Emergence of Digital Payment Instruments in India As an Alternative to Cash – an Appraisal

International Journal of Advanced Science and Technology Vol. 29, No. 5s, (2020), pp. 2771-2784 ` Emergence of Digital Payment Instruments in India as an Alternative to Cash – An Appraisal

AnujaErandekar and Dr V V Ravi Kumar Symbiosis Institute of Business Management Pune; Symbiosis International (Deemed University) Pune

Abstract: India had been primarily a cash-based economy, but with increasing technological advancement and focus on digitization in the recent years, the digital payments industry in India has undergone a transformation .Digital payments provide easier and quicker payment options to the consumers. They also reduce cash related issues like corruption and unaccountability. Internet brought in a massive shift from offline to mobile and online banking channels. Digital payments by way of instruments like NEFT, RTGS and IMPS have a steady increase in terms of volume of transactions. The introduction of National Payments Corporation of India’s Unified Payment Interface (UPI) has given a new dimension to the payments system. Growth of e-commerce platforms coupled with increased smart phone and internet penetration encouraged customers to use the digital platforms to a greater extent. It is a highly promising industry with convenience and competition shaping its future. This paper aims to study the growth of digital payment instruments which are used widely today namely,NEFT (National Electronic Fund Transfer), RTGS (Real Time Gross Settlement), IMPS (Instantaneous payment mode system), Mobile-wallets and UPI (Unified Payments Interface). An attempt has been made to perform a comparative analysis of volume of transactions done using these instruments to record their emergence, growth and trends. This study also attempts to examine the share of these instruments over the years and understand the preference of the people towards the different instruments.

Keywords: Digital payments, UPI, RTGS, NEFT, IMPS, M-wallets.

I. INTRODUCTION

Banking sector has witnessed a revolution in the last two decades. Branch operations have completely changed drastically with emerging digital channels. Lending loans and accepting deposits are not the only services offered by banks today. The entire nature of the servicesprovided by the banks has changed with the introduction of mobile and online banking. Time and place are no longer the constraints for using the services of the bank and the current generation tries not to visit the physical bank branches to the maximum possible extent. A majority of banks have shifted to digital operations and are trying to innovate constantly to gain an edge over the competitors. Digital technology also ideated the concept of mobile wallets and payment banks, apart from innovations in the payment systems. The payments system has undergone a massive transformation and has come a long way since the barter economy being replaced with coins and paper currency, slowly and gradually moving towards a cash-less mode. Internet has revolutionised the way world exists and payments are no exception to it. Digital payment is one such offering of the internet era. Digital payments are basically the payments which are made using digital instruments, in which both the payee and the payer use electronic modes to transfer money through internet. It started with the introduction of internet in late 1990s in India. Later on, with advancing technology different instruments were developed and the user base also increased exponentially. India had been traditionally a cash dominated economy. As per MasterCard Advisors, 2013 [23] over 98% of the economic transactions in India were done in cash whereas the global value is around 85%. The cost of cash to GDP ratio for India is 12.04 percent [1].

------AnujaErandekar, SIBM, Pune, Symbiosis International (Deemed University), Pune India. Email id: [email protected]

Dr V.V. Ravi Kumar, Professor, SIBM, Pune, Symbiosis International (Deemed University), Pune, India. Email id: [email protected]

This cost includes the currency operations like minting coins and printing money. The share of real GDP of India in 2014-15 comparable to this cost was 1.7%. Globally too, the usage of cash and banking instruments has saturated and the share of non-cash segments led by digital instruments (by volume and value) has increased.

Fig.1: Cost of Cash for different countries Source: [1]

As seen from fig. 1, the cost of cash is high for India compared to other countries. This cost can be reduced by encouraging cash-less transactions.With progressive regulatory policies and increased internet and smartphones penetration, India is being pushed towards a cash-less economy. The growth of e-commerce companies, e-wallets and online travel-ticket booking has also been instrumental in the growth of digital payments. The volume for digital transactions in India in August 2018 reached a value of 244.81 crore which ismore than tripled from October 2016 [24]. This emphasizes on the large- scale adoption of digital payment systems in last 3 years.

