The report contains
User Research
Personas
Heuristic evaluation for Paytm, Mobikwik, ICICI Pockets and Freecharge
Recommendations
Product and marketing strategy
3. Study the consumer behavior in their day-to-day money transactions to
identify alternative opportunity areas for the same.
Identify the user’s pain points, joys, frustrations, desires, influencers, mental
models in all payment life cycle in most aspects of life.
Hypothesis validation of the proposed feature set.
Study the behavior of prospective users to understand the motivation that will
drive them to be a part of Kotak’s solution.
Perform a UX benchmarking exercise in order to assess how users perceive
the available solutions out in the market and the UI performance of
competitors in various stages of the user’s journey.
Research Objectives
4. A detailed User Research was undertaken by INKONIQ on behalf of KMBL, with
the primary objective of understanding a user’s mindset to identify information,
which drives them to use mobile wallets, their pain points, and desires in terms of
transactions, shopping, finance management etc. Various research methods like
heuristic evaluation, desk research, ecosystem study, user interviews, survey and
persona definition were executed to filter effective suggestions for the application
in the form of a roadmap.
The scope is limited to User Research and does not include Market Research.
The activities include:
1. Ecosystem mapping / Heuristic evaluation
2. User segmentation
3. User research
4. Persona definition
5. Recommendations
Scope of Research
5. 24 individuals with different backgrounds (students, professionals, businessmen,
family) from Tier 1 & Tier 2 cities such as Bangalore, Mumbai and Coimbatore were
interviewed during the research.
An online survey was also conducted. The interviews were designed in a semi-
structured pattern to guide the participants to discuss the aspects which were
required to be understood by this project.
Execution Methodology F2F Interviews Online Survey
6. User experience competitor benchmarking is done to assess the strengths and
weaknesses of products already in the market. The results helped to gather ideas
and leverage wisdom to continue where the competitors left off, identify pros and
cons of a product or process, and make difficult decisions about strategic direction.
In this study, PayTM, Mobikwik and ICICI Pocket has been chosen as the
competitors.
Ecosystem Mapping /
Heuristic Evaluation
8. Secondary Research Findings
Contd..
● PayTM and Mobikwik have done a good job with information architecture
and structuring.
● Mobikwik & Freecharge have lesser features as compared to Paytm but both
do a better job in providing clarity on what the user can accomplish.
● Users were able to comprehend the value proposition of Freecharge &
Mobikwik better.
● As per Nielsen's report, the key factors that limit consumer’s willingness to
use mobile payments include Lack of Trust, Inconvenience & Poor Data
Connectivity.
● Mobile Wallet success is highly tilted towards offers/deals and tie-ups with
large no. of merchants, PayTM is one key example.
● As per Nielsen's report, the scope for the wallet is not limited to Tier 1 cities;
people from non-metro cities spend relatively more time than metro cities.
● Males dominate the mobile payment category.
9. ● Disruptive Technologies in use - Tone Tag, Magnetic Secure Transmission.
These technologies allow payments to process on current infrastructure.
● P2P Money Transfer is simplified to such an extent that email, phone number or
twitter handles are the only input fields required, along with the amount to be
transferred. Square Cash is one key example.
● Payments can be done without a data connection. mPesa (By Vodafone) in
Kenya introduced this revolutionary concept and been extremely successful.
● Coin is a Digital card aggregator which simplify the issues of carrying multiple
cards.
● Digi Locker, a govt initiative, used to digitally store identities and is legally
acceptable everywhere.
● Alipay is a key player with maximum market penetration, but only in China.
Secondary Research Findings
10. Based on the understanding of the landscape, the interviewee database was segregated
into 4 segments to collect the data for the research. This was to validate the hypothesis
and define the feature list. This also helped us to understand the user’s current pattern of
wallet usages in particular as well as the money transactions in general.
The Millennial
Busy Bee
Working Lady
The Explorer
The Migrant
The Businessman
User Segmentation
12. Methodology: Semi-structured interviews
Age Group: 20-39
Segmentation: Students, Working Professional, Businessmen
Total number of participants: 24
Gender diversity: 75% Men and 25% Women
Locations: Mumbai, Bangalore, Coimbatore.
