Blackbook Project of A Study On Mobile Wallet

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Blackbook project of "A study on Mobile wallet"
Bachelors of commerce (Accountancy and finance) (University of Mumbai)
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“A STUDY ON MOBILE WALLET”
A PROJECT REPORT SUBMITTED TO

UNIVERSITY OF MUMBAI FOR PARTIAL COMPLETION OF THE DEGREE OF
BACHELOR IN ACCOUNTING AND FINANCE
UNDER THE FACULTY OF COMMERCE
BY
MR.DEVROOP DEBASHISH SEN
UNDER THE GUIDANCE OF

PROF:
SOHRAB SHAIKH
COLLEGE NAME AND ADDRESS
SIDDHARTH COLLEGE OF ARTS AND COMMERCE AND

SCIENCE(BHUDHA BHAVAN),FORT
FEBRUARY, 2022

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DECLARATION
I undersigned Mr. DEVROOP DEBASHISH SEN hereby,declared that the
Work emboidied in this project work titled “A STUDY ON MOBILE
WALLET” Forms my own contribution to the research work carried out
under the guidance Of PROF SOHRAB SHAIKH is the result of my
own research work and has not Been previously submitted to
any other university for any other degree/diploma to this any other university.
Whenever reference has been made to previous works of others, it has been
Clearly indicated as such and included in the biblography.
I, hereby furthe declare that all infoirmation to this document has been obtained
and presented in accordance with academic, rule and ethical condut.
MR.DEVROOP DEBASHISH SEN
Certified by:
PROF. SOHRAB SHAIKH

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ACKNOWLEDGEMENT
To list who all have helped me is difficult because they are so numerous and
depth is so enormous.
I would like to acknowledge the following as being idealistic channels and fresh
dimensions in the completion of this project.
I take this opportunity to thank the University of Mumbai for giving me chance
to do this project.
I would like to thank my Principal, G.V.RAO for providing the necessary

facilities required for completion of this project.
I take this opportunity to thank our Coordinator DR.SURAJA PURANDARE,

for his moral support and guidance.
I would also like to express my sincere gratitude towards my project guide Prof.
SHORAB SHAIKH 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.

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SIDDHARTH COLLEGE OF ARTS, SCIENCE & COMMERCE

Buddha Bhavan, PurshotamThakurdas Marg Fort, Mumbai-400001
CERTIFICATE
This is to certify that Ms. / Mr. DEVROOP DEBASHISH SEN has worked and
duly completed her / his Project work for the degree of bachelor of management
studied under the faculty of commerce in the subject of finance and her/ his project
is entitled, “A STUDY ON MOBILE WALLET”under my supervision.
I further certify that the entire work has been done by 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.
GUIDE TEACHER EXTERNAL TEACHER
CO-ORDINATOR PRINCIPALS SIGN

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INDEX
SR CONTENTS PAGE
NO NO
1. INTRODUCTION
A) CONCEPT NAD INTRODUCTION 1
B) E-COMMERCE 2-4
C) M-COMMERCE 4-7
D) MOBILE-WALLET 8-12
E) TYPES OF M-WALLET 13-15

PERMITTEDIN INDIA AND WHO
CAN USE THEM
F) ADVANTAGES AND 16-18
DISADVANTAGES
G) FACTORS INFLUECING THE 19-21
ADOPTION OF MOBILE WALLET
H) MAJOR PLAYERS IN MARKET 22-30
I) SERVICES PROVIDED BY MOBILE 31-39
WALLET GATEWAY PROVIDERS
J) HOW COVID-19 EFFECTED M- 40
WALLET
K) 10 WAYS COVID-19 IS MOVING US 41-45
TOWARS A CASHLESS ECONOMY
2. RESEARCH METHODOLOGY 46
A) INTRODUCTION 47

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B) NEED OF THE STUDY 47
C) OBJECTIVE OF STUDY 47
D) SIGNIFICANCE OF THE STUDY 48
E) SELECTION OF PROBLEM 48
F) LIMITATION OF THE STUDY 48
G) RESEARCH DESIGN , SAMPLING, 48-49

DATACOLLECTION,CLASSIFICATION
OF DATA
H) PRIMARY DATA AND SECONDARY 50-51
DATA
I) RESEARCH INSTRUMENT 51-52
3. LITERATURE REVIEW 53-56
4. DATA ANALYSIS INTERPRETATION 57-76