Digital payment instruments

A fund transfer via internet is digital payment.As part of the Digital India Programme, which is the flagship programme of the Government of India, digital banking transactions are supported and encouraged. The different digital payment instruments in India [9] for fund transfer between banksare:

 RTGS – Real Time Gross Settlement  NEFT – National Electronic Fund Transfer  IMPS – Immediate Mobile Payment Service  UPI – Unified Payment Interface   BHIM – Bharat Interface for Money  USSD – Unstructured Supplementary Services Data, also called NUUP-NationalUnified  USSD Platform  AEPS – Aadhar Enabled Payment System   BBPS – Bharat Bill Payment System   NACH – National Automated Clearing House  Mobile wallets

This study attempts to do a comparative analysis of fiveof the above digital instruments namely, RTGS, NEFT, IMPS, mobile walletsand UPI to examine the growth of these instruments and identify the trends which have shaped the payments industry today.

RTGS (Real Time Gross Settlement)

The RTGS network is maintained by the Reserve Bank of India. It was introduced in March 2004 and was the fastest fund transfer mechanism then. The settlement is done on a „real-time‟ basis which means the transaction does not have to wait for processing. RTGS is a large value payment instrument the minimum amount being INR 2,00,000. There is also a fixed timing for weekdays and a specific amount which is levied by individual banks as processing fees. The settlement for RTGS happens as a continuous process on transaction basis throughout the active timings.

NEFT (National Electronic Funds Transfer)

The Reserve Bank of India introduced NEFT in November, 2005. It facilitates transfer of funds electronically from any branch of a Bank to any corporate or individual account with other bank in India. It does not work on real-time basis but has hourly batches for settlements running. It is easier and faster mode for fund transfer which requires only both the banks to be present on the NEFT network. It does not have any minimum transaction amount capand can be accessed 24X7.

The RBI has pushed the banks to waive off the charges on RTGS and NEFT to promote and encourage people to adopt these digital instruments with effect from January 2020.

National Payments Corporation of India

The RBI in association with the Indian Banks Association (IBA) started NPCL. It was established under the Payments and Settlement Systems Act, 2007. Theaim wasto create an infrastructure for payment-settlement in India which would berobust and dynamicin nature.It has developed innovative products using technology to increase the efficiency of operations in the existing online user base and also widen the scope. It has affiliations with all the major banks in India and a strong network for digital payments setup. IMPS and UPI are two of the revolutionary services by NPCI which has disrupted the way payments are being done in the recent times.

IMPS (Immediate Payment Service)

IMPS is used for fund transfers across banks on a real-time basis. It is available 24 by 7 for all 365 days irrespective of Sundays and holidays. It was launched in November 2010 and it enabled India to become the global leader in real-time payments with reference tothe retail sector. It makes use of MMID number of the account holder and IFSC code of the participating bank. It is a highly preferred mode for fund transfer by a large population especially youth due to the speed and ease of transactions. It is flexible can be accessed using the internet and mobile banking channels. There are processing charges applicable based on the transaction amount and as applied by the participating banks. It is also subject to applicable GST.

Unified Payments Interface (UPI)

UPI is a real time payments system which facilitates transactions between different banks on mobile platform. It was launched for public in August 2016 and is said to be the most revolutionary product in the digital payments sector. It can process multiple bank accounts onto the single mobile application and provides seamless banking features. It is used extensively for retail transactions by having brought merchants and customers on the same platform. It uses a unique identifier which can be a mobile number which is linked to a bank account, for transactions. It also has option of using QR scan code for making payments. It is the most extensively used digital instruments amongst the youth due to unique services offered and its integration with other apps like Google Pay, BHIM etc.

