A STUDY OF FINANCIAL LITERACY AMONG INVESTORS

A Project Submitted to

University of Mumbai for partial completion of the degree of

Bachelor in Commerce (Accounting and Finance)

Under the Faculty of Commerce

By
ROBERT RBINSON BEIG
Roll No. 14

Under the Guidance of

Prof. Kavita J. Juikar

D.T.S.S. COLLEGE OF COMMERCE

MALAD (EAST), MUMBAI

2020 -2021
 Declaration by learner
I undersigned Miss/ Mr.Rober Robinson beighereby declare that the work embodied in
this project work Title” A Study Of Financial Literacy Among The Investors”

forms my own contribution to the research work carried out under the guidance of

Prof. Kavita J. Juikar is a result of my own research work and has not been previously
submitted to any other Degree/ Diploma to this or any other University.

Wherever reference has been made to previous works of others, it has been clearly
indicated as such and included in the bibliography.

I, here by further declare that all information of this document has been obtained and
presented in accordance with academic rules and ethical conduct.

Name and Signature of learner

(Rober Robinson Beig)

Certified by

Name and Signature of the guiding Teacher

(Prof. Kavita J. Juikar)

 Certificate

This is to certify that Ms/Mr _____________________________________has worked

and duly completed her/his Project Work for the degree of Bachelor in Commerce
(Accounting & Finance) under the Faculty of Commerce in the subject of

________________________________________ and her/his project is entitled,

“__________ Title of the Project _______” under

my supervision.

I further certify that the entire work has been done by the learner under my guidance and
that no part of it has been submitted previously for any Degree or Diploma of any
University.

It is her/ his own work and facts reported by her/his personal findings and investigations.
 Name and Signature of
Seal of the

College Guiding Teacher

Date of submission:

Acknowledgment

To list who all have helped me is difficult because they are so numerous and the depth is
so enormous.

I would like to acknowledge the following as being idealistic channels and fresh
dimensions in the completion of this project.

I take this opportunity to thank the University of Mumbai for giving me chance to do
this project.

I would like to thank my Principal, __________for providing the necessary facilities

required for completion of this project.

I take this opportunity to thank our Coordinator_____for her moral support and
guidance.
I would also like to express my sincere gratitude towards my project guide Prof. Kavita
Juikar whose guidance and care made the project successful.

I would like to thank my College Library, for having provided various reference books
and magazines related to my project.

Lastly, I would like to thank each and every person who directly or indirectly helped me
in the completion of the project especially my Parents and Peers who supported me
throughout my project.

Table of Contents

Serial No Particulars Page No

1 Declaration ii

2 Certificate iii

3 Acknowledgment iv

4 Table of Content v

5 Index vi

6 List of Tables vii

7 List of Graph / Diagram/ Chart viii

8 Chapter 1 Introduction 11-24

9 Chapter 2 Literature Review 25-26

10 Chapter 3 Research Methodology 27-30

Chapter 4 Data Analysis , Interpretation &

11 31-48
presentation
 Chapter 5 Finding, Conclusion and
12 49-51
Suggestions,

Bibliography 52

Annexure 52

Appendix - Questionnaire 53-59

 Index
Chapter Page
No Particulars
No.

1 Introduction 11-24

1.1 Introduction to the Topic 1

1.2Definition 1

1.3Features 1

1.4Advantages 2

1.5Disadvantages 4

1.6 Needs of finance 5

1.7 classification of funds for start up business 7

1.8 short term sources of Finance 12

1.9 Factors Affecting to choice of source of finance 18

2 Literature Review 25-26

2.1 Introduction 21

2.2 Published Research Paper / Articles 21

3 Research Methodology 27-30

3.1 Introduction 24

3.2 Objectives of the study 24

Selection of the problem

3.3 Research Methodology 24

3.3.1 Area of Research 24

3.3.2 Research Design

3.3.3 Sampling Method 24

3.3.4Sample Size 24
 3.3.5Methods of data collection 24

3.3.6 Research Tool 25

3.3.7 Techniques of Data analysis 25

3.4 Scope and Significance of the Study 25

3.5 Limitation of the study 25

3.6 Hypothesis 26

4 Data Analysis , Interpretation and presentation 31-48

5 Findings, Conclusion and Suggestion 49-51

5.1 Findings & Conclusion 49-50

5.2 Suggestions 51
 List of Tables

Table No. Particulars Page No.

1.3 Types Of Finance 2

1.7 Sources Of Finance 11

4.ii Gender Wise Information 27

4.iii Occupation Wise Information 28

4.1 Awareness about Sources Of Finance 29

4.2 Awareness Of Importance Of Sources Of Finance 30

4.3 Information About Business Support Available 31

4.4 Needs Of Finance 32

4.5 Factor Affecting To Choice Of Sources Of Finance 34

4.6 Useful Sources Of finance 35

4.7 Types Of Loan Prefer To Start Business 37

4.8 Guaranteed To Provide Loan 38

4.9 Thinking About Government Implement The Policy 39

4.10 Banks Helps To Provide Loan To Entrepreneur 40

4.11 Types Of Finance Choice To Growth Of Business 42

 List of Graphs /Diagrams / Charts

Chart No. Particulars Page No.

4.ii Gender Wise Information 27

4.iii Occupation Wise Information 28

4.1 Awareness about Sources Of Finance 29

4.2 Awareness Of Importance Of Sources Of Finance 30

4.3 Information About Business Support Available 31

4.4 Needs Of Finance 33

4.5 Factor Affecting To Choice Of Sources Of Finance 34

4.6 Useful Sources Of finance 36

4.7 Types Of Loan Prefer To Start Business 37

4.8 Guaranteed To Provide Loan 38

4.9 Thinking About Government Implement The Policy 39

4.10 Banks Helps To Provide Loan To Entrepreneur 41

4.11 Types Of Finance Choice To Growth Business 42

 CHAPTER 1
AWARENESS OF E-WALLET AMONG THE BUYERS
IN MUMBAI CITY

1.1 DEFINATION:

E-wallet is a type of electronic card which is used for transactions made online through
acomputer or a smartphone. Its utility is same as a credit or debit card. An E-wallet needs to
belinked with the individual’s bank account to make payment.