AND ORESENTATION
5. FINDINGS RECOMMENDATION 77-82
AND CONCLUSION
PREPARATION OF QUESTIONNARE 83-90

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INDEX OF DIAGRAM
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EXECUTIVE SUMMARY
The payments landscape in India is undergoing a transformation: traditionally a cash Based economy, it has
seen an increase in card-based and mobile transaction.
In spite of advances made in the recent years by the Government and regulators to Popularize cashless
transactions, India continues to be a high-cash-usage economy. The value of physical currency in circulation
in the country is one of the highest among Other emerging economies.
In spite of being present in the country for over two decades, card payments have Struggled to scale-up due to
the fragmented nature of the retail sector -perception of it Being expensive for small merchants, high cost of
card payments hardware and lack of Underwriting data for credit card issuance and merchant on boarding.
In such a scenario as a platform has a unique set of capabilities that can overcome the challenges posed by the
Indian payment landscape.
The aim of this project is to find out presentation of E-wallet in India, major factors effecting E-wallet usage
and what are the reasons for which people thought being aware of E-wallet don’t use it by this project I seek
to explore the future scope, present scenario and the factors affecting the e-wallets uses.

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CHAPTER NO. 01
INTRODUCTION
“MOBILE WALLET”

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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 analyse 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 mobile
payment system (i.e.) “MOBILE 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 mobile 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 Mwallets.
Findings reveals that security, necessity, time, satisfaction of the service used are the factors which influences
the consumer towards m-wallets and the respondents also feel that m-wallet save time and has made life easier.
Moreover, the study identified the hurdles that consumer face when they want to adopt m-wallet as their mode
of payment, the study witnessed that security issue is the prime concern of the respondents m-wallet play a
significant role in day-to-day life with the increase in the use of smart phones and access to internet
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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
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This sector classified into four major types, based on the parties involved in the transaction business-to-
business (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.

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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.
M-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.”
M-commerce means exchange of goods over the internet by the use of mobile phones or M-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.

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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% of smartphone users in the country access the internet multiple times a day (in US, the number
stands at 53%). 40% users surf the net at least once a day. Only 6% never use their phone for connection to
the web (11% for US).

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About 76% of the smartphone users in India access social networking sites on their devices compared to
54% in us. 77% of smartphone owners listen to music. While 33% use it for playing games and 32% read
newspaper or magazine.
M-commerce is benefiting from an evolution in consumers behaviour and advancement in technology. More
and more consumers are shopping across smartphones and tablets. Consumers are getting more comfortable
using mobile devices for payments via everyday activities like purchasing grocery. These repetitive purchase
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.

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Thus, it can be said that India is going through a sort of E-commerce revolution and with more activities
happening on the smartphone, experts believe that M-commerce is becoming the future of E-commerce.
GROWTH DRIVERS OF M-COMMERCE
M-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 services

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MOBILE 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, freecharge etc,
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/-

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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 M-
wallet 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
Mobikwik Freecharge 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.

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CLASSIFICATION OF MOBILE WALLET
1.Telecom-operated mobile 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.
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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 M-WALLET PROVIDERS
PAYTM- Paytm is one of the fast-growing companies in the mobile 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

