Mobile Banking
Mobile Banking
Mobile Banking
ORG
ABSTRACT:
Internet Mobile wallets are like traditional wallets with the differences that it helps clients to make paper free and convenient means of
transactions mainly at some stage in this covid-19 by way of following social distancing norms. The study is in the field of mobile wallet as
the trend. The literature from the past studies were reviewed for the study. The pattern survey of 200 respondents turned in to undertaken to
discover the end result through google form.This research work intends to investigate the impact of mobile wallet as variables on the prospects
and challenges among users of mobile wallet in Chennai District. It examined the consumers demographic factors, purpose, prospect,
challenges, awareness, barrier and problems in mobile wallet apps. The study started by conducting an chi-square and one way annova
analysis, on the valid responses received from a convenience sample method of mobile wallet usage.This study helps the mobile wallet apps
to identify the problem that the consumers find while adopting mobile wallet such as server down,no network,fraud and error. This studies
additionally enables to discover whether or not mobile wallet apps like gpay, paytm, phonepe, jiopay, amazonpay, mobikwik and BHIM is
beneficial for the person as users for the duration of covid-19 hard times.
Keywords: mobile wallet , study, prospect, challenges, apps.
I.INTRODUCTION:
The digital India mission turned into launched through the government. of India, which aimed at transforming the country into an incorporated
economic system, with the use of cell phones and net as supporting pillars for extending authorities services.numerous mobile websites and
apps have been developed to provide facilities to the customers which had been fee effective while as compared to the fee of branch
banking.customers are increasingly becoming a member of the mobile wallets systems as they offer various services with the touch of a button.
customers can take a look at account balances, switch budget between accounts, and make digital bill payments without visiting to a
conventional financial institution. mobile phones has emerge as inseparable part of these days‟s daily lifestyles. With
the advancement in technology, mobile users can in recent times custom their smartphones to make cash transaction or fee via the use of
programs set up within the phones. mobile wallets have appeared because the maximum full-size contributor in pushing paper free. for this
reason it is possible to take a look at how clients are adopting to mobile primarily based payments at some stage in difficult instances like
COVID-19.
A.GPAY
Google Pay (stylized as G Pay; formerly Android Pay) is a digital pockets platform and online payment system developed by way of
Google to power in-app, online, and in-individual contactless purchases on cell devices, permitting customers to make payments with Android
telephones, drugs, or watches. firstly launched as Android Pay, the carrier became released at Google I/O 2015. On September 18, 2017,
Google launched a payments app in India called Tez, utilizing the Unified bills Interface (UPI). On August 28, 2018, Google rebranded Tez
to Google Pay.users within the america and India also can use an iOS tool, albeit with restricted capability.
B.PAYTM
Paytm (a partial abbreviation for "pay through cellular") is an Indian multinational economic era business enterprise focusing
on virtual fee gadget, e-commerce and financial offerings. it is based totally in New Delhi, India. Paytm was founded in August 2010 with
an preliminary investment of us$2 million by its founder Vijay Shekhar Sharma in Noida, Delhi NCR. In 2020,
Paytm's logo cost was anticipated to be US$6.3 billion, making it one of the top 10 most valued brands in India.
C. PHONEPE
PhonePe is an Indian virtual bills and economic technology corporation centered in Bengaluru, Karnataka, India.PhonePe turned into based
in December 2015,by using Sameer Nigam, Rahul Chari and Burzin Engineer.PhonePe became integrated in December 2015. In April 2016,
the corporation changed into obtained with the aid of Flipkart.and as part of the Flipkart acquisition, the FxMart license became transferred
to PhonePe and it became rebranded because the PhonePe pockets. PhonePe's founder Sameer Nigam was appointed because the CEO of the
companyThe PhonePe app, based on the Unified bills Interface (UPI), went stay in August 2016.it's miles owned with the aid of Flipkart, a
subsidiary of Walmart.
