Assessing Challenges to Mobile Wallet Usage in India: An Interpretive Structural Modeling Approach

摘要

India is paving its way towards a cashless society, from physical wallets to virtual (mobile) wallets. Mobile wallets are a fast growing payment method but in developing counties, like India, consumers are still using cash in their daily transactions. This paper identifies and evaluates key challenges to mobile wallet usage in India. Eleven possible challenges to mobile wallets are identified through extensive review and validated from experts' inputs. Further, the Interpretive Structural Modeling (ISM) technique is utilized for constructing a structural framework of the identified challenges. Classification of these challenges has been done using MICMAC analysis. "Lack of adequate infrastructure (Ch4)", "Poor Internet penetration (Ch5)", "Highly fragmented economy (Ch9)" and "Lack of goal oriented and clearly defined mobile wallet strategy (Ch11)" have been found to be four key challenges that inhibit mobile wallet usage in India. This paper may help policymakers, regulatory bodies and banking managers in achieving effective mobile wallet usage in India.