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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.
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TYPES OF M-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 m-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 m-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.
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OPEN M-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.
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➢ 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 MOBILE-WALLET 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.
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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 M-
wallet 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 MOBILE 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.
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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 Mobile 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.
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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
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FACTORS INFLUENCING THE ADOPTION OF MOBILEWALLETS
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
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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 savings
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account 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.
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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 affiliate,
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took 25% stake in One97 as part of a strategic agreement. 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
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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.
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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
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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 MobiK wik 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 MobiK wik 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.
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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.
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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.
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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.
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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 M-WALLET
Other M-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.
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SERVICES PROVIDED BY MOBILE WALLET GATEWAY PROVIDERS
M-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.
PAYTM:
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.
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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.
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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.
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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.
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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.
MOBIKWIK:
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.
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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).
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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.
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MERCHANT PAYMENT:
One can make payments for Book my show, Ebay, Dominos, Godaddy, IRTC, My bus tickets and 2000+
online partners.
CITRUS:
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 available amount in the wallet to the merchants in exchange of goods and Services
provided by the merchants
FREECHARGE:
MOBILE RECHARGE
It helps users to recharge their mobile without and charge
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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
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HOW COVID-19 EFFECTED MOBILE WALLET
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.
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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
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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.
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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.
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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.
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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.
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CHAPTER NO 2
Research methodology
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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
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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 MOBILE 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.
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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.
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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:
Questionnaire
➢ 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.
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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.
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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.
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CHAPTER NO 3
LITERATURE REVIEW
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The mobile wallet market in India is projected to surge, with new research pointing to the rising penetration
rate of mobile devices, an increased mobile Internet user base and growing government support as contributing
factors.
SANAZ ZARRIN KAFSH (2015), made a study on "Developing consumer Adoption Model on mobile
wallet in Canada", by taking a sample of 530 respondents through convenience sampling. Partial Least Square
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.
NEEHARIKA P&VN SASTRY (2014), conducted a study on "A Novel Interoperable Mobile Wallet
Model with Capability based access control framework", this study makes an important contribution towards
the development of a mobile wallet that can work across various platforms. As security is the major concern
when it comes to finance related information, the study addresses the security issues by giving access control
model that Works towards interoperable mobile wallet. "
SHWETU KUMAR, VIJAY YADAV,A TIQU-UR-RAHMAN, ADITI BANSAL(2014),
made a study on technologies of technologies of paytm ,web based tool of paytm which include a study on
supply chain management, web of paytm and also described about electronic payment system.
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NGOC DOAN (2014) , CONDUCTED A STUDY ON "CONSUMER ADOPTION IN MOBILE

WALLET (A STUDY OF CONSUMER IN FINLAND).”
This study was undertaken to understand about the adoption status of mobile wallet with research area limited
in Finland. It also examines the market situation of mobile consumers toward mobile wallet. The study states
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
NITIKA RAI, ANURAG ASHOK, JANHVI CHAKRABORTY, PRAJAKTA

AROLKER, SAUMEEL GAJERA (2012), made a study on M-wallet : An SMS based payment
system, this paper describes about placing the current payment solutions like credit card, debit cards and cash
with a simple message service (SMS) based on solution that would work on all mobile phones irrespective of
the network carrier and the manufacturer.
simple short phones irrespective of the network carrier and the manufacturer.
Transactions can also take place between consumers that have subscribed to the service and merchants
irrespective of their subscription. The study concludes that it is safer, faster and network independent mode of
payment.
INDIA'S E-WALLET MARKET COULD REACH S6.6 BILLION BY 2020.

ACCORDING TO KARAN CHECHI, RESEARCH DIRECTOR WITH TECHSCI
RESEARCH
A large number of banking, financial services and insurance and telecom companies have entered into the
mobile wallet market in India. Tier I cities, such as Delhi, Mumbai, Kolkata, Bangalore, Pune, etc., have been
the early users of Wallets market for shopping, money transfer, mobile recharge and payments, etc. The
mobile wallet trend is gaining momentum in Tier II cities, such as Jaipur, Lucknow, Chandigarh. Indore, Patna,
etc., as well on account of rising smartphone and mobile Internet penetration rates.
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RECENTLY THERE HAVE ALSO BEEN MANY CASES OF THEFT FOR