Mobile wallets

Mobile wallets (m-wallets) are virtual platforms which can be used for payments instead of cash using mobile devices. A mobile wallet is also a mode of digital payment and has grown tremendously since it was introduced in 2004. Mobile wallets differ from e-wallets as the latter can be accessed from other devices like desktop or laptops unlike m-wallets which can be used only on mobile phones. M- wallets are linked to the bank account of the user and have details like credit or debit and cash balances stored in them, which is used to make payments. Convenience of loading and unloading money and other services like utility bill payments have made m-wallets popular among the users. Examples of m-wallets are Paytm, Apple pay, etc.

II. LITERATURE REVIEW

The digital payments sector is a fast transforming industry which is seeing disruptive innovations in the recent times. Many studies have been carried out to assess the market and discover the business opportunities therein. There are several qualitative papers which have focussed on the importance of digitization in the banking and payments domain. But there is scope for more research in the digital payments field and to assess the finer details of the available payment options and compare the same. In [1] Pushpa Bhatt has assessed the digital payments market and its various segments. Behavioural aspects of these segments are studied to provide insights on business opportunities for service providers. HymaGoparaju has reviewed the digital payment sector in India, calling it a sunrise industry in [2]. The author has focussed on mobile commerce and other related applications. Porter‟s five forces analysis has been done in this study for the digital payment industry in India. UPI system has proved to be most popular form of fund transfer and daily transactions. In [3], P.S. Kumar and CH.B.V.L. Sudheer have quantitatively analysed the growth of UPI transactions in detail and done a trend analysis of the same. Suneel Kumar, in his paper [4] has studied the acceptancedigital payments using students of Delhi university as sample for study. Different digital payment options have been compared using statistical tools like ANOVA and chi square test on the primary data collected. In [5] Ridam Verma and Rishi Manrai have studied the impact of Demonetization on digital payments. They have identified certain attributes of digital payments and are assessing their impact on preference of the user using a multi regression model. Pre and post digitization effects on cash and non-cash transactions has been done by Aniruddha Ghosh and Ashish Srivastav in [6]. This study details three factors namely, promotional offers, convenience facilities and technical barriers and their impact on digital payment systems in Indian scenario. [7] is a literature review paper by Shailza and Madhulika Sarkar which encompasses literature related to the digital payment system implementation in India. It also studies the factors affecting the attitude of consumers while adopting digital payment system. Shiba prasad Mohanty and V. Mariappan in their paper [8] have in depth analysed the impact of demonetization on alternative payment channels for the period 2012 to 2018. They have performed certain statistical analysis on data like multiple linear regression and cross correlation to arrive at their conclusion. Meghana Kulkarni and Shiv Tripathi have done a case study on Gujarat Narmada Fertilizers and Chemicals limited (GNFC) [9] to study the digital payment system for economic sustainability. This study discusses the first 100% cashless township in India, created by GNFC and its implementation process. The authors have used Unified Theory of Acceptance and Use of Technology (UTAUT) model on the primary and secondary data to understand the factors involved in user adoption and acceptance in GNFC‟s only digital mode of payment. Technology has been vastly used in Banking industry to provide newer services. V.V. Ravi Kumar, Anurag Lall and Tanmay Mane have used the Technology Adoption model extension in their paper [10] to study the factors which influence students of management studies to use mobile banking.Information technology has developed the banking sector which has led to speeded up transactions and communications. Anubhuti Dwivedi and Mir Maroof Ahmad have used the Theory of Planned Behaviours (TPB) along with the diffusion of innovations theory to study the factors that impact the purposeof customers for using mobile banking [11]. Bruno LuleYawe and Yusuf Kiwala have studied and discussed features and characteristics of RTGS system and argued how there is still role for RTGS in the era of instant

