because of
India’s rising internet population, but also due to changes in the supporting ecosystem. Players
have made intensive efforts to upgrade areas such as logistics and the payment infrastructure.
Furthermore, the Indian consumer’s perception of online shopping has undergone a drastic
change, and only for good. Given these developments, venture capital investors, who were
restricting themselves to the side lines, are now taking a keen interest in the country’s E-
commerce market.

To capitalise on the benefits offered by the unique Indian consumer base. E-commerce
companies have been innovating with the policies traditionally not available in a brick-and-
mortar store. Companies have introduced return policies ranging from 7-30 days, free home
delivery and the most recent “cash on delivery” model. The last innovation has led to a lot of
momentum in internet sales and changed people’s perception towards online shopping as
shoppers can now purchase without disclosing their credit/debit card details.
It is believed that more than 50% of all online transaction in India are based on the cash on
delivery (COD) payment methodology. As Indian consumers are showing increased interest
towards the COD mode of payment, companies are investing to resolve issues such as refusal to
pay cash, rising inventories and managing returns in order to provide this facility without
hassles.

Key drivers in Indian e-commerce

1) Large percentage of population subscribed to broadband internet, burgeoning 3G internet

users, and a recent introduction of 4G across the country.

2) Explosive growth of smartphone users, soon to be world’s second largest smartphone user
base.

3) Rising standards of living as result of fast decline in poverty rate.

4) Availability of much wider product range (including long tail and direct imports) Compared to
what is available at brick-and-mortar retailers.

5) Competitive prices compared to brick-and-mortar retail driven by disintermediation and

reduced inventory and real estate’s costs.

6) Increased usage of online classified sites, with more consumer buying and selling second-
hand goods

7) Evolution of million-dollar start-ups like Jabong.com, MakeMyTrip, bookmyshow Zomato

voonik etc.
DIGITAL-Commerce

The phrase mobile commerce was originally coined in 1997 by Kevin Duffey at the launch of
the Global mobile commerce forum, to mean “the delivery of electronic commerce capabilities
directly into the consumer’s hand, anywhere, via wireless technology. Many choose to think of
mobile commerce as meaning” a retail outlet in your customer’s pocket.”

DIGITAL-commerce means exchange of goods over the internet by the use of mobile phones or
DIGITAL-commerce, is about the explosion of application and services that are becoming
accessible from Internet-enabled mobile devices. They follow you wherever you go, making it
possible to look for a nearby restaurant, stay in touch with colleagues, or pay for items at a store.
As the internet finds its way into our purses or shirt pocket, the devices we use to access it are
becoming more personal too. Already today, mobile phones know the phone number of our
friends and colleagues. They are starting to track our location. Tomorrow, they will replace our
wallet and credit cards. One day, they may very well turn into intelligent assistants capable of
anticipating many of our wishes and needs, such as automatically arranging for taxies to come
and pickup after business meetings or providing us with summaries of relevant news and
massages left by colleagues.

The exploded adoption of smartphone due to declining ASP (Average Selling Price) is resulting
in an enormous surge in the number of mobile internet users in India. According to the report
from IAMAI, the number of active users is expected to grow and reach 900+million by 2020.

Different types of online transaction are carried out using mobile phones, mobile applications
and internet. people can carry and access mobile phones while preserving the privacy anytime
anywhere. Thus, ubiquity, mobility, flexibility, products, transfer, funds, ticket bookings utility
bill payments anytime anywhere. Mobile money transfer, mobile ticketing, mobile vouchers,
coupons, and loyalty cards. Location-based services, information services are the M-commerce
services which the mobile subscribers can use through different mobile application using
internet.
Mobile internet is the next BIG revolution in India and as per a study conducted by
Google India and IPSOS, around 94% Indian smartphones users have used their
smart devices to access internet from their
phone.56%ofsmartphoneusersinthecountry accesstheinternetmultiple
timesaday(inUS, thenumber
standsat53%).40%userssurfthenetatleastonceaday.Only6%neverusetheirphoneforco
nnectionto the web (11% for US).

5
About 76% of thesmartphone users in India access social networking sites on their
devicescompared to
54%inus.77%ofsmartphoneownerslistentomusic.While33%useitforplayinggamesand32%r
ead newspaper or magazine.

Digital -commerceisbenefitingfromanevolutioninconsumers behaviour

andadvancementintechnology.More and more consumers are shopping across smartphones
and tablets. Consumers are getting more comfortable
usingmobiledevicesforpaymentsviaeverydayactivitieslikepurchasinggrocery.Theserepetitivepu
rchase with mobile apps not only opens the way for larger transaction, but provides companies
more and more information about their customer to give more relevant offers and increases
long term customers value.
 Thus,itcanbesaidthatIndiaisgoingthroughasortofE-commercerevolutionandwithmoreactivities
happening on the smartphone, experts believe that Digital -commerce is becoming the future
of E-commerce.

GROWTH DRIVERS OF DIGITAL-COMMERCE

DIGITAL-commerce is characterised by some special features that generate certain advantages
viz-a-viz conventional forms of commercial transaction or as compare to electronic commerce.
1. Personalization factors
2. Mobility factor
3. Immediacy
4. Localization
5. Broad reach ability/ubiquitous computing
6. Ubiquity
7. Reach factor
8. Cheap 3G/4G service
DIGITAL WALLET:

The term payments are as old as human civilization, since then the payment industry has
undergone a drastic transition from barter system to virtual payment (mobile wallets). Barter
system as age old method of exchange which has been used for centuries long before money was
invented, people exchanged goods and services for other goods and services in return. The
trading system expanded its boundaries towards exchanging precious metals like copper, bronze
gold etc with the advent of the industrial revolution in the 18th century, banking system was
adopted as standard payment and as a monetary regulating body. This led to the development of
other modes like loans, savings a/c withdrawals etc. after the success of banking system, our
cash-based society evolved through internet, this led to building up of various electronic
payment system like Debit card credit card E-cheques and is now pushing into digital frontier of
virtual wallet (mobile platform). MOBILE TECHNOLOGY has paved a way through which
people and business buy and sell the goods and services. With this advancement in technology,
things around us have drastically changed. As smart phones have become more affordable and
prevalent, its carters to man’s comfort and conveniences i.e., ordering food, online shopping,
booking movie tickets etc. With the introduction of digital wallets in early 90’s pioneered by
Sam Pitroda with the vision, underlying the needs of the customers-an easy-to-use interface,
ability to securely transact in the virtual and real world, in came app-based wallets such as
Paytm, Mobikwik, freechargeetc, which have become extremely convenient for a person to make
cashless transactions. Mobile wallet is equivalent to physical wallet, it provides a platform for
the use to keep money in its as that of an bank account i.e. the user needs to make an account
with a mobile wallet provider, money can be loaded to the Mwallets account using a debit card,
credit card, bank account etc. the money loaded by the user can be used to pay for goods and
services, transfer funds from their wallet through a smile SMS or via near field communications
(NFC) or the wallet services that takes in the users payment information and pays the user bills
instantly for certain services. RBI has increased the money loading limit from ₹5000/- to
₹100000/-

CONVERSION PROCESS (PHYSICAL MONEY TO VIRTUAL MONEY)

The advantages of completing an online transaction through mobile wallet is, it does not charge
any amount of money on every transaction and saves the customer from the hassle of entering
card details and pin number for every transaction. It is easy and convenient for the users, as the
user needs to sign in the account and make payment. On the other hand, it focuses on online
merchant and offline merchant’s i.e., the Mwallet provider’s act as intermediary between the
merchant and the wallet users. Traditionally, banks were petrified that their relationship with
customer will be upstaged by them, so they launched their own digital wallet (payzapp and
pocket) by HDFC bank and ICICI bank. The current scenario is witnessing a new payment
methodology called the mobile wallet which has revolutionized the payment system on a single
tap. Therefore, the perception of customer is changing from “bank-first to payment first. players
like Paytm MobikwikFreecharge citrus etc have taken charge towards the payment system.
There are currently 20 mobile wallets payment gateway in India out of which few payments
system is licensed by RBI as payment banks. RBI has licensed these wallets as payment banks
for their sustainability and certainly to improve their earning and also facilitate further financial
inclusions by providing small savings a/c and remittance services to migrant labour work force ,
low income household, small businesses and other unorganized sector entities. According to RBI
data, transactions of M-wallet virtual money have surged three-fold.

OPERATIONAL MECHANISM
Under E-wallet, the individual pre-loads cash and uses it to make payments or transfers. Loading
of money is done either electronically using a computer / mobile by debiting from a credit card
or bank account or physically by handing over cash at a local merchant (point of sale [POS]) or
at the ATM counters. What is required is an internet connection and a mobile /computer. With
the technology in place, mobile based operations through e-wallets have become a mode for
financial inclusion There are charges for use of mobile/ e-wallet, which include registration fees
and cash loading charges (above a limit) towards payment companies/ service providers. These
charges are at times higher than those for internet banking. However, the main advantage with
the e-wallet is that while shopping online, the customer stands to benefit from the concessions/
offers from the payment companies in the form of cash-backs etc.

CLASSIFICATION OF DIGITAL WALLET

Digital
Wallet
1.Telecom-operated Digital wallets:
Many telecom service providers in India have their own mobile wallet as part of its product
portfolio. One of the initial services offered by mobile wallets was mobile recharges. Airtel was
the first mover in the market in the year 2011, it got the payments bank license from the RBI in
August 2015 and started Airtel money in a joint venture with Kotak Mahindra Bank. Reliance jio
was also granted a license with SBI Idea Cellular also got its license for Idea Money with partner
Axis Bank. Vodafone has M-Pesa which is a major player in the market, along with TATA
Docomo that has mRupee.

2.Wallets by banks:
Most major banks in the India are developing mobile wallets for their customers in order to have
a direct interaction between the seller, the buyer and the bank. ICICI Bank launched ICICI
pockets in February 2015, HDFC with Chillr and Ping Pay by Axis Bank and one of the late
entrants, SBI launched state bank buddy.

