ADOPTION OF E-WALLETS IN INDIA AND THEIR BENEFITS FOR DIGITAL CONSUMERS
DOI:
https://doi.org/10.5281/zenodo.18619635Keywords:
E-wallets, Digital Payments, Adoption, Digital Consumers, Cashless Economy, Fintech, India, Demonetization, Mobile Wallets, Digital IndiaAbstract
The rapid growth of digital technology has significantly transformed financial transactions in India, leading to widespread adoption of e-wallets as an alternative to traditional cash-based payments. This study explores the adoption of e-wallets in India and examines the benefits they offer to digital consumers. The Digital India initiative and the demonetization policy of 2016 served as major turning points, accelerating the shift towards cashless payment systems and encouraging consumers and businesses to embrace digital modes of transactions. E-wallets such as Paytm, Mobikwik, PhonePe, and Freecharge have played a crucial role in enhancing the accessibility and efficiency of financial services through features like instant payments, QR code-enabled transactions, and secure digital platforms. The study highlights the key advantages of e-wallets, including convenience, time-saving processes, enhanced security, financial transparency, and support for small merchants. In addition, e-wallets contribute to financial inclusion by providing access to digital payment systems for individuals in rural and semi-urban areas. While the rapid adoption of e-wallets presents multiple opportunities, challenges such as cybersecurity risks, digital literacy gaps, and trust issues remain important areas for improvement. Overall, the analysis emphasizes the growing importance of e-wallets in shaping India’s transition toward a digitally empowered and less-cash economy.
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