ISSN: 2005-4238 IJAST 2774 Copyright ⓒ 2019 SERSC International Journal of Advanced Science and Technology Vol. 29, No. 5s, (2020), pp. 2771-2784 ` payments in [12]. The growth of interconnected computers and latest trends in commerce has resulted in different payment methods. PatiwatPanurach has studied the three forms of commerce in his paper [13] which are Digital cash, electronic fund transfer and Ecash. Neetha J. Eappen has studied the influence of Trust and Information sharing on the intention of the customers to do payments using mobile wallets in [14] using Technology Adoption model. Bijeta Shaw and Ankit Kesharwani in their paper [15] have examined the role of smartphones in adoption of mobile wallet payments in consumers. Gunjan Sharma and KushagraKulshreshtha have used exploratory factor analysis in their paper [16] to study various factors impacting the intention of the mobile users to use m-wallets for payments. In [17] Deepak Chawla and Himanshu Joshi have conducted an empirical study to analyse the factors affecting the intention and attitude of consumers to use mobile wallets. They have proposed a model based on TAM and UTAUT frameworks. Mona Sinha et al., have examined the factors affecting the purpose of consumers to use mobile payments [18]. They based their study on adoption readiness, Technology readiness and privacy concerns. In [19] Onkar Sharma has outlined the benefits of UPI and predicted how it will boost the e-commerce sector in India. VivinaVishwanathan and Vishwanath Nair [20] have analysed the features of UPI which can change the scape of mobile payments.Mohul Ghosh [21] has discussed how UPI has an edge over other forms of digital payments due to its flexibility and ease of use and hence the immense potential UPI has to disrupt wallets systems in India. In [22] Sushmita Choudhury has examined certain limitations of NEFT which a customer can face during adopting a digital payment transaction.

III. METHODOLOGY

This study has used secondary data from the official websites of NPCI and RBI. Monthly data for volume of transactions for RTGS, NEFT, IMPS, UPI and m-wallets has been collected. Quantitative analysis has been performed on the collected data to analyse the trends in the said digital instruments. The dataset includes monthly data for the above-mentioned instruments from November 2010 till October 2019. The same data was arranged to arrive at month-wise volumes for the same period and also yearly volumes for each instrument.

Statistical tools used for data analysis

Descriptive statistics, line charts, pie charts and bar graphs and trend analysis has been performed using Minitab. Multi-correlation analysis has been performed on SPSS to understand as the correlation between the different digital payment instruments .

IV. RESULTS

Descriptive statistics of the data for the five digital payment instruments.

Variable Mean SE Mean Standard Deviation RTGS 80.54 2.45 25.48 NEFT 1012.7 64.7 672.8 IMPS 458.9 60.5 629.1 M- wallet 1135 134 1390 UPI 115.1 24.7 257.0 Table 1: Descriptive statistics of digital payment instruments * All values in lakhs

As seen from the above table, m-wallets has the highest mean and the highest standard deviation which means it has had the maximum range of volume of transactions since the time it was launched. NEFT has the second highest mean and standard deviation implying its extensive range of values.SE mean represents the deviation of the mean within the dataset. It is lowest for RTGS which implies there is not much difference in the mean of the data for RTGS. SE mean is highest for M-wallet, implying there is some variability in the mean value of data.

Payments volume over the years for each instrument

Digital Payments

45000

40000

35000

30000

25000

20000

15000

10000

5000 0

RTGS NEFT IMPS M-wallet UPI

2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19

Fig. 2: Growth of digital payments over the years (All values in lakhs) Source: RBI and NPCI data

As seen from fig. 2, RTGS and NEFT have grown almost linearly for the given period. IMPS and m- wallets have an increasing non-linear growth. UPI has a peak overshoot after a meagre increase in the first year.

Month-wise data of aggregated mean of the instruments

Fig. 3: Aggregated mean of month wise data over the years from 2012-13 till 2018-19 (All values in lakhs) Source: RBI and NPCI data

As seen from fig. 3, maximum volume of transactions is in the month of March over the years which is the financial year end in India. This confirms the fact that more and more

ISSN: 2005-4238 IJAST 2776 Copyright ⓒ 2019 SERSC International Journal of Advanced Science and Technology Vol. 29, No. 5s, (2020), pp. 2771-2784 ` people use these digital instruments for making their payments and especially during year end.

