A STUDY ON “AWARENESS AND ITS RISK OF USING DIGITAL WALLET’S”

Abstract

The purpose of this study is to ascertain respondents' levels of awareness and usage patterns with regard to digital wallets in Vellore city. This study looks at people's understanding of the risks involved in utilizing digital wallets. In this paper it is evaluated user’s comprehension and concerns with 32 respondents using a simple random technique. The results demonstrate broad adoption motivated by convenience, particularly among younger users. The majority of participants used Google Pay, according to the findings. Furthermore, a significant segment of participants demonstrates an indifferent attitude towards trust-related concern, app functioning problems, and delayed payments linked to digital wallets. The survey also reveals differing levels of knowledge about cybercrimes, fraud, and privacy hazards. Notably, social media and online resources became the main avenues for raising awareness of these subjects. The conclusion emphasises how crucial it is for public sector banks to raise awareness through focused communication strategies in order to reduce the dangers associated with transactions using digital wallets and guarantee safe financial transactions for customers.