3. Independent wallets:
There are plenty of up-comers in India such as Paytm, Ruplee, Oxigen wallets etc. Paytm is the
exclusive wallet service for RoomsTonite, also payment platform for Uber and it already claims
that it has crossed the 100 million users whereas Mobikwik is the wallet of choice for IRCTC
tickets, Big Bazaar and even loans etc. 1.1.2 RBI'S INITIATIVES TOWARDS M-WALLETS:
RBI has been playing a pivotal role in the promotion of electronification of payments in the
country.

ABOUT DIGITAL -WALLET PROVIDERS

PAYTM- Paytm is one of the fast-growing companies in the digital wallet space in India. Paytm
received the mobile wallet service license from the Reserve Bank of India last year, it aims to
cross the more than 100- million users mark by 2016. With its mobile first strategy, Paytm does
more than 30 million orders of various digital and physical goods every month.
Launched in 2014, Paytm wallet is India's dominating mobile payment service platform
MOBIKWIK:
Mobikwik Started in 2009, The Mobikwik Wallet claims to enable users to pay in a flash for
their recurring mobile recharge, bill payments and online purchases on popular e commerce
websites (apps). The user can make payments using mobikwik for eBay, Snapdeal, Shopclues,
MakeMyTrip, redBus, BookMyShow, Domino's Pizza, Fashion and you, American Swan,
Abhibus, Purplle, HomeShop 18, Naaptol, Pepperfry, Yepme and Infibeam.

OXIGEN:

Oxigen is one of the oldest players in the payment market while the company jumped into the
mobile wallet space just last year. With its service, people can share money with their friends and
family. It allows the users to use their wallet to recharge their mobile phones, pay bills and shop
across a large number of online merchants.

CITRUS:

Citrus pay another key player in the mobile wallet space, which has quickly garnered attention
from users in India. It claims to have completed transactions on its platform to the tune of Ibn
dollars. In addition the company has attracted funding from investors such as Sequoia Capital,
Buenos, and E-Context Asia, among others.

FREECHARGE:

Freecharge founded in 2010, Free Charge claims to be strong in the mobile wallet space with 20
million registered users. It is one of the biggest mobile recharge platforms. The company was
acquired by Snapdeal for S400. Other M-wallet service provider includes pay u money which
offers a one percent discount on every purchase made using their wallets, Novapay which
focuses on India's semi-urban and rural market, Momoe which is focused for cashless payments
in city's retail outlets, Airtel money, Vodafone-m pesa, chillr, m-rupee, ikaaz, Lime, 1CICI
pockets etc. Mobile Wallet is an advance alternative to physical wallet. It acts as the point of
interaction between the users & merchants. Mobile wallet is a very young concept in India.
TYPES OF DIGITAL -WALLETS PERMITTED IN INDIA

As per the Reserve Bank of India, there are three kinds of e-wallets in India: closed, semi closed
and open

• Closed Digital -wallets:

These are wallets issued by an entity for facilitating the purchase of goods and services from it.
These instruments do not permit cash withdrawal or redemption. As these instruments do not
facilitate payments and settlement for third party services, 1ssue and operation of such wallets
are not classified as payment systems. Hence, RBI approval is not required for issuing them. E.g.
Cab services, e-commerce and mobile companies create e-wallets for making payments towards
purchase of products from them /for usage of their services. They provide cash backs for
payments made through this channel. This is one way of ensuring loyalty of their customers

• Semi-Closed Digital -wallets:

These are wallets which can be used for purchase of goods and services, including financial
services at a group of clearly identified merchant locations establishments which have a specific
contract with the issuer to accept them. These wallets do not permit cash withdrawal or
redemption by the holder.

Wallets for amounts up to 10,000 can be created under this category by accepting minimum
details of the customer, provided the amount outstanding at any point of time does not exceed
R10,000 and the total value of reloads during any given month also does not exceed R10,000.
Amount up to R50,000/- can be created in wallets by accepting any 'officially valid document'
which is compliant with anti-money laundering rules. Such wallets are non-reloadable in nature.
Amount up to Rs.1,00,000/- can be created by with full Know Your Client norms (KYC) and can
be reloaded. E.g. Airtel Money, which is used for making payments for a range of services like
money transfer from Airtel Money to another bank account or any other Airtel Money Wallet or
paying select utility bills.
 • OPEN Digital -wallets:
These are wallets which can be used for purchase of goods and services, including financial
services like funds transfer at any card accepting merchant locations [point of sale (POS)
terminal’s] and also permit cash withdrawal at ATMs Banking Correspondents (BCs). However,
cash withdrawal at POS is permitted only up to a limit of 1000-per day subject to the same
conditions as applicable hitherto to debit cards (for cash withdrawal at POS). E.g. M-Pesa is an
open wallet run by Vodafone in partnership with ICICI Bank. Axis Bank's E-wallet Card can
used for making payments on sites that accept Visa cards, with a minimum limit of R10, and a
maximum limit of R50,000, and a validity of 48 hours.

WHO CAN ISSUE WALLETS IN INDIA ?

Only those companies incorporated in India and have a minimum paid-up capital of ₹500 lakh
and minimum positive net worth of ₹100 lakh at all the times are permitted to issue wallets in
India.
In India, Banks who comply with the eligibility criteria are permitted to issue all categories of
wallets. However, only those banks which have been permitted to provide Mobile Banking
Transactions by the RBI are permitted to launch mobile based wallets. Non-Banking Financial
Companies (NBFCs) and other persons are permitted to issue only closed and semi-closed
wallets.
➢ Persons authorized under Foreign Exchange Management Act (FEMA) can issue foreign
exchange wallets and where such persons issue such instruments as participants of payment
systems authorised by the Reserve Bank of India, they are exempt from the purview of strict
guidelines related to pre-paid instruments. However, the use of such wallets is limited to
permissible current account transactions and subject to the prescribed limits under the Foreign
Exchange Management (Current Account Transactions) Rules, 2000. Otherwise, use of wallets
for cross border transactions is not permitted.
➢ RBI has recently given permission to certain entities to open payments banks and small
finance banks. The basic idea is to further the process of financial inclusion. These banks in the
coming years are expected to make a remarkable change in online transactions by popularizing
mobile payments through e-wallets in rural areas.
➢ Government of India has adopted the stand that promotion of payments through cards and
digital means will be instrumental in reducing tax avoidance, migration of Government
payments and collections to cashless mode, discourage transactions in cash by providing access
to financial payment services to the citizens to conduct transactions through card digital means
and shifting payment ecosystem from cash dominated to noncash/less cash payments.
➢ On 24 February 2016 Government suggested certain proposals for the promotion of payments
through digital means. The essential features of the proposals for promotion of payments through
cards and digital means include steps for withdrawal of surcharge/service charge convenience
fee on card/ digital payments currently imposed by various Government
Departments/organisations and introduction of appropriate acceptance infrastructure in
Government Departments/ organisations; rationalization of Merchant Discount Rate (MDR) on
card transactions and a differentiated MDR framework for some key transaction segments;
mandating payments beyond a prescribed threshold only in card/ digital mode: introduction of
formulae linked acceptance infrastructure by the stakeholders of certain card products:
rationalisation of telecom service charges for digital financial transactions; promotion of mobile
banking; and creation of necessary assurance mechanisms for quick resolution of fraudulent
transactions and review the payments ecosystem in the country.

PURPOSE OF USING Digital –Wallets SERVICES:

As a substitute for the traditional wallet, following are the uses of M-wallet:
1.Recharge and Broadband top-ups: Instead of going to a shop in order pay for top-ups. M-
wallet enables Telco's to allow mobile wallet users to quickly and efficiently recharge prepaid
account of a mobile phone user via mobile phone anytime, anywhere.

2.Instant money transfer to any bank: It offers the customers the flexibility and convenience
of managing their funds via mobile devices by integrating their bank account with M-wallet. It is
convenient and a secured alternative, which allows the consumers to flexibly transfer their funds
from bank account to Mwallet and vice versa without having to visit their bank branch.
Consumers need to register with their bank and integrate their M-wallet with the bank account to
avail this service.

3. Online shopping and merchant payments: It allows the users to make payments for all
kinds of goods and services in an easy way via mobile wallet. The payment platform provides a
real-time authorization and enables secure mobile commerce and payment acceptance for both
in-store and online.

4. Payment for booking transport facilities: Transportation facilities provide the users,
personal mobility and freedom for users from every walk of life.

5. Utility bill payments: It helps the household or office to pay for electricity, water, gas,
telephone ete on a single click.
ADVANTAGES OF DIGITAL WALLET

1.Ease of use - It's like a one click pay with no need to fill in card numbers and passwords every
time. One can link their credit cards, debit cards and bank accounts and pay immediately with no
hassle to enter the details each time.

2. Ease of access-There will be no need of physical wallet like we do in the case of cash or
cards. Also mobile wallets are upgrading to allow you to store your documents digitally like your
Driving License, Aadhar Card, Pan Card, etc.

3. There will no issue of asking or searching for change (chutta) which we have while handling
cash.

4 It will be possible to make instant payments. Just like we can exchange cash at any moment,
we can exchange and transfer money anytime.

5. There would synchronization of data from multiple platforms. Bank accounts, credit and debit
cards, mobile accounts and bills - all will be interconnected and help in better management. It's
like everything is under one roof.

6. It is extremely useful for humongous unorganized sector where cash is considered as the most
suitable medium. Exchange of money through mobile wallet at chaat stalls, street vendors, small
shops, etc. would remove the need to carry cash/cards at such places.

Disadvantages of DIGITAL WALLET

1. Mobile network connectivity is the biggest impediment. Network problems and reliable and
fast internet connectivity is not available in most of the developing countries.

2. More than connectivity, security issues are at the forefront nowadays. People are always under
the fear of misuse of their money by hackers and frauds. They always Teel safer to have cash.
Again, there are also issues of identity theft that need to be addressed. Issue of pick-pocketing
will be replaced by these concerns.
3. Enough support infrastructure is not available. In countries like India there is not enough
financial inclusion and financial literacy. Unless that builds up, there is no use in bringing in
more and more advanced technologies.

4. It also does not cater to needs of the entire population. It's an app on a smart phone. Most of
them are using simple cell phones. Plastic money and m-commerce has not yet caught up
completely throughout the entire nation.

5. India does not have a solid dispute resolution process. Experiences of people with the
customer service agents too are not encouraging
6. Day-to-day money transactions with e-wallet is easier said than done. For e.g. in a crowded
bus, buying a ticket by paying a conductor through mobile wallet does not seem a viable option.
It might be possible but it's a challenging task. In India even 5 to 710 transactions take place.

