FINANCIAL LITERACY AND USAGE PATTERN OF MOBILE WALLETS ACROSS GENDER CATEGORIES IN INDIA

Geetha R, Veena Kundar

Abstract


India is heading on the path of a major mobile revolution. Mobilization of the payment mechanism will be considered as landmark in the era of cashless economy. The present study examines financial Literacy and usage pattern of mobile wallets across gender groups and the various factors that can affect a consumer’s decision to adopt mobile wallet as a mode of online payment. Apart from these, the study also endeavours to find out the various risks and challenges faced by users of mobile wallet. In order to realize the objectives of research, a structured questionnaire was sent to 100 mobile phone users. The respondents were categorized on the basis of gender, age and occupation. Out of 100 people only 50 responded to the questionnaire probably since many of the respondents to whom the questionnaire was administered were not familiar with technology based financial transactions. Research data was analyzed using statistical tools like one way ANOVA, percentage analysis and other mathematical and statistical tools. The results indicate that there exists a huge untapped market for mobile 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 threats were found to be the prime barrier for its adoption. The study makes a valuable contribution to research in the area of finance, by exploring mobile payment systems in India, an emerging concept.


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ISSN : 2251-1563