E-wallet is a type of pre-paid account in which a user can store his/her money for any
futureonline transaction. An E-wallet is protected with a password. With the help of an E-
wallet,one can make payments for groceries, online purchases, and flight tickets, among others.

E-wallet has mainly two components, software and information. The software component stores
personal information and provides security and encryption of the data. The information
component is a database of details provided by the user which includes their name, shipping
address, payment method, amount to be paid, credit or debit card details, etc.

For setting up an E-wallet account, the user needs to install the software on his/her device, and
enter the relevant information required. After shopping online, the E-wallet automatically fills in
the user’s information on the payment form. To activate the E-wallet, the user needs to enter his
password. Once the online payment is made, the consumer is not required to fill the order form
on any other website as the information gets stored in the database and is updated automatically.

Mumbai is fast becoming country of mobiles and internet (with around 2 million internet users).
With the trend of E-payment shopping fast catching up in city. , Indian e-trailers (popular e-
commerce portals) have grown up to provide the option of ‘Cash on Delivery’ to lure more
customers as till date majority of Indians still don’t own a credit or debit card. However, with
time, there has been an increase in people taking up to different digital payment platforms or
mobile wallets that have made it easy to carry out E-payment shopping payments, E-payment
utility bill payments, mobile recharge E-payment, DTH recharge E-payment, E-payment bus /
movie ticket booking, etc. The government is working hard to make India a cashless economy. It
has put limits on withdrawing cash from the bank or ATMs. And also there are too many E-
payment payment apps available in the play store. And
they can easily replace the physical wallet and make cashless. One can use these E-payment
payment apps to send money or pay at shops. The rate at which different mobile wallets (or m-
wallets) are being introduced and embraced in India OR Mumbai city is stunning. Mobile
payment is a great idea for start-ups and young entrepreneurs, be it Indian mobile wallet
companies or mobile wallet apps. It has been realized that the payment trend for E-payment
services and products needs to shift slowly from COD (Cash on Delivery) to ‘Payment On
Delivery’ or ‘Payment On Order’; and this payment has to occur using a mobile phone. Hence,
the huge paradigms shift towards mobile wallet space in recent times. With advancement in
technology, things around us have changed drastically. Technology caters to man’s comfort and
convenience. With the help of Smartphone, one can do everything, be it ordering food or
groceries, booking a cab or movie tickets, etc. With the introduction of Mobile Wallet, it has
become absolutely convenient for a person to make cashless transactions any time anywhere.
Although a number of companies have cropped up in India, offering product called ‘mobile
wallet’, there is still a lack of awareness among people about the concept and its utility.

1. CONCEPT OF DIGITAL WALLETS

A digital wallet is a software based system that allows an individual to make e-commerce
transactions. By using a digital wallet, e-transactions can be done easily through computers,
tablets or Smartphone’s. The bank accounts of individual users are linked with their digital
wallet. Digital wallets are not used only for online purchases but also for authentication of user.
Digital wallet can store complete user information including credentials, transaction history and
personal details. They can be used in combination with other mobile payment systems.
According to the Reserve Bank of India, there are three kinds of digital wallets currently used in
India. These are:

A.OPEN WALLET:
Open digital wallet is used to purchase goods and services, including financial products like
insurance and mutual funds. It can also be used to withdraw cash at ATMs or transfer funds at
merchant locations and point-of-sale terminals where such cards are accepted.

B. SEMI-CLOSED:

Through semi-closed wallets, an individual can shop online, recharge phone and pay bills.
However, through these wallets, one cannot withdraw cash from an ATM. Through
semi closed wallets, one can purchase goods and services with listed merchants partnered with
the wallets’ company. Paytm, PayuMoney, MobiKwik, Oxygen are few examples of semi-closed
digital wallets.

C. CLOSE WALLET:

Wallets issued to consumers for exclusive use are known as closed wallets. These can be used
when transacting with these respective companies. A certain amount is locked with the
company, in case you cancel or return the order. When a customer return or cancel an order, the
merchant company credits your wallet account with the refund amount directly. Examples of
closed digital wallets include BigBasket wallet, MakeMyTrip wallet, etc .

2. PURPOSE OF USING DIGITAL WALLET SERVICES:

Recharge and Broadband top-up Instant money transfer to any bank.

Online shopping and merchant payments Payment for booking transport facilities

Utility bill payments like electricity bill, water bill, gas charges, telephone bill etc on a single
click.

1.2 TYPES:

With the plethora of products in this market, e-Wallet has undergone many changes as a concept
and now different variants of e-Wallet are available in the market. Some of them are:
A. Generic online E-Wallet
These wallets are used online. Internet companies like Oxigen and PayTM provide e-Wallet,
which can be used with multiple payments such as music, utility payments, bank transfer, and
many more. All you have to do is to login to the site, provide necessary details, and transfer the
money to your e-Wallet by physically going to the outlet of the company (e-wallet provider) or
by online transfer. Once money is loaded into your e-Wallet, you can use it for all purposes.
Many times, the e-wallet providers have contracts with select companies where its issued e-
Wallet can be used. Airtel Money is another example of e-wallet provider which has contract
with firms where a host of services can be used.

B. Company specific E-Wallet

Few companies provide e-Wallet specifically to be used with that company only. For example,
Meru cab’s e-Wallet can be used with Meru cab services. It is essentially a mobile application
where you preload the e-Wallet and use it for availing the cab services. There are other
examples too. The company specific e-Wallet is typically launched by companies whose
services are used frequently. Examples could be taxi services, telecom services, supermarket
chains, online portals such as Flipkart, Zabong, etc. This type of e-Wallet is known as closed e-
Wallet because it can’t be used in any other shop or competing business.

C. Bank E-Wallet

When it comes to money and transactions, banks want to be in the forefront. Naturally, the
advent of e-Wallet has attracted banks to its domain. ICICI bank, a leading private bank, offers
e-Wallet for all phone related payment. It provides e-Wallet up to Rs 10,000 where users can
open the account without even KYC (Know your customer) norms. Axis bank provides e-
Wallet which is valid for 48 hours. If 48 hours expire without the e-Wallet being used, the e-
Wallet is blocked and the money is returned to the linked bank account. It also provides safety
by providing e-wallet for only one transaction. Once you make that transaction, the e-Wallet is
deactivated. There could be other type’s e-Wallet by banks such as mPesa by ICICI bank and
Vodafone. These can be used to even withdraw money and do host of other transactions which
only a bank can authorize.