D. AMAZONPAY
Amazon Pay is an internet bills processing service owned by Amazon. launched in 2007,Amazon Pay makes use of the consumer base of
Amazon.com and makes a speciality of giving customers the choice to pay with their Amazon bills on outside merchant web sites. As of
March 2021, the provider became available in Austria, Belgium, Cyprus, Denmark, France, Germany, Hungary, India, Republic of eire, Italy,
Japan, Luxembourg, Netherlands, Portugal, Spain, Sweden, Switzerland, united kingdom, and america.
E. JIOPAY
Jio platforms is an Indian technology organisation and a subsidiary of Reliance Industries, situated in Mumbai, India. set up in 2019, it acts
as a holding agency for India's largest cell community operator Jio and different digital companies of Reliance.Jio payments bank is an Indian
bills bank, which started operating in 2018 and is owned by way of Reliance Industries. Reliance Industries became granted an in-precept
approval through the Reserve bank of India (RBI) to set up a new bills financial institution under the Banking law Act, 1949. It then partnered
with the country financial institution of India and included Jio bills bank restrained in November 2016.
F. BHIM
BHIM (Bharat Interface for cash) is an Indian cell payment app evolved via the country wide bills enterprise of India (NPCI), based at the
Unified payments Interface (UPI). launched on 30 December 2016, it's far meant to facilitate e-bills directly through banks and encourage
cashless transactions.The utility supports all Indian banks which use UPI, that is built over the immediate charge service (IMPS) infrastructure
and permits the person to immediately switch cash between 170 member banks of any two events.it can be used on all mobile devices.BHIM
lets in customers to send or acquire cash to or from UPI charge addresses, or to non-UPI based accounts (by way of scanning a QR code with
account number and IFS code or MMID code).not like mobile wallets (Paytm, MobiKwik, mPesa, Airtel cash, and so on.) which preserve
money,the BHIM app is simplest a mechanism which transfers cash among one of a kind financial institution debts.
As smart phone is new technology in financial and banking area.From the usage of mobile wallets that the customers discover it very easy to
pay their electricity bills, perform mobile recharges ,behavior immediate switch of budget and much greater throughout this covid -19. mobile
Wallets during the Covid-19 pandemic as it would make certain the social distancing norms in addition to the float of transactions on the
equal time without causing any exposure to the virus and also too much competition in mobile wallets websites So I choose this topic to
identify the problem.
To identify the prospect and challenges that makes the consumer to shift towards mobile wallets.
To know the purpose of using mobile wallet payments app during this covid-19 pandemic situation.
To find the consumers most preferred payment app for mobile wallet.
To understand the barrier for mobile wallet adoption.
To analyze the problem that the users find while adopting mobile wallets.
V & Manu (2020) “impact of the COVID-19 on the mobile Banking services”, this study helps the new researchers to examine finds that in
India there's big call for for GooglePay and because of this pandemic, it has shown a enormous upward push in its useability and reliability.
Their study says this technology device also helped to preserve social distance so as to shield their life. Their number one analysis sincerely
states that utilization has growth due to COVID-19.
Jain, Sarupria, & Kothari (2020) WHO declared COVID-19 as the worldwide pandemic. The enterprise has been affected on a totally big
scale. however, a number of them who controlled to enable the virtual technology and charge method notably have increased the operation
like massive basket, Grofers, 1MG, Netmeds, Pharmeasy, Medlife, Jio services, Ed-Techs like Coursera and edx, and the fee structures
including Paytm, GooglePay, Amazon Pay, Airtel price financial institution, PayPal and so on. meanwhile RBI has been pushing the virtual
fee during COVID-19.
Priya,Gandhi,&Shaikh(2018)“mobile banking: consumer perception towards adoption”, in their study, they've focused on analysing the
usefulness, ease of use, danger component, warranty by means of the agency and credibility that the client perceives while transferring from
traditional manner of banking to “clicks banking”. They validated that user satisfaction utmost critical and has sturdy have an effect on while
adopting the m-banking.
Ahuja & Joshi (2018) have studied approximately the “customer perception concerning mobile wallets”. on this take a look
at they examined that the elements exploration technique is used to categorise the factors which have an impact
on patron opinion towards cellular wallets. The take a look at has been performed about the one of a kind forms of cell wallets in
India.The information is amassed from both secondary records and primarydata.Thesurvey was performed amongst 139 mobile respondents
inside the telecommunication industry.
