A

PROJECT REPORT
ON

ISSUES AND CHALLENGES OF

E WALLETS

SUBMITTED IN FULFILMENT OF THE REQUIREMENTS

OF

BUSINESS RESEARCH METHODS

TO

UNIVERSITY OF JAMMU

BY

ABHINAV SHARMA (04-MBA-16)

DIKSHA GUPTA (20-MBA-16)
KOMAL RAINA (31-MBA-16)
KOHIT TARGOTRA (29-MBA-16)
Batch: 2016-2018
UNDER THE GUIDANCE OF PROF.VINAY CHAUHAN
THE BUSINESS SCHOOL
UNIVERSITY

Page 1 of 42
 DECLARATION

We hereby declare that this Project Report titled To study the issues and
challenges in using electronic/digital payment in Jammu region for Research
methodology submitted to THE BUSINESS SCHOOL is a record of original work
done by us under the guidance of Prof. Vinay Chouhan.

The information and data given in the report is authentic to the best of our
knowledge. This Project Report is not submitted to any other university or institution
for the award of any degree, diploma or fellowship or published before.

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 ACKNOWLEDGEMENT
We would like to express our deepest appreciation to all those who provided us the
necessary support and guidance to complete this project. Whatever we have done is
only due to such guidance and assistance and we would not forget to thank them.

A special thanks to our Project Guide, Prof. Vinay Chauhan, for the magnanimous
guidance and valuable suggestions, which helped us to work on our project, improve
it and finally to write this report.

We extend a very special thanks to the internet and the online users for giving us the
data. The suggestions for improvement and the tips given have surely played a crucial
role in the effective completion of the project.

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 ABSTRACT

The report titled To study the issues and challenges in using electronic/digital
payments in Jammu region is based on the study conducted on customers of the
two branches.

The research mainly focuses on various electronic payment modes i.e. net banking,
electronic cheques, e-cash, e-wallet; plastic cards (debit cards, credit card, and smart
card).

The research was based on various dimensions such as usefulness, credibility,

responsiveness, compliance, assurance, intention to use and future scope which were
studied with questioner as the research tool using purposive sampling.

Our report includes true data and analysis is done without any manipulation, hence,
can help to determine the issues being faced in electronic payment.

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( vi )
CONTENTS

Chapter No. Topic PageNo.

Chapter 1 Introduction 9
Technology 9
Payments for goods and services 10-11
Chapter 2 Review of Literature & Research Methodology 12
Review of Literature 13
Objectives 14
Hypothesis and assumptions 15
Data sources 15
Sample design 16
Statistical techniques 16
Scope of study 16
Limitations 16
Chapter 3 Organisation Under Study 17-23
Chapter 4 Data Analysis and Interpretation 24-35
Chapter 5 Findings, Conclusion, 36-37
Chapter 6 References and Bibliography 38
Annexures 1)Questionnaire 39

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( viii )
CHAPTER 1

1.1 Introduction

Electronic payment system is a mode of payments over an electronic network such as the internet.
In other words we can say that e-payment is a method in which a person can make online payments
for his purchase of goods and services without physical transfer of cash and cheques, irrespective
of time and location. Electronic Payment Systems are becoming central to online business process
innovations as companies look for ways to serve customers faster and at lower cost. Emerging
innovations in the payment for goods and services in electronic commerce promise to offer a wide
range of new business opportunities. Electronic payment systems and e-commerce are intricately
given that online consumers must pay for products and services. Clearly, payment is an integral
part of the mercantile process and prompt payment or account settlement is crucial. If the claims
and debits of the various participants-individuals, companies, banks and non banks are not
balanced because of payment delay or even worse default then the entire business chain is
disrupted. Electronic payment systems are proliferating in banking, retail, health care, online
markets and even government. Organizations are motivated by the need to deliver products and
services more cost effectively and to provide a higher quality of service to customers. Electronic
payments first emerged with the development of wire transfers. Electronic funds transfer is an
electronic transfer of information that equates to moving funds from one financial institution to
another. Electronic payment systems are alternative cash or credit payment methods using various
electronic technologies to pay for products and services in electronic commerce. It involves many
security issues.
A digital wallet refers to an electronic device that allows an individual to make electronic
transactions. This can include purchasing items on-line with a computer or using a smart phone to
purchase something at a store. An individual's bank account can also be linked to the digital wallet.
They might also have their drivers license, health card, loyalty card(s) and other ID documents
stored on the phone. The credentials can be passed to a merchants terminal wirelessly via near
field communication (NFC). Increasingly, digital wallets are being made not just for basic financial
transactions but to also authenticate the holder's credentials. For example, a digital-wallet could
potentially verify the age of the buyer to the store while purchasing alcohol. The system has
already gained popularity in Japan, where digital wallets are known as "wallet mobiles"

1.2 Technology

A digital wallet has both a software and information component. The software provides security
and encryption for the personal information and for the actual transaction. Typically, digital wallets
are stored on the client side and are easily self-maintained and fully compatible with most e-
commerce Web sites. A server-side digital wallet, also known as a thin wallet, is one that an
organization creates for and about you and maintains on its servers. Server-side digital wallets are
gaining popularity among major retailers due to the security, efficiency, and added utility it
provides to the end-user, which increases their satisfaction of their overall purchase.