D. Payment banks and e-Wallet

In view of the future competition, many existing banks are offering e-Wallet facilities with
different options. We have already seen Axis Bank and ICICI bank’s e-Wallet schemes. HDFC
announced earlier this year that they have big plans to go digital and launch e-Wallet services. In
fact, most of the banks, in association with telecom firms, will come out with e-Wallet solution
soon. For now, only a handful of banks are providing this with limited services. The money in e-
Wallet doesn’t earn interest. Hence, it is not advisable to get an e-Wallet loaded with high
amounts. However, due to consumer pressure to pay interest on e-Wallets, there are now
initiatives in that direction. This market is in a nascent stage and use of e-Wallet is still in its
infancy. The concept is still evolving, with new players and new variants of e-wallet hitting the
headlines every now and then. E-Wallet may not be accepted at many merchandising stores as of
now. As the use spreads, e-Wallet looks poised to become the de-facto transaction system. E-
Wallet may not be cheap. The charges for
normal transactions are much higher compared to traditional payment services. Despite these
limitations, e-Wallets are an exciting innovation in the financial world and do come in handy in
specific situations where traditional payment mechanisms can still come up short.

1.3. FEATURE:

In the past few years, we've seen an unmatchable revolution in mobile financial services.

Millennials and younger, digitally-native generations expect nothing but the best when it comes
to their financial life. Many have already forgotten about their physical wallets, because
smartphones do the same job, but even better.

Always connected and empowered by technology, customers nowadays require cutting-edge,

highly-secured financial solutions that make payments as easy as possible.

The Global Mobile Payment Market report states that the market is expected to grow at an
annual rate of 33% from 2019 to 2026, reaching $457.4 billion in 2026.

Banks, financial companies, telcos, and e-commerce businesses can't afford to ignore the mobile
financial services revolution any longer, especially the mobile wallet opportunity.
Moreover, they need to be more innovative than ever in order to provide outstanding mobile
wallet features that ensure not only high security but also great customer experience.

So, what are the best features of a mobile wallet app that will make your customers satisfied,
loyal, and help your company stand out?

1. Instant Payments Between Wallets

Instant payment means the money transfer between the payer wallet and the payee wallet
happens within seconds, instead of within hours or business days.

This feature provides great benefits, such as allowing payments anytime and anywhere, making
funds immediately available, and increasing the control of personal and business funds.

In our cashless society, instant payments are more than a good feature. They are becoming
inevitable.
2. Payments To And From Bank Accounts

A mobile wallet should allow a seamless money transfer to any bank account, including your
own accounts in the same bank, as well as transfers to another person's account in different
banks.

Mobile wallet owners should have a variety of options for sending and receiving personal or
business money with just a few clicks wherever they are and whenever they need.

3. Bill Payments

This is one of the critical mobile wallet features because people today prefer to pay every bill
online - utilities, mortgages, loans, rent, tuition, to name a few.

As digital cash is here, mobile wallets are becoming an important part of daily life and they
should be able to provide an effortless bill payments solution - be it a prepaid or postpaid
payment service.
4. Management of Physical and Virtual Card Operations

Digital wallets can store a user's credit/debit card data, which can be used to make money
transactions at any time. In this way the e-wallet simplifies the user's finances conveniently
aggregating all their cards in one central space.

Furthermore, a mobile wallet is safer than carrying all your cards with you because it doesn’t
store card numbers. Instead, card data is encrypted with high-grade security.

People today have a range of credit and loyalty cards. That’s why your mobile wallet app needs
to be ready to manage multiple card operations such as blocking/unblocking your cards,
changing your pin, changing your account limits, applying for new cards, etc.

5. Merchant Payments via Contactless Technologies (NFC or QR code Scanning)

Needless to say, in our digital world, more and more merchants have started to realize the need
for deploying various technologies that accept digital wallets.

Retail clients can make in-store payments using mobile wallets via contactless methods like
near-field communication (NFC) and QR-code.
NFC is a contactless remote technology that works within a close distance (up to 10 cm) and
provides people with secure payment between POS devices and smartphones.

QR code is short for Quick Response code and is very similar to a barcode. The user can easily
scan the QR code via the camera on a smartphone. The smartphone interprets the barcode, and a
related application or website opens.

Considering the ever-increasing user demand for contactless transfers and the convenience it
offers, providing NFC and QR payment is a must-have wallet feature.

6. Security

When you provide mobile financial services, security comes first. Money transactions have to be
safe and secure from end to end.
Mobile wallets can be secured with plenty of robust technologies, such as tokenization,
passwords, biometrics, security questions, point-to-point encryption, out-of-band authentication,
and one-time password (OTP) via SMS.

Despite the fact that digital wallets are more secure than credit cards, security concerns remain
the main obstacle to wallet adoption by consumers.

This is why you need to provide your customers with an m-wallet app that is packed with
powerful security capabilities.

7. Easy and Fast Self-Registration

As mobile wallets are all about saving people's time, efforts, and nerves, self-registration should
be absolutely easy and fast to accomplish.

Generally, self-registration has these steps:

1. Download the app and run it .

2. Sign up by providing the required details (name, e-mail, phone, ID cards, photos, etc.)
3. Confirm registration (via OTP)
4. Set up password and log in
5. Link debit/credit card if necessary
6. Add money and start using the wallet
Although the registration flow is a one-time procedure, it makes a crucial first impression. So,
don't underestimate the value of a seamless user experience for the self-registration process.

8. Rewards, Coupons, Discounts

The power of coupons and rewards is well-known among marketers and sales teams. Mobile
wallets are an ideal environment to provide deal-seeking consumers with these benefits in a
relevant context.
Therefore, features that allow the easy creation and managing of coupons, discounts, tickets,
loyalty points, etc. are key for a digital wallet solution and can help your mobile wallet app stand
out in the market.

9. Split Bill

When it comes to modern features simplifying people's everyday tasks, splitting the bill is a no-
brainer. And simplicity can be a powerful competitive advantage for your mobile wallet app.

