Exploring the Adoption of Mobile Wallets Among People in Age Group 40-80

The study aims to explore the factors affecting the attitude of people in the age group 40-80 towards the adoption of mobile wallets. The study adopts qualitative research using the sample data of people in Nagpur in the age group of 40-80 years extracted by structured questionnaire. Factor analysis is performed in the study. The findings reveal that several factors namely security and psychological factors, digital literacy, technological barriers, financial inclusion, and negative experiences explain 68.421% of the total variance in attitudes toward mobile wallet adoption among people in Nagpur in the age group of 40-80 years. In spite of the fact that most people are using smart phones and technology, security concerns and psychological factors is found to be the most significant factor impacting the attitude of people towards the adoption of mobile wallets, followed by the variance explained by other factors like digital literacy, technological barriers, financial inclusion, and negative experiences. The primary reasons for consumers not choosing cashless transactions using mobile wallets were the concerns about technological obstacles, privacy, hesitation to disclose their account details and credit card information.