Study Distribution: 8 interviews across each city
Research Execution
13. Hypothesis & Ideas
validated
Various hypotheses & ideas in following areas were tested to derive the insights.
1. Safety, security & transaction behaviour
a. Perception mapping
b. Preferred mode of transaction
c. Mobile wallets
d. Joint account
2. Online & Offline purchase behaviour
a. Online Vs. Offline shopping
b. Loyalty cards
3. Digital identities - It’s usage and storage
4. Personal finance management solutions
5. Services aggregation in various sectors like MStore, Offers etc
6. Stickiness - Ways to ensure daily usage of the solution
15. 1. “Private banks are better, everything takes lesser time”
2. “HDFC resolves these issues very easily. Have much more
functionalities”
3. “One bad experience & the new customer is gone”
4. “During a transaction with PNB my money got stuck, when I called, the
they informed me that they will tell what will happen with the money
after in 45 days”
5. “Stancy is better and incase you call them about complaints and
everything, they respond very quickly”
6. “Had a bad experience with SBI, I transferred some money from
Stancy to SBI account, it did get debited from stancy but did not reach
SBI,, when I called, SBI customer care was casual with the answers”
7. “SBI Bank, they ****. Literal govt employees”
8. “The day I start earning I will throw away the SBI account”
9. “Needed a DD made and got it in moments from HDFC Bank”
Usage count
PERCEPTION MAPPING - PVT. Vs PUBLIC BANK “Quotes from user interviews”
16. PERCEPTION MAPPING - PVT. Vs PUBLIC BANK
Issue redressal experience
Time taken to add a payee
Delay in money transfer
Poor services
Scepticism towards public banks
Proactive instead of reactive issue
redressal
Least time to add a payee
Very quick money transfers
Rewards
Key pain points Desires
17. 1. “Typically, if u see my transactions, I am a credit card guy. It offers
reward system”
2. “Petty cash is a big problem”
3. “Debit card, it is quick & convenient”
4. “I actually want to remove the pain of going to an ATM, Infact one
day I was thinking if these people have a PAYTM, my cook and
maid, these big-big restaurants they have a paytm and I can
transfer them money, अच्छा, आराम का दिन ”
5. “My Preferred mode of transaction is debit card. It's very
convenient”
6. “I don't find cash transactions very good, I prefer to use debit card
or internet banking, because it gives me a proof that I am making
transactions”
7. “Petty cash is a problem-Auto, cash, सब्ज़ी वाला . But all that
happens when you go to the store, remove that part.”
PREFERRED MODE OF TRANSACTION“Quotes from user interviews”
18. PREFERRED MODE OF TRANSACTION
Carrying cash
Petty cash
Proof of transaction
Very convenient “PayTm Like” Transactions
Record of every transaction
Key pain points Desires
19. MOBILE WALLETS - Cashback & Offers “Quotes from user interviews”
1. “The key reason for me using paytm is cashbacks and discounts”
2. “भाई इसपे कोई ऑफर है क्या?”
3. “I have an account with Mobikwik also, and whenever I get a cashback I
recharges it and then use it.”
4. “The primary motivator for using a mobile wallet is the offer, as it does
the same thing as your credit card”
5. “Paytm has the cashback offer so that is good and transaction
experience has been good.”
6. “If there is an offer, I will buy.”
7. “Anything that is present on Internet and gives me return, I use it”
8. “We have a group on facebook which has 34K people, it is for
discussing offers”
9. “Personally I use wallet only when I have some profit from it, why to get
you money into your wallet and get it stuck”
20. MOBILE WALLETS - Convenience “Quotes from user interviews”
1. “I would love to pay everywhere through the wallet, as I don't
have to take out my purse and then take out credit card. I think
a lot about paying through wallet everywhere”
2. “The time when people will stop using wallets is not very far, &
people like me will stop using physical wallets”
3. “I was having 1k Rupee note, and when I bought the stuff, he
didn't have change, and he did not accept cards and all, at last
he said do you have a PAYTM account, then transfer” He says
“I was more than delighted”.
