A Study on Embracing of Digital Wallet by Consumers

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 consumer’s 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.
 Objectives:
 
 To understand how consumers perceive new technological service namely Digital Wallet
 To study the factors that influence consumers in adoption of digital
 To study the risk and challenges faced by consumers in use of digital
 
 Method:
 A structured questionnaire was sent to 150 smart phone users who also use digital wallet for online payment. The respondents were categorised on the basis of gender, age and occupation. Out of 150 people only 132 responded to the questionnaire.The questions were based on consumer’s preference for online mode of payment, the factors affecting their choice and the challenges faced by them while using digital wallet. This research used quantitative method ANOVA in order to get the statistic result from respondents.
 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.