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 The information component is basically a database of user-input information. This information
consists of your shipping address, billing address, payment methods (including credit card
numbers, expiry dates, and security numbers), and other information.
The key point to take from digital wallets is that they're composed of both digital wallet devices
and digital wallet systems. There are dedicated digital wallet devices such as the biometric wallet
by Dunhill .where it's a physical device holding someone's cash and cards along with
a Bluetooth mobile connection. Presently there are further explorations for smart phones with NFC
digital wallet capabilities, such as the Samsung Galaxy series and the Google Nexus smart phones
utilizing Google's Android operating system and the Apple Inc. phone 6 and iphone utilizing Apple
Pay.
Digital wallet systems enable the widespread use of digital wallet transactions among various retail
vendors in the form of mobile payments systems and digital wallet applications. The M-
PESA mobile payments system and micro financing service has widespread use in Kenya and
Tanzania. While the MasterCard PayPass application has been adopted by a number of vendors in
the U.S. and worldwide.
Digital wallet is being used more and more in Asian countries as well. One in five consumers in
Asia are now using digital wallet representing twofold increase from two years ago. A recent
survey by MasterCards mobile shopping survey shows on 8500 adults aged 1864 across 14
markets showed, 45% users in China, 36.7% users in India and 23.3% users in Singapore are the
biggest adopters of digital wallet. The survey was conducted on between October and December
2015. Also analysis showed (48.5%) consumers in these regions made purchase using smart
phones. Indian consumers are leading the way with 76.4% using a smart phone to make purchase
which is a drastic increase of 29.3% from previous year. This has made companies like Reliance
and Amazon India to come out with its own digital wallet. Flipkart has already introduced its own
digital wallet.

1.3 Payments for goods and services purchased online

A client-side digital wallet requires minimal setup and is relatively easy to use. Once the software
is installed, the user begins by entering all the pertinent information. The digital wallet is now set
up. At the purchase or check-out page of an e-commerce site, the digital wallet software has the
ability to automatically enter the user information in the online form. By default, most digital
wallets prompt when the software recognizes a form in which it can fill out; if one chooses to fill
out the form automatically, the user will be prompted for a password. This keeps unauthorized
users away from viewing personal information stored on a particular computer.

ECML
Digital wallets are designed to be accurate when transferring data to retail checkout forms;
however, if a particular e-commerce site has a peculiar checkout system, the digital wallet may fail
to properly recognize the form's fields. This problem has been eliminated by sites and wallet
software that use Electronic Commerce Modeling Language (ECML) technology. Electronic
Commerce Modelling Language is a protocol that dictates how online retailers structure and set up
their checkout forms. Participating e-commerce vendors who incorporate both digital wallet
technology and ECML include: Microsoft, Discover, IBM, Omaha Steaks and Dell Computers.

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1.4 Descriptions:
E-wallet is a type of pre-paid account in which a user can store his/her money for any future online
transaction. An E-wallet is protected with a password. With the help of an E-wallet, one can make payments
for groceries, online purchases, and flight tickets, among others.

E-wallet has mainly two components, software and information. The software component stores personal
information and provides security and encryption of the data. The information component is a database of
details provided by the user which includes their name, shipping address, payment method, amount to be
paid, credit or debit card details, etc.

For setting up an E-wallet account, the user needs to install the software on his/her device, and enter the
relevant information required. After shopping online, the E-wallet automatically fills in the user's
information on the payment form. To activate the E-wallet, the user needs to enter his password. Once the
online payment is made, the consumer is not required to fill the order form on any other website as the
information gets stored in the database and is updated automatically.

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CHAPTER 2
REVIEW OF LITERATURE AND RESERCH METHODOLGY
2.1 REVIEW OF LITERATURE
[1] ARE DIGITALWALLETS THE NEWCURRENCY?
Roopali Batra*Apeejay Journal of Management and Technology
January 2016, Vol.11, No: 1
ABSTRACT: - India is heading on the path of a major digital revolution. Digitalization of the
payment mechanism will be considered as landmark in the era of cashless future economy. The
present research aims to empirically examine the adoption patterns of digital wallets by of the
respondents. An exploration of customer perception, usage pattern preferences and satisfaction
level regarding digital wallets is made based on a study of 52 respondents. It further identifies the
barriers and challenges to the adoption of digital wallets. To attain the aforesaid purpose a well
structured questionnaire was administered to respondents wherein they were asked various with
regards to adoption of digital wallets.