Volume share of each instrument over the years

Fig. 4: Year wise share of different payment instruments Source: RBI and NPCI data

Fig. 5: Year wise share of different payment instruments Source: RBI and NPCI data

As seen from fig. 4 and fig. 5, in earlier years,NEFT had the major share of volume transactions amongst these five instruments, followed by RTGS. The combined share of these two instruments was around 93% in the year 2012-13 and rest 7% formed by mobile wallets. IMPS share was negligible and UPI were not launched that time. From 2013-14 onwards IMPS and mobile wallets share started increasing gradually. Thus it can be inferred that the preference of people started shifting towards faster options, namely m-wallets and IMPS as compared to traditional RTGS and NEFT. Therefore in 2018-19, m-wallets have the highest share among these five instruments (around 47%) and the share of RTGS and NEFT has reduced to 2 % and 27% respectively as can be seen from fig. 5. IMPS is also seen to have a constant rise. UPI can also also have a fast growth owing to shift of people specially youth towards faster modes of payments and thorough marketing of the product by way of medium like TV advertisements.

Trend analysis for the digital instruments over the years

In trend analysis, certain models are applied to the collected data in an attempt to spot a pattern and make predictions about the future values.

RTGS

Fig. 6: Trend Analysis for RTGS (All values in lakhs) Data Source: RBI

The trend for RTGS payments can be well defined using a linear model as shown in fig. 6. It shows an overall upward trend with seasonal peaks which is usually during the financial year end. Thus, it can be implied that the volume of transactions for RTGS will continue to rise almost at the same rate as has been so far.

NEFT

Fig. 7: Trend Analysis for NEFT (All values in lakhs) Data Source: RBI

The trend for NEFT can be approximately shown using a linear model with accuracy measures as shown in the side in fig. 7. NEFT shows an upward increasing trend. This implies that NEFT transactions will continue to increase with time almost at a constant rate. In the recent years mainly 2018 and 2019 some spikes have also been observed.

The initiative by RBI to remove the charges on RTGS and NEFT and increase the timings for the same would give a boost to RTGS and NEFT transactions.

IMPS

Fig. 8: Trend Analysis for IMPS (All values in lakhs) Data Source: RBI

The trend for IMPS approximately follows a quadratic model with the accuracy measurements as shown in fig. 8.As it is a quadratic model, the growth rate is not constant. From the graph and the equation in fig. 8, it can be inferred that rate of change of growth is also positive, hence IMPS will continue to grow at a faster rate with time.

M-wallets

Fig. 9: Trend Analysis for M-wallet (All values in lakhs) Data Source: RBI

The trend for m-wallets is approximated using a Quadratic model as shown. It is not a perfect fit with accuracy measures as given in the fig. 9. M-wallet did not show a linear trend nor did it follow a quadratic or exponential model. There are some fluctuations from the quadratic model as shown in fig. 9.

UPI

Fig. 10: Trend Analysis for UPI (All values in lakhs) Data Source: NPCI

The trend for UPI approximately follows a quadratic model as shown in the fig. 10. As it follows a quadratic trend, it is bound to increase at a faster growth rate with time. In a short span of time, it has achieved a tremendous volume and hence a steep growth.

Correlation Analysis

Inter-correlations among the Study Variables Related to Digital Payment Instruments

RTGS NEFT IMPS M- wallet UPI RTGS Pearson 1 0.973 0.856 0.881 0.672 Correlation Sig (2 tailed) - 0.000 0.000 0.000 0.000 No of samples 108 108 108 108 108 NEFT Pearson 0.973 1 0.907 0.927 0.720 Correlation Sig (2 tailed) 0.000 - 0.000 0.000 0.000 No of samples 108 108 108 108 108 IMPS Pearson 0.856 0.907 1 0.948 0.916 Correlation Sig (2 tailed) 0.000 0.000 - 0.000 0.000 No of samples 108 108 108 108 108 M- Pearson 0.881 0.927 0.948 1 0.767 wallet Correlation Sig (2 tailed) 0.000 0.000 0.000 - 0.000 No of samples 108 108 108 108 108 UPI Pearson 0.672 0.720 0.916 0.767 1 Correlation Sig (2 tailed) 0.000 0.000 0.000 0.000 - No of samples 108 108 108 108 108 Table 2: Correlation coefficients for different digital instruments * Correlation is significant at the 0.01 level (2-tailed)

There is strong correlation between the different payment methods as seen from Table 2. Highest correlation is seen betweenRTGS and NEFT with coefficient of 0.973. This can be explained by the fact that both have been in use since a long time and are similar in function, difference being RTGS is processed real-time and NEFT in batches and the minimum limit of amount of transaction varies across these modes.IMPSand M-wallets have a high coefficient of 0.948 which can be attributed to the fact that both of these are popular among younger people and are real-time and easy to use modes of payments.

