International Journal of Business Analytics and Intelligence

Open Access Open Access  Restricted Access Subscription Access
Open Access Open Access Open Access  Restricted Access Restricted Access Subscription Access

Digital Wallets and User Attitude : The Rise of FinTech


Affiliations
1 Amity School of Business, Amity University, Noida, Uttar Pradesh, India
     

   Subscribe/Renew Journal


The finance industry is experiencing a relatively new dose of refined competition. Startup firms, specifically, are showing more interest in jointly working with technological giants in the market, to bring about the required catalysts of the FinTech Revolution. The conceptualisation of FinTech began its journey by first venturing around in mobile payment, money transfers, crowd-funding, P2P (Peer-to-Peer loan settlements), purview of block-chain, crypto-currency, and to an extent, certain areas of robo-investing through simulation. All these domains have been existing for quite some time now, but there is yet another aspect that should not be left unnoticed. Increased consumerism has led to several companies trying to revise their customer experience. FinTech is highly associated with the concept of customer experience. This paper shall elucidate the fundamentals of FinTech from a practical perspective, and also draw an understanding on the attitude of users of mobile wallets and digital payment apps, and their practices as far as online transactions are concerned.

Keywords

FinTech, Digital Payment Systems, Digital Wallet, Online Payments.
Subscription Login to verify subscription
User
Notifications
Font Size


  • Abrazhevich, D. (2001). Classification and characteristics of electronic payment systems. In K. Bauknecht, S. K. Madria & G. Pernul (Eds.). Proceedings of the Electronic Commerce and Web Technologies. LNCS, (vol 2115, pp. 81-90). Heidelberg: Springer.

  • Akinola, O. (2012). Cashless society: Problems and prospects, data mining, research potentials. International Journal of Computer Science and Telecommunications, 3(8), 49-55.

  • Arner, D. W., Buckley, R. P., & Zetzsche, D. A. (2018). FinTech for financial inclusion: A framework for digital financial transformation. SSRN Electronic Journal. doi:https://doi.org/10.2139/ssrn.3245287

  • Aruna, P., & Acharya, S. (2019). FinTech: Ushering in a digital revolution. Retrieved from http://navajyotijournal.org/February_2019/FINTECH%20USHERING%20IN%20A%20DIGITAL%20REVOLUTION_Feb_2019_6.pdf

  • Arora, B., & Kaushik, N. (2018). Cashless economy: A key to digital proliferation in Indian Banks. International Journal of Creative Research Thoughts, 142-149. Retrieved from http://ijcrt.org/papers/IJCRTRIETS025.pdf

  • Assessment of Impact of IT on Rural Areas of India. (2000). A Report by International Development Research Center, Canada.

  • Baiju, S., & Kumari, R. (2017). FinTech revolution – A step towards digitization of payments: A theoretical framework. International of Journal of Advance Research and Development, 1(2).

  • Bindra, R. (2017). Going cashless: Stepping towards digital India. In 8th International Conference on Recent Trends in Engineering, Science and Management (pp. 340-348).

  • Dapp, T. F., Slomka, L., AG, D. B., & Hoffmann, R. (2014). FinTech-Die digitale (R) evolution im Finanzsektor. Frankfurt am Main: Deutsche Bank Research.

  • Dash, M. C. (2017). Cashless India: Challenges and opportunities. Advance research Journal of MulttiDisciplinary Discoveries, 20(1), 11-15.

  • Dehghan, F., & Haghighi, A. (2015). E-money regulation for consumer protection. International Journal of Law and Management.

  • Dhar, V., & Stein, R. M. (2017). Fintech platforms and strategy. Communications of the ACM, 60(10), 32-35. doi:https://doi.org/10.1145/3132726

  • Elton, C. (2015). Opening a nationwide mobile wallet. Bloomberg Dec, 15.

  • Furst, K., Lang, W. W., & Nolle, D. E. (1998). Technological innovation in banking and payments: Industry trends and implication for banks. Quarterly Journal, Office of the Comptroller of the Currency, 17(3), 22-31.