The results indicate that there exists a huge untapped market for digital wallets both in terms of
increasing awareness as well as its usage. Time saving and ease of usage were found to be the main
reasons for using wallets .However, safety of money transacted remained their major concern.
Security issues in terms of fear of cash loss and
lack of usability for international transactions are the prime barriers to its adoption. The study
makes a valuable contribution to research in the area of finance, by exploring digital payment
systems in India, an emerging concept.

Lately, India has been experiencing exponential growth in the area of digital payment. With ever
increasing internet and mobile penetration, the country is all set to witness a massive surge in the
adoption of digital payments in the coming years. Furthermore, flagship government initiative such
as Digital India will act as key catalysts and enabler of this transformation.

Mobile payments have been in use for many years and have gained ground (Dahlberg, 2008). The
mobile wallet is a new application of mobile payment that has functionality to supplant a
conventional wallet and more. Mobile payments are a top investment priority for banks. In fact,
the worlds biggest banks continue to focus most of their announced IT initiatives on mobile
financial
Services (including payments) and online banking. Out of a world population of 7 billion, over 5
billion or70% have a mobile phone, whereas only 2 billion or 30% have a bank account. In India:
on a populationof1.2 billion over 800 million have a mobile phone and only 250 million have a
bank account. Consumers are increasingly using their mobile phones to make payments.

The four metrosDelhi, Mumbai, Kolkata and Chennaicontributed about 60% of the total
digital
Payment gateway market size, followed by Bangalore, Hyderabad, Ahmadabad, Pune which
together

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Contributed 25% in 2013.
At present, mobile payments form a minuscule part of the overall digital payments industry in
India. However, the contribution from phones and tablets is expected to increase to 30 per cent by
2020.
Mobile payments in India are estimated to grow from $86 million in 2011 to $1.15 billion in 2016,
with a compounded annual growth rate (CAGR) of 68 per cent, according to estimates. The CEO
of Apple, Tim Cook, summarized the potential of digital wallets as: The vision is to replace the
wallet. And the starting point is payments.

Besides payment, people can also store receipts, coupons, business cards, billsin their
Smartphone. When Smartphone can function as leather wallets, it is called Digital Wallet or
widely known as Mobile Wallet (Doan, 2014). The m-wallet segment includes transfer of
money, services related to banking transactions, value-added services such as shopping, ticketing,
recharging, and bill payments. In this segment, the highest, 38 per cent market share is captured by
money transfer businesses, followed by recharge and bill payments, and utility areas by 30 per cent
and 12 per cent, respectively relative advantage which digital wallets offers are convenience,
security and affordability over other payment methods specially while transferring money
(Wamuyu, 2014).

A digital wallet is a virtual storage system that can contain money and a digital certificate of your
identity. It is a software application, usually for a smartphone that serves as an electronic version of
a physical wallet or refers to an electronic device that allows an individual to make electronic
commerce transactions. This can include purchasing items on-line with a computer or using
smartphone to purchase something at a store. Increasingly, digital wallets are being made not just
for basic financial transactions but to also authenticate the holder's credentials. For example, a
digital wallet could potentially verify the age of the buyer to the store while purchasing items. It is
useful to approach the term "digital wallet" not as a singular technology but as three major parts:
the system (the electronic infrastructure) and the application (the software that operates on top) and
the device (the individual portion). An individuals bank account can also be linked to the digital
wallet.

It is a system that securely stores users Payment information and passwords for numerous
payment methods and websites. By using a digital wallet, users can complete purchases easily and
quickly with near-field communications technology. They can also create stronger passwords
without worrying about whether they will be able to remember them later. Digital wallets can be
used in conjunction with mobile payments systems that allow customers to pay for purchases with
their smartphones.

Certain sources are speculating that these smartphone digital wallets will eventually replace
physical wallets. The system has already gained popularity in Japan, where digital wallets are
known as OSAIFU-KETAI or wallet mobiles.

As mobile commerce grew in the first half of this decade, several payment gateways started
operations in India, which could sign up with specific merchants to reduce the pain associated with
individual two factor transactions. There was a movement from Closed Wallets (establishment
specific) to Semi Closed Wallets (Group of contracted establishments using the wallet) in the last
few years given the mushrooming of digital commerce and the blanket implementation of two
factor authentication requirements.

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Now, the Reserve Bank of India is mulling retiring the requirement for two factor authentication on
cards transactions in India. This potential change will apply to both debit and credit cards, used on
point of sale (POS), card not present transactions (CNP) as well as Internet based transactions. This
change will potentially have a payment value threshold of 3000-5000 as per various media reports.
Given that the low value transactions still make a bulk of this market, this move by RBI may
seemingly be a death knell for Wallets - given the ease of single click commerce going forward.

