Digital Wallet Adoption: A Literature Review
Keywords:
Digital wallet, mobile banking, technology acceptance model, innovation diffusion theory, risk, attitudeAbstract
Electronic commerce(e-commerce) have continuous impact on global business scenario, but mobile applications and technologies have also begun to focus more on mobile banking, digital wallet, m-commerce and the wireless web. Against the various backdrops, digital wallet (e-wallet) has emerged as a new channel of distribution, without much research being devoted to its adoption. Therefore, the present studies analyses most of the previous studies done on mobile banking and digital wallet adoption. It also emphasizes on the customers attitude towards adoption of e- wallet. The findings of the study indicates that digital banking literature relies majorly on various theories i.e. technology adoption model, innovation diffusion theory, Rasch measurement model, revealing the adjustment(with lifestyle and device), perceived usage, perceived risk and usefulness, intention to adopt the technology and attitude towards adoption in developing and developed countries. This study makes several suggestions for further research in this area of digital banking. This study reflects the overall contribution of researchers in the field of internet, mobile and digital banking-in developing and developed country. The main theoretical contribution of this research is to various models. Banks should rely on increasing the usage of digital banking. Simultaneously, banks should put in efforts to decrease the risk associated with the use of digital banking.
References
Akturan Ulun, Tezcan Nuray (2012). Mobile banking adoption of the youth market Perceptions and intentions, Marketing Intelligence & Planning, 30(4),444 – 459.
Alafeef, M., Singh, D., & Ahmad, K. (2011). Influence of demographic factors on the adoption level of mobile banking applications in Jordan, Research Journal of Applied Sciences, 6(6), 373-377.
Alafeef, M., Singh, D., & Ahmad, K. (2012). The Influence of Demographic Factors and User Interface on Mobile Banking Adoption: A Review, Journal of applied sciences, 12(20), 2082-2095.
Al-Jabri, I., & Sohail, M. S. (2012). Mobile banking adoption: Application of diffusion of innovation theory, Journal of Electronic Commerce Research, 13(4):379-391.
Amin, H., & Ramayah, T. (2010). SMS banking: Explaining the effects of attitude, social norms and perceived security and privacy, The Electronic Journal of Information Systems in Developing Countries, 41(1), 1-15.
Amin, H., Hamid, M.R.A., Tanakinjal, G.H., Lada, S., (2006). Undergraduate attitudes and expectations for mobile banking, Journal of Internet Banking and Commerce, 11(3), 1 – 10.
Amin, H., Supinah, R., Aris, M. M., & Baba, R. (2012). Receptiveness of mobile banking by Malaysian local customers in Sabah: an empirical investigation, Journal of internet banking and commerce, 17(1), 1.
Anyasi, F. I., & Otubu, P. A. (2009). Mobile phone technology in banking system: Its economic effect, Research Journal of Information Technology, 1(1), 1-5.
Apar, R., Ostwal, T., Baliga, T., & Sreekumar, N. (2015). Overview of Digital wallets in India, International Journal of Advanced Research in Computer Science, 6(8).
Awasthi Preety, Sangle Purnima S. (2013).The importance of value and context for mobile CRM services in banking, Business Process Management Journal, 19(6), 864 - 891.
Bamoriya Sharma Prerna, Singh Preeti (2011). Issues & Challenges in Mobile banking In India:A Customers’ Perspective, Research journal of Finance and Accounting, 2(2),55-65.
Bamoriya, D., & Singh, P. (2013). Mobile banking in India: Barriers in adoption and service preferences, Journal of Management, Vol. 5, No. 1, pp 1-7, 2012.
Batra, R., & Kalra, N. (2016). Are Digital Wallets the New Currency?, Apeejay Journal of Management and Technology, 11(1).
Bhattacherjee, A., (2000). Acceptance of e-commerce services: the case of electronic brokerages, IEEE Transactions on Systems, Man and Cybernetics, Part A: Systems and Humans, 30(4), 411 – 420.