This functionality allows users to split the payment when going to dinner with their friends, for
example. It happens within the same app and is as easy as selecting the phone numbers of the
friends involved.

10. Cash In/ Out at Bank Branch or ATM

Holders of mobile wallets can make an ATM cash withdrawal without using a physical credit
card. They can also choose to withdraw cash from an agent/branch bank.

When it comes to ATMs, NFC technology is used - the same contactless technology that lets
users pay by tapping their smartphone against a POS terminal.

Despite our world becoming more and more digital, cash is still important in many locations.

For example, if a user wants to buy fresh vegetables from a small pop-up shop in the
neighborhood, your mobile wallet app should be prepared to provide them with this
convenience.

11. Loan Origination

Loan origination is one of the mobile wallet features that meets the growing demand for
convenient, real-time banking.

The loan origination process via a smartphone needs to be mobile-friendly, fast, and as
automated as possible.
Loan origination involves collecting customer application details, integration with bank systems,
instant approval supported by credit bureau integration, and more.

12. Analytical Dashboards and Diagrams

Tracking personal financial health over time is essential for every customer. We all need to stay
on top of our money.

An analytical dashboard allows digital wallet holders to view and analyze their personal
financial operations through reports, figures, and diagrams.

Personal finance management provides users with all the information they need to make
informed financial decisions with a clear view of when, how, and where they're spending and
receiving their money - across all their accounts, expenses, credit cards, and income.

13. Budgeting and Planning

Enables users to plan their finances smarter even when on the go.

Your powerful mobile wallet service needs to let users easily create budgets and make plans for
wise spending. This way you can empower your customers to spot spending habits, track
expenses, and save more.

A modern mobile wallet is able to act as a financial planner, providing options like:

● setting a budget for each category of expenses

● creating categories for expenses and income

● sending reminders when users are close to exceeding their budget

● sending reminders when the bills are due

● setting savings goals

14. Backup Facility

A backup facility is a vital mobile wallet feature which allows users to restore wallet data.
Backup is often automatically embedded within wallet apps for user data safety.

The best option is to provide several different methods to protect user data, such as: sync data to
the Dropbox cloud, sync data to iCloud, built-in email wallet backup feature, sync data via a
local WiFi connection, etc.

15. Chatbot

Basically, a chatbot is a software program that interacts with people over the internet.
Assisted with artificial intelligence and neuro-linguistic programming (NLP), chatbots aid
customers when humans are not available.

It is a powerful new way for businesses to communicate with their audience, keep their users
engaged, and improve customer service.

By implementing a chatbot into your digital wallet app, your services become available 24/7 at
a lower service cost.

Today, consumers expect an instant response at any digital channel. Therefore, chatbots can be
a great addition boosting customer satisfaction.

1.4 ADVANTAGE:

An electronic wallet, sometimes called a “digital wallet” or “e-wallet,” is an electronic version of

a payment card which is authorized to conduct transactions on your behalf. These wallets are
usually on a mobile device, such as a smartphone, though desktops and laptops can hold an
electronic as well.

Electronic wallets must be linked to specific debit or credit cards to operate properly. There may
be a requirement to link the e-wallet to a bank account as well. Then, through the use of
information and software, consumers can use their electronic wallet to pay for items instead of
carrying a physical wallet to pay with a card.
There are several advantages and disadvantages of electronic wallets to examine if you’re
thinking about embracing this technology.

1. It offers more convenience for many consumers.

When you’re carrying an electronic wallet, you get to limit the number of cards you carry when
you travel. You no longer have the requirement to carry a lot of cash with you either. All you
need to do is tap your device to the payment receptacle, or have your mobile device scanned, to
pay for the items you are purchasing. That means you’re no longer carrying a pocketful of items
wherever you go.

2. It provides access to other types of cards.

Electronic wallets typically store credit cards and debit cards. They can be used for a wide
variety of cards, however, if the provider is compatible with the wallet you are using. That
means you can store rewards cards, loyalty cards, and even coupons within your digital wallet,
allowing you to enjoy more of a paperless lifestyle.

3. It offers more security.

If you have a wad of cash in your pocket that gets lost, you have zero options available to you to
recover your funds. Losing your credit cards means you must contact each lender to cancel each
card, then have a new one issues. With an electronic wallet, the information is stored through a
third-party provider. It’s locked behind your password or biometrics. Even if you lose your
device, you’ll still have access to your e-wallet once you get a new device.

4. It can be used at most retailers and online stores.

Electronic wallets have become widely accepted within the past few years. Most locations that
accept cards as a payment option will allow you to pay with your electronic wallet. Although
there are still some locations that are using older processing technologies, which does limit some
product or service access, the number of retailers who provide payment access in this manner
continues to increase each year.
5. It requires users to authorize every transaction.

Electronic wallets function like a debit card when initiating a transaction. They require you to
input your PIN to authorize payment. For devices with biometrics, a payment would require your
fingerprint to authorize it. That gives you another layer of security against unauthorized
purchases or the financial risks associated with identity theft.
6. It may offer access to new rewards.

Many electronic wallets offer incentives to encourage consumers to use them instead of
traditional payment methods. You may find discounts apply to certain purchases, such as fuel,
food, or travel. Some businesses may work with your e-wallet provide to offer specific discounts
as well. That means you have the potential to save money without changing your spending
habits. You’re just changing how you pay for those items.

DISADVANTAGE:

1. It is not fully available worldwide.

The number of retailers which accept payments from an electronic wallet depends on the actual
wallet you choose. In December 2016, just 36% of retailers accepted Apple Pay. 34% of
retailers accepted PayPal as a form of payment. Just 25% of retailers accepted MasterPass.
About 2 million retailers in North America currently provide access to some form of mobile
payment through an electronic wallet.

2. It still requires you to carry something.

Although an electronic wallet offers more convenience for many consumers, it doesn’t fully
eliminate the requirement of carrying something with you. If you don’t have your mobile device
on your person, then you have no way to complete a transaction. Because these wallets don’t
store your identification and other needed items, you’re still forced to carry a traditional wallet
or purse with you as well.

3. It requires your device to have a charge.

There’s also the disadvantage that an electronic wallet requires you to have a charged device to
have it operate. If you’re carrying a traditional wallet, you won’t need to worry about how
much battery life is left on your phone.