  • Furst, K., & Nolle, D. E. (2004). Technological innovation in retail payments: Key developments and implications for banks. Capco Institute Journal of Financial Transformation, no. 12, p. 93.

  • Galvin, J., Han, F., Hynes, S., Qu, J., Rajgopal, K., & Shek, A. (2018). Synergy and disruption: Ten trends shaping FinTech. Retrieved from http://thealtagroup.com/wp-content/uploads/2019/02/Synergy-and-disruption-Ten-trends-shaping-fintech.pdf

  • Ganapathy, V. (2018). FinTech in India: Revolutionising access to Finance. Journal of Advanced Research in Humanities and Social Science, 5(4), 10-13. Retrieved from https://thejournalshouse.com/index.php/Journal-Humanities-SocialScience/article/view/544

  • Gandhi, R. (2016, November 21). Cashless but not moneyless. Retrieved April 15, 2020, from http://www.dnaindia.com/analysis/column-cashless-but-not-moneyless-2275390

  • Garg, P., & Panchal, M. (2016). Study on introduction of cashless economy in India: Benefits and challenges. IOSR Journal of Business and Management, 19(4), 116-120.

  • Goldstein, I., Jiang, W., & Karolyi, G. A. (2019). To FinTech and beyond. The Review of Financial Studies, 32(5), 1647-1661. doi:https://doi.org/10.1093/rfs/hhz025

  • Google Trends. (n.d.). Retrieved April 16, 2020, from https://trends.google.com/trends/explore?q=fi ntech&geo=US

  • Guild, J. (2017, 08). FinTech and the future of finance. Asian Journal of Public Affairs, 10(1). doi:10.18003/ajpa.201710

  • Gurung, S. (2018). FinTech: A Messiah for the ailing banking industry in India. Journal of Emerging Technologies and Innovative Research, 5(10), 159-164.

  • Kandpal, V., Mehrotra, R., & Gupta, S. (2019). A study of post-demonetization impact of limited-cash retailing in Uttarakhand, India. Humanities & Social Sciences Reviews, 7(5), 1007-1020. doi:https://doi.org/10.18510/hssr.2019.75134

  • Khurana, B. (2017). Dream of cashless India: Benefits and challenges. International Journal of Research-Granthaalayah, 5(5), 377-381.

  • Koulayev, S., Rysman, M., Schuh, S., & Stavins, J. (2016). Explaining adoption and use of payment instruments by US consumers. The RAND Journal of Economics, 47(2), 293-325. doi:https://doi.org/10.1111/1756-2171.12129

  • Kumari, N., & Khanna, J. (2017). Cashless payment: A behavioural change to economic growth. International Journal of Scientific Research and Education, 5(7), 6701-6710.

  • Lacasse, R. M., Lambert, B. A., Roy, N., Sylvain, J., & Nadeau, F. (2016). A digital tsunami: FinTech and crowd-funding. In International Scientific Conference on Digital Intelligence (pp. 1-5).

  • Liébana-Cabanillas, F. J., Sánchez-Fernández, J., & Muñoz-Leiva, F. (2014). Role of gender on acceptance of mobile payment. Industrial Management & Data Systems.

  • Mathangi, V., & Geethalakshmi, R. (2017). A new paradigm in strategy transforms businesses and disrupts the Market-Reliance Jio Infocomm Limited – Case in point. International Journal of Research in Social Sciences, 7(7), 432-439.

  • Midha, R. (2016). Digital India: Barriers and remedies. International Journal on Recent Innovations in Sciences, Management, Education and Technology, 256-261.

  • Munjal, D. (2017). Digitalization – Solution of demonetization. International Journal of Applied Research, 3(7), 823-825.

  • Pollari, I. (2016). The rise of FinTech: Opportunities and challenges. Journal of Applied Finance, (3), 15-21.