Such small transactions are huge in number and need to be handled carefully with no mix-ups.
The companies cannot ignore these transactions as they form bulk of spending in India. It is a
challenging task to make mobile wallet an integral part of the life especially Indian life.
However, there is hope as Similar reservations were seen in case of plastic money to

FACTORS INFLUENCING THE ADOPTION OF DIGITAL

WALLETS

Technological Factors
The payment eco-system in India should develop with a proper business plan and a technical
system which will enable the Integration of the existing market's components into the new
market. An important fact obtained after the analysis of the Indian market is that the rate of
penetration for SMS in India is 40% while in the rural parts of India the villagers are still not
aware of how to use the mobile phone in order to transfer money from their phone to another
mobile phone. The primary reason for this problem is that the majority of the villagers are still
not literate and find it extremely hard to understand the user interface of the services most of
which is in English. It is tough to educate the poor people in India especially residents living in
rural areas. Statistical figures depict that a total of 18 million Indians are using credit cards
which is comparatively a relatively low figure when compared to the total population of India.
Moreover, penetration of generic plastic cards
For example, The use debit and credit card is pretty low in India because of which the business
volume generated while running mobile payment services is also low which can be improved if
policies are introduced which would educate the people living in rural India to gain their trust in
these services and improve the usability of their mobile phones. Another key factor which
frustrates the Indian users is the slow and low internet and mobile network connectivity and no
convergence range in the hilly areas. Good network penetration and stable network coverage is
an essential requirement for handling an ever increasing number of transactions which are
initiated by the service users. In majority of the shopping areas and markets in India the number
of installed POS devices is very less. Additionally, retail shops do not have sufficient time to
look at the purchase details of individual users.

Regulatory factors

Nonbanking entities are active in a semi-closed loop as they block cash withdrawals and C2C
options for instruments issued by these entities. Reserve Bank of India has drafted Some
important guidelines for issuance all prepaid payments and operation of Prepaid.

Payment Instruments in India tor all mobile operators. These payments are to be strictly used
only for purchase of goods and cash withdrawn from the banks. These guidelines which are
issued by the RBI are mainly subjected to evaluate the customer's payment ability and check
money laundering in India. It's important for the user to declare and provide documents for
opening an account in m-wallet. These guidelines provide simple and important terms and
conditions in order to verify the user and open his account (Reserve Bank of India, 2009). RBI's
main agenda is that operators should not take the role of banks in case of operations, which is
congruent to the guidelines of the RBI, otherwise it could lead to money laundering and mobile
operators could also disintermediate the banks. Most of the operators are currently able to charge
the user by providing facilities like voice, video, VAS like premium SMS, ringtones, downloads,
and a disintermediation of banks could be possible if banks are made redundant in the value
stream (NextBigWhat, 2010c).
Sociocultural factors

India being predominantly a "cash-based" economy (around 65% of transactions in India are
cash-based and nonbank entities find problems in collecting funds for loading prepaid cards.
Owing to multiple card scams in India for example the one nation one card scam Indians do not
trust the successful completion of a transaction until they have physically received the cash or
can see an increase in their bank balance. Unlike M-PESA in Kenya where other payments
solutions are rarely available India has other distribution channels in order to deliver payment
services ranging from post offices to local money lenders and "Hawala" systems. In other words,
payment solutions for example M-PESA enjoyed monopoly in other regions while in India a true
incentive needs to be seen by the customer in order to adopt this payment service.

Business factors and user convenience

In case of mobile wallet if the customer wants to pay through an Airtel mobile wallet the
merchant should also have the same and support it. Although the NPCI is trying to mprove
interoperability between service providers through IMPS it's limited to the bank account model.
Majority of the time in rural India a mobile device is shared by the family members and
accessibility to this device for transactions is heavily curtailed. The money locked in prepaid
instruments is idle cash for the end customer as compared with a savingsaccount balance.
Organized retail accounts for only 4% of the total business done. The rest of the business is
accounted by unorganized sector and microentrepreneurs ranging from hawkers to shopkeepers
who set up their shops once every week who hardly have a basic bank account where can they
afford to accept mobile payments.

Security

One of the most important factor influencing adoption of E-wallet is the Security, because there
have been many cases of online fraud and data theft in which the security of the users was
compromised. In India especially many people though aware of the concept and knowing the use
of E-wallet don't use it just because they don't want to take unwanted risk of paying online when
they have the convenience of Cash On Delivery (COD) offered by many online retailers.
MAJOR LAYERS THE MARKET
• PAYTM

Paytm is an Indian e-commerce website headquartered in Noida, India and is founded and
incubated by One97 Communications in 2010 as a prepaid mobile recharge website.

The word Paytm is an acronym for "Pay Through Mobile" with Android, Windows and iOS
apps.

In 2014, the company launched Paytm Wallet, now India's largest mobile payment service
platform with over 100 million wallets & 10 million app downloads. Today it ranks 2nd in terms
of number of mobile downloads After Flipkart. The application enables users to perform
purchases such as air tickets, taxi booking, mobile recharge, DTH bill payment and electricity
payment, among others. Paytm users can also pay for fuel at Indian Oil Petrol pump through the
wallet. Users can also book movie tickets as the e-commerce player has partnered with PVR
Cinemas.

In March 2015, Indian industrialist Ratan Tata made personal investment in the firm. The Same
month, the company received a $575 million investment from Chinese e-commerce Company
Alibaba Group, after Ant Financial Services Group, an Alibaba Group Paytm borrowed 300cr
from ICICI Bank in March 2016 as working capital.
In 2015 Paytm also received a license from Reserve Bank of India for starting India's first
payments bank. The bank intends to use Paytm's existing user base for offering new services,
including debit cards, savings accounts, online banking and transfers, to enable a cashless
economy. The payments bank would be a separate entity in which the founder Vijay Shekhar
Sharma will hold 51%, One97 Communications will hold 39% and 10% will be held by a
subsidiary of One97 and Sharma.

Paytm is also approved as an operating unit for Bharat Bill Payment System, as a result of which
users can pay their bills anytime and anywhere. it also holds the title track rights from Board of
Control for Cricket in India (BCC) for all international and domestic bilateral series hosted by
the BCCI for a period of four years (a total of 84 matches) starting from August 2015 for INR
203 crore (32 Million USD), or INR 2.42 crore per match played in India. The rights include
sponsor branding of series with the title sponsor logo, designation as the title sponsor of the
series, visibility at the stadium, and broadcast sponsorship rights. This also includes all BCCI
domestic (Ranji Trophy and Duleep Trophy etc.) matches in India. Previously, Paytm had spent
about INR 50 crore during 8th season of Indian Premier League. Paytm also served as an
associate sponsor on Sony TV network (which has the telecast right of IPL) and was the official
partner of the IPLteam Mumbai Indians.

• FREECHARGE

Started in August, 2010 by Kunal Shah and Sandeep Tandon Freecharge is an ecommerce
website headquartered in Mumbai, Maharashtra which provides online facility to recharge any
prepaid mobile phone, post-paid mobile, DTH & Data Cards, and pay money to merchants in
India.
The amount paid by the user for recharge is returned in form of shopping coupons of some of the
top retailers in India, thereby making the recharge virtually free. The first two retailers for which
coupons were available were McDonald's and Barista and were followed by other big retailers
such as Café Coffee Day, Domino's Pizza, Cromã, Puma, Shoppers Stop and Jet Airways.

In 2011, Freecharge was named one of the most promising technology start-ups from India by
Pluggd.in.

By January 2012, the number of registered users of the website were 1.5 million which increased
to 2.8 million by November 2012 and the company claimed to be doing online recharge of INR 6
million on a daily, translating to INR 2.19 billion a year. In March 2013, Freecharge tied-up with
production houses Sony Pictures, Yash Raj Films, UTV Motion Pictures and Viacom 18 to
promote their upcoming movies through its portal. Consequently, Freecharge was the recharge
partner of the movies released by these houses such as Man of Steel, Django Unchained, Mere
Dad Ki Maruti and Bhaag Milkha Bhaag.

On 1 September 2014 Freecharge received S$33Million Series B Funding from Sequoia Capital,
Safina and Ru-Net. One of the biggest funds raising by an Indian Technology Start-up.

On 6 February 2015, Freecharge further raised $80Million from Hong Kong-based fund
Laybourne Capital Management and SF-based fund Valiant Capital Management and existing
investors.

And finally On 8 April 2015, Snapdeal acquired Freecharge for Rs.2800 crore and is being
refered as the biggest takeover in Indian e-commerce sector so far and the biggest Venture
Capital exit in India to date.

FreeCharge's advertising strategy helps them to capture online and offline purchase behavior and
brand preferences of consumers, by offering incentives and discount coupons to users to transact
on its platform. Through its app, Freecharge also offer the online wallet features to its users.

On 19th May 2016, Freecharge announced that its users on Android can now send and receive
money via WhatsApp.
Social media is the primary platform used to reach out to new customers. Rather than relying on
direct advertising, the company focuses on unconventional advertising to reach out to customers.
In May 2013, the company in association with The ViralF ever.com (TVF), an online youth
entertainment network, launched a video on YouTube which was a spoof of Emotional Atyachar,
a TV show. The name of the company was not directly mentioned so that the video does not look
like an advertisement. The company has launched campus marketing program by the name of
"Freecharge Campus Rockstars" to directly reach out to students in campuses of IITs and IIMs. It
is also the principal sponsors of Delhi Dynamos FC which plays in the Indian Super League.

• MOBIKWIK

Started by Bipin Preet Singh, an engineer form IIT Delhi in 2009, Mobikwik is one of India’s
leading Mobile Wallet companies, that offers its users to use this virtual wallet to make any kind
of payments be it online or offline, at any of its 50,000 (brick and mortar) or 20,000 (online)
merchants, just like a physical wallet.

Some of their merchants include - Café Coffee Day, Domino's Pizza, Pizza Hut, PVR, eBay,
Jabong, Snapdeal, Shopclues, HomeShop18, Naaptol, Pepperfry, Fashionara, Make My Trip,
Bookmyshow, etc.