4. It doesn’t eliminate your security risks.

The security of your smartphone or mobile device is dependent on the settings you use. If you
don’t have your device protected with some type of password, then someone could steal your
device and potentially access the funds in your bank account or credit cards. There are definite
security advantages to consider which make an e-wallet a beneficial technology, though it
requires responsible management of it to maximize them.
5. It may charge you more to process payments.

Many of the electronic wallets which offer a rewards program will charge you a fee to transfer
those rewards. You may be required to process payments in a specific way to access these
benefits as well. When using the PayPal debit program, for example, consumers receive 1% cash
back when their transaction is a standard signature credit transaction. Using a PIN through a
digital wallet eliminates this benefit because you’re changing how the point-of-sale treats the
transaction. If you spend RS. 65000 per month, you’d be losing over RS. 7500 each year for the
convenience of this payment method.

NOTES:Funds stored in e-wallets are just as safe as physical cash in your own wallet.Infact, it's
actually more secure than physical cash – the risk of snatch thefts, robberies and petty thieves
stealing your wallet is always present. With e-wallets, you can minimise theamount of physical
cash to carry.
 CHAPTER 2
REVIEW OF LITERATURE

A literature review or narrative review is a type of review article. A literature review is

ascholarly paper that presents the current knowledge including substantive findings as well
astheoretical and methodological contributions to a particular topic. Literature reviews
aresecondary sources and do not report new or original experimental work. Most oftenassociated
with academic-oriented literature, such reviews are found in academic journals andare not to be
confused with book reviews, which may also appear in the same publication.Literature reviews
are a basis for research in nearly every academic field. A narrow-scopeliterature review may be
included as part of a peer-reviewed journal article presenting newresearch, serving to situate the
current study within the body of the relevant literature and to provide context for the reader. In
such a case, the review usually precedes the methodologyand results sections of the work.

Producing a literature review may also be part of graduate and post-graduate student
work,including in the preparation of a thesis, dissertation, or a journal article. Literature
reviewsare also common in a research proposal or prospectus (the document that is approved
before astudent formally begins a dissertation or thesis
AUTHORS REVIEW :

1.Rajesh Krishna Balan, Narayan Ramasubbu, Giri Kumar Tayi studied in their
paper“Digital Wallet: Requirements and Challenges” (2006) that the requirements and
challengesof deploying a nationwide digital wallet solution in Singapore. Further they discussed
whySingapore is ready for a digital wallet and identify the key challenges in building
anddeploying a digital wallet. Then Discussed one of the key challenges, supporting peer-to-peer
cash transactions between individuals using a digital wallet, in more detail and endthe paper with
their proposed solution.

2.Dr. Poonam Painuly, Shalu Rathi in their paper “Mobile Wallet: An Upcoming mode of
business transactions' ' (May 2016) has explained about mobile wallet, types and trends. Then
discussed about Role of mobile wallets in various sectors like Banks, Retail and Hospitality. The
paper explains the importance of mobile wallet for Banks, Customers and Companies. In future
scope it talks of mobile wallets becoming a latest marketing channel in near future. And
contribute highly in a seamless shopping experience for the customers that increase their
tendency for frequent and more repurchases with delightful experiences. To conclude they speak
of the importance and growth of mobile money in business, social and economic perspective.
The presence of mobile wallet spreading from urban to rural areas on a large scale. Hence, wallet
money sees a high bright future in near time.

3.Prof Trilok Nath Shukla in his paper “Mobile Wallet: Present and the Future” (June
2016)has discussed about mobile wallet, working, types and its advantages and disadvantages.
His analysis included perception of Study of E-wallet Awareness consumers and retailers about
mobile wallets. He concluded that mobile wallets will be used to engage with the customer by
the marketers and digital businesses. Irrespective of the market status of these mobile wallets,
marketers should take advantage of the emerging opportunities. An article that was published on
9 December 2016 in The Indian Express under Brand solution section stated that Digital wallets
are for those with some experience of the way digital transactions work. The unlettered, the
elderly, and those without smart phones will be largely left out. Poor connectivity and patchy
Internet are serious challenges.

4.Pralay Mondal, Senior Group President, Retail Banking, Yes Bank, said “Prepaid wallets will
increasingly replace cash in the near future. They will not replace debit or credit cards, but will
be used for specific needs and micro transactions.”

5. Sarika raj, veils institutes of science and technology In the current scenario, mobile wallets
are playing an important role in today's life. The mobile phone users are adopting
newtechnologies for their benefits. The mobile phone user feels comfortable and flexible to
perform online payment transactions through a mobile device. This study has considered
thattrust is a factor that affects users' satisfaction directly. Users' satisfaction positively
influences the actual usage of mobile wallets. After demonetization, our Indian Economy is
moving towards cashless transactions. Mobile wallet makes everyone's life comfortable to
do24/7online transaction. Security and privacy are the component of trust which is the main
important factors determines mobile wallet adoption and users satisfaction. Several researchers
have contributed studies to examine the influence of trust on mobile wallet adoption. This paper
review literature and proposes a conceptual model. The researcher attempt to review literature on
influence of trust and its effects on user's satisfaction.

6. Doan (2014) he conducted a study to understand consumer adoption on mobile wallets in

Finland area. This research was designed in a quantitative method using questionnaire which
was sent to potential respondents in Finland. The study measures the market condition of mobile
wallets users. The study findings reveal that the usage of mobile wallet is only in the initial stage
and respondents are showing positive attitudes towards usage of mobile wallets. Research
concluded that the trust factor reveal the positive or negative impact on adoption of user,
depending on the user satisfaction and user’s situation.

