A Digital Payment Method-e-Wallet App used in India

Abstract

In India, the use of the internet and mobile phones has increased significantly during the past ten years. The use of digital payment is growing exponentially as a result of rising internet usage, mobile phone adoption, and government initiatives like "Digital India." Electronic consumer transactions done at the point of sale (POS) for goods and services utilizing a smartphone, Net banking, or mobile banking are referred to as digital payments. The acceptance of digital payments is significantly and favorably impacted by how consumers perceive them.

Payment apps, often known as mobile wallets, are payment systems that use a mobile device and are governed by financial regulations. The idea of paying with cash, a check, a debit card, or a credit card is becoming dated. Using a mobile wallet or mobile money transfer to pay for a transaction is a new payment method that is gaining popularity. Mobile payment is being steadily accepted and used in a variety of ways all around the world. In the year 2000, the first patent specifically defining a "Mobile Payment System" was submitted. According to Financial Access' 2009 research, "Half the World is Unbanked," the mobile payment system is being utilized in several developing nations to provide financial services to the under banked or unbanked, who are thought to make up close to 50% of the adult population worldwide. This research report examines the many e-wallet app types, features, functions, usage patterns, etc.