All a user had to do Is, add money once to MobiKwik wallet which later could be used multiple
times across functions, services, and service providers to make payments. By this way, one could
easily reduce the risk of exposing card details or bank account details at multiple merchants.

They initiated the model with voice services like prepaid recharge for all operators across India,
data services (GPRS/3G top-ups) and plug n play mobile applications. To make it even more
accessible, they even launched an SMS-based recharge model on the available MobiKwik
balance for the people who did not have internet service, along with a Kwikplan that leveraged
one to an automatic recharge facility based on their budget every month
Now the other thing they realised was that most of the mobile services used to function on a
push' model basis that means the operator would push down the services to Customers and then
the customer would select what they want. But customers did not have the freedom to
proactively go to look for their preference, hence, limited choices and lower quality services.

T0 Counter that, what Mobikwik did was it brought in an altogether a new 'pull' model in Indian
telecom space, where in one could recharge mobile, check out new plans or offers find premium
apps, all at www.mobikwik.com

Today With over 17 Million users and 50,000 merchants (retailers) and 20,000 merchants ne),
One Mobikwik Systems Private Limited, the parent company of Mobikwik has gone On to
become India's leading Mobile Wallet company.

Its services now also include - mobile recharge, Post-paid bill payment, online D'TH recharge,
life insurance, electricity, landline and gas, etc. Mobikwik pockets a range of reputed brands as
their esteemed clients including Café Coffee Day, Domino's Pizza, Pizza Hut, TastyKhana, Just
Eat, PVR, eBay, Jabong, Snapdeal, Shopclues, etc.

• OXIGEN WALLET

Oxigen Services India Pvt. Ltd., an IS0 9001:2008 certified FinTech company, is one of the
major payment solutions providers in India. It is involved in micropayment of services and
remittances in real time. It was started in 2004 by Pramod Saxena, an alumnus of IIT Roorkee
and listed company on South African Stock Exchange, Blue Label Telecom.
The payment solutions provider allows customers to make mobile/DTH recharges, money
transfers through bank and Oxigen Wallet, utility bill payments, etc.

The firm reportedly has a retail footprint of 200,000 active outlets with 2 billion transactions
processed as of January 2016. As per a recent media update, the transaction volume rate of
Oxigen is 600 million transactions per annum with a customer base of more than 150 million.

Oxigen Wallet, launched India's the first virtual mobile wallet in India 2008, which, in may 2013
became the first Non-banked wallet to be integrated with NPCI (National Payment Corporation
of India), allowing for Instant Money Transfers anytime, anywhere using IMPS. In this short
span of a year, we have become India's number 1 Money Transfer Service provider.

It is also the 1st launch India’s first social mobile wallet services. With the new services, users
can now easily send money to their friends and family using their favourite social channel
without ever needing the receiver’s bank account details. Along wit money, users can also send
photos, videos and audio and text message to personalize the transfer.

Very soon the users will also be able to gift or ask for mobile recharge. Given the social nature of
the service, it will find a higher usage amongst the youth who go out for meals with their friends,
split bill, send smaller but more frequent gift to one another. In addition, they can also use the
services for their own mobile recharge, bill payment and for payments on merchant sites (for
movie tickets to book travel tickets pay for pizza get music and movie download).

• CITRUS
Citrus pay headquartered in Mumbai, India, was founded by Satyen V Kothari and Jitendra e
year 2011.It has a tie up with companies like Indigo Airlines, Airtel, Pepperfry, sundirect etc. In
October 2015 citrus pay acquired popular payment start up Zwitch. Through the citrus shopping
festival between “January 4th-11th”, 2016 reached the gross merchandise value of 2.5 billion
and is targeting to reach $4 billion by the end of FY16 and citrus processed 1 million transaction
and reached $30 million in cumulative deposits in individual wallet accounts. It also sends
customs reminders to let users keep an track of bill payments. It earns around 2-2.5% from
merchant as free on every transaction.

FUNDING

In 2012 the company had raised $1.8 million from sequoia capital. The company raised $5.5
million from excontext Asia and Beenos Asia a wholly-owned subsidiary of Japanese company,
along with existing investors (sequoia capital ) in December 2013 . in 2015 the company raised
$25million from sequoia capital and ascent capital 21 million users 8000+ merchants 60 millions
transactions per month.

• GOOGLEPAY

Originally launched as Android Pay, the service was released at google 2015. Android Pay was a
successor to and built on the base established by google wallet which was released in 2011. It
also used technology from the carrier-backed softcard—Google had acquired its intellectual
property in February 2015. At launch, the service was compatible with 70% of Android devices,
and was accepted at over 700,000 merchants. Google Wallet still powered web-based Play Store
purchases and some app-based peer-to-peer payments, for instance in Gmail.
Logo of the former branding of the service, Android Pay.

In 2016, Google began a public trial in silicon valley of a related mobile app called Hands Free.
In this system, the customer does not need to present a phone or card. Instead, a customer
announces they wish to "pay with Google" and give their initials to the cashier, who verifies
their identity with a photo previously uploaded to the system. The customer's phone will only
authorize payment if its geographic location system indicates it is near a participating store.

Technology

Google Pay uses the EMV Payment Tokenisation Specification.

The service keeps customer payment information private from the retailer by replacing the
customer's credit or debit card funding primary account number (FPAN) with a tokenized Device
Primary Account Number (DPAN), and creates a "dynamic security code generated for each
transaction". The 'dynamic security code' is the cryptogram in an EMV -mode transaction, and
the Dynamic Card Verification Value (dCVV) in a magnetic stripe data emulation-mode
transaction. Users can also remotely halt the service on a lost phone via Google's find my device
service.

To pay at points of sale, users hold their authenticated Android device to the point-of-sale
system's NFC reader. Android users authenticate unlocking their phone by using biometrics, a
pattern, or a passcode, whereas wear OS users authenticate by opening the app prior to payment.
To pay in supported Android apps, users choose Google Pay as their payment method and
authenticate with biometrics, a pattern, or a passcode. Users can add payment cards to the
service in any of four ways: through the payment card listed on their Google accounts, by taking
a photo of the card, being provisioned from within the card issuer's app, or by entering the card
information manually.

OTHER DIGITAL-WALLET

Other Digital -wallet service provider includes pay u money which offers a one percent discount
on every purchase made using their wallets, Nova pay which focuses on India's semi-urban and
rural market, Momoe which is focused for cashless payments in city's retail outlets, Airtel
money. Vodafone-m pesa, chillr, m-rupee, ikaaz, Lime, ICICI pockets etc. Mobile Wallet is an
advance alternative to physical wallet. It acts as the point of interaction between the users &
merchants. Mobile wallet is a very young concept in India.
SERVICES PROVIDED BY DIGITAL WALLET GATEWAY
PROVIDERS

Digital -wallet providers provide various services which enables the users to make online
payments with greater ease. All these wallets allow the users to top up money and use it for
mobile data recharge, DTH and data card recharge. Other features include making mobile
payments, landline and electricity bills. Users can also send and receive money with other
wallets or directly to a Dank account. The following are the services which are provided by the
M-wallet providers.

MOBILE RECHARGE:

Paytm is one of the biggest recharge sites in India that delivers instant online prepaid recharge &
mobile bill payments solutions to the end users. It delivers easy and continent recharge
experience online paytm ensures 24x7 availability, at no extra cost to the end user, so that the
one can transact.

Securely from any location at their convenience. Paytm supports mobile operators such as Aircel
Airtel, BSNL, Idea, MTNL, MTS, Reliance CDMA & GSM, T24, Tata DOCOMO, Tata
Indicom, Talenor. Videocon and Vodafone for prepaid mobile recharge and Aircel, Airtel, BSNL,
Idea, MTS Matrix Post-paid, Reliance CDMA & GSM, T24, Tata DOCOMO, Telenor,
Videocon, Vodafone for post-paid mobile recharge.

DTH:
Paytm offers exciting range of DTH recharge services for various DTH Services. Through
Paytm's widest list of online DTH recharge, one can recharge their digital TV anytime and from
anywhere in the world. The most popular DTH services providers are Dish TV, Airtel Digital TV,
Sun Direct TV, Reliance Digital TV, Videocon D2H and Tata Sky.
ELECTRICITY BILL:

Paytm enables electricity bill payments. Through Paytm one can smoothly pay electricity Bill
anywhere, anytime. Paytm supports various electricity boards such as Ajmer Vidyut Vitran
Nigam, BESCOM, BSES Rajdhani, BSES Yamuna, Bhagalpur Electricity Distribution Company
(BEDCPL), CESC Limited, Jaipur Vidyut Vitran Nigam, Jodhpur Vidyut Vitran Nigam, MP
Madhya kshetrs Vidyut Vitran Bhopal, Muzaffarpur Vidyut Vitran ltd, Noida power company
(NPCL), North Bihar Power Distribution, Reliance Energy-Mumbai, South Bihar Power
Distribution, Tata Power-DDL, Torrent Power Limited, Uttar Pradesh Power Corporation
Limited.

DATA CARDS:

paytm offers Data Card recharge for all the top operators like BSNL Data Card, Reliance Paytm
Connect, MTNL Data Card, Tata Photon and MTS. It also accepts Bill payments for Reliance net
connect, Tata Photon+, Tata Photon Whiz. One can get access to all the plans before making
Payment and the user can go for a 6 Month Pack, Annual Pack, Monthly Pack or a 3 Month the
rack and select the one that suits their needs.

LANDLINE BILLS:

paytm enables the user to make Landline bill payment effortlessly of Airtel landline, Connect
Paytm Broadband, MTS Landline, Reliance Landline on few easy clicks.

GAS:

One can enjoy the benefit of paying gas bills from anywhere and anytime of Adani Gas limited.
Mahanagar Gas-Mumbai, Siti Energy Ltd.
INSURANCE:
Paytm presents an easy way to pay insurance premium. One can pay insurance premium by
simply logging into Paytm.com. Moreover one can avail benefit of several deals and offers while
paying insurance premium online with Paytm. This is an easy way to pay one's insurance
premiums conveniently without any hassle of ICICI Prudential Life Insurance, India First life
insurance, Reliance General Insurance, Reliance Life insurance, Reliance Health insurance, SBI
General Insurance Limited, Religare Health Insurance, TATA AIA Life Insurance.