V. DISCUSSION

As seen from the trend analysis, the usage of digital instruments is increasing with time. RTGS and NEFT are growing at almost a constant rate as seen from the linear model in their trend analysis. IMPS and UPI have increasing growth rate as compared to RTGS and NEFT which is evident from their quadratic models in trend analysis. They would thus continue their share of payments.M-wallets has a nonlinear growth rate with some peaks and dips and can be fairly approximated to a quadratic model. RTGS and NEFT are the oldest payments systems introduced in India and hence have a steady growth over the years. M-wallets and IMPS were introduced later and have gained popularity among the masses due to real time usage and ease of use. UPI was the last amongst these to be introduced and has seen a huge growth in last two years.

VI. CONCLUSION AND FUTURE SCOPE

India‟s objective of moving towards a cash-less economy is a big feat and digital payments systems are the route for the same. There has been a phenomenal growth in digital payments industry due to introduction of the various payment options. A robust infrastructure and timely government support have been instrumental in the success of this industry.It has also reduced the burden on physical bank branches. With increasing number of smartphone users every month, this industry is bound to grow.

As per this study, the volume of transactions for RTGS and NEFT shall continue at the similar rate. UPI is a revolutionary instrument that has emerged with the highest growth in the least amount of time. Ease of integration of UPI with other applications has made it very popular among the masses. Also, UPI was introduced in August 2016, and with Demonetization in December 2016, a cash crunch in the market greatly pushed the volumes of digital payments, UPI being the latest and easily available digital instrument.

Digitization of payments has also boosted other sectors like e-commerce and retail. It has huge utility in day-to-day lives of people for transportation, toll booths, fast-food centres, online food delivery, e- ticket booking, etc. This paper did an empirical study to analyse the growth of five of the digital payment instruments over the years in India and to understand the trendsin the same. There is a wide scope for more innovations in this sector and thus related business opportunities. New technology like Near Field Communication is being used to develop contactless cards. Smart speaker payments and improved security using Artificial Intelligence and Machine learning are some of the areas which can be explored to use in payments sector. Digital payments and its related areas thus have immense scope for future research.

References

[1] P. Bhatt, “Digital Payments in India – A Business Perspective,”Vinimaya, Vol. 40 Issue 2, p37-52, Sep 2019.

[2] H. Goparaju, “Digital Payment Sector: The Sunrise Industry in India: A Review,” IUP Journal of Business Strategy, Vol. 14 Issue 2, p7-19, Jun 2017.

[3] P.S. Kumar, CH.B.V.L. Sudheer, “A study on growth of UPI (Unified Payment Interface) in Digital Empowerment,” in International Conference on Ongoing Research in Management & IT, 2018, p344-352.

[4] S. Kumar, “An Empirical Study of Adoption of Digital Payments among Students of Delhi University,” Journal of IMS group, Vol. 16 Issue 1, p71-84, Jun 2019.

[5] R. Verma, R. Manrai, “Demonetization and Impact on Digital Payments,” Journal of General Management Research, Vol. 6 Issue 2, p48-60, Jul 2019.

[6] A. Ghosh, A. Srivastava, “Use of Digital Payment Systems Before and After Demonetization: A Pre and Post Implementation Analysis of Consumers in Delhi / NCR Region,” ANWESH: International Journal of Management & Information Technology, Vol. 4 Issue 2, p7-18, 2019.