Bigne, E., Ruiz, C., & Sanz, S. (2005). The impact of internet user shopping patterns and demographics on consumer mobile buying behaviour, Journal of Electronic Commerce Research, 6(3), 193.
Bouwman, H., López–Nicolás, C., Molina–Castillo, F. J., & Hattum, P. V. (2012). Consumer lifestyles: alternative adoption patterns for advanced mobile services, International Journal of Mobile Communications, 10(2), 169-189.
Celik, H. (2008). What determines Turkish customers' acceptance of internet banking?, International Journal of Bank Marketing, 26(5), 353-370.
Chawla, D. & Joshi, H. (2017). Consumer perspectives about mobile banking adoption in India–a cluster analysis, International Journal of Bank Marketing, 35(4), 616-636.
Chitungo, S. K., & Munongo, S. (2013). Extending the technology acceptance model to mobile banking adoption in rural Zimbabwe, Journal of Business Administration and Education, 3(1).
Crabbe, M., Standing, C., Standing, S., & Karjaluoto, H. (2009). An adoption model for mobile banking in Ghana, International Journal of Mobile Communications, 7(5), 515-543.
Cruz, P., Neto, L. B. F., Muñoz-Gallego, P., Laukkanen, T., 2010. Mobile banking rollout in Emerging markets: evidence from Brazil, International Journal of Bank Marketing, 28(5), 342-371.
Dahlberg, T., Guo, J., & Ondrus, J. (2015). A critical review of mobile payment research, Electronic Commerce Research and Applications, 14(5), 265-284.
Dahlberg, T., Mallat, N., Ondrus, J., & Zmijewska, A. (2008). Past, present and future of mobile payments research: A literature review, Electronic Commerce Research and Applications, 7(2), 165-181.
Dauda, S. Y., & Lee, J. (2015). Technology adoption: A conjoint analysis of consumers׳ preference on future online banking services, Information Systems, 53, 1-15.
DR.S.Manikandan, and J.Mary Jayakodi. (2017). An Emprical Study on Consumers Adoption of Mobile Wallet with Special Reference to Chennai City, International Journal of Research - Granthaalayah, 5(5), 107-115.
Goswami, M. (2018). Customer Preferences for Mobile Banking in Delhi NCR, Journal of Internet Banking and Commerce, December 2014, vol. 19, no.3.
Goyal Vishal, Pandey U.S.DR., Batra Sanjay (2012).Mobile banking in India: Practices, Challenges and security issues, International Journal of Advanced Trends in Computer Science and Engineering,1(2), 56-64.
Harris Michael, Cox K Chris, Musgrove Carolyn Findley, Ernstberger Kathryn W (2016).Consumer preferences for banking technologies by age groups, International Journal of Bank Marketing, 34(4).
Hsu, C. L., Wang, C. F., & Lin, J. C. C. (2011). Investigating customer adoption behaviours in mobile financial services, International Journal of Mobile Communications, 9(5), 477-494.
Huili, Y. A. O., Shanzhi, L. I. U., & Yinghui, Y. U. A. N. (2013). A study of user adoption factors of mobile banking services based on the trust and distrust perspective, International Business and Management, 6(2), 9-14.
Hussien Ismail Miran, Aziz El Abd Rasha (2013).Investigating e-banking services quality in one of Egypt’s banks: a stakeholder analysis, The TQM Journal, 25(5),557-576.
Jain, Y. (2013). Mobile Banking: A Study on Adoption&challenges in Southern Rajasthan, India, International Journal of Innovative Research and Development, 2(4), 902-914.
José Liébana-Cabanillas, F., Sánchez-Fernández, J., & Muñoz-Leiva, F. (2014). Role of gender on acceptance of mobile payment, Industrial Management & Data Systems, 114(2), 220-240.
Jun Minjoon ,Palacios Sergio (2016). Examining the key dimensions of mobile banking service quality: an exploratory study, International Journal of Bank Marketing, 34 (3),307 - 326
Juwaheer Thanika Devi , Pudaruth Sharmila and Ramdin Priyasha (2012). Factors influencing the adoption of internet banking: a case study of commercial banks in Mauritius, World Journal of Science, Technology and Sustainable Development, 9(3),204 – 234.
