Open AccessPresent Prominence of the Electronic Wallets in India
Publication year - 2019
Publication title -
international journal of recent technology and engineering
Language(s) - English
Resource type - Journals
ISSN - 2277-3878
DOI - 10.35940/ijrte.d1025.1284s319
Subject(s) - payment , business , the internet , database transaction , electronic money , mobile payment , cash , government (linguistics) , digital divide , commerce , electronic cash , telecommunications , internet privacy , finance , computer science , world wide web , programming language , linguistics , philosophy
In today's ever-changing technological dependent world, electronic wallets are in their early stages of development and expected to evolve in the coming years, yet, no one in the payment ecosystem knows precisely how the mobile electronic wallet marketplace will evolve in the coming years. It is estimated that Global electronic wallet transaction volumes will be about INR 41.8 billion in 2016. A digital or electronic wallet (e-wallet) as called, is basically a software that allows a user to make an electronic payment in cash or link it with their respective bank account making payments with ease be it for purchase of a prepaid mobile recharge, a train ticket or even a television. In India, the e-wallet is very useful as the convenience of not carrying physical cash is drastically reduced. Furthermore, the Central Government’s push for digital payments and a digital India is making inroads not only in the urban markets but, also in the rural hinterlands especially the prepaid wallets as mobile reach is far higher than Internet access. To a large extent, banks though physically present across thousands of towns pan India prefer and encourage digital payments for everyday transactions. This whitepaper explains the future capabilities of electronic wallets and the role they will play in India in the coming years..