4. “Rewarding thing is the convenience of payment, even if the
rewards are off I will use them”
21. MOBILE WALLETS - Payment Ecosystem“Quotes from user interviews”
1. “If you look at all the associated apps you have for food, for travel
like Uber if you consider, they have PayTm aligned to them as a
payment mode, that was my one point as in the tipping point for me
to start using Paytm”
2. “Also one key thing with PayTm is that PayTm also has shopping
integrated to it, so whatever cashbacks you get you can use it to do
shopping”
3. “You can buy food, grocery, movie tickets, clothes, travel, you can
do everything with Paytm”
22. Key pain points Desires
Manually loading money to account
Cannot withdraw cash out of it
Transferring money to a peer not having
PayTm
Remembering due dates for payments
Logging in using Username/Password
Blocking of money
Sharing of banking details
Transaction failures
Cashless transactions
Very easy login and onboarding
Getting rewarded for parking money
Unhindered access to wallet money
Avenues to spend the money with the
effortlessness of mobile wallet transactions
Quick money transfers without the requirement of
being on same payment wallet.
Proactive feedback & redressal mechanism
MOBILE WALLETS
23. 1. “No, never had the need. Second, I don't want to show
my bills to my dad. It did come to my mind at certain
instances but never had the need for a joint account.”
2. “People don't want to become too transparent about the
volume of their transactions”
3. “I think that was the motivation, we wanted to have an
account, anybody in family can pool in money and it
works more of a piggy bank kind of thing.”
4. “I changed the phone number for notifications in the
joint account, so that all the notifications came to me
instead of them”
5. “There are certain transactions which I do not want to
disclose to parents like how much I shop online, how
frequently do I go out for drinking.”
6. “I don't want a joint account as my transactions will be
too much transparent”
JOINT ACCOUNT“Quotes from user interviews”
24. Key pain points Desires
Transparency in transaction. Confidentiality of transaction details
Very quick money transfers
JOINT ACCOUNT
25. ● People trust & like private banks relatively a lot more than public sector banks,
and it is driven highly by quick redressal of issues. This trust can be utilized in
marketing campaigns.
● Debit cards are preferred mode of transaction for most people, as they find it
convenient, but interestingly people do like PayTm and in several cases across
the research have desired to use mobile wallets as the preferred mode of
transaction.
● Quick money transfer is the most extensively occurring online transaction and
time to add the payee is the greatest pain point. A quick way to transfer money
directly to the account, available on the fingertips and can be a great feature.
Squarecash is one such great example.
● Wallet-to-cash : In people’s perception, the money parked in mobile wallets is
“Blocked Money”. Either a complete ecosystem where the money in the wallet
can be used in all kinds of transactions (The kind which PayTm is trying to
develop) or unblocking the money is very likely significant traction from people
● Key market drivers in mobile wallet segment are cashbacks & offers, for most
people the yardstick for selecting which wallet to transact from, depends on
where is the better offer.
● With a product positioned as a mobile wallet, is likely to attract traction only if it
offers cashbacks & discounts. Strategic positioning of the solution is a key factor
for success.
INFERENCES
26. ● Word of Mouth: People believe their friends and family more in the process of
selecting product.
● People aspire to pay their local supplier with the convenience of mobile wallet
transaction, but the key question to ponder here is “do they want to accept money
through it?”
● Transaction failures through mobile wallets is a key deterrent in people’s opinion.
● For frequent users of mobile wallet, paying parking money again & again, is
frustrating. They desire a way that it happens automatically or with least effort.
● Deep down these cashbacks and discounts make people feel rewarded and
proud. A system which could show that they have achieved something or the
other, will promote stickiness.
● People don't find a reason to park money to their wallet, although they do seek a
reason to do so.
● Petty cash is a problem, but it’s not their topmost priority, though people desire
for it to be solved.
● The everlasting opinions of a product are formed by people on the basis of how
their issues were addressed by bank. People are looking for a complete product
experience with very responsive and robust mechanism, which keeps them
informed at every point of time.
INFERENCES
28. 1. “Convenience is one big factor in online shopping space, you don't
have to travel to the stores but you can get what you want.”
2. “I am a very frequent online shopper, 70% of my purchases are
online”
3. “I prefer to shop online, as wallets are integrated and there are a lot
of options”
4. “I prefer to shop online, I do not like to interact with a lot of people”
5. “If I want to buy something, I research everywhere, Flipkart, Jabong,
Myntra they all have the same kind of products”
6. “I am not really comfortable with certain categories to be purchased
online. Like, something which is more personalized, like clothes,
shoes.”