Rathore (2016) studied the various factors affected a customer‟s decision to adopt digital wallet as a method of online charge. take a look at
additionally endeavored examined the various dangers and challenges faced by way of users of virtual pockets. established questionnaire
become administrated to the sample of a hundred and fifty phone customers to get the specified information for the observe; ANOVA was
used to get the results. The results of the study revealed that the digital wallets are fast turning into traditional mode of online charge. shoppers
are adopting virtual wallets at an incredibly fast tempo, due to its comfort and simplicity of use.
V. RESEARCH METHODOLOGY:
A.RESEARCH DESIGN:
The research design of this project is a quantitative research. The method of research used here is a simple survey created using Google
Forms.
B.SAMPLING TECHNIQUE:
The sampling technique used here is convenience sampling where the survey is entirely based on availability and willingness of the
participants to take part in the survey conducted.
D.AREA OF RESEARCH:
Sample size: 200 samples.
Period of study: 6 months.
Target people: consumers around age between 18 to 60 years.
Target location: Chennai, Tamil Nadu,India.
Type of industry: E-Banking Industry
Interpretation:
From the above table it is interpreted that the number of respondents between 18-20 age of respondents are 16%, between 21-30 age of
respondents are 57%, between 31-40 age of respondents are 15%, between 41-50 age of respondents are 8% and 51-60 age of respondents are
4%.
1 No education 12 6
2 SSLC (10th) 19 9
3 HSLC (12th) 29 15
4 Under graduate 96 48
5 Post graduate 28 14
6 Diploma 16 8
TOTAL 200 100
Interpretation:
From the above table it is interpreted that the respondents highest education qualification are no educarion is 6%, SSLC (10 th) is 9%, HSLC
(12th) is 15%, under graduate is 48%,post graduate is 14% and diploma is 8%.
Inference:
Majority (48%) of the respondents highest education qualification is Under graduate.
TABLE 3. SHOWING THE OCCUPATION OF THE RESPONDENTS:
2 Entrepreneur 04 2
3 Private employee 59 29
4 Public employee 06 3
5 Business 47 24
6 Other 35 18
Interpretation:
From the above table it is interpreted that the respondents occupation are student is 24%,entrepreneur is 2%,private employee is 29%,public
employee is 3%,business is 24%,other is 18%.
Inference:
Majority (29%) of the respondents occupation is Private employee.
2 5000-10000 45 22
3 10000-40000 87 44
4 40000-80000 15 8
1 Urban 143 71
2 Semi-urban 37 19
3 Rural 20 10
Interpretation:
From the above table it is interpreted that the respondents residential area are urban is 71%,semi-urban is 19% and rural is 10%.
Inference:
Majority (71%) of the respondents residential area is Urban.
Interpretation:
From the above table it is interpreted that the p value (0.022) is greater than 0.05 at 5 percent level of significance, the null hypothesis is
accepted and alternate hypothesis is rejected. Hence it is proved that There is no significant difference between age of respondents and the
kind of prospect that makes the consumers to shift towards payments in mobile wallets.
Inference:
There is no significant difference between age of respondents and the kind of prospect that makes the consumers to shift towards payments in
mobile wallets.
2.CHI-SQUARE TEST:
TABLE SHOWING THE CHI-SQUARE ANALYSIS FOR OCCUPATION OF THE RESPONDENTS AND THE PURPOSE OF
USING MOBILE WALLET PAYMENTS APP DURING THIS COVID-19 PANDEMIC SITUATION.
Hypothesis:
Null hypothesis (H0): There is no significance difference between the occupation of the respondents and the purpose of using mobile wallet
payments app during this covid-19 pandemic situation.
Alternate hypothesis (H1): There is a significance difference between the occupation of the respondents and the purpose of using mobile
wallet payments app during this covid-19 pandemic situation.