7.Prakash kalyani MRES When we talk about the transaction in earlier times when there was
no currency system, people used to work on barter system, later on people started transactions in
terms of currency notes /coins. In the modern digital age people are using money in many form
to pay the bills like through credit card, debit card, using Internet and Mobile devices. In today's
era people are making transaction digitally over the internet. People are purchasing, making
transactions through mobile devices, ATM, Credit cards, Bit coin, E-wallet, third party like
PayPal etc. they feel convenience, easy to use design for transaction and perceived usefulness of
the system. This paper is focusing upon the paperless e-currency transaction that is getting
popular all over the world, India is a growing market for the world and many services and
products are available online and they accept payments online, but how many people are actually
relaying on it, how many people are using it for making payments moreover, the study is based
on the questionnaire responded by respondents.
 CHAPTER 3

RESEARCH METHODOLOGY

3.1 INTRODUCTION
wallet is a cashless way of making payments, using online and app-based services for
transactions. These wallets are either linked to bank accounts, or are filled with cash using
debit/credit cards and can be used as regular wallets to make payments at both online and offline
points of sale.
E-wallet stands for electronic wallet. It is a type of electronic card which is used for transactions
made online through a computer or a smartphone. An e-wallet needs to be linked with the
individual's bank account to make payments. The main objective of e-Wallet is to make
paperless money transactions easier.

3.2 Objectives Of The Study

A .TO awareness people about e- wallet

B .TO find solution of the problems about online transaction
C .TO make easier use of the e-wallet for the people

3.3 Selection Of The Problem

A . Regulatory Compliance. All mobile payment services need to abide by the legal
requirements.
B. Fraud Risk. This is one of the biggest reasons why most consumers are reluctant to adapt to
mobile wallets.
C. Low Perception. Consumers still perceive that mobile wallets do not solve anything.
D. Low Trust in Mobile Wallets.
E. No Rewards.

3.4 Research Methodology

3.4.1 Area Of Research

I have collected data from Mumbai city .

3.4.2 Research Design
A research design is a logical and systematic plan for directing a research study. The research
gives a blueprint for research work. For this study simple random sampling research design
method have been used. Primary data were used.

3.4.3 Sampling Method

For the present study, the random sampling technique is used. The researcher has selected
respondent from Mumbai city. For this study, the researcher has collected the primary data
from 50 respondents.

3.4.4 Sampling Size

For this study, the researcher has collected the primary data from 50 respondents.

3.4.5 Methods of Data Collection

The present research study is based on Primary data. well structured questionnaire was prepared
and used for the collection of primary data from the respondents of Mumbai For this purpose
face- to- face interviews were conducted. With the help of this method primary data collected in
proper manner. Through the personal interview researcher come to know about financial literacy
awareness among investors.

Secondary data - Books , Research papers, newspapers

3.4.6 Techniques Of Data Analysis

Data analysis is an activity by which raw data collected with the help of a questionnaire,
converted into meaning information for making decisions on objective of the study y. For found
out findings and conclusion researchers used excel and Graph. Different graphs and tables was
used for analysis of data.

3.4.7 Research Tool

A Questionnaire was prepared with the help of a detailed study of literature available in the field
of investment. The final data was collected with a questionnaire that incorporated certain
changes in the questions.

3.5 Scope And Significance Of The Study

( To whom your study is useful ), ( How your study is useful to society)

Hypothesis of the study

H0: there is no awareness for user of e-wallet

H1: there is awareness for user of e-wallet

3.6 Limitation of the study

1. Time : limited time for Data collection

2. Respondent’s bias : Respondent’s incorrect, incomplete answer

3. Area of research : Data collected from Mumbai city

 CHAPTER 4

DATA ANALAYSIS AND INTERPRETATION

PERSONAL DATA
Q1. Respondent of gender
1) Female
2) Male

Particulars percentage
Female 46.2%
Male 53.8%
Total 100%

From the above table 4.1 and Chart 4.1 it is observe that out of 100 respondents 53% of people
are in female group and 46% of people are in male group.

Q2. Respondent of Age

1) 14-20
2) 21-30
3) 31-40
4) 40-50
5) 50 & above
 Particulars percentage
14 -20 19.4%
21- 30 71.2%
31- 40 7.7%
40-50 1.9%
50 & above --
Total 100%

From the above table 4.2 and chart 4.2 it is observe that out of 100 respondents 14-20 age of
people are in 19.4% group , 21-30age of people are in 71.20% group, 31- 40 of people are in 7.7
% group40-50 age of people are in 1.9% group and 50 & above age of people are no one in the
group and some are below 18 are also use e-wallet.

Q3.Respondent of Education & qualification

1. Under graduate
2. Graduate
3. Post graduate
 particulars percentage
Under graduate 1.9%
graduate 50%
Post graduate 48.1%
Total 100%

From the above table 4.3 and chart 4.3 it is observe that out of 100 respondents under graduate
people are in 1.9% group , graduate people are in 50% group and post graduate people are in
48.1% group and some are school student are also use e-wallet.

Q4. Do you know about e-wallet?

1) Yes
2) No

particular percentage
Yes 92.3%
No 7.7%
Total 100%
From the above table 4.4 and Chart 4.4 it is observe that out of 100 respondents 92.3% of people
are in yes group and 7.7% of people are in No group.

Q5. Do you use any type of e-wallet?

1) Yes
2) No

particular percentage
Yes 90.4%
No 9.6%
Total 100%
From the above table 4.5 and Chart 4.5 it is observe that out of 100 respondents 90.4% of people
are in Yes group and 9.6% of people are in No group.

Q6. Are you aware regarding the functionality of e-wallet?

1) Fully aware
2) Partly aware
3) Not aware

particulars percentage
Fully aware 38.5%
Partly aware 50%
Not aware 11.5%
Total 100%

From the above table 4.6 and chart 4.6 it is observe that out of 100 respondents fully aware
people are in 38.5% group , partly aware people are in 50% group and not aware people are in
11.5% group.
Q7. Where did you get information about e-wallet?

1) Friends and family

2) Social media
3) Magazine or television

Particulars percentage
Friends and family 63.5%
Social media 28.8%
Magazine or television 7.7%
Total 100%

From the above table 4.7 and chart 4.7 it is observe that out of 100 respondents 63.5% of people
are know about e-wallet from the friend and family group , 28.8% of people are know about e-
wallet from the social media in group and 7.7% people are in group know about e-wallet from
magazine and television
Q8. Do you use e-wallet for financial transactions?

1) Yes
2) No

particular percentage
Yes 86.5%
No 13.5%
Total 100%

From the above table 4.8 and Chart 4.8 it is observe that out of 100 respondents 86.5% of people
are in Yes group and 13.5% of people are in No group.

Q9. Why do you use e-wallet?