[2] ADOPTION OF DIGITAL WALLET BY CONSUMERS

Dr Hem Shweta Rathore (hemshweta@gmail.com), Assistant Professor
Bharati Vidyapeeth's Institute of management Studies & Research, Navi Mumbai

ABSTRACT :- In today-world, smartphone has become essential part of daily life.Due to

technology, mobile users can nowadays use their smartphones to make money transaction or
payment by using applications installed in the phone. When smartphones can function as leather
wallets, it is called Digital Wallet or widely known as Mobile Wallet. The present study tries
to study the various factors that can affect a consumers decision to adopt digital wallet as a mode
of online payment. Apart from this, the study also attempt to find out the various risks and
challenges faced by users of digital wallet.

In today-world, smartphone has become essential part of daily life. As it has become more rational,
the number of smartphone users has increased radically. India will exceed 200 million smartphone
users, topping the US as the worlds second largest smartphone market by the end of 2016 due to
increasing penetration of affordable smart mobile devices in the country, the US-based research
firm said in a report .According to TechSci Researchs latest report, Indias mobile wallet market
could reach $6.6 billion by 2020. Along with smartphone production, a number of services have
been generated to utilize the possible functions of
Smartphone. Smartphones are used as communication devices, as socialized tool, entertainment
tool, internet access tool, and even payment tool. Due to technology, mobile users can nowadays
use their smartphones to make money transaction or payment by using
Applications installed in the phone. Besides payment, people can also store receipts, coupons,
business cards, billsin their Smartphone. When Smartphone can
Function as leather wallets, it is called Digital Wallet or widely known as Mobile Wallet.
Consider the following scenario: A person is at the supermarket checkout line. He fumbles
through his wallet to find credit card X; rejecting many other cards in the process, to pay for the
transaction. Later in the day, he falls victim to a pickpocket who steals his wallet.

Conclusion
Digital wallets are quickly becoming mainstream mode of online payment. Shoppers are adopting
digital wallets at an incredibly rapid pace, largely due to convenience and ease of use. Tech-savvy
shoppers are increasingly demanding seamless, Omni-channel retail experiences and looking for
solutions that deliver this.

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2.2 OBJECTIVES AND HYPOTHESIS
Considering the emerging scope of digital revolution in India, the need for current study was felt to
evaluate the adoption and performance of digital wallets in the country. On the basis of the need of
the study, following objectives had been derived to set the focus of the study:

1. To study the usefulness of Mobile wallet services are a useful mode of payment.
2. To measure the consumers credibility for using E Wallets in India.

3. To suggest response mechanism for strengthening E wallets usage in cashless transaction.

4. To find the impact of usefulness, credibility, compliance, assurance for the intention to use E
wallets in Jammu.

Hypothesis designed are as follows:-

Ha0: There is relationship between usefulness, credibility, compliance, and assurance.
Ha1: There is no relationship between usefulness, credibility, compliance, and assurance.
Hb0: There is no effect of assurance, usefulness, and credibility on intentions of usage of e wallets.
Hb1: There is effect of assurance, usefulness, and credibility on intentions of usage of e wallets.

2.3 RESEARCH METHODOLGY

The research methodology comprises of the sources of data, sampling techniques, sample size,
survey instrument, data analysis tools etc
2.3.1 SOURCES OF DATA
The data have been collected from primary sources . Primary data have been collected through
direct personal interview method where interview took place with the owners of different retail
stores and questionnaire was made to filled by the consumers.
2.3.2 SAMPLING TECHNIQUES
For the study convenient sampling technique method has been applied on the basis of suitability
for the availability of information.
2.3.3 SURVEY INSTRUMENT
A Survey instrument being used to collect the required data was personal interviews and
questionnaires.

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2.3.4 SAMPLE SIZE
A sample size of 30 respondents was taken Based on convenience sampling and the responses were
recorded.
2.3.5 DATA ANALYSIS TOOL
Various statistical tools have been used to arrive to the conclusion and test the hypothesis. Two
tools mainly used for the study were: correlation and regression
2.4 LIMITATIONS OF PROJECT
The study is limited to Jammu city only.
The study revolves only around the e wallets
Data pertaining to study has been collected only for few months.
Time is limiting factor as the study is conducted in a very short span of time.

2.5 SCOPE OF PROJECT

This study is very much relevant to present times as this will provide awareness about the issues
and challenges of digitalization of payments. The sudden surge in digital payments arose due to
demonetization and cash crunch. Customers have adjusted to it to a great extent which is a good
step. This study wants to unravel the real scenario and also look into the threat that looms over due
to the security reasons. Dynamism stands the base of the current scenario and as a result of that
anything that remains stagnant will be surpassed by others. Its time the people start taking their
financial decisions by evaluating all the options.

