A Study on Consumer Perception towards Mobile Wallet Industry (With Reference to Google Pay)

Abstract

The study examines the consumer perception towards usage of Mobile Wallet. In today’s world, smart phone has become important part of everyday life. As it has become more affordable, the number of smart phone users has increased dramatically. Along with smart phone production, plenty of services have been created to utilize the possible functions of smart phones. Not only smart phones are used as communication device, but also to be used as socialized tool, entertainment tool, internet access tool, and even payment tool. Now-a-days mobile users use their smart phones to make money transaction or payment by using application installed in the phone. Besides payment, people can also store receipts, coupons, business cards, bills, etc., in their smart phones. When smart phones can function as leather wallets, it is called “Digital Wallet” or widely known as “Mobile Wallet”. Motivation of the research came from various factors. First of all, the mobile wallet is a recent term. In other words, it is a “trendy” topic that has been discussed in technical forums and financial websites in several years lately. One can see the word “Mobile Wallet” multiple times from the internet, yet he does not know what mobile wallet is. Therefore, the research is made due to personal curiosity to gain practical knowledge about mobile wallet during the research process in order to understand how consumers perceive this new technological service. Secondly, I am one of a smart phone user and I would like to exploit the capability of the phone. Other users perhaps also have this desire. For that reason, I conduct this research to observe people’s satisfaction level on this new service. Practically, this research will be useful for the business stakeholders of mobile wallet who would like to expand the business to earn more market shares.