EXAMPLE
CASE 1: 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.
CASE 2: Other reasons for slow adoption of E-wallet being people in India prefer to pay by cash and it will
take a lot of time for them to completely shift to cashless 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.
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CHAPTER no.4
DATA ANAYLSIS,
INTERPRETATION
AND PRESENTATION
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PART 1
1. ANALYSIS
GENDER
GENDER
male
48%
52% female
Table 1: Gender
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2. ANALYSIS
AGE GROUP
AGE GROUP
1%
4% 1%
11%
15-20
21-25
40%
26-30
31-35
36-40
29% 41-45
ABOVE 45
14%
TABLE 2: AGE DISTRIBUTION
2 . INTERPRETATION
Respondents who are from 15-20-, 21-25- and 26–30-year-old account for around 75%, which indicates that
the younger generation taking up the most part in response to this questionnaire. However, the question does
not affect much in the consumer adoption process.
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3. ANALYSIS
Do you use E-wallet?
31%
NO
YES
69%
Table 3: percentage of respondents who use E-wallet
3 INTERPRETATION
69 out of 100 respondents use E-wallet and the rest 31 don’t use it as shown clearly in table 3.
Nevertheless, not using E-wallet does not mean that they do not have any knowledge about it. And there is
also a case is also a case that they might start to use it in the future. Hence it is still useful to get information
from non-users.
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PART- II (E-wallet)
1. ANALYSIS
On which device do you use it?
smartphone 29
pc 8
0 5 10 15 20 25 30 35
DEVICES
Table 4- preferred devices for using E-wallet (by E-wallet users)
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2. ANALYSIS
HOW DO YOU USE IT?
WEBSITE 10
MOBILE 25
0 5 10 15 20 25 30
THROUGH WHAT
Table 5: preferred type(by E-wallet)
2 INTERPRETATIONS
As we can clearly see from table 4 and 5, most of the respondents using E-wallet use it through mobile
application from their mobile. There is also usage through websites and computer application but it is relatively
less when compared to usage through mobile.
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3. ANALYSIS
Which E-wallet website/apps have you heard of?
googlepay 30
other 1
freecharge 23
oxigen 13
mobikwik 14
paytm 30
0 5 10 15 20 25 30 35
Series 1
Table 6- E-wallet websites/app known (by e-wallet users)
3 INTERPRETATIONS
It can be seen that google pay and paytm are the most heard E-wallet
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4 ANALYSES
WHICH E-WALLET APP HAVE YOU USED?
ftreecharge 5
googlepay 24
others 1
oxigen 0
mobikwik 3
paytm 20
0 2 4 6 8 10 12 14 16 18 20 22 24 26
apps
TABLE 7- E-wallet website/app used (by E-wallet users)
4. INTERPRETATIONS
From table 6and 7 it can be seen that Paytm and freecharge are very well known which means their marketing
strategy carefully planned and implemented and thus has been successful.
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5. ANALYSIS
Which of these websites is more user friendly?
2%
paytm
34% 38% mobikwik

oxigen
freecharge
googlepay
other
2%
2%
22%
TABLE 8: Most user friendly E-wallet (by E-wallet users )
5 INTERPRETATIONS
Table 8 shows that paytm and google pay is considered to have more user-friendly app/website than its
competitors, some of the contributing factors are interface, wide network of store where E-wallet could be
used and also regular cashback and deals offered by it.
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6. ANALYSIS
What is the maximum amount you are comfortable in transacting with these E-wallet?
9%
12% below 1000