Khraim, H. S., AL Shoubaki, Y. E., Khraim, A. S., 2011. Factors affecting Jordanian consumers’ adoption of mobile banking services, International Journal of Business and Social Science 2(20), 96 – 105.
Koenig-Lewis, N., Palmer, A., & Moll, A. (2010). Predicting young consumers' take up of mobile banking services, International journal of bank marketing, 28(5), 410-432.
Kotecha, P. S. An Empirical Study of Mobile Wallets in India, Research Guru: Online Journal of Multidisciplinary Subjects, Volume-11, Issue-4, March-2018.
Laforet Sylvie, Li Xiaoyan (2005). Consumer’s attitudes towards online and mobile banking in China, International Journal of Bank Marketing, 23(5),362-380.
Lafraxo, Y., Hadri, F., Amhal, H., & Rossafi, A. (2018). The Effect of Trust, Perceived Risk and Security on the Adoption of Mobile Banking in Morocco, ICEIS (2) (pp. 497-502).
Laukkanen T. and Lauronen, J.(2005). Consumer value creation in mobile banking services, International Journal of Mobile Communications, 3(4), 325–338.
Laukkanen Tommi(2007). Internet v/s mobile banking: comparing customer value perceptions, Business Process Management Journal, 13(6), 788 –799.
Laukkanen, T. (2006). Customer-perceived value of e-financial services: a means-end approach, International journal of electronic finance, 1(1), 5-17.
Laukkanen, T., & Kiviniemi, V. (2010). The role of information in mobile banking resistance, International Journal of Bank Marketing, 28(5), 372-388.
Lee, Y. K., Park, J. H., & Chung, N. (2009). An exploratory study on factors affecting usage intention toward mobile banking: a unified perspective using structural equation modelling, Society for Marketing Advances Proceedings, 347-359.
Lewis Nicole Koenig , Palmer Adrian , Moll Alexander(2010). Predicting young consumers' take up of mobile banking services, International Journal of Bank Marketing, 28 (5),410 – 432.
Lichtenstein, S., & Williamson, K. (2006). Understanding consumer adoption of internet banking: an interpretive study in the Australian banking context, Journal of Electronic Commerce Research, 7(2), 50.
Liébana-Cabanillas, F., & Lara-Rubio, J. (2017). Predictive and explanatory modeling regarding adoption of mobile payment systems, Technological Forecasting and Social Change, Volume 120, July 2017, Pages 32-40.
Lin, H. F. (2011). An empirical investigation of mobile banking adoption: The effect of innovation attributes and knowledge-based trust, International journal of information management, 31(3), 252-260.
Luo, X., Li, H., Zhang, J., Shim, J.P., 2010. Examining multi-dimensional trust and multifaceted risk in initial acceptance of emerging technologies: An empirical study of mobile banking services, Decision Support Systems, 49(2), 222 – 234.
Madan Khushbu , Yadav Rajan (2016). Behavioural intentions to adopt mobile wallets: a developing country's perspective, Journal of Indian Business Research, 8(3).
Makanyeza, C., & Makanyeza, C. (2017). Determinants of consumers’ intention to adopt mobile banking services in Zimbabwe, International Journal of Bank Marketing, 35(6), 997-1017.
Malhotra Pooja, Singh Balwinder (2010). An analysis of Internet banking offerings and its determinants in India, Internet Research, 20(1) 87 – 106.
Malik, S. (2014). Technological innovations in Indian banking sector: changed face of banking, International Journal of Advance Research in Computer Science and Management Studies, 2(6).
Mansumitrchai, S., & Al-Malkawi, H. A. N. (2011). Factors underlying the adoption of online banking by Mexican consumers, International Journal of Business and Management, 6(9), 155.
Mohammadi, H. (2015). A study of mobile banking usage in Iran, International Journal of Bank Marketing, 33(6), 733-759.
