Digital Wallet V/S Traditional Banking: An Analysis on Customer Preference

Abstract

Banking system are considered as the bank bone of any developed or developing economy. Banks are the financial institution which accepts deposits from people with surplus fund and directing them to the persons who are in need of money. In the course of this process they boost the economy by infusing necessary fund into the economy. The difference of the interest paid on deposits and interest earned on loans are the earnings of the bank. Traditional banking refers to going to banks to deposit fund, to withdrew fund or to for applying for loans. To put it simple in traditional banking system if we have to do any sort of banking activity we have approach branches of the respective banks. Digital wallet also known as e-wallet allows the user to make transactions from the comfort of their home and even provide loans to a certain amount without even visiting any physical institutions. These digital wallets will be linked to any banks where the customer holds an account. We are analyzing the wheatear the customer prefer digital wallets over traditional banking by considering primary as well as secondary data.