35%
1000-2500
2500-5000
18% 5000-10000
10000 and above
26%
TABLE 9: Amount of transaction (by E-wallet users)
6 INTERPRETATIONS
Table 9 shows people comfortable in transacting amount as high as 10000₹ which shows that the E-wallet
companies have become successful in developing and maintaining trust.
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7 ANALYSIS
For what purpose do you use these E-wallet
gold buying
bill payments
onile shopping
cashback
others
0 5 10 15 20 25 30
uses
TABLE 10 : purpose of using E-wallet (by E-wallet users )
7 INTERPRETATION
Table 10 shows that respondents use E-wallet mainly for bill payment and online shopping.
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8 . ANALYSIS
Does association of brand ambassador/celebrity affect your perception about the company.
Sales
23%
yes
no
77%
Table 12: Impact of brand ambassadors/celebrity’s association with the brand (by E-wallet users)
8 INTERPRETATIONS
Brand ambassadors or celebrity’s associations with the brand does not affect majority of users as seen in table
12.
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9 ANALYSES
E-wallet
8% 2%
19%
can substitute original payment
methods
can be an alternative choice of
payment
can support original payment methods
is unnecessary
71%
TABLE 13 – perception about E-wallet (by E-wallet)
9 INTERPRETATIONS
Majority of respondents feel that E-wallet can be an alternate choice of payment, many also feel that it can
also replace original payment method.
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PART – II (NON USRES)
1 ANALYSIS
How much do you know about E-wallet?
4%
19%
this is the first time I've heard of
about it
yes, I have heard about it . But
never used
I use to use it but now I don’t
77%
TABLE 14 : E-wallet awareness (non-users)
1 INTERPRETATION
Majority of people who do not use E-wallet are aware of it, only 18.8% heard the concept of E-wallet for the
very first time.
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2 ANALYSES
reason for not using e-wallet
not aware
fear of data
don't trust
not aware
0 5 10 15 20 25 30
Series 1
Table 15: reasons for not using E-wallet
2 INTERPRETATIONS
Being not aware and trust issues are one of the prime reasons for people not using the application as seen in
table 15.
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3 ANALYSES
Would you be willing to use this site if you are assured of the security?
Sales
35%
yes
no
60% maybe
5%
Table 16
3 INTERPRETATIONS
Almost all the respondents are willing to use E-wallet to use E-wallet given that they are assumed by the
company of its security
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4 ANALYSIS
Which one of the following E-wallet have you heard of?
googlepay
paytm
oxigen
freecharge
payumoney
mobikwik
others
none
0 10 20 30 40 50 60 70 80 90 100
Series 1
Table 17: E-wallet website/app known (non users)
4 INTERPRETATIONS
It can be seen that more people are known to google pay and paytm.
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5 ANALYSES
Would you use it if a friend recommends it?
20%
yes
no
80%
Table 19: Impact of friend’s recommendation on E-wallet (non users)
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6 ANALYSES
Does brand ambassador/celebrity’s association with the brand affect your perception about the company?
26%
yes
no
74%
Table 20: Impact of brand ambassadors/celebrity’s association with the brand (non users)
6 INTERPRETATIONS
From table 19 and 20 it can be said that friend’s recommendation for using the application has comparatively
greater impact than celebrity endorsement.
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7 ANALYSES
Your perception about E-wallet
Sales
9%
18%
15%
can substitue original payment methods
can be an alternate choice of payment
can support original payment
unnecessary
58%
Table 21: perception about E-wallet
7 INTERPRETATIONS
Again, a majority of people feel that E-wallet can be alternate choice of payment, some also feel that it can
replace original payment methods.
18% feel that it can support existing payment methods and 9% people find it unnecessary.
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CHAPTER 5
FINDINGS
RECOMMENDATION
AND CONCLUSION
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Findings
➢ Majority of the respondent use their smart phones for completing a monetary transaction.
➢ Most of the respondents prefer using Debit Card followed by M-wallet.
➢ The respondent's awareness about mobile wallet payment gateway services is high Majority of the
respondents are aware and pre fer using Paytm followed by Freecharge
➢ The respondents prefer using M-wallets for Recharge purpose followed by Online Shopping and also
for Food/Movie tickets.
➢ The Availability, Convenience, Service acceptance, Security and Reward points are the major factors
which influences most of the respondents to use M-wallets.
➢ Majority of the respondents feel that M-wallet saves time and has made life easier.
➢ Majority of the respondents have reduced their traditional payment due to Mwallets
➢ Most of the respondents use M-wallet frequently.
➢ A large number of the respondents are satisfied with the service provided by them whereas a few
number of the respondents are highly satisfied with the service used.
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➢ As most of the respondents are not using M-wallet reasons they are not aware of mallet and don’t trust
➢ Quite a few numbers of respondents do not use M-wallets, the major reason being M-wallet security
issues.
➢ As security is a major issue, most of the respondents fear of M-wallet provider sharing the confidential
information with other companies, misuse of information if phone stolen, rise in the number of
cybercrimes and virus being installed on the phone
➢ The willingness to use the services is very high if the problems are addressed.
➢ 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 M-wallets.
➢ Based on the Gender, Occupation and Income of the respondents, majority of the respondents prefer
using Paytm of various occupation and income bracket.
➢ Majority of the respondents prefer using Paytm for recharge purpose who fall into age group of 18-30
and 3 1-50.
➢ Majority of the respondents prefer using Paytm for utility bill payment who fall into the age group of
18-30 and 31-50
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➢ Majority of the respondents prefer using Paytm for transportation who fall into the age group of 18-30
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.
➢ Most of the respondents prefer using paytm for other services followed by other wallets.
➢ Security, necessity, time and services used are the factors which influence the preferences of the
respondents.
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Recommendations/ Suggestions
The future of mobile payments in INDIA depends largely on the payment bank license which is to be provided
by RBI so that the consumers will get confidence in using the wallet services All the Mobile wallet providers
need to meet the guidelines stipulated by RBI, so as to acquire payment bank license. The awareness of the of
M-wallet providers is rising when compared to the preference of usage of services, therefore the reasons for
not using M-wallet can be found. However, security concerns appear to be an important factor depressing the
adoption of mobile wallets for payments. Therefore, the mobile wallet providers need to address the security
and privacy concerns of the users. Mobile wallet providers can collaborate with the "Telcos" for better and
fast network connectivity.
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CHAPTER 7: Conclusion
The study was accomplished to explore consumer awareness, perceptions and willingness to engage in using
a smartphone to replace the content of their physical wallets specifically the study exploded awareness 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 M-wallet is getting more and
more trendier among the consumers.
As per the findings of the study, M-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 various assorted factors. The main
influencing factor has been identified as time, convenience security loyalty/reward points and discounts deals
etc, making payments through M-wallet can be a great benefit to the user in terms of convenience saving time
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 understand and
meet or even exceed towards the users trust expectation. This includes not only addressing security and privacy
concerns but also safeguarding the backup mechanism if the phone is lost or stolen. The study mainly focused
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.
M-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 M-wallet with open arms.
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ANNEXURES
QUESTIONNAIRE
Survey on mobile wallet in India
Mobile wallet is an online prepaid account where one can stock money to be used when required. As it is a
preloaded facility, consumer can buy a range of products from airline tickets to grocery without swiping a
debit or credit card.
1) GENDER
a. . MALE
b. . FEMALE
2) AGE GROUP
a. . 15-20
b. . 21-25
c. .26-30
d. . 31-35
e. 36-40
f. 41-45
g. Above 45
3) DO YOU USE E-WALLET?
a. Yes
b. No
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PART I (FOR RESPODENTS WHO HAVE USED E-WALLET)
1) ON WHICH DEVICE DO YOU USE IT?
a. Smartphone
b. pc
2) HOW DO YOU USE IT?
a. THROUGH WEBSITE
b. THROUGH APP
3) WHICH E-WALLET WEBSITE/APP HAVE YOU HEARD BEFORE?
a. Paytm
b. Mobikwik
c. Oxygen
d. Freecharge
e. Phone pe
f. Google pay
g. Others
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4) WHICH E-WALLET WEBSITE/APP HAVE YOU USED?
a. Paytm
b. Mobikwik
c. Oxigen
d. Freecharge
e. Phone pe
f. Google pay
g. Other
5) WHICH OF THESE WEBSITES IS MORE USER FRIENDLY?
a. Paytm
b. Mobikwik
c. Oxigen
d. Freecharge
e. Phone pe
f. Google pay
g. Others
6) WHICH IS THE MAXIMUM AMOUNT YOU ARE COMFORTABLE IN

