Adoption and Challenges in Usage of Mobile Banking: A Literature Review

During this Covid pandemic situation mobile banking plays a very important role in banking sector throughout the world. According to RBI report during March 2020 total value of 520199 crore of mobile payment has been recorded and during March 2021 total value of 1246220 crore mobile payment has been recorded. We can see a tremendous increase in usage of mobile banking in India. This data shows that majority of the customers are moving towards mobile banking due to its convenient way of banking. Universally availability of mobile devices as made banking activities easier compared to traditional branch banking. There is a rapid increasing number of mobile consumers which has affect in growth of mobile payment services. Previously mobile banking usage was carried out by only certain group of customers and usage was only to limited banking transactions. But know scenario has been changed. Adoption of mobile banking services has been tremendously increased in past few years. The purpose of this study is to find out the factors which influence in adoption of Mobile banking among customers and also to identify the challenges faced by customers during using mobile banking services. There are many studies conducted towards it. The intention of this Literature review is to identify some common factors which influence customers in adoption of mobile banking services and some common identified challenges during mobile banking usage from the various studies conducted and alsoto identify the research gap in the study. This study presents a detailed classification for mobile banking based on 100 articles in various journals on mobile banking, technology & information system, which are published from 2010 to 2021, RBI & Bank websites and wikipedia. The papers are classified into India towards Digitalisation, related works on mobile banking, adoption factors and challenges faced during mobile banking.