MOVIES:
One can enjoy the hassle-free service of booking movie tickets through Paytm. One has a choice
to choose any cinema screens across India and book as late as before show time instantly
through paytm. PVR Cinemas are associated with Paytm.

GOLD LOANS:

Gold loan are the loan taken against gold, this is the convenient option during one's financial
need. Paytm offers a handy option of gold loan repayment through their online service. One can
make payment of golad loan , online through Paytm effortlessly.
METRO:
one can recharge their metro card via paytm and it is associated with Delhi metro and Mumbai
metro.
WATER BILL:
Paytm presents online water bill payment service. One can now pay water bills of Aurangabad
City Water Utility Company ltd, Delhi Jal Board through the comfort of their home using Paytm
Over mobile phone or desktop in few easy clicks.
HOTELS:
Paytm welcomes online hotel booking ,One can just log on to Paytm.com, search over 1000+
destinations for their travel dates and book from a wide variety of over 20,000+ hotels, Resorts,
Villas, Home stays etc across India i.e. they can choose a hotel of their preference and book hotel
online in minutes. They can also view hotel location, photos, room options, prices for various
hotels online, pick as per their comfort and book according to their choice.
BUS TICKETS:
One can log into Paytm.com for booking bus tickets. It enables the users to search, pick and
book as per their comfort. It offers online bus ticket booking for Sleeper, AC, Luxury, Volvo and
Mercedes. One can also choose their preferred operator from Safar Express Tour and Travels,
Metro Travels, Fouji Bus, Fouji Tourist Service, Royal India Travels, Moonlight Holiday's Pvt
LId, IRTC etc and also select their boarding point and departure time. One can enjoy booking
tickets for a theme park (Imagica theme park (Mumbai), Aquamagica Water Park (Mumbai)) and
also book tickets for various events.
ENTERTAINMENT:
One can enjoy booking tickets for a theme park (imagica theme park (Mumbai)), Aquamagica
water park (Mumbai) and also one can book tickets for various events.

MOBILE RECHARGE:
Mobikwik provides recharge facility, it does not charge over any mobile recharges done and one
can save time, efforts and money. It enables the user to browse for the cheapest talk time and
data plans using Mobikwik.com. Mobikwik supports mobile operators such as Aircel, Airtel,
BSNL, ldea Telenor, Videocon, Vodafone, Airtel 4G and Reliance Jio 4G and also supports post-
paid operators such as Airtel post-paid, Idea Post-paid, Reliance CDMA & GSM Post-paid, Tata
DoCoMo Post-paid, Vodafone Post-paid, Airtel post-paid, BSNL post-paid, Aircel Post-paid.
DTH:
Mobikwik enables the users to recharge their DTH connections of Airtel DTH, Tata sky, Dish
TV, Videocon D2H, Sun Direct, Reliance big TV.

DATACARDS:
One can recharge their data cards of Reliance Net connect, Tata Photon plus, MTS Mblaze,
BSNL data card, Vodafone Netcruise, Idea net setter at any time of the day.
ELECTRICITY BILL:
Mobikwik enables the users to avail the service of paying electricity bill of various boards such
as BSES Rajdhani, BSES Yamuna, MSEB Mumbai, Tata Power Delhi Distribution Ltd, Reliance
Energy (Mumbai), Best Mumbai, Chhattisgarh Electricity board, Noida power Company ltd
Jaipur Vidyut Nigam Ltd, Bangalore Electricity Supply, MP Paschim Vidyut Vitaran( Indore)
Jamshedpur utilities and services(JUSCO)
LANDLINE:
It enables the user to make Landline bill payment effortlessly of Airtel landline, Tata
Teleservices (CDMA), MTS Delhi, Reliance communications and Tikona on few easy clicks.
GAS:
one can enjoy the benefit of paying gas bills from anywhere and anytime of Indraprastha Gas,
Mahanagar Gas Ltd, Gujarat Gas company Ltd.
LIFE INSURANCE:
One can pay their life insurance premium of Birla Sun Life Insurance, ICICI Prudential Life
Insurance and Tata AlA Life Insurance.
WATER BILL:
Mobikwik enables the user to pay water bill of Bangalore water supply (BWSSB)
TRANSFER MONEY:
MobiKwik’s money transfer features the quickest and easiest mode of electronic fund transfer,
which enables the users to transfer money from anywhere and at any time. One can transfer cash
from one wallet to the other wallet and also transfer cash from its wallet to Bank account.
OXIGEN:
MOBILE RECHARGE:
Oxigen Wallet lets one to recharge their phone in a quick few steps 1.e. one can enter their
mobile number , operator details, amount and choose any mode of payment to get their recharge
done. Oxigen supports mobile operators such as Aircel, Airtel, BSNL, ldea, MTNL, MTS,
Reliance DMA & GSM, Tata DOCOMO, Telenor, Videocon and Vodafone. One need not pay
any extra charge for recharging their phone through Oxigen Wallet.
DTH:
Oxigen enables the users to recharge their DTH connections of Airtel TV, Tata sky, Dish TV,
D2H, Sun TV, Big TV, DATACARDS: One can recharge their data cards of Reliance net connect
tata photon plus MTS blaze at any time of the day.
ELECTRICY BILL:
Oxigen enables electricity bill any anytime. Through Oxigen one can smoothly pay electricity
bill anywhere any time. Oxigen Supports various electricity boards such as BSES Rajdhani,
BSES. Yamuna Tata power DDL, Nesco, South Bihar power, North Bihar power.
MERCHANT PAYMENT:
One can make payments for Book my show, Ebay, Dominos, Godaddy, IRTC, My bus tickets
and 2000+ online partners.
DEPOSIT:
lt enables the user to deposit cash into their wallet which is governed by policies laid down by
RBI, these involve monthly limits, transaction limits as well as balance limits in their account.
TRANSFER:
Enables the users to transfer money to other individuals, using an email address or mobile
number. The recipient of the transfer may or may not be a citrus account holder.
PAYMENTS:
The users can pay the a.vailable amount in the wallet to the merchants in exchange of goods and
Services provided by the merchants.
MOBILE RECHARGE
It helps users to recharge their mobile without and charge.
GAS:
One can enjoy the benefit of paying gas bills from anywhere and anytime of Indraprastha gas,
Mahanagar gas ltd
METRO:
One can recharge their Mumbai metro cards via freecharge.
GOOGLEPLAY
BILLS:
Any type of bill can be paid through google pay such as electricity gas mobile recharge etc.
INSURANCE
Google pay users enjoy the benefit of paying any type of insurance through google pay. We just
have to link the insurance number and the bill will pop up and just by one click it can be paid.
DTH
DTH payments can also be done through google pay.
ONLINE GOLD BUYING
One of the main feature that google pay provides is buying gold online. You can easily buy gold
online just by one click and sell it off anytime you want. This

HOW COVID-19 EFFECTED DIGITAL WALLE

While cash was losing its hold even before Covid 19, the pandemic has accelerated the global
transition towards a cashless economy. With winter setting in and infection rates rising again,
parts of the world have entered into a second lockdown. Electronic payment has become the
norm for everyday commerce and physical money may soon become a thing of the past.
Covid 19 forced institutions worldwide to rethink contact with any questionable surfaces,
including people too, digital transactions started picking up in May mainly because of the fear of
handling contaminated cash transactions. It was convenient to use digital payments which also
promised greater transparency and less dependency on middle-men and banking monopolies.
A survey of 11 countries shows that India has emerged as the leader in digital payments during
the global pandemic and interestingly, senior citizens are leading the way. Mastercard’s recent
study reports more than 40% growth in contactless transactions globally in the first quarter of
2020. In the financial year 2019, India’s digital payments market was valued at INR 1,638.49
trillion which is expected to further go up to INR 4,323.63 trillion by 2024. According to Forbes,
Amazon’s value alone has risen by 570 billion us dollars this year.
With the global online payment platforms witnessing a severe boost, surprisingly, e-commerce
including online shopping, video streaming, pays a small part in the consumer payments
scenario. The accelerated push towards a cashless economy arises from different industries and
economic sectors which are not specifically associated with cashless or contactless payment.
China began as early as February 2020 by disinfecting and even destroying paper money if they
suspected it to be infected. US and South Korea federal reserves quarantined cash to limit the
spread of Covid 19.

