International Journal of Banking, Risk and Insurance

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Exploring Digital Wallet Usage in the Indian Market


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1 Symbiosis Centre for Management and Human Resource Development (SCMHRD), Symbiosis International (Deemed) University (SIU), Hinjewadi, Pune, Maharashtra, India
     

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India is taking huge leaps towards digitalisation. The banking industry is at the forefront of this race. Many products like Unified Payments Interface (UPI) have been introduced to give impetus to digital payments. The aim of the study is to explore the actual usage of UPI payments in the Indian market, based on differences in personal traits of the consumers. The data was collected using a web-based questionnaire, from 253 respondents. Personal traits like age, gender, current place of residence, and occupation have been used as the input variables to study the actual usage of UPI payments. The results show that as the age of the respondents increased, there was a decrease in the actual usage of UPI. UPI payments are popular among students, but are less used by government employees, retired people, and housewives. UPI downtime and transaction security negatively impact usage of UPI payments.


Keywords

Keywords: UPI Payment, UPI Application, Personal Traits, Actual Usage, Wallet, Transaction Security, Server Downtime
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  • Exploring Digital Wallet Usage in the Indian Market

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Authors

Sujeeth Ungratwar
Symbiosis Centre for Management and Human Resource Development (SCMHRD), Symbiosis International (Deemed) University (SIU), Hinjewadi, Pune, Maharashtra, India
Vaishali Kamboj
Symbiosis Centre for Management and Human Resource Development (SCMHRD), Symbiosis International (Deemed) University (SIU), Hinjewadi, Pune, Maharashtra, India
Dipasha Sharma
Symbiosis Centre for Management and Human Resource Development (SCMHRD), Symbiosis International (Deemed) University (SIU), Hinjewadi, Pune, Maharashtra, India

Abstract


India is taking huge leaps towards digitalisation. The banking industry is at the forefront of this race. Many products like Unified Payments Interface (UPI) have been introduced to give impetus to digital payments. The aim of the study is to explore the actual usage of UPI payments in the Indian market, based on differences in personal traits of the consumers. The data was collected using a web-based questionnaire, from 253 respondents. Personal traits like age, gender, current place of residence, and occupation have been used as the input variables to study the actual usage of UPI payments. The results show that as the age of the respondents increased, there was a decrease in the actual usage of UPI. UPI payments are popular among students, but are less used by government employees, retired people, and housewives. UPI downtime and transaction security negatively impact usage of UPI payments.


Keywords


Keywords: UPI Payment, UPI Application, Personal Traits, Actual Usage, Wallet, Transaction Security, Server Downtime

References