7. “Waiting in line for paying at stores is irritating, it takes more time to
pay than shop”
8. “I pay through wallet in case there is an offer for online shopping or
else I use my debit card”
9. “I travel frequently to Nasik. I urgently wanted to send money to my
father. I use Imobile by ICICI, I couldn't send it because of poor
network connectivity”
ONLINE VS OFFLINE SHOPPING“Quotes from user interviews”
29. Key pain points Desires
Return money getting blocked in wallet
Mobile phone data network Issues
Jump from one site to another for comparison
of products
Standing in queue at stores
Easy research of offers/prices of products
Convenient online payments
Paying quickly (Que buster)
Access to return money
ONLINE VS OFFLINE SHOPPING
30. 1. “I generally don't carry them, I use my phone number to get
those transactions on board”
2. “I don’t use loyalty cards, reward points are less. I am more of
an online buyer.”
3. “I have them in my purse and it makes it heavy, but they are
not useful”
4. “I have 1 card for 7-10 stores. The reward points they offer are
very less, so I don’t carry it.”
5. “I do have loyalty cards, I have also thrown some of them.
Lifestyle, Pantaloons, Reliance, Levi’s, Van Heusen, but I
don’t see a point in having them. The rewards they offer are
very less. But you know, if even they were online.”
6. “It’s very difficult, The conversion amount, the points which
you get are very low, so I don't use it”
7. “I don’t want any loyalty cards, I don't want to be a part of
loyalty stuff, they send a lot of mails and SMS”
LOYALTY CARDS“Quotes from user interviews”
31. ● It can be safely said that people in Metro cities are a lot more inclined to online
shopping rather than offline shopping.
● Strategically, getting Amazon, Flipkart, Myntra and Jabong should be kept as
top priority as most people frequently buy from these sites, Amazon enjoys the
trust from major chunk of the interview participants as the whole product
experience is very user friendly.
● PayTm is very extensively used with Uber. For some, it was the tipping point to
use PayTm. Best Buses, NMMT buses, Mumbai Local has mobile ticketing
presence, but have not ventured with any mobile wallet companies for
payments. Targeting Mass Transit can be a great strategy to garner mass
acceptance.
● Frequent travellers find themselves facing the mobile network issue. Sometimes
urgent transactions gets stuck due to poor data network.
● Behaviourally, people often research a lot before buying anything online. The
research is mostly directed toward finding the least price. Having a product price
comparison feature is very desirable by most.
● People do not want to stand in queues at stores for payment. They desire a
solution for this problem.
INFERENCES
32. ● People sometimes do not wish to use mobile wallets for online purchase,
the key reason is in case of returns, their money will be blocked in the
wallet. People want access to their money all the time.
● In metro cities, most of the people prefer to pay through net banking for
online purchase.
● People, in general, are not very impressed by loyalty systems provided by
brick & mortar stores.
● The redeem value of the loyalty points accumulated is very low, thus people
at large do not like to keep loyalty cards or do not see any value in it.
● Nowadays, instead of giving loyalty cards, companies have started
rewarding using phone number. After purchase, smses are sent to the
customers.
● In very remote cases, people did desire to have the loyalty points online.
INFERENCES
34. 1. “I typically don't carry my original IDs, I used well disguised
duplicates of them”
2. “The decision to keep ID card duplicates was a consciously taken
decision”
3. “Oh, the Hyderabad police initiative. It's nice”
4. “If I lose my ID cards, I don't know what I will do”
5. “I have lost my wallet thrice, so all my documents are scanned
and they are uploaded to DigiLocker, Email and Google Drive”
6. “Pan card, Aadhar card, ID’s everything is in the purse, but I have
also kept photocopies of them in case I loose them”
7. “It was very progressive and very impressive, did not feel the
need, but something like that can make our lives very convenient”
8. “Although I do intend to keep it safe somewhere, but hasn't done
it yet”
9. “I used to keep my Aadhar card, Pan card, but I lost it so I don't
keep it in purse now”
PHYSICAL TO DIGITAL WALLET“Quotes from user interviews”
35. Key pain points Desires
Losing original identity cards
Cumbersome wallet
Wallet management
PHYSICAL TO DIGITAL WALLET “Quotes from user interviews”
Keeping ID’s safe
Keeping them available when required
Not carrying the wallet
Digital visiting cards
36. People are looking for means to carry their IDs, which are legally acceptable.
People plan to take correctional steps to this, but are lazy to take initiatives, a
solution available at fingertips all the time can fill the gap
Scanned documents kept as a part of the digital wallet help in developing the
perception of a complete solution.