1) Time saving
2) Easy to use
3) Security
 particulars percentage
Time saving 46.2 %
Easy to use 34.6%
Security 19.2 %
Total 100%
 From the above table 4.9 and chart 4.9 it is observe that out of 100 respondent46.2% people are
use e-wallet for time saving 34.6% people use e-wallet for easy to use and 19.2% people for
security and some people are not use e-wallet.

Q10. Which device do you use e-wallet for online payments?

1) Computer
2) Mobile
3) Both

particulars percentage
Computer 9.6%
Mobile 69.2 %
Both 21.1 %
Total 100%
From the above table 4.10 and chart 4.10 it is observe that out of 100 respondent 69.2% people
are use e-wallet in mobile, 9.6% people use e-wallet in computer and 21.1% people are use
both(mobile and computer) and some people are not use e-wallet.

Q11. What are your purpose of using e-wallet?

1) Recharge
2) Money transfer
3) Others

particulars percentage
Recharge 46.2%
Money transfer 48.1%
Others 5.7%
Total 100%

From the above table 4.11 and chart 4.11 it is observe that out of 100 respondent 46.2% people
are use e-wallet for recharge, 48.1% people use e-wallet in money transfer and 5.7% people are
use others it means all kind of transactions and some people are not use e-wallet.
Q12. What do you keep in your mind while using e-wallet?

1) Discount
2) Premium offer
3) Cashback

particulars percentage
Discount 25%
Premium offer 11.5%
Cashback 55.8%
Others 7.6%
Total 100%

From the above table 4.12 and chart 4.12 it is observe that out of 100 respondent 25% people are
use e-wallet for discount 11.5% people use e-wallet for premium offers and 55.8% people are
use cashback and others use just for safe transactions not anything else.

Q13. How many times have you used the e-wallet?

1) Daily
2) Weekly
3) Monthly
4) yearly
 particulars percentage
Daily 25%
Weekly 42.3%
Monthly 23.1%
Yearly 9.5%
Total 100%

From the above table 4.13 and chart 4.13 it is observe that out of 100 respondent 25% people are
use e-wallet daily basis 42.3% people use e-wallet for weekly and 23.1% people are use e-
wallet monthly basis and 9.5% others use yearly basis for or when they need or some are not use.

Q14. Which e-wallet do you prefer the most?

1) Google pay
2) Phone pay
3) Paytm
4) others
 particulars percentage
Google pay 63.5%
Phone pay 26.9%
Paytm 7.7%
Others 1.9%
Total 100%

From the above table 4.14 and chart 4.14 it is observe that out of 100 respondent 63.5% people
are use e-wallet in google pay. 26.9% people use e-wallet in phone pay and 7.7% people are use
e-wallet in paytm and 1.9% others use e-wallet or some are not use.

Q15. Do you feel any problem while using e-wallet?

1) Yes
2) No

particular percentage
Yes 42.3%
No 57.7%
Total 100%
From the above table 4.15 and Chart 4.15 it is observe that out of 100 respondents 42.3% of
people are in Yes group and 57.7% of people are in No group.

Q16. What type of problem do you face?

1) Slow transaction
2) Login problem
3) Bank connection

particulars percentage
Slow transaction 17.3%
Login problem 17.3%
Bank connection 57.7%
Others 7.6%
Total 100%
From the above table 4.16 and chart 4.16 it is observe that out of 100 respondent 17.3% people
suffering from thr problem of slow transaction. 17.3% suffering from thr problem of login
problem and 57.7% people suffering from the problem of bank connection and 7.6% others
don’t have any problem for using e-wallet.

Q17. Are you advice someone for using e-wallet.

1) Yes
2) No

particular percentage
Yes 90.4%
No 9.6%
Total 100%
From the above table 4.17 and Chart 4.17 it is observe that out of 100 respondents 90.4% of
people are in Yes group and 9.6% of people are in No group.

Q18. Which type of transaction do you made?

1) Personal transaction
2) Business transaction
3) Both

particulars percentage

Personal transaction 42.3%

Business transaction 40.4%
both 17.3%
Total 100%
From the above table 4.18 and chart 4.18 it is observe that out of 100 respondent 42.3% people
are use e-wallet for personal trasaction. 40.4% people use e-wallet for business trasaction and
17.3% people are use e-wallet for both.

Q19. What is your experience for using e-wallet

1) Good
2) Bad
3) Worst

particulars percentage

Good 94.2 %
Bad 1.9%
Worst 3.8 %
Total 100%
From the above table 4.19 and chart 4.19 it is observe that out of 100 respondents 94.2% of
people have good experience of using e-wallet , 1.9% of people have bad experience of using e-
wallet and 3.8% people have worst experience of using e-wallet.

\
 Chapter 5

Finding, conclusion and suggestion

5.1 Finding and conclusion

5.1.1Findings

Analysis 1:From the above table 4.1 and Chart 4.1 it is observe that out of 100 respondents 53%
of people are in female group and 46% of people are in male group.

Analysis 2:From the above table 4.2 and chart 4.2 it is observe that out of 100 respondents 14-20
age of people are in 19.4% group , 21-30age of people are in 71.20% group, 31- 40 of people are
in 7.7 % group40-50 age of people are in 1.9% group and 50 & above age of people are no one
in the group and some are below 18 are also use e-wallet.

Analysis 3:From the above table 4.3 and chart 4.3 it is observe that out of 100 respondents under
graduate people are in 1.9% group , graduate people are in 50% group and post graduate people
are in 48.1% group and some are school student are also use e-wallet.

Analysis 4:From the above table 4.4 and Chart 4.4 it is observe that out of 100 respondents
92.3% of people are in yes group and 7.7% of people are in No group.

Analysis 5:From the above table 4.5 and Chart 4.5 it is observe that out of 100 respondents
90.4% of people are in Yes group and 9.6% of people are in No group.

Analysis 6:From the above table 4.6 and chart 4.6 it is observe that out of 100 respondents fully
aware people are in 38.5% group , partly aware people are in 50% group and not aware people
are in 11.5% group.