[7] Shilza, M.Sarkar, “Literature Review on Adoption of Digital Payment System,” Global Journal of Enterprise Information System, Vol. 11 Issue 3, p62-67, Sep 2019.

[8] S. Mohanty, V. Mariappan, “Does Demonetization push for alternative payment channel lead to digital economy? Evidence from India,” Wealth: International Journal of Money, Banking & Finance, Vol. 8 Issue 1, p59-64, Jun 2019.

[9] M. Kulkarni, S.K. Tripathi, “Digital Payment System for Economic Sustainability. A case study of Gujarat Narmada Chemical Fertilizers and Chemicals ltd in India,” Organization & Management Quarterly,Vol. 44 Issue 4, p119-137, 2018.

[10] V.V.R. Kumar, A. Lall, T. Mane, “Extending the TAM Model: Intention of Management Students to Use Mobile Banking: Evidence from India,” Global Business Review, Vol. 18 Issue 1, p238-249, Feb 2017.

[11] A. Dwivedi, M.A. Mir, “Mobile Banking Adoption in India: Decomposed TPB Approach,” Skyline Business Journal, Vol. 14 Issue 2, p1-12, 2019.

[12] B.L. Yawe, Y. Kiwala, “The role of real-time gross settlement in a world of instant payments,” Journal of Payments Strategy & Systems, Vol. 13 Issue 3, p194-200, 2019.

[13] P. Panurach, “Money in electronic commerce: digital cash, electronic fund transfer and Ecash,” Communications of the ACM, Vol. 39, p45-50, June 1996.

[14] N.J. Eappen, “Mobile wallet adoption in India: Impact of Trust and Information Sharing,”South Asian Journal of Management, Vol. 26 Issue 1, p32-39, Mar 2019.

[15] B. Shaw, A. Kesharwani, “Moderating effect of Smartphone addiction on Mobile wallet payment adoption,” Journal of Internet Commerce, Vol. 18 Issue 3, p291-309, Sep 2019.

[16] G. Sharma, K. Kulshreshtha, “Mobile Wallet adoption in India: An analysis,” IUP Journal of Bank Management, Vol. 18 Issue 1, p7-26, Feb 2019.

[17] D. Chawla, H. Joshi, “Consumer attitude and intention to adopt mobile wallet in India – An empirical study,” International Journal of Bank Marketing, Vol. 37 Issue 7, p1590-1618, 2019.

[18] M. Sinha, H. Majra, J. Hutchins, R. Saxena, “Mobile Payments in India: The Privacy factor,” International Journal of Bank Marketing, Vol 37 Issue 1, p192-209, 2019.

[19] O. Sharma, “UPI: A Fresh Boost to Indian eCommerce,” Dataquest, Vol. 34 Issue 8, p22-22, Apr 2016.

[20] V. Vishwanathan, V. Nair. (2016, Apr. 11) How the Unified Payment Interface will change mobile payments [Online]. Available: https://www.livemint.com/Companies/rAIjBJQ2psfquOESwCemSK/How-can-unified- payment-interface-be-a-gamechanger-for-mobi.html

[21] M. Ghosh. (2017, Oct 3) NPCI’s Unified Payment Interface Has The Potential to Kill Mobile Wallets in India; All Set to Launch in April, [Online] Available: https://trak.in/tags/business/2016/02/23/npci-upi-potential-kill-mobile-wallets-india/

[22] S. Choudhury, “Trouble with NEFT,” Money Today, p2-2, May 28 2009. Available: https://www.businesstoday.in/moneytoday/banking/trouble-with-neft/story/8170.html

[23] MasterCard, “MasterCard Advisors‟ Cashless Journey,” MasterCard Newsroom, Sep 15 2013. Available: https://newsroom.mastercard.com/wp-content/uploads/2013/09/Cashless- Journey_WhitePaper_FINAL.pdf

[24] Bloombergquint, “India‟s IT Ministry says Digital Transactions Volume soared to 224.8 crore in August,”Nov 10 2018. Available:https://www.bloombergquint.com/technology/indias-it-ministry- says-digital-transactions-volume-soared-to-2248-crore-in-august