TRANSACTION WITH THESE E-WALLET?
a. Below 1000₹
b. 1000₹-2500₹
c. 2500₹-5000₹
d. 5000₹-10000₹
e. 10000₹ and above 85

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7) FOR WHAT PURPOSE DO YOU USE E-WALLETS?
a. Mobile bill payments/recharge

b. Online shopping payments
c. Transfer money
d. Cashback and deals
e. Others
8) DOES ASSOCIATION OF BRAND AMBASSADOR/CELEBRITY

AFFECT YOUR PERCEPTION ABOUT THE COMPANY?
a. YES
b. NO
9) YOUR PERCEPTION ABOUT E-WALLET
a. CAN SUBSTITUTE ORIGINAL PAYMENT METHODS
b. CAN BE AN ALTERNATIVE CHOICE OF PAYMNTS
c. CAN SUPPORT ORIGINAL PAYMENTS METHODS
d. UNNECESSARY
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PART II ( FOR RESPODENTS WHO HAVE NOT USED E-WALLET )
1) HOW MUCH DO YOU KNOW ABOUT E-WALLET?
a. THIS IS THE FIRST TIME I’VE HEARD ABOUT IT

b. YES, I HAVE HEARD ABOUT IT. BUT NEVER USED IT.
c. I USED TO USE IT, BUT NOW I DON’T
2) REASONS FOR NOT USING E-WALLET?
a. NOT AWARE
b. DON’T TRUST
c. FEAR OF DATA THEFT
d. COMPLICATED TO USE
3) WOULD YOU BE WILLING TO USE THIS SITE IF YOU ARE ASSURED

OF THE SECURITY?
a. YES
b. NO
c. MAYBE
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4) WOULD YOU USE IT IF A FRIEND RECOMMENDS IT ?
a. YES
b. NO
5) WHICH ONE OF THE FOLLOWING E-WALLET HAVE YOU HEARD OF?
a. PAYTM
b. MOBIKWIK
c. OXIGEN
d. FREECHARGE
e. PHONEPE
f. GOOGLEPAY
g. NONE
6) DOES BRAND AMBASSADOR/CELEBRITY’S ASSOCIATION WITH THE

