E-WALLETS

DIGITAL WALLETS

E-business students of SEMCOM college have carried out a survey under their initiative of 'Digital Wallet Mission' to know the public reception of digital wallets, of the 100 residents surveyed, 78% were in the age group of 15-34 and 34% of them were women; this survey reflected that more than 54 % of them use digital wallets either once or twice a month while 24 % of them use it on regular basis.

The acceptance of digital wallets has come with its one-click payment system and is considered as the fastest way of payment by about 50%of the surveyed population. The various offers provided by e-wallet service providers on payments made online attract users to switch to e-wallets over making cash payments. It has been observed that mobile bill payment and recharge have been the primary target for e-payments followed by e-shopping and travel booking.

The various problems people face while using mobile wallets include hidden charges, difficulty in remembering passwords and unavailability of appropriate facility on receiving end; more than 50% of female users of these wallets feel that they are inconvenient as applications are not user-friendly and they make them feel insecure; only 10% of the female users accept them as a good alternative to cash payments.

With the introduction of demonetization policy of the central government, a significant increase has been observed in the use of e-commerce specially mobile wallets.

In a nutshell, many people now prefer this technique of payment over cash transfer or swiping of credit/debit cards, however, many still do not trust this technique completely. We believe that there is a high potential for this technology to accelerate country's economic growth and fight against malpractices such as black money circulation.

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