Mortimer Gary, Neale Larry, Hasan Syed Fazal E, Dunphy Benjamin (2015). Investigating the factors influencing the adoption of m-banking : a cross cultural study, International Journal of Bank Marketing, 33(4), 545 – 570.
Mullan, J., Bradley, L., & Loane, S. (2017). Bank adoption of mobile banking: stakeholder perspective, International Journal of Bank Marketing, 35(7), 1154-1174.
Munnukka, J. (2007). Characteristics of early adopters in mobile communications markets, Marketing Intelligence & Planning, 25(7), 719-731.
Negahdari, A. (2014). A study on gender differences influencing on online buying, Management Science Letters, 4(10), 2203-2212.
Noor, M. M. (2011). Determining critical success factors of mobile banking adoption in Malaysia, Australian Journal of Basic and Applied Sciences, 5(9), 252-265.
Patel, V. (2016). Use of Mobile Wallet Service by the Youth: A Study based in Ahmedabad, ASBM Journal of Management, 9(2), 50.
Patil, P. A. (2017). Has Demonetization Really Helped in Growth of PayTM?, International Journal of Advance Research, Ideas and Innovations in Technology, 3(6), 356-358.
Petty, R. E., & Cacioppo, J. T. (1986). The elaboration likelihood model of persuasion, In Communication and persuasion (pp. 1-24). Springer, New York, NY.
Phonthanukitithaworn, C., Sellitto, C., & Fong, M. W. (2016). An investigation of mobile payment (m-payment) services in Thailand, Asia-Pacific Journal of Business Administration, 8(1), 37-54.
Püschel, J., Afonso Mazzon, J., & Mauro C. Hernandez, J. (2010). Mobile banking: proposition of an integrated adoption intention framework, International Journal of bank marketing, 28(5), 389-409.
Rathore, H. S. (2016). Adoption of Digital Wallet by Consumers, Bvimsr Journal of Management Research, 8(1), 69.
Riquelme Hernan E , Rios Rosa E.(2010). The moderating effect of gender in the adoption of mobile banking, International Journal of Bank Marketing, 28(5), 328 – 341.
Rogers, E., (1995). Diffusion of innovations, (4th ed.), New York: Free Press.
Roy, S. K., Balaji, M. S., Kesharwani, A., & Sekhon, H. (2017). Predicting Internet banking adoption in India: a perceived risk perspective, Journal of Strategic Marketing, 25(5-6), 418-438.
Safeena, R., Date, H., Kammani, A., Hundewale, N., (2012). Technology adoption and Indian consumers: Study on mobile banking, International Journal of Computer Theory and Engineering, 4(6), 1020 – 1024.
Salhieh Loay, Doleh Jamal Abu, Hijai Nada (2011).The assessment of e-banking readiness in Jordan, International Journal of Islamic and Middle Eastern Finance and Management, 4(4), 325 – 342.
Sampaio, C. H., Sampaio, C. H., Ladeira, W. J., Ladeira, W. J., Santini, F. D. O., & Santini, F. D. O. (2017). Apps for mobile banking and customer satisfaction: a cross-cultural study, International Journal of Bank Marketing, 35(7), 1131-1151.
Samudra, M. S., & Phadtare, M. (2012). Factors influencing the adoption of mobile banking with special reference to Pune City, ASCI Journal of Management, 42(1), 51-65.
Sangle Purnima S., Awasthi Preety (2011).Consumer's expectations from mobile CRM services: a banking context, Business Process Management Journal, 17(6),898 – 918.
Shin, D. H. (2009). Towards an understanding of the consumer acceptance of mobile wallet, Computers in Human Behavior, 25(6), 1343-1354.
Sikdar Pallab, Kumar Amresh , Makkad Munish (2015). Online banking adoption: a factor validation and satisfaction causation study in the context of Indian banking customers, International Journal of Bank Marketing, 33(6).
Singh, N., Srivastava, S., & Sinha, N. (2017). Consumer preference and satisfaction of M-wallets: a study on North Indian consumers, International Journal of Bank Marketing, 35(6), 944-965.
Singh, V. (2018). Demonetisation-India's March Towards Digital Economy, Paripex-Indian Journal of Research, 6(6).