BRAND AFFECT YOUR PERCEPTION ABOUT THE COMPANY?
a. YES
b. NO
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7) YOUR PERCEPTION ABOUT E-WALLET?
a. CAN SUBSTITUE ORIGINAL PAYMENT METHODS

b. CAN BE AN ALTERNATE CHOICE OF PAYMENT
c. CAN SUPPORT ORIGINAL PAYMENT METHODSUNNECESSARY
BIBLOGRAPHY
1) Sanaz Zarrin Kafsh (2015), "Developing Consumer Adoption Model on Mobile Wallet in Canada",
Ottawa, Canada.
2) . Neeharika P et al, (2014). "A Novel Interoperable Mobile Wallet Model with Capability Based Access
Control Framework", International Journal of Computer Science and Mobile Computing, Vol.3 Issue
7, pg. 888.904
3) Shwetu Kumar, Vijay Yadav, Atiqu-Ur-Rahman, Aditi Bansal (2014), "A study on Paytm Guru
Gobind Singh Indraprastha University, Delhi.
4) Ngoc Doan (2014) "CONSUMER ADOPTION IN MOBILE WALLET- A Study of Consumers in

Finland", TURKU UNIVERSITY OF APPLIED SCIENCES
5) Nikita Rai, Anurag Ashok, Janhvi Chakraborty, Prajakta Arolker, Saumeel Gajera (2012), "M-wallet:
An SMS based payment system", International Journal of Engineering Research and Applications,
ISSN: 2248-9622
89

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WEBLIOGRAPHY
https://paytm.com /https://www.mobikwik.com/
https://www.oxigenwallet.com/about-oxigen-wallet
https://www.freecharge.in/http://www.nfcworld.com/2016/03/14/343274/nielsen-report-on-mobile-
walletmarketin-India/
http://www.techsiresearch.com/news/453-India-mobile-wallet-market-to-reach-us-6billion-by-2020.html
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Blackbook project of "A study on Mobile wallet"

Bachelors of commerce (Accountancy and finance) (University of Mumbai)

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“A STUDY ON MOBILE WALLET”

A PROJECT REPORT SUBMITTED TO

UNDER THE GUIDANCE OF

COLLEGE NAME AND ADDRESS

SIDDHARTH COLLEGE OF ARTS AND COMMERCE AND

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I undersigned Mr. DEVROOP DEBASHISH SEN hereby,declared that the

Work emboidied in this project work titled “A STUDY ON MOBILE

WALLET” Forms my own contribution to the research work carried out

under the guidance Of PROF SOHRAB SHAIKH is the result of my

own research work and has not Been previously submitted to

Clearly indicated as such and included in the biblography.

MR.DEVROOP DEBASHISH SEN

PROF. SOHRAB SHAIKH

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I would like to thank my Principal, G.V.RAO for providing the necessary

I take this opportunity to thank our Coordinator DR.SURAJA PURANDARE,

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SIDDHARTH COLLEGE OF ARTS, SCIENCE & COMMERCE

is entitled, “A STUDY ON MOBILE WALLET”under my supervision.

GUIDE TEACHER EXTERNAL TEACHER

CO-ORDINATOR PRINCIPALS SIGN

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A) CONCEPT NAD INTRODUCTION 1

E) TYPES OF M-WALLET 13-15

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B) NEED OF THE STUDY 47

D) SIGNIFICANCE OF THE STUDY 48

F) LIMITATION OF THE STUDY 48

G) RESEARCH DESIGN , SAMPLING, 48-49

3. LITERATURE REVIEW 53-56

4. DATA ANALYSIS INTERPRETATION 57-76

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CONCEPT AND INTRODUCTION

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Key drivers in Indian e-commerce

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

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

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GROWTH DRIVERS OF M-COMMERCE

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CONVERSION PROCESS (PHYSICAL MONEY TO VIRTUAL MONEY)

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CLASSIFICATION OF MOBILE WALLET

1.Telecom-operated mobile wallets:

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ABOUT M-WALLET PROVIDERS

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TYPES OF M-WALLETS PERMITTED IN INDIA

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WHO CAN ISSUE WALLETS IN INDIA ?