Digital Modes of Payment: Usage of Plastic Money and Virtual Wallet in India

Abstract

Customer expectation management is the key to business success in all the sectors including banking and financial services. This paper explores plastic money and Virtual Wallet as Modes of Payments. Data is collected for various metrics and analyzed for economic, technical, demographic, perception, and education factors with security as one of the key considerations. Mix methodology approach was used and data was assessed in various ways including principal component analysis and Technology Acceptance Model. Bankers and banking stakeholders involved in formulating objectives, policies, and suggestion will gain from the findings. The survey was conducted in and around Bengaluru city. The results show that customers would also like more features that help them select the right mobile wallets and cards for their personal needs. Stakeholders may be motivated to think again to adopt new strategic activities as a strategy for their growth. The study includes the assessment of the perception and preference of customers through various channels.