Digital Wallet Development in India: A Learning on Consumers’ Pleasure.

Abstract

In today’s fast-moving lifestyle people need to adopt more convenient and secure gadgets to make their life more comfortable. To achieve this goal, there is an innovative application called Digital Wallet. The digital wallet refers to an electronic device or service provided to persons enabling them to conduct electronic transactions. It is also known as e-wallet. Virtual cash or Cashless Transaction is an upcoming technology that has seen a tremendous growth in the past year. Cashless payments are now becoming a popular trend in almost every field. Demonetization has forced a lot of places to accept digital payments. Use of e-wallets helps in moving away from cash based economy. In the process, all the transactions get accounted in the economy, which has the effect of reducing the size of the parallel economy. The presence of mobile wallet spreading from urban to rural areas on a large scale. Hence, wallet money sees a high bright future in near time. It is concluded that India's digital payments industry will grow to more than 300% of its current size by 2025. The growth arc of digital payments is impressive, especially considering India's previously large unbanked population.