  • Prura, N., & Munjiru, M. (2013). Technology adoption and the banking agency in rural Kenya. Journal of Sociological Research, 4(1), 249-266.

  • Saksonova, S., & Kuzmina-Merlino, I. (2017). FinTech as financial innovation – The possibilities and problems of implementation. European Research Studies, 20(3A), 961.

  • Saravana Devi, P., & Jeyakumari, M. (2020). A study on consumer attitude towards E wallet payment system. Studies in Indian Place Names (UGC Care Journal), 1-10.

  • Shah, C., Jain, A., Khandelwal, N., & Misra, S. (2019). FinTech and adoption model: A user perspective. Adalya Journal, 8(12).

  • Shevlin, R. (n.d.). A list of FinTech firms providing free technology during the coronavirus crisis. Retrieved April 16, 2020, from https://www.forbes.com/sites/ronshevlin/2020/03/23/a-list-of-fintech-firms-providing-free-technology-to-banks-during-thecoronavirus-crisis/?utm_medium=email&utm_source=fintechweeklycom#6cba2d8c1b5e

  • Singh, S. (1999). Electronic money: Understanding its use to increase the effectiveness of policy. Telecommunications Policy, 23(10-11), 753-773. https://doi.org/10.1016/s0308-5961(99)00051-8

  • Singh, S., & Rana, R. (2017). Study of consumer perception of digital payment mode. Journal of Internet Banking and Commerce, 22(3), 1-14.

  • Sorkin, D. E. (2001). Payment methods for consumer to consumer online transactions. AKRON Law Review, 35(1).

  • Soule, M. (2016). Is FinTech eating the world of financial services, one API after another? Communications & Strategies; Montpellier, (103), 177-184, 215.

  • Tawade, P. (2017). Future and scope of cashless economy in India. International Journal of Advance Research and Innovative Ideas in Education, 2(3), 177-181.

  • Thakur, S., & Jadhav, J. (2017). Cashless economy: Challenges and opportunities ahead. Asian Journal of Management Sciences, 5(8), 56-59.

  • World Bank Group (2016). World development report 2016: Digital dividends. Washington, DC: World Bank.

  • Yang, J., Whitefield, M., & Bhanot, R. (2005). E-Banking in rural area – Recent trend and development: A case study. Communications of the IIMA, 5(4), 63-72.

  • Yousuf, A. (2017). Impact of demonetization on rural India. International Journal of Scientific and Research Publications, 7(3). Retrieved from https://pdfs.semanticscholar.org/244c/6f14999fb50d592dba7b83caede7d41ea776.pdf

  • Zucarro M., & Bridwell, L. (2016). Financial inclusion and the payments industry. Competition Forum; Indiana, 14(2), 237-242.


Abstract Views: 275

PDF Views: 0




  • Digital Wallets and User Attitude : The Rise of FinTech

Abstract Views: 275  |  PDF Views: 0

Authors

Vishal Kamra
Amity School of Business, Amity University, Noida, Uttar Pradesh, India
Sony Thukral
Amity School of Business, Amity University, Noida, Uttar Pradesh, India

Abstract


The finance industry is experiencing a relatively new dose of refined competition. Startup firms, specifically, are showing more interest in jointly working with technological giants in the market, to bring about the required catalysts of the FinTech Revolution. The conceptualisation of FinTech began its journey by first venturing around in mobile payment, money transfers, crowd-funding, P2P (Peer-to-Peer loan settlements), purview of block-chain, crypto-currency, and to an extent, certain areas of robo-investing through simulation. All these domains have been existing for quite some time now, but there is yet another aspect that should not be left unnoticed. Increased consumerism has led to several companies trying to revise their customer experience. FinTech is highly associated with the concept of customer experience. This paper shall elucidate the fundamentals of FinTech from a practical perspective, and also draw an understanding on the attitude of users of mobile wallets and digital payment apps, and their practices as far as online transactions are concerned.

Keywords


FinTech, Digital Payment Systems, Digital Wallet, Online Payments.

References