Present Prominence of the Electronic Wallets in India
C. Thangamani1, J. Srinivasan2

1C. Thangamani, Ph.D Full-Time Research Scholar PG & Research, Department of Commerce, R.V. Government Arts College, Chennai (Tamil Nadu), India.
2Dr. J. Srinivasan, Associate Professor, Research Supervisor PG and Research, Department of Commerce, R.V.Government Arts College, Chennai (Tamil Nadu), India.
Manuscript received on 29 November 2019 | Revised Manuscript received on 21 December 2019 | Manuscript Published on 31 December 2019 | PP: 167-171 | Volume-8 Issue-4S3 December 2019 | Retrieval Number: D10251284S319/2019©BEIESP | DOI: 10.35940/ijrte.D1025.1284S319
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Abstract: 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.
Keywords: Mobile Wallet, M-Wallet, Electronic Mobile Wallet, E-Wallet, Digital Wallet, Electronic Wallet.
Scope of the Article: e-governance, e-Commerce, e-business, e-Learning