Security of the documents is a concern as some people do not want to share any
confidential data about them, this issue needs to be addressed.
People do not wish to keep a lot of artifacts into their wallet. Management of
business cards is also a considerable pain, this issue was raised in the
interviews.
INFERENCES
38. 1. “I am the worst financial planner”
2. “Where I have spent ? How much? I would atleast know. Next time it
will help me curtail in case I am spending too much on something
unnecessary”
3. “I am aware that there are apps to manage finances, but as they
read smses that not effective always.”
4. “The walnut gives you graphs and charts, I wanted to see those
graphs”
5. “I use a book to keep the record of all transactions.”
6. “If you can track all my expenses,वो तो आसम हो जायेगा"
7. “I don't plan my expenditure because I tried doing it, I used excel
sheet but on weekends I spent so much it was difficult to remember
everything so I left it. But I do wish to plan my expenditure”
8. “During travel, I am typically diligent and carry the copies or if I am
worried about if I lose them, I typically take a photograph and keep it.
There have been multiple cases where I have lost my bills. I have
felt the need to take considerable step to prevent myself from losing
bills”.
PERSONAL FINANCE MANAGEMENT“Quotes from user interviews”
39. Key pain points Desires
Difficult to keep track of transactions
Don't know how to do substantial financial
planning
Segregation of bills
The current sms reading technology for
expense tracking
Recording cash transactions
Losing bills
PERSONAL FINANCE MANAGEMENT
Keeping track of expenditure and analysis of
spending behaviour
Successful personal financial planning
Managing bill receipts efficiently
Effortless transfer of recurring bills
Bill due date reminders
40. Most of the interviewees displayed keen desire to manage personal finances
efficiently.
Most of them have already tried by themselves in one way or another and have left
it because of its failure.
People who travel need to segregate their personal finances from professional
ones. A two mode finance tracker, which can record both transactions
separately in the same system can be very useful.
People are keen to learn how their personal finances can be managed well, a blog
on PFM from bank can well enhance the perception of the product and its
stickiness.
The current technology of reading smses proves slightly inefficient as people forget
to record cash transactions. This needs to be taken care of.
People often tend to forget the due dates of various bills, people often opt for ECS
(Electronic Clearance Scheme) and desire the convenience with most of their
recurring bills. ECS at fingertips can be very useful for people.
Walnut App is one fine example of PFM, with a few minor pain points.
INFERENCES
42. 1. “Aggregation”- Yes it does, it does. Having options is not bad. It helps a lot”
2. “I use grofers, big basket for grocery. Where ever I get what I want in lesser
price, I use it”
3. “I use a website called grabon so whichever wallet is giving me best offer, I
will use that”
4. “I would not say that I use them (shopping apps) regularly, maybe once a
week, maybe at times, not to buy products, but to browse through them,
whether the deals are nice or something catchy comes up”
5. “I keep alot of apps so that I can get whatever I want”
6. “BMS for Movie booking as it has a lot of things at one place”
7. “I use Cleartrip and Yatra both, जहाां भी बेटर ममले वह से I take it”
SERVICE AGGREGATION“Quotes from user interviews”
43. Key pain points Desires
Paying the least price for needs
Getting the best deals and offers with ease
Getting notified about offers for upcoming
needs.
SERVICE AGGREGATION
Site/App hopping
Keeping multiple similar apps (Storage issue)
44. 1. Immaterial of financial strata, everyone looks for offers.
2. It has already been established that most people research quite a bit before
buying anything, easing that research can promote stickiness.
3. People often wait for offers after establishing their future needs, a feature which
can notify them of lowest price/best offers for the product or segment of their
choice is very likely to promote stickiness.