TEN WAYS COVID-19 IS MOVING US TOWARDS A CASHLESS ECONOMY

1 Peer to peer payments
With sudden lockdowns imposed in most countries, people were left stranded at home for weeks
together. Person to person payment apps came to the rescue to send money to families and
friends in need, to pay rent to houseowners, etc. All these transactions can be done through
smartphones, without the use of physical cash or a card to interact with a point of sales machine.
In a cashless society, payments can be made online which is completely remote and for
unattended or attended retail businesses, proximity payments can be made. Contactless mobile
payments can be made by the proximity method, which may have credit and debit cards stored in
an e-wallet.
2 Use of Vending Machines
Vending machines which were very popular in hospitals, offices, airport terminals, etc, because
of the convenience they offer, have become more significant with Covid 19. When the
government ordered for stores etc to be shut or operate for limited hours during weeks of
lockdown, vending machines delivered contactless experiences to users. With people looking to
limit the use of cash for fear of contamination, businesses with vending machines quickly
updated their hardware. They offered options such as cashless card readers, digital screens to run
educational and instructional videos on payment icons, credit card safety, how to swipe and use
cards for purchases.
Studies earlier had established that businesses who have vending machines equipped with
cashless readers see their overall sales receive a dramatic boost. The pandemic re-established
that vending machines were a convenient and useful way to purchase without having any
contact.
3 Cashless Transit Systems
Cashless tap cards are not just cheaper but also speeds up boarding time and reduces delays for
all commuters. A lot of cities in the world have been using this convenient system of payment
and the pandemic has given other transit agencies in different cities of the world an opportunity
to switch to a no-cash system.
Transport for London (TfL) has been using it for years and has proved how successful this
system is. In March 2020, Metrolinx in Ontario, Canada, got rid of cash payment options to
ensure the safety of its staff. It encouraged commuters to download a mobile app to add money
and use the tap and go card readers installed in its buses to check the tap card balance.
Baguio City, Philippines launched a cashless fare collection system in July, to curb the rising
number of Covid 19 affected transport workers. Through tap cards, NFC bank cards, or QR
codes, the city from then on uses cashless, contactless, and seamless payment transactions.
4 Contactless payments at Expressway Tolls
Cashless tolls are a great boon for commuters as it allows them to drive on without halting at toll
booths. This turned particularly effective and beneficial during the pandemic as it eliminated the
need for commuters to halt and interact with toll personnel and contributed to the safely of all.
Transport agencies worldwide are supporting cashless toll payment as it is safe, contactless, and
also saves time.
In India, the number of cashless toll passes issued by the national highways have increased
substantially. In the US, the state of Pennsylvania turned completely cashless and the tolling
agency sends non-pass holders their invoices through mail.
5 Cashless payment at Gas Stations
Covid 19 brought in lockdown and fuel consumption fell initially but as cities opened up, it
picked up again. However, with the fear of contaminated paper money, the need for cashless
payments at gas stations emerged.
Even Iran which favours cash, called for cashless payments. To capitalise on the demand for
non-touch payment services, 7-Eleven, the convenience store in the US, launched a new loyalty
programme for fuel purchases in some US states which allow customers to minimise interaction
and contact with common spaces and surfaces and also save at the pump.
6 Museums reopening with cashless payments
Contactless payments is one of the key factors that will be put in place to ensure the success of
the safety and health measures that museums have, as they reopen.
When the virus outbreak started, the Louvre Museum in Paris was one of the first museums to
immediately stop accepting cash payments. Amsterdam’s Rijksmuseum opened up in June with a
cashless payment system to make sure that ticket queues were short and visitors could use
contactless credit cards, thus reducing physical contact between the museum staff and visitors.
The American Alliance of Museums’ have issued guidelines to reopen, asking museums to have
in place cashless POS systems like Apple Pay and contactless credit cards. Prominently
displaying the payment icon images at the POS systems will help visitors understand what
payment methods are accepted.
7 Best practices for Movie Theatres
Movie theatres are opting for practical contactless payment services which will help to cut down
on contact between grubby bills and food-handling areas. Cinemark, one of the world’s largest
movie exhibitors reopened its theatres in phases and declared that cash payments will not be
accepted at the concession stand. Instead, the company designated an area at each theatre for
customers to exchange cash for a prepaid card.
In Thailand, Major Cineplex installed cashless payment kiosks so moviegoers could pay for
tickets directly through NFC cards.
8 Cashless Casinos
Casinos have always been a cash industry and cashless gambling is a notion hard to consider.
However, Covid 19 has even pushed casinos to consider adopting cashless transactions. The
$261 billion American casino industry could go for cashless payment options if the American
Gaming Association’s call on regulators to make it easier to adopt cashless transactions is heard.
This is also a move to bring in the new generation who doesn’t use cash at all. Tap to go cards at
casinos can also have rewarding customer loyalty programmes.
Canadian Casinos are also exploring cashless and other no-touch technologies. In the case of slot
winners, instead of receiving cash money at the machine, winners could be given a credit slip
and paid out at a sanitised cash cage.
9 Contactless Transactions at Grocery and Retail Stores
With the onset of Covid 19, the food retail industry quickly stepped up to adopt best practices in
cleaning and sanitizing. Grocery stores offered cashless payment options to customers, such as
wave payment and tap and go cards.
Walmart, the world’s largest retailer, offered a no-contact payment option for customers with a
new option added at the cashless stores which allowed customers to simply scan a QR code with
their smartphones Publix Super Markets introduced new tap to pay systems turning over 1,200
outlets into cashless stores all over the US.
10 Cashless payments at Beauty Salons
Beauty Salons were one of the most affected by the pandemic. As they have reopened, there is a
conscious effort to follow safety protocols and keep contact at a minimum. They are doing away
with commonly used surfaces like PIN pads. Working together with banking service providers to
waive off signatures and PINS for transactions, salons set to put in place a cashless policy and
install good to go pay devices that do not need staff members to handle client debit and credit
cards.
Some salons are also enabling clients to buy their products through cashless payment systems
and delivering them home. With Covid 19, the cash payment market seems to be declining
rapidly, also propelled by the younger generation who is comfortable carrying no cash and
making electronic payments through their smartphones or watches. Millennials have always
been users of cashless payment services and now it is being adopted by other age groups also.
Mastercard’s survey shows that there has been a significant shift to contactless payments,
especially in the Asia Pacific region. COVID-19 has changed the payments landscape and paved
the way for people shopping in the future too. Consumers have seen and experienced the long-
term benefits of having a cleaner, safer and faster way to make payments and become more
socially responsible too. With the virus likely to have a lasting impact on lives, a cashless society
seems to be the path the world is headed towards and is ready for.
 CHAPTERNO2
RESEARCHMETHODOLOGY
 INTRODUCTION
Research Methodology is a way to systematically solve a research problem. It is a science of
studying how research is done scientifically. Essentially it is the procedure by which the
researchers go about their work of describing, evaluating and predicting 37 phenomena. It aims
to give the work plan of research. It provides training in choosing methods materials, scientific
tools and techniques relevant for the solution of the problem.

NEED OF THE STUDY:

As M-wallet is surging on an account of growing online payment transactions in INDIA, this
study undertakes to give an insight
about M-wallets payment gateway services. The study helps in understanding the company
preference of the users with regard to Mwallets.
It helps us to know the kind of services used by the users, which are provided by the M-wallet
payment gateway services providers.
The study also aims to find the factors influencing the perception of the consumers towards M-
wallets.

OBJECTIVES OF THE STUDY

1. To study the growth of M-wallet payment gateway services.

2. To find out the awareness and preferences of the users towards M-wallet service providers.
3. To study the services provided by the M-wallet providers and the services used by the M-
wallet users

SIGNIFICANCE OF THE STUDY

Mobile wallet aims to replace Cash payments. it basically helps us to eradicate the load of
carrying of physical money and help to built a cash less economy where everything will be
digital further reducing corruption and crimes. Mobile wallet eliminates the cost of printing
currency.

SELECTION OF PROBLEM

Title of report – A STUDY ON DIGITAL WALLET’

Problem is selected to understand how India is turning into a cashless economy by the use of
mobile wallet. how many people know about these mobile wallets and how many use them and
to determine the positive and negative impact of mobile wallet on India. To collect the review of
people regarding use of mobile wallet in Maharashtra.

LIMITATION OF THE STUDY

➢ The study is based on assumptions that the respondents have given correct information.

➢ The sample size is restricted to only 100 respondents.

➢ The sample size is limited to only individuals who have used known mobile wallets only.
➢ Due to pandemic, face to face interaction with the respondents to collect data was not
possible.
➢ The limited knowledge of the respondents regarding the topic may hamper the true
conclusion of the study.

RESEARCH DESIGN
Research design is a broad framework that states the total pattern of conducting research project.
It specifies objectives, data collection and analysis methods, time, costs, responsibility, and
actions. The function of a research design is to ensure that requisite data in accordance with the
problem at hand is collected accurately and economically. In this project the one basic types of
research design are used.

Descriptive Research
Descriptive Research design is typically concerned with describing problem and its solution. It is
more specific and purposive study. Before rigorous attempts are made for descriptive study, the
well- defined problem must be on hand Descriptive Research design covers the characteristics of
people, material, Scio- economic characteristics such as their age, education, marital status and
income etc. The descriptive study is typically concerned with determining frequency with which
something occurs or how two variables vary together. A descriptive study requires a clear
specification of who, what, when and why apex of the research. It requires formulation of more
specific hypothesis and the testing these through statically inference technique.
Sample Design:
The complete study of all items in the population is known as a census inquiry. Sample is a
group of items. Which represents the population is or universe from where it is taken. The
Process of Selecting sample have been multi Stratified in Nature. Under sample design
convenience sampling is selected to collection of the primary data with help of survey method.
At the first sample is collected from the personal contact. And at second stage sample is
collected from the other area.
Sample size:
The sample size of the study was 100. The area of study was Mumbai in Maharashtra
Sampling Method:
The sampling method was Judgment Sampling [only those respondents were chosen who had
some knowledge about mobile wallet]
Data Collection
Data collection is the process to gather information about the relevant topic research, which the
Data Collection usually takes place early in an improvement project.
For accomplishing the objective of study, both Primary and Secondary data have been used. Data
Collection through the Primary Data as well as Secondary Data Sources.
Classification of Data
The correct information is the key to success Data information is of two types; Primary Data and
Secondary Data. Primary data is information collected by researcher or person himself where is
secondary data is collected by other utilized or used by researcher. Data can be classified under
two types depending upon source utilized.
These Types are:
➢ PRIMARY DATA

➢ SECONDARY DATA
PRIMARY DATA
The study is largely based on the primary data which has been collected through the structured
Questionnaire Method.
➢ Using Primary Data Collection Tool:
➢ The data has been collected by administering a structured schedule of questions. The
questions are generally framed self-question regarding mobile wallet and answers by
respondents in form of (Yes, No, Agree, Disagree, No Idea, Positive, Negative and No impact.)
➢ The Questionnaire have been prepared for study of mobile wallet in India (Maharashtra)

➢ For the present study purpose questionnaire method is used to collect the primary data. This
questionnaire is self-administrated questionnaire and it is divided into two parts – part 1 and part
2
➢ Part 1 contains questions for people who have used mobile wallet

➢ Part 2 contains questions for people who have never used mobile wallet.
SECONDARY DATA
This type of data has already been collected by someone else and has already passed through
statistical process. This type of data has been collected from the following resources
Sources of Collection of Secondary Data
➢ Internet
➢ Newspaper
For this study Primary Data and Secondary data both has been used for research topic
RESEARCH INSTRUMENT QUESTIONNAIRE
A questionnaire is a research instrument consisting of a series of questions and other for the
purpose of gathering information from respondents. Although they are often designed for
Statistical Analysis of the responses.
TOOLS AND TECHNIQUE OF ANALYSIS
Mathematical Tools: In the present research work, mathematical tools are used. In this method
are including the percentage and simple average has been used to analysis and interpretation or
collection of data. A Percentage frequency distribution is a display of data that specifies the
percentage of observations that exist for each data points, it is particularly useful method of
expressing the relative frequency of survey responses and other data. The mathematical method
is using followings tools are given as below
Percentage Method: It was used to draw specific inferences from the collected data that fulfil
the objective of the study.
Table: In the table is maintain all the primary data such Number of response and respondent.
Chart: There are one types of charts are used to represented primary data in diagram Such a pie
chart.
Preparation of questionnaire
The questionnaire was prepared by the researcher himself. The preparation of questionnaire was
done by keeping the objective of study in mind. The preparation of questionnaire took about 4-5
days. The questionnaire used for study was closed type since it is free from bias nature of
respondents.