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CHAPTER 3
ORGANISATIONS UNDER STUDY

3.1 INTRODUCTION
Electronic payment system is a mode of payments over an electronic network such as the
internet. In other words we can say that e-payment is a method in which a person can make Online
Payments for his purchase of goods and services without physical transfer of cash and cheques,
irrespective of time and location. Electronic payment system is the basis of on-line payments and
on-line payment system development is a higher form of electronic payments. It makes electronic
payments at any time through the internet directly to manage the e-business environment.
In real world we have two distinct types of payment systems:

(1) Internet Based payment system

There are four models of Internet-Based payment system:

1. e-Cash
2. Credit Card
3. Debit Card
4. Smart Card

(2) Electronic Transaction-Based payment system

1. Secure Electronic Transaction

2. Cyber Cash
3. Net Bill
4. First Virtual Holdings

1 .E-CASH

E-Cash is purely software based; anonymous, untraceable, online token payment system, available
on UNIX, Windows as well as Macintosh platform. When the tokens purchased by customers, the
e-Cash software stores the digital money on the customers personal computer which is under
signed by the bank. The users can easily spend digital money at any shop accepting e-Cash without
giving credit card details to the shopkeeper

2. CREDIT CARD

A credit card is a plastic card issued to the users to lent money for purchase of goods and services.
The customer type the card number, expiry date and billing address on the order form and the
vendor can verify the details and be confident of payment. The credit card payment on the online
network can be categorized into three types:
(a) Payment using plain credit card details
(b) Payment using encrypted credit card details

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(c) Payment using third party verification.

3. Debit Card

A Debit card is a banking card enhanced with Automated Teller Machine and point of sale features
so that it can be used at merchant locations. A Debit card is linked to an individuals bank account,
allowing funds to be withdrawn at ATM and point of sale without writing a cheque. A Debit card
holder pay directly through bank for his purchases. It replaces physical cash and cheque. In debit
card system customers deposit in advance into the bank and withdraw at the time of purchase. There
are two types of debit card which are used in real world:

(a) Online debit card

(b) Offline debit card

4. Smart Card

A smart card was first produced in 1977 by Motorola. It is a thin, credit card sized piece of plastic
which contains a half-inch-square area that serves as the cards input-output system. A smart card
contains a programmable chip, a combination of RAM and ROM storage and can be refilled by
connecting to the bank. It is known as smart card because the ability of chip to store the information
in its memory makes the card smart.

5. Secure Electronic Transaction (SET)

Secure electronic transaction is a system of online payments for ensuring the security of financial
transactions on the internet. The SET specification is an open, technical standard for commerce,
developed by VISA and master card. It facilitates secure payment card transactions over the
internet. Digital certificate create a trust change throughout the transactions, verifying cardholders
and merchant validity.

6. Cyber Cash

Cyber cash is a web based service that automatically processes and verifies customers credit card
information then debiting the customers account and crediting the merchants account
electronically. Cyber cash servers act as a gateway between the merchant on the internet and banks
secure financial network. For the purpose of security in electronic payments system this system use
the digital signatures.

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 The Top 20 Digital Wallets in India

1) Airtel Money:
With the Airtel Money app, users can easily recharge prepaid accounts or pay postpaid bills. You
can also shop online if your digital wallet has cash loaded in it. Its also extremely safe as every
transaction or payment you make requires a secret 4-digit mPin.

2) Citi MasterPass:
Citi MasterPass, a free digital wallet, helps make checking out while online shopping a speedier
process. Once youve stored all your payment and shipping details in your Citi Wallet, simply click
on the MasterPass button and it will take care of the rest.

3) Citrus Pay:
Citrus Pay, one of the top e-wallets in India, it offers a Citrus wallet for customers as well as
payment solutions to businesses. With a strong base of 800 million customers, it has definitely
earned its spot as one of the best mobile wallets in India.

4) Ezetap:
Ezetap, a Bangalore based digital payment solution founded in 2011, offers business owners
solutions to accept card payments via electronic devices. It also sends customers e-receipts through
an SMS or email.

5) Freecharge:
Freecharge, one of the most famous names right now when it comes to digital payment in India,
has been known to target the youth in all their promotions. With equivalent amount of coupons
given for every recharge you make, its a great option to save while paying your bills online.

6) HDFC PayZapp:
HDFC PayZapp, making digital payment in India simplified with one click payments, is one of the
top online wallets in India. Users can easily compare flight and hotel tickets and even buy music or
pay bills with the app. Simple connect your debit/credit card once and forget to worry about
making payments.
7) ICICI Pockets:
While you might find a Pocket card redundant, considering youre opting for an e-wallet app to
avoid using a card, they do have a pretty neat wallet app. Its VISA powered and can be used on
any Indian website, or to transfer money to email ids, WhatsApp contacts, and also just tap and pay
your friends easily.

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8) JioMoney:
JioMoney, launched recently in 2016 by Jio, is a digital payment app. With JioMoney, one can
receive great discounts and offers. Users can also bookmark their frequently visited retailers so
shopping can be made quicker than usual.

9) Juspay:
JusPay Safe is a payment browser with over 650+ transactions in a day. They offer a browser with
which users can make payments quickly via cards with 2 clicks.