4. People use websites like GrabOn, Nearbuy to find deals of their choice.
5. Bookmyshow has been mentioned a lot of times in the interviews. Most
interviewees look at it as a complete product right from deciding which movie to
watch to booking tickets and now food as well and by large it is the only app
used for booking movie tickets.
6. Strategically getting them onboard will capture a very large movie ticket booking
market.
INFERENCES
46. The proposition of what could possibly promote stickiness, was discussed with
the interviewees.
There was no pattern found in general, apart from a minor traction to health
consciousness.
But the idea that they could wake up to something they love made people
happy.
INFERENCES
48. The millennials & the explorers are the primary personas for design of this
system.
The reason being they are not only extensive users, but also are influencers.
The research shows that word of mouth certainly is a key driver for penetration in
the wallet market. These two personas are very likely to trickle the product
information to their peers and family members.
These two personas are also very advanced users of the application and are
aware of all the benefits and shortcomings of wallets. A system intended to
be designed for them will cover new users effectively.
PERSONAS
52. RECOMMENDATIONS
During our research on the different available mobile wallet solutions, the key pain points most
users faced were:
Transferring of money frequently to their wallets
Liquidation or adding of money back to the bank accounts from their wallet
Complexity of sending money to peers who do not have the same app
Frequent transaction failures (connectivity issue and app failure)
Addressing these pain points would give Kotak a huge advantage in the market.
The Desired Ecosystem
53. Marketing:
Private banks enjoy the trust & confidence of Metro citizens way more than
public sector banks. This can be effectively leveraged while marketing this
product. It should also focus on aspects like inducing confidence in the security
of his/her money parked, promise of better service and “lightning fast” grievance
redressal.
The Ecosystem:
The ecosystem should be built such that there are more avenues to spend
through the mobile wallet. Tie-ups with a varied spectrum of merchants,
enabling them to accept money through this system, and allowing them encash
the same upon requirement.
(Example, QR codes can be introduced to brick and mortar/kirana stores to
simplify transactions. ATMs can help them withdraw this money.)
A few of the key vendors to get on board would be Amazon, Flipkart, Myntra,
Jabong, public transport companies like BMS, Mumbai Local, NMMT, BEST
buses apart from others.
RECOMMENDATIONS
54. RECOMMENDATIONS
Product Positioning
People look at mobile wallets for cashbacks and offers, which is an already
crowded market. Positioning this product as ‘JUST ANOTHER MOBILE
WALLET’ would not give it an edge.
It can be possibly be positioned as:
1. A complete personal finance management system with the ability to send or
receive money.
2. A digital replacement to physical wallets.
3. A replacement of physical banks for the masses.
55. RECOMMENDATIONS
1. Finance Manager:
A system for managing user’s financial transactions could be a great hook for the
product. Their spending behaviour data can be used to push other banking
products to them.
A vault for keeping their receipts and bills, information of their spending patterns
and a blog about managing finances efficiently could increase customer
engagement and ensure stickiness.
2. True Digital Wallet:
A system that replaces your entire physical wallet, storing all ID proofs, business
cards, driving license, loyalty cards along with money. This can be used anywhere
one needs to flash their ID or even exchange business cards and any kind of
money transactions. The paranoia of losing one’s valuables currently being carried
in their wallet is also catered to. Building such an ecosystem could be a game
changer.
56. RECOMMENDATIONS
3. Banking Replacement:
The wallet could be positioned as a system that provides a user all the facilities and
perks of having a bank account itself. This app would serve as a banking app for
existing Kotak users as well as new prospects, which provides every facility of a
mobile wallet. The advantage of the same is two fold, wherein users would not hesitate
to key in their details, and merchants would have direct connect with the bank for their
transactions.
For non Kotak users, this would serve as a mobile wallet solution which would fetch
them interest for the money parked in the wallet, and reward them for transactions
made through the system.
Onboarding of users by giving them a reason to add their cards to the system (either
Kotak or non Kotak), so that one is made aware of the best deals for each of their
cards (eg. BookMyShow gives a certain amount of cashback on using ICICI cards),
and also suggests which card can be used when & where (petrol bunks give a certain
cashback on AXIS bank cards).