Sulaiman, A., Jaafar, N. I., & Mohezar, S. (2006). An overview of mobile banking adoption among the urban community, International Journal of Mobile Communications, 5(2), 157-168.
Sumerta, I. K., & Wardana, I. M. (2018). Analysis Of Intention To Use Electronic Money In Denpasar City: TAM Approach, Archives of Business Research, 6(10).
Tan, E., Tan, E., Leby Lau, J., & Leby Lau, J. (2016). Behavioural intention to adopt mobile banking among the millennial generation, Young Consumers, 17(1), 18-31.
Teo, A. C., Tan, G. W. H., Cheah, C. M., Ooi, K. B., & Yew, K. T. (2012). Can the demographic and subjective norms influence the adoption of mobile banking?, International Journal of Mobile Communications, 10 (6), 578-597.
Thakur Rakhi (2014). What keeps mobile banking customers loyal, International Journal of Bank Marketing, 32(7), 628 – 646
Thakur, R., & Srivastava, M. (2014). Adoption readiness, personal innovativeness, perceived risk and usage intention across customer groups for mobile payment services in India, Internet Research, 24(3), 369-392.
Thanh Huong Thi, Corner Tran James (2016).The impact of communication channels on mobile banking adoption, International Journal of Bank Marketing, 34(1), 1-35.
Tripathi P., Nanda N(2017). Impact of De-Monetization on consumers of Delhi/ NCR, International Journal of Economics & Finance Research & Applications Vol. 3, Issue 1 - 2017
Upadhyay, P., & Jahanyan, S. (2016). Analyzing user perspective on the factors affecting use intention of mobile based transfer payment, Internet Research, 26(1), 38-56.
Upadhyay, P., & Jahanyan, S. (2016). Analyzing user perspective on the factors affecting use intention of mobile based transfer payment, Internet Research, 26(1), 38-56.
Venkatesh, V., Davis, F.D., (2000). A theoretical extension of the technology acceptance model: Four longitudinal field studies, Management Science, 46(2), 186 – 204.
Venkatesh, V., Morris, M. G., Davis, G.B., Davis, F. D., (2003). User acceptance of information technology: Toward a unified view, MIS Quarterly 27(3), 425 – 478.
Wessels, L., & Drennan, J. (2010). An investigation of consumer acceptance of M-banking, International Journal of bank marketing, 28(7), 547-568.
Wu Dexiang, Wu Dash Desheng(2010).Performance evaluation and risk analysis of online banking service, International Journal of Bank Marketing, 39(5),723-734.
Yadav Rambalak, Chauhan Vikas Pathak Govind Swaroop (2015).Intention to adopt internet banking in an emerging economy: a perspective of Indian youth, International Journal of Bank Marketing, 33(4), 530 - 544.
Yang, A. S. (2009). Exploring adoption difficulties in mobile banking services, Canadian Journal of Administrative Sciences/Revue Canadienne des Sciences de l'Administration, 26(2), 136-149.
Yang, Y., Liu, Y., Li, H., & Yu, B. (2015). Understanding perceived risks in mobile payment acceptance, Industrial Management & Data Systems, 115(2), 253-269.
Yee-Loong Chong, A., Ooi, K. B., Lin, B., & Tan, B. I. (2010). Online banking adoption: an empirical analysis, International Journal of Bank Marketing, 28(4), 267-287.
Yu, C. S. (2012). Factors affecting individuals to adopt mobile banking: Empirical evidence from the UTAUT model, Journal of Electronic Commerce Research, 13(2), 104.
Zhou, T. (2012). Examining mobile banking user adoption from the perspectives of trust and flow experience, Information Technology and Management, 13(1), 27-37.
Zhou, T. (2012). Understanding users’ initial trust in mobile banking: An elaboration likelihood perspective, Computers in Human Behavior, 28(4), 1518-1525.
Zhou, T. (2014). Understanding the determinants of mobile payment continuance usage, Industrial Management & Data Systems, 114(6), 936-948.