Analysis 7:From the above table 4.7 and chart 4.7 it is observe that out of 100 respondents
63.5% of people are know about e-wallet from the friend and family group , 28.8% of people
are know about e- wallet from the social media in group and 7.7% people are in group know
about e-wallet from magazine and television

Analysis 8:From the above table 4.8 and Chart 4.8 it is observe that out of 100 respondents
86.5% of people are in Yes group and 13.5% of people are in No group.
Analysis 9:From the above table 4.9 and chart 4.9 it is observe that out of 100 respondent46.2%
people are use e-wallet for time saving 34.6% people use e-wallet for easy to use and 19.2%
people for security and some people are not use e-wallet.

Analysis 10:From the above table 4.10 and chart 4.10 it is observe that out of 100 respondent
69.2% people are use e-wallet in mobile, 9.6% people use e-wallet in computer and 21.1%
people are use both(mobile and computer) and some people are not use e-wallet.

Analysis 11:From the above table 4.11 and chart 4.11 it is observe that out of 100 respondent
46.2% people are use e-wallet for recharge, 48.1% people use e-wallet in money transfer and
5.7% people are use others it means all kind of transactions and some people are not use e-
wallet.

Analysis 12From the above table 4.12 and chart 4.12 it is observe that out of 100 respondent
25% people are use e-wallet for discount 11.5% people use e-wallet for premium offers and
55.8% people are use cashback and others use just for safe transactions not anything else.

Analysis 13:From the above table 4.13 and chart 4.13 it is observe that out of 100 respondent
25% people are use e-wallet daily basis 42.3% people use e-wallet for weekly and 23.1%
people are use e-wallet monthly basis and 9.5% others use yearly basis for or when they need or
some are not use.

Analysis 14:From the above table 4.14 and chart 4.14 it is observe that out of 100 respondent
63.5% people are use e-wallet in google pay. 26.9% people use e-wallet in phone pay and 7.7%
people are use e-wallet in paytm and 1.9% others use e-wallet or some are not use.

Analysis 15:From the above table 4.15 and Chart 4.15 it is observe that out of 100 respondents
42.3% of people are in Yes group and 57.7% of people are in No group.

Analysis 16:From the above table 4.16 and chart 4.16 it is observe that out of 100 respondent
17.3% people suffering from the problem of slow transaction. 17.3% suffering from the problem
of login problem and 57.7% people suffering from the problem of bank connection and 7.6%
others don’t have any problem for using e-wallet.
Analysis 17:From the above table 4.17 and Chart 4.17 it is observe that out of 100 respondents
90.4% of people are in Yes group and 9.6% of people are in No group.

Analysis 18:From the above table 4.18 and chart 4.18 it is observe that out of 100 respondent
42.3% people are use e-wallet for personal trasaction. 40.4% people use e-wallet for business
trasaction and 17.3% people are use e-wallet for both.

Analysis 19:From the above table 4.19 and chart 4.19 it is observe that out of 100 respondents
94.2% of people have good experience of using e-wallet , 1.9% of people have bad experience
of using e-wallet and 3.8% people have worst experience of using e-wallet.

5.1.2 conclusion:

E-wallets have made digital payments easy and secure much to your benefit. Above mentioned
information is helpful in understanding payments via E-wallets, which also contributes to the
cause of Digital India.

Mobile Wallets in India is growing day by day but Payments Banks & UPI are other payment
system which will eat up the Market Share of wallets and more people will turn into such system
soon

The final result arethis project some peoples aware about e-wallet and some are not. And In
future whole peoples are aware about the project as soon as possible. Because it’s publish very
fastly.

5.2 suggestion:

Various techniques were used like questionnaires tools, and pie charts to complete this project
report. From this project work, it is suggest to the company that so many users are not aware
about e-wallet. This problem can be solve with the help of the advertisement and aware users
about e-wallet.
 BIBLIOGRAPHY

Websites:
https://economictimes.indiatimes.com
https://en.wikipedia.org/wiki/Digital_wallet
https://corporatefinanceinstitute.com/
https://www.researchgate.net/
http://journal.iujharkhand.edu.in/
http://ijarcsse.com/
http://researchersworld.com/
https://www.idealinstitute.edu.in/
http://journal.iujharkhand.edu.in/
https://www.researchgate.net/
 QUESTIONNAIRE
Dear Respondent,

Request to fill in this questionnaire which is required for academic

purpose only. This is an anonymous survey.

1. Name : ______________________________________________________

2 Gender :

Mark only one box.

I male

II female

4. Age :

Mark only one box.

i. 21 – 30 yr.

ii 31 – 35 yr.

III 36 - 40 yr.
Iv 41-50 yr.

5. Education
qualification

Mark only
the box

i)Under Graduate

ii)Graduate

iii)Post Graduate

6 .What tax bracket does your income fall into?

Mark only one box.

i)No tax

ii)5%

iii)20%

iv) 30%
7.How much of your education was devoted in the field of economics/Finance?

Mark only one box.

i)A lot

ii)Some

iii)Little

iv)None

8.Do you know about term Financial Planning?

Mark only one box.

i)Yes

ii)No

9. do you know about e- wallet?

1.Yes

2.No

3.Some
10.Do you use any type of e-wallet?

1.yes

2.No

11. Are you aware regarding the functionality of E – wallets?

1.fully aware

2.partially aware

3.Not aware

12.where did u get information a&out E-wallets?

1.social media

2.friends

3.Television

13. Do you use e-wallet for financial transaction?

1.yes

2.No

3.sometimes

14. why do you use e- wallet?

1.time saving
2.Easy of use

3.security

15.which device do you se for making online payment?

1.computer

2.mobile

3.Both

16. what are your purpose of using e- wallet?

1.recharge

2.money transfer

3 other

17.what you keep in your mind while using e- wallet?

1.discount

2.premium offer

3.cashback

18.how many times have you used the e- wallet?

1. every day

2.In a week

3.In a month

4. yearly

19.which e- wallet do you prefer the most?

1.google pay

2.phone pay

3.paytm

4. other

20.Do you feel any problem while using e-wallet?

1.yes

2.No

3.Sometimes

21.what type of problem do you face?

1.slow transaction

2.login problem
3.Bank connection

4.other

22. which type of transaction do you made ?

1.personal transaction

2.business transaction

3.Both

23.Are you advice someone for using e-wallet?

1.yes

2.No

24.what is your experice for using e- wallet?

1.Good

2.Bad

3.worst

12. Suggestion

________________________________________________________________

_________________________________________________________________