10) LIME:
LIME, launched by AXIS in 2015, was the first mobile app in India to integrate wallets, shopping,
payments, and banking. Apart from the usual features like making payments, they also let you
analyze what you spend. With a cool feature that rounds up all your change and invest in a
deposit and a shared wallet tool, theyve definitely earned their spot in the top list of mobile wallets
in India.

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11) Mobikwik:
Mobikwik is a Gurgaon based e-wallet payment system in India that helps its users store their
money. Founded in 2009 by Bipin Singh and Upasana Taku, this digital wallet enables users to
recharge, pay bills, and make third-party purchases with one tap.

12) MomoeXpress:
MomoeXpress, a Bangalore based digital wallet in India, claims to have the fastest checkout
system. Though theyre only available in Bangalore, they have a wide range of solutions they offer
to residents on the city. From paying for your rickshaw ride to salons & spas, there are over 3000
outlets available at your disposal.

13) MoneyonMobile:
MoneyOnMobile, authorized by the Reserve Bank of India, enables users to buy goods, products,
and services from registered merchants. Its a multilingual app that reaches remote areas of the
country to millions of users making online payments available to a wide population.

14) Mswipe:
Mswipe, the first mobile point-of-sales solution in India was founded in 2012. They dont exactly
offer an app, but they do provide a machine that can be attached to your mobile device to accept
card payments. This may not be a digital wallet app but it does support going cashless.

15) Ola Money:

Ola Money, launched in 2015, is a digital wallet in India offered by Ola. While its majorly being
used to make payments for Ola cab rides, making cashless travelling a dream come true, it can also
be used to buy groceries or flight tickets and much more.

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16) Oxigen:
Oxigen, a FinTech company founded in July 2004, is one of the major providers of digital payment
in India. Along with making online purchases and paying bills, you can also send gift cards to your
dear ones.

17) PayMate:
PayMate, founded in 2006 by Ajay Adiseshann, launched Pay POS in 2012, an app for small
business owners to receive payments conveniently via debit cards and credit cards and also process
electronic transactions.

18) Paytm:
Paytm, launched in 2010, is currently the largest mobile wallet app in India. With payments via
Paytm being accepted almost everywhere, its hard not to simply switch to it completely. From
paying mobile bills to buying movie tickets, theres almost nothing you cant do with Paytm.

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19) PayUmoney:
PayUmoney, a part of PayU India, is a free payment gateway solution for merchants to collect
payments from customers via debit/credit cards or net banking, and more. They also offer SMS and
email invoicing for merchants that do not have a website.

20) State Bank Buddy:

State Bank Buddy, a product of State Bank of India, is an online wallet in India thats available in
13 languages. Users (non SBI account holders too) can send money via Facebook, or to other bank
accounts, book hotels or movie tickets and much more!

If youre looking to get on board the cashless India movement, these are some of the best digital
wallets in India you must opt for.

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 CHAPTER 4
DATA ANALYSIS AND INTERPRETATION
4.1 INTRODUCTION
Analysis of data is a process of inspecting, cleaning, transforming, and modelling data with the
goal of discovering useful information, suggesting conclusions, and supporting decision making.
Data analysis has multiple facets and approaches, encompassing diverse techniques under a variety
of names, in different businesses, science, and social science domains.

4.2 ANALYSIS OF DATA COLLECTED

1. GENDER

MALE
45%

FEMALE
55%

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2. AGE

ABOVE 45 YEARS
20%

BELOW 35 YEARS
50%
35-45 YEARS
30%

3. MARTIAL STATUS

OTHERS
7%

UNMARRIED
23%

MARRIED
70%

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4. EDUCATIONAL STATUS

OTHERS
7% ILLITERATE
13%

SECONDARY
27%
GRADUATE
53%

5. TRANSACTION PER MONTH

above 50,000
23%

10,000-50,000 less than10,000

17% 60%

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E WALLET USEFUL MODE OF PAYEMENT