CHAPTERNO3

LITERATUREREVIEW
The mobile wallet market in India is projected to surge, with new research pointing to the rising
penetration
rateofmobiledevices,anincreasedmobileInternetuserbaseandgrowinggovernmentsupportascontrib
uting factors.

SANAZZARRINKAFSH(2015),madeastudyon"DevelopingconsumerAdoptionModelonmobile
walletinCanada",bytakingasampleof530respondentsthroughconveniencesampling.PartialLeastSqu
are model was used to analyse the data. The focus of the study was to identify the factors that
influence the consumer's adoption of mobile wallets. This study was based on technology
acceptance model (TAM) & innovation diffusion theory (IDT). As per the analysis made by them,
there is relationship among perceived usage perceived ease of use & perceived security in
predicting the adoption of mobile wallets.

NEEHARIKAP&VNSASTRY(2014),conductedastudyon"ANovelInteroperableMobileWallet
ModelwithCapabilitybasedaccess controlframework",thisstudymakes an
importantcontributiontowards the development of a mobile wallet that can work across various
platforms. As security is the major concern whenitcomesto financerelated
information,thestudyaddressesthesecurityissuesbygivingaccesscontrol model that Works towards
interoperable mobile wallet. "
SHWETUKUMAR,VIJAYYADAV,ATIQU-UR-RAHMAN,ADITIBANSAL(2014),

made a study on technologies of technologies of paytm ,web based tool of paytm which include a
study onsupply chain management, web of paytm and also described about electronic payment
system.

54
 NGOCDOAN(2014),CONDUCTEDASTUDYON"CONSUMERADOPTIONINMOBILE

WALLET(ASTUDYOFCONSUMERIN FINLAND).”

Thisstudywasundertakentounderstandabouttheadoptionstatusofmobilewalletwithresearcharealim
ited inFinland.Italso examinesthemarketsituationofmobileconsumerstowardmobilewallet.
Thestudystates that the adaption of M-wallet among consumers in Finland is only at the
beginning stage and the success of M-wallet depends on the marketing strategies of M-wallet
companies as well as financial policy makers in Finland

NITIKARAI,ANURAGASHOK,JANHVICHAKRABORTY,PRAJAKTA
AROLKER,SAUMEELGAJERA(2012), made a study onM-wallet : An SMS based payment
system,thispaperdescribesaboutplacingthecurrentpaymentsolutionslikecreditcard,debitcardsandc
ash withasimplemessageservice(SMS)basedonsolutionthatwouldworkonallmobilephones
irrespectiveof the network carrier and the manufacturer.

simpleshortphonesirrespectiveofthenetworkcarrierandthemanufacturer.

Transactionscanalsotakeplacebetweenconsumersthathavesubscribedtotheserviceandmerc
hants
irrespectiveoftheirsubscription.Thestudyconcludesthatitissafer,fasterandnetworkindependentmo
deof payment.

INDIA'SE-
WALLETMARKETCOULDREACHS6.6BILLIONBY2020.ACCORDINGTOKARANCHECHI,RESEARCHDIRECTOR
WITHTECHSCIRESEARCH

A large number of banking, financial services and insurance and telecom companies have
entered into
themobilewalletmarketinIndia.TierIcities,suchasDelhi,Mumbai,Kolkata,Bangalore,Pune,etc.,have
been the early users ofWallets market for shopping, money transfer, mobile recharge and
payments,etc.

ThemobilewallettrendisgainingmomentuminTierIIcities,suchasJaipur,Lucknow,Chandigarh.Indore
,Patna, etc., as well on account of rising smartphone and mobile Internet penetration rates.
 RECENTLYTHEREHAVEALSOBEENMANYCASESOFTHEFTFOREXAMPLE

CASE1:Sidharth Bhansali. a tech blogger and e-marketing consultant, lost the money kept in his
wallet because of a security glitch. A user from a different city hacked into Bhansali's account
and did multiple transaction on his behalf. Luckily Mr. Bhansali saved and took the matter up
with the wallet company. After fighting with it for a few months, the wallet company relented,
apologised and offered compensation.

CASE2:OtherreasonforslowadoptionofE-walletbeingpeopleinIndiaprefertopaybycashanditwill
takealot of timeforthem to completely shift tocashless transaction. Accordingly, to Vivek
Belgavi, partner and leader of financial services technology consulting firm PWC India cash
dominates the bulk of the transaction for purchases and remittances. The usage of alternate
payment modes is slowly picking up, the alternate payment modes are a setup in the right
direction and will take time to be adopted by the various customer’s segment. The immediate
objective would probably be less cash rather than cashless.
CHAPTERNO.4

DATAANAYLSIS,INT
ERPRETATIONANDP
RESENTATION
1.Name

1.Name Anjali Singh Neha yadav Raksha

vitthal bangera Aina Bulbul Bhavika
Sakshi vittal bangera Gauri L Pathak Mrs
deepti bharat rane Naveen Harshada…
1.Name Anjali Singh Neha
yadav Raksha vitthal
bangera Aina Bulbul
1 Bhavika Sakshi vittal
bangera Gauri L Pathak Mrs
deepti bharat rane Naveen
Harshada patil Akash mane
0 0.2 0.4 0.6 0.8 1 Mohan L Pathak Himani…

A Column Chart is a type of graph representing data in a column form ,with each
section of the column representing data of Name who are given repos to the data.
2.Location

2.Location Dombivli Dombivli

Dombivli Panchgani Dombivli
Dombivli Kalyan dombivli east…
1
2.Location Dombivli
Dombivli Dombivli
0.5 Panchgani Dombivli
Dombivli Kalyan dombivli
east Dombivli Dombivli
0 Bhiwandi dombivli
1 2 Dombivali ००४ , Mohini…

A Column Chart is a type of graph representing data in a column form ,with each
section of the column representing data of Location who are given repos to the data.
3.Email
Email Address
anjali.singh.1999123@gmail.com
yadavnehha2002@gmail.com
rakshabangera1998@gmail.com…
1
Email Address
0.8 anjali.singh.1999123@gm
Axis Title

0.6 ail.com
yadavnehha2002@gmail.c
0.4
om
0.2 rakshabangera1998@gma
0 il.com
1 2 ainajoshi4@gmail.com…

A Column Chart is a type of graph representing data in a column form ,with each
section of the column representing data of E-mail who are given repos to the data.

4.Contact number

1 2 3 4 5 6 7 8 9 10 11 12 13
14 15 16 17 18 19 20 21 22 23 24 25 26
27 28 29 30 31 32 33 34 35 36 37 38 39
40 41 42 43 44 45 46 47 48 49 50 51 52

A pie chart is a type of graph representing data in a different color according to

different contact number.
5.Gender

Gender
Male Female Total

18%

52%

34%

A pie chart is a type of graph representing data in a different color according to

different Gender.( Male – 18%, Female -34% ) Total - 52

6.Education
120

100

80

60

40 Frequency
Percentage
20

A Column Chart is a type of graph representing data in a column form ,with each
section of the column representing data of Education who are given repos to the
data.
7.Occuption
120

100

80

60 Frequency
Percentage
40

20

0
Service Business Professional Other Total

A Column Chart is a type of graph representing data in a column form ,with each
section of the column representing data of Occupation who are given repos to the
data.
8.Age

Total

70 Above

Percentage
50-70
Frequency

30-50

18-30

0 20 40 60 80 100

A Bar Chart is a type of graph representing data in a column form ,with each
section of the column representing data of Age in two different color who are given
repos to the data.
9. Do you know about Digital Wallet?

9.Do you know about Digital wallet?

Frequency

Yes
No
Total

A pie chart is a type of graph representing data in a different color according to

different section of the data in this data is represent Digital Wallet Frequency.

10. Where did you get information about Digital Wallet?

10.Where did you get information about

Digital Wallet ? Frequency

Friend
21%
Total
50%
Social Media
27%

Magazine
2%

A 3D-pie chart is a type of graph representing data in a different color according to

different section of the data in this data is represent getting information about digital
Wallet
11.Do you use Digital wallet for financial transactions

11.Do you use Digital wallet for

financial transactions? Frequency
Yes No Total

40%
50%

10%

A 3D-pie chart is a type of graph representing data in a different color according to

different section of the data in this data is represent use Digital Wallet for financial
transactions.

12.Are you aware regarding the functionality of Digital Wallet

120

100

80 12.Are you aware

regarding the
functionallity of Digital
60 wallet? Frequency
12.Are you aware
40
regarding the
functionallity of Digital
20 wallet? Percentage

0
Fully Aware Partially Not Aware Total
Aware

A Column Chart is a type of graph representing data in a column form ,with each
section of the column representing data of aware regarding the functionality of
Digital Wallet.
13.Why do you prefer digital wallet over other modes of payment

13.Why do you prefer digital wallet

over other modes of payment?
Frequency
Time Saving Ease to use Security Total

31%
50%

9%
10%

A pie chart is a type of graph representing data in a different color according to

different section of the data in this data is represent prefer digital wallet over other
modes of Payment.

14.Which devices do you use for making the Payment Via. Digital Wallet?

14.Which devices do you use for

making the payment via.Digtal
wallet? Frequency
Smart Phone Computer Both Total

41%
50%

8% 1%

A pie chart is a type of graph representing data in a different color according to

different section of the data in this data is represent use for making the payment
Via.Digital Wallet.
15.How many times have you use the Digital Wallet?

15.How many times have you use the

Digital wallet? Frequency

Only one
5-10 times
More than 10 times
Total

A pie chart is a type of graph representing data in a different color according to

different section of the data in this data is represent many times have you use the
Digital Wallet.

16.How often do you use Digital Wallet?

