<p>This study employs conjoint analysis to empirically quantify how Indian consumers trade-off between multiple attributes when selecting digital wallets, addressing a critical gap in understanding electronic payment system (EPS) adoption. Using a fractional factorial design, we analyse preferences across six key attributes: mobile payment platform, authentication method, rewards, E-KYC compliance, security and privacy, and user interface. Primary data from 418 digital wallet users reveals that mobile payment platform choice dominates consumer decision-making (45.10% relative importance), followed by rewards (14.59%) and security features (13.72%). Utility estimation shows Paytm as the most preferred platform despite regulatory challenges, while cashback emerges as the most valued reward type. Users demonstrate strong preferences for strict E-KYC compliance, high security standards, and user-friendly interfaces over their basic alternatives. This research provides the first comprehensive quantitative framework for understanding how Indian consumers prioritize and trade-off between competing digital wallet attributes, offering actionable insights for financial institutions and policymakers seeking to enhance digital payment adoption. The findings reveal that platform selection supersedes security concerns in importance, challenging conventional assumptions about digital payment adoption barriers in emerging markets.</p>