Series 1
18

16
16
14
14
12

10

8 Series 1

2
0 0
0
STRONGLY AGREE NEUTRAL DISAGREE STRONGLY
AGREE DISAGREE

( 27 )
E WALLET MAKES PAYEMENT EASIER

Series 1
16

14
14
12 13

10

8
Series 1
6

2
0 2 1
0
STRONGLY AGREE NEUTRAL DISAGREE STRONGLY
AGREE DISAGREE

( 28 )
E WALLET MAKES INFORMATION CONFIDENTIAL

Series 1
16

14 15

12

10

8
8 Series 1
6

4 5

2
2 0
0
STRONGLY AGREE NEUTRAL DISAGREE STRONGLY
AGREE DISAGREE

( 29 )
USAGE OF E WALLET IS WISE

Series 1
14

12
12 12
10

6 Series 1

4
4
2
2 0
0
STRONGLY AGREE NEUTRAL DISAGREE STRONGLY
AGREE DISAGREE

( 30 )
RESPONSE TO CUSTOMER QUARIES

Series 1
14

12
12 12
10

6 Series 1

4
4
2
2 0
0
STRONGLY AGREE NEUTRAL DISAGREE STRONGLY
AGREE DISAGREE

( 31 )
E WALLET FOLLOWS SOCIAL RESPONSIBILITY

Series 1
18
16
16
14
12
10
8 9 Series 1
6
4
4
2
1
0
STRONGLY AGREE NEUTRAL DISAGREE STRONGLY
DISAGREE DISAGREE

TABLE

DESCRIPTION AVERAGE STANDARD

DEVIATION
USEFULLNESS 4.32 0.35
CREDIBILITY 3.02 0.30
RESPONSIVENESS 4.09 0.36
COMPLIANCE 4.25 0.366

ASSURANCE 4.31 0.4

INTENSION TO USE 4.13 0.65

INFERNCE DRAWN
AS THE ABOVE TABLE SHOWS US THE MEAN AND THE
STANDARD DEVIATION OF THE RESPONSES AS A SMALL S.D
MEANS A HIGH DEGREE OF UNIFORMITY OF THE
OBSERVATION AS WELL AS HOMOGENETY OF THE SERIES.

( 32 )
TABLE 2: On the basis of demographic groups

DESCRIPTION NUMBER PERCENTAGE%

GENDER
Male 13 45
Female 17 55

MARIATIAL
STATUS
SINGLE 7 23
MARRIED 21 70
OTHERS 2 7
AGE
Below 35 15 50
35-45 9 30
Above45 6 20
EDUCATION
Illiterate 4 11
Secondary 8 27
Graduation 16 55
Others 2 7
TRANSCATIONS
Below10,000 18 60
10,000-50,000 5 17
Above 50,000 7 23

INFERENCE DRAWN

( 33 )
Ha0: There is relationship between usefulness, credibility, compliance, and assurance.
Ha1: There is no relationship between usefulness, credibility, compliance, and assurance

TABLE 3: Correlation Matrix

USEFULNESS CREDIBILITY RESPONSIVNESS COMPLIANCE ASSURANCE
Usefulness 1
Credibility -0.049629831 1
Responsiveness 0.245772723 -0.070920148 1
Compliance 0.052166184 0.042934313 0.155157767 1
Assurance -0.173618045 -0.254605601 -0.09399833 0.290261681 1

Exactly 1. A perfect downhill (negative) linear relationship

0.70. A strong downhill (negative) linear relationship
0.50. A moderate downhill (negative) relationship
0.30. A weak downhill (negative) linear relationship
0. No linear relationship
+0.30. A weak uphill (positive) linear relationship
+0.50. A moderate uphill (positive) relationship
+0.70. A strong uphill (positive) linear relationship
Exactly +1. A perfect uphill (positive) linear relationship

THERE IS NO SIGNIFICANT RELATIONSHIP BETWEEN THESE

FACTORS

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Hb0: There is no effect of assurance, usefulness, and credibility on intentions of usage of e wallets.
Hb1: There is effect of assurance, usefulness, and credibility on intentions of usage of e wallets.

TABLE 4 : Regression of usefulness , credibility , responsiveness ,

compliance ,& assurance on intension of usage of E-WALLETS
SUMMARY OUTPUT

Regression Statistics
0.046603
Multiple R 495
0.002171
R Square 886
-
Adjusted R 0.033464
Square 833
Standard 0.166314
Error 147
Observation
s 30

ANOVA
Significa
df SS MS F nce F
0.001685 0.00168 0.06094 0.806809
Regression 1 767 5767 5167 344
0.774491 0.02766
Residual 28 073 0395
0.776176
Total 29 841

Coefficie Standard Lower Upper Lower Upper

nts Error t Stat P-value 95% 95% 95.0% 95.0%
3.952814 0.201027 19.6630 6.33115 3.541029 4.36460 3.541029 4.36460
Intercept 697 149 8883 E-18 254 014 254 014
- -
X Variable 0.011868 0.048077 0.24687 0.80680 0.086613 0.11035 0.086613 0.11035
1 948 58 075 9344 508 1404 508 1404

INFERNCE DRAWN

AS Fcal < F table

Hypothesis is accepted.

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 CHAPTER 5
FINDINGS AND CONCLUSION

Findings
From the study it was found that 45% of the respondents were
male and other 55% were females.

From the study it was found that there were 50% respondents
below the age of 35 yrs. There were 30% respondents between the
age of 35-45yrs. And only 20% respondents were above 45yrs.

From the study it was founded that 70% of respondents were

married and 23% respondents were unmarried and 7% were others.

Security and safety of funds is the most changeling issues for the
users.

It was found the digital wallet can be an alternative choice for

online payments.

( 36 )
 Conclusions

Digital wallets are quickly becoming mainstream mode of online

payment. Shoppers are adopting digital wallets at an incredibly rapid pace,
largely due to convenience and ease of use. Tech-savvy shoppers are
increasingly demanding seamless, Omni-channel retail experiences and
looking for solution that deliver this. Theres no question 2017 will be a
pivotal year as digital wallets gain more widespread acceptance.