16.How often do you use Digital

wallet? Frequency
Daily Weekly Monthly Total

29%

50%
10%
11%

A pie chart is a type of graph representing data in a different color according to

different section of the data in this data is represent often do you use Digital Wallet.
17.How do you rate the rate the digital wallet service that you have used?
120

100
100
80 17.How do you rate the
digital wallet service that
60 you have used?
Frequency
40
17.How do you rate the
20 digital wallet service that
23% 21% 8% 0% you have used?
0 Percentage

A Column Chart is a type of graph representing data in a column form ,with each
section of the column representing rate the digital wallet service that you have
explain according to there percentage

18.Are there any obstacles when you use Digital Wallet?

18.Are there any obstacles when you

use Digital wallet? Frequency

Yes
28%
Total
50%
No
22%

A 3D-pie chart is a type of graph representing data in a different color according to

different section of the data in this data is represent data of obstacles when use
digital Wallet.
19.What are the obstacles you face while using Digital Wallet ?

19.What are the obstacles you face

while using digital wallet? Frequency
Security of digital wallet

29% Too time consumption to

set up
50% Involves danger of losing
money
5%
Cannot be used for
9%
international transaction
7%
Total

A pie chart is a type of graph representing data in a different color according to

different section of the data in this data is represent obstacles are face while using
Digital Wallet.

20.Do you believe your transactions are secured ?

100
Total
52

5%
Strongly Disagree
5

47%
Strongly agree
47

0 20 40 60 80 100 120

20.Do you believe your transactions are secured? Percentage

20.Do you believe your transactions are secured? Frequency

A Bar Chart is a type of graph representing data in a column form ,with each
section of the column representing believe of person while time of transactions
secured.
21.Does using digital wallet promotes cashless payment to the next level?

21.Does using digital wallet promotes

cashless payment to the next level?
Frequency
Yes,of course No Total

41%
50%

9%

A pie chart is a type of graph representing data in a different color according to

different section of the data in this data is represent Digital Wallet Promotes
cashless payment to the next level or different level. Here the data represent
according to percentage.

22.Would you like to refer your friend to use Digital wallet?

Very likely, 26

Total, 52
likely, 14

Neutral, 11

Unlikely, 1

A 3D pie chart is a type of graph representing data in a different color according to

different section of the data in this data is represent Some references to use Digital
wallet.
23.Do your bank provide you better digital wallet facility?
23.Do your bank provide you better
digital wallet facility? Frequency
Yes No Total

45%
50%

5%

A pie chart is a type of graph representing data in a different color according to

different section of the data in this data is represent bank facility provided . Here the
data represent according to percentage.

24.What has been your experience in the Digital Wallet ?

24.What has been your experience in the Digital wallet? Percentage
24.What has been your experience in the Digital wallet? Frequency

Total 100
52

Poor 0%
0

Average 6%
6

Good 16%
16

Excellent 30%
30

A Bar Chart is a type of graph representing data in a column form ,with each
section of the column representing experience in the Digital Wallet.
25.Which one is your favorite digital wallet app?
25.Which one is your favourite digital wallet app? Frequency
25.Which one is your favourite digital wallet app? Percentage

100

52
39

12
39% 1 1% 12% 0 0%

Google pay Google Wallet Phone Pay Airtel thanks Total

app

A Column Chart is a type of graph representing data in a column form ,with each
section of the column representing favorite digital wallet app explain according to
there percentage
 CHAPTER:-5
FINDING

COMMENDATION

AND

CONCLUSION
FINDING

➢ Majorityoftherespondentusetheirsmartphonesforcompletingamonetarytransaction.

➢ MostoftherespondentspreferusingDebitCard followedbyD-wallet.

➢ The respondent's awareness about Digital wallet payment gateway services is highMajority of
therespondents are aware and pre fer using Paytm followed by Freecharge

➢ The respondents prefer using D-wallets for Rechargepurpose followed by Online Shopping and also
for Food/Movie tickets.

➢ TheAvailability, Convenience, Serviceacceptance, Security and Rewardpoints are the majorfactors

which influences most of the respondents to use D-wallets.

➢ MajorityoftherespondentsfeelthatD-wallet savestimeandhasmadelifeeasier.

➢ Majorityof therespondentshavereduced theirtraditional paymentdueto Dwallets

➢ Mostoftherespondents useM-walletfrequently.

➢ Alargenumberoftherespondentsaresatisfiedwiththeserviceprovidedbythemwhereasafew number of
the respondents are highly satisfied with the service used.

78
➢ AsmostoftherespondentsarenotusingM-walletreasonstheyarenotawareofmalletanddon’ttrust

➢ Quite a few numbers of respondents do not use D-wallets, the major reason being D-wallet security
issues.

➢ Assecurityisamajorissue,mostoftherespondentsfearofD-walletprovidersharingtheconfidential
information with other companies, misuse of information if phone stolen, rise in thenumber of
cybercrimes and virus being installed on the phone

➢ Thewillingnesstousetheservicesisveryhighif theproblemsareaddressed.

➢ Based on the age and end respondents prefer ,Majority of the male and female respondents prefer
using Paytm who fall into the age group of 18-30.

➢ M-wallet is affected by demographics as it has been seen in the study that more males are making
online payments via D-wallets.

➢ Basedon the Gender, Occupation and Income of the respondents, majority of the respondents
prefer using Paytm of various occupation and income bracket.

➢ MajorityoftherespondentspreferusingPaytmforrechargepurposewhofallintoage groupof18-30 and 3

1-50.

➢ Majority of the respondents prefer using Paytm for utility bill payment who fall into the age groupof
18-30 and 31-50

79
➢ MajorityoftherespondentspreferusingPaytmfortransportationwhofallintotheagegroupof18-30 and
31-50.

➢ Majority of the respondents prefer using Paytm for food and movie tickets who fall into age group of
18-30 and 31-50.

➢ Mostoftherespondentsprefer usingpaytmforother servicesfollowedbyother wallets.

➢ Security,necessity,timeandservicesusedarethefactorswhichinfluencethepreferencesofthe
respondents.
Recommendations/Suggestions

ThefutureofmobilepaymentsinINDIAdependslargelyonthepaymentbanklicensewhichistobeprovided

byRBIsothattheconsumerswillgetconfidenceinusingthewalletservicesAlltheDigitalwallet providers

needtomeettheguidelinesstipulatedbyRBI,soastoacquirepaymentbanklicense.Theawarenessoftheo

f D-wallet providers is rising when compared to the preference of usage of services, therefore

thereasonsfornotusing

walletcanbefound.However,securityconcernsappeartobeanimportantfactordepressingthe

adoption of Digital wallets for payments. Therefore, the Digital wallet providers need to address

the security and privacy concerns of the users. Digital wallet providers can collaborate with the

"Telcos" for better and fast network connectivity.

 Conclusion
The study was accomplished to explore consumer awareness, perceptions and
willingness to engagein using asmartphoneto replacethecontent oftheir physical
wallets specifically thestudy explodedawareness usage likelihood of using smart
phone for completing the monetary transaction. With the increase penetrations
of internet connectivity and smart phones has led to an increase in the number
of Digital Wallet is getting more and more trendier among the consumers.

As per the findings of the study, Digital -wallet is getting popularity among the
young lots such as students and employees. Further the study also explained
which m-wallet gateway services is preferred by the consumer. The study
witnessed that paytm and google pay is leading among the other wallet
providers. When a user is making an online payment via M-wallet, the
respondents are affected by variousassortedfactors.
Themain
influencingfactorhasbeenidentifiedastime,conveniencesecurityloyalty/rewardp
ointsanddiscountsdealsetc,makingpaymentsthroughDigital
walletcanbeagreatbenefittotheuserintermsofconveniencesavingtime and
money. One of the prime obstacles is security issue, due to which the user get
anxious about his or her confidential information which may get disclosed.
Therefore, the m-wallet providers need to understandand
meetorevenexceedtowardstheuserstrustexpectation.Thisincludesnotonlyaddress
ingsecurityandprivacy
concernsbutalsosafeguardingthebackupmechanismifthephoneislostorstolen.Thes
tudymainlyfocused on security necessary time and satisfaction of the service
used that affect the consumer perception towards- wallet the study witnessed
that there is a significant association between the perception and the above
attributes.

Digital Wallet are growing in INDIA as the consumers are relying upon the
digital lifestyle to make things convenient and faster and the consumer are
embracing Digital Wallet with open arms.
 • QUESTIONNAIRE

Study the Awareness of Digital wallet By

Reference with Kalyan Dombivli city
Email*
Valid email

1.Name
Short answer text

2.Location
Short answer text

3.Email
Short answer text

4.Contact number
Short answer text

5.Gender
Male

Female

6.Eduation
Undergradu

Graduation

Postgradua

Other

7.Occuption
Service

Business

Profession

Other

8.Age
18 to 30

30 to 50

50 to 70

70 to above
9.Do you know about Digital wallet?
Yes

No

10.Where did you get information about Digital Wallet ?

Social med

Friends

Magazine

11.Do you use Digital wallet for financial transactions?

Yes

No

12.Are you aware regarding the functionallity of Digital wallet?

Fully aw are

Partially aw

Not aw are

13.Why do you prefer digital wallet over other modes of payment?

Time saving

Ease to use

Security

14.Which devices do you use for making the payment via.Digtal wallet?
Smart phon

Computer

Both

15.How many times have you use the Digital wallet?

Only once

5-10 times

More than 1

16.How often do you use Digital wallet?

Daily

Weekly

Monthly

17.How do you rate the digital wallet service that you have used?
Very satisf

Satisfied

Neutral

Unsatisfied

18.Are there any obstacles when you use Digital wallet?

Yes

No

19.What are the obstacles you face while using digital wallet?
 Security of

Too time co

Involves da

Cannot be

20.Do you believe your transactions are secured?

Strongly ag

Strongly dis

21.Does using digital wallet promotes cashless payment to the next level?
Yes,of cou

No

22.Would you like to refer your friend to use Digital wallet?

Very likely

likely

Neutral

Unlikely

23.Do your bank provide you better digital wallet facility?

Yes

No

24.What has been your experience in the Digital wallet?

Excellent

Good

Average

Poor

25.Which one is your favourite digital wallet app?

Google pay

Google w a

Phone pay

Airtel thank