Interpretation:
From the above table it is interpreted that the p value (0.000) is lesser than 0.05 at 5 percent level of significance, the null hypothesis is rejected
and alternate hypothesis is accepted. Hence we can conclude that There is a significance difference between the occupation of the respondents
and the purpose of using mobile wallet payments app during this covid-19 pandemic situation.
Inference:
There is a significance difference between the occupation of the respondents and the purpose of using mobile wallet payments app during
this covid-19 pandemic situation.
Interpretation:
From the above table it is interpreted that the p value (0.002) is lesser than 0.05 at 5 percent level of significance, the null hypothesis is rejected
and alternate hypothesis is accepted. Hence we can conclude that there is a significance difference between the most preferred payment app
of the respondents and the kind of problem that they faced while adopting mobile wallets.
Inference:
There is a significance difference between the most preferred payment app of the respondents and the kind of problem that they faced while
adopting mobile wallets.
Majority (45%) of the respondents awareness regarding the functionality of mobile wallets is Extremely aware.
Majority (66%) of the respondents most preferred way of payment is Both Digital and Cash.
Majority (39%) of the respondents years of using mobile wallets payments apps is 2-3 Years.
Majority (36%) of the respondents oftened usage of mobile wallet apps for making payments is Very Often.
Majority (71%) of the respondents most preferred payment app for mobile wallet is Gpay.
Majority (36%) of the respondents purpose of using mobile wallet payments app during this covid-19 pandemic situation is
Transaction to Others.
Majority (36%) of the respondents frequency of making payments in mobile wallets in a week is 2-5 times.
Majority (27%) of the respondents most approximate load of amount in their mobile wallet is 10000-40000.
Majority (46%) of the respondents satisfaction level of privacy provided by the mobile wallet apps for them is Very Satisfied.
Majority (41%) of the respondents kind of prospect that attracts and make them to shift towards payments in mobile wallets is 24*7
Tranfer.
Majority (52%) of the respondents for the statement that does the payments made in mobile wallets has grown a lot during this covid-
19 pandemic situation is Agree.
Majority (43%) of the respondents challenges that they find while adopting mobile wallets is Mobile Handset Operability.
Majority (45%) of the respondents the kind of reason that motivate them to use mobile wallet for transactions is Covid-19.
Majority (48%) of the respondents the reason do they think that digital transactions in mobile wallets are not so used is No Internet
Access.
Majority (36%) of the respondents barrier for mobile wallet adoption do they think is that It is Easier to Pay Cash with Debit and
Credit Cards.
Majority (51%) of the respondents would they like that most of the transactions to be digitized and cash-less is Likely.
Majority (46%) of the respondents kind of problem they faced while using mobile wallets is Server Down.
Majority (80%) of the respondents rating to the overall experience of payments made in mobile wallet apps is Good.
Majority (53%) of the respondents for the statement that does the digital payments can reduce or eliminate black money from india
is Agree.
Majority (43%) of the respondents usage they find that payments in mobile wallet as a cheap mode than ready cash,debit and credit
card payments is Often.
Majority (39%) of the respondents acceptance level of continuation of using mobile wallets if it is charged for their usage is Neutral.
IX. SUGGESTIONS:
The overall experience gained from the study is that the payments made in mobile wallet has increased a lot during this covid-19
pandemic situation.
The mobile wallet apps should concentrate more on television for advertisements, as mostly people get attracted through television
only.
The mobile wallet apps must reduce server down error to gain trust from their users.
All mobile wallet apps should go for all kinds of payments like bill payment, recharge , electricity bill,dth bills etc.
In order to increase the users all mobile wallet apps can make attractive offers such as reward points ,cashback offer etc.
X. LIMITATIONS:
This study is purely based on primary data and the sample group was restricted to google form only.
This report is taken by my convenience way to get data only as 200 samples.So this just my opinion to mobile wallets apps to reduce
their users problems.
XI. CONCLUSION:
The survey of users prospects and challenges that they find in mobile wallets during this covid-19 pandemic situation has been conducted to
analyze the demographic factors, awareness, purpose, problems towards the services in mobile wallet apps. Consumers’ knowledge about new
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