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ANNEXURES
REFERENCES
http://www.gallup.com/businessjournal/183920/customers-aren-adopting-
digital-wallets.aspx
http://www.gallup.com/businessjournal/183920/customer s-aren-
adopting-digital-wallets.aspx
http://www.mobilecommercedaily.com/2016-is-mobile- wallets-year-with-
20pc-usage-increase-since-2014-citi
http://www.researchandmarkets.com/reports/3022303/
http://allusefulinfo.com/pros-cons-of-digital-wallets/
http://gadgets.ndtv.com/apps/features/seven-mobile- wallets-every-indian-
should-know-about-754812
http://www.adweek.com/socialtimes/report-digital- wallet-usage-
increased-20-from-2014-to-2015/633290

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 SURVEY QUESTIONNAIRE

Survey on E- Wallet Payments

Dear Respondent,
As part of my project, I am conducting a study that will shape the payment
system offered by mobile wallet sites. Like a typical physical wallets, in a mobile
wallet we can keep our money, store our net banking / debit / credit card
details.
PART 1
GENERAL INFORMATION:

1. Name of the customer...................................................................................

2. Age: below 35 years 35-45 years above 45 years.
3. Gender: male female
4. Marital status: married unmarried separated
5. Educational status: illiterate secondary graduate others
6. Transition per month: up to 10,000 10 50 thous above 50,000

PART 2:
SPECIFIC INFORMATION:

This part attempt to seek information on the degree of your satisfaction level
with 5 options 1, 2,3,4,5. Where,
1-strongly disagree 2-disagree 3-indifferent 4-agree 5-strongly agree

( 39 )
SNO. Statement 1 2 3 4 5
a. USEFULNESS
A1 Mobile wallet services are a useful mode of payment 1 2 3 4 5
A2 It is easy to become skilful at using mobile wallet 1 2 3 4 5
services
A3 By using mobile wallet services my choices as a 1 2 3 4 5
consumer is improved
A4 Mobile wallet services allow for a faster usage of 1 2 3 4 5
mobile application
A5 Using mobile wallets services makes the handling of 1 2 3 4 5
payments easier
A6 It is easy to interact with mobile wallet services app 1 2 3 4 5
A7 The interaction with mobile wallet services is clear 1 2 3 4 5
and understandable
b. Credibility
B1 When using mobile wallet, I believe my information is 1 2 3 4 5
kept confidential
B2 Using online payment/banking/wallet services is cost 1 2 3 4 5
burden to me
B3 The online wallet set up charges me lot of cost to use 1 2 3 4 5
mobile payment/banking
B4 I believe my transactions are secured 1 2 3 4 5
B5 The cost of using online wallet is higher than using 1 2 3 4 5
other payment /banking channel
B6 The internet charges are high when using online 1 2 3 4 5
wallet
c. RESPONSIVENESS
C1 I believe the transactional banking environment is safe 1 2 3 4 5
C2 Using mobile wallet services is wise 1 2 3 4 5
C3 Employees of bank are always willing to help 1 2 3 4 5
customers in understanding e-wallets
C4 customer queries are responded quickly 1 2 3 4 5

( 40 )
C5 provides efficient counter services 1 2 3 4 5
C6 You are satisfied with the responsiveness of the 1 2 3 4 5
service
d. COMPLIANCE
D1 E wallets follow its policies 1 2 3 4 5
D2 One app is competent than any other e wallet app 1 2 3 4 5
D3 e-wallets follows social responsibility 1 2 3 4 5
D4 Sequence of instructions are used 1 2 3 4 5
D5 You follow the rules of mobile transaction 1 2 3 4 5
D6 E wallets is fully compliance 1 2 3 4 5
e. ASSURANCE
E1 Would you want to continue using e-wallet 1 2 3 4 5
E2 Do you think e-wallet will be widely available in India 1 2 3 4 5
E3 Does e-wallet promotes cashless payment to the next 1 2 3 4 5
level
E4 Banks provide special advice on e wallets 1 2 3 4 5
E5 E-wallet services are fully assured 1 2 3 4 5
f. Intention to use
E1 I am willing to use mobile wallet services in the near 1 2 3 4 5
future
E2 I intend to use mobile wallet services when the 1 2 3 4 5
opportunity arises
g. Future scope
G1 Using mobile wallet services is interesting 1 2 3 4 5
G2 I think that using online wallets can save the 1 2 3 4 5
transaction handling fees in performing banking
transaction
G3 Using mobile wallet services is beneficial 1 2 3 4 5
G4 I think that using online wallets can save my time in 1 2 3 4 5
performing banking transactions
G5 I think that using online wallets can offer me a wide 1 2 3 4 5
range of banking services and payment option
G6 Using mobile wallet service is a good idea 1 2 3 4 5

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( 42 )