Title: Emergence of Digital Wallet as a service in India
ABSTRACT:
In today’s world, a Smartphone has become essential part of daily life. There was a time when transactions happened through barter system. Thereafter was the emergence of notes and coins. And presently, the world is moving towards the “Digital Wallet”. Due to technology, mobile users can use their Smartphone to make money transactions or payments by using applications installed in their phone. Digital wallet system is an essential part of electronic commerce. E-commerce provides the capability of trading on the internet. A digital wallet is a virtual service used as a substitute for physical cash. The present study tries to study the various factors that can affect a consumer’s
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It was found that digital wallet can be an alternate choice for online payments.
3. Users of digital wallet are satisfied with the services provided to them.
4. Security and safety of the funds is the most challenging issue for the users.
5. Dependency on internet connection to make payment is one of the major reasons for less adoption of digital wallet.
6. The most adored feature of digital wallet is that it is a hassle free mode of making an online payment.
Since demonetization took off, digital wallet companies have had lot of opportunities to penetrate into market and make India grow at digital life. The digital wallet company also expanded its merchant network by more than 1, 50,000. The company also added over 5 Million new users since demonetization started on November 8, 2016. This is the time, for Digital Wallet Companies to grow further and be the next way of growth because people are moving towards digital life by accessing internet facility to their life. Internet is dynamic in nature because it helps modernize the environment. The users of internet are increasing in India, so the digital wallet companies take an opportunity of demonetization and increase in internet users to grow
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Marketing and promotion programs should be conducted to create awareness among non- users.
2. Discount offers and reward points on making payment through digital wallet can increase its popularity and adoption as well.
3. To increase the use of digital wallet, it is required to educate consumers about the benefits of a digital wallet in simplifying and streamlining their purchasing experience. 4. Provide high level of security, coverage and convenience to the end consumers.
CONCLUSION:
Digital wallets are quickly becoming mainstream mode of online payment. Shoppers are adopting digital wallets at an incredibly rapid pace, largely due to convenience and ease of use. Tech -savvy shoppers are increasingly demanding seamless, Omni-channel retail experiences and looking for solutions that deliver this. There’s no question 2017 will be a pivotal year as digital wallets gain more widespread acceptance.
REFERENCES:
Electronic Wallet by Ambarish Salodkar, Karan Morey, Prof. Mrs. Monali Shirbhate ISSN: 2395-0072
Ways of Transacting Online by Mukta Sharma, Dr R.B.Garg ISSN: 2250-3153
Narendra Modi calls for making india a cashless society in Mann Ki Baat by ET Bureau, 2016.
As technology continues to develop at a rapid pace, many aspects of our lives are being transferred to the digital world. The internet has changed the lives of many, giving them a new way to communicate, learn, shop, and more recently, make online transactions without physical cash, checks or credit cards. In 2009, the world of digital currency was altered forever when Satoshi Nakamoto introduced bitcoin, a crypto-currency. It has shown an immense growth in popularity within just six years, offering consumers less fees, more safety, and no physical currency to keep track of.
As we can see now-a-days, there are many replacements to card payments such as MOBILE PAYMENT options like Apple and Samsung Pay. Recently, Apple has launched finger print (TOUCH ID) payment option in its new Mac-book Pro. Almost every application has its own wallet to pay. But still, as we know that technology is any day not secured. It might not be vulnerable today. But, we cannot predict its non-vulnerability because one day or the other, it becomes vulnerable to any type of attack.
Switching to a electronic paying method would mean that if one was unable to pay with the digital currency they would have to pay in smaller bills. This is touched on by source one in the quote “For example, cash is still handy if a hurricane or natural disaster knocks out the power grid” (Rogoff). The author touched on how small bills can help in the case of a disaster, but all transactions are not always less than 20 dollars, one could need gas, a car repair, or a variety of other things, and carrying a wad of twenties around is not only bulky but obvious. Assuming one even continues to have a back up store of liquid money, relying largely on electronic banking could mean that less people save cash money, and withdrawing money during a disaster could not work, as is described by the warning in source one, “Most disaster-preparation manuals call for people to keep some cash on hand, warning that ATMs might be paralyzed”(Rogoff) This small quote was included in the passage describing a case of why cash is
Digital Money-Disposable Money Cards, inspired by the success of prepaid phone cards. Web sites will be quick to accept the prepaid cards. Many items that have been free on the internet, such as downloads and plug-ins can be priced at fees of $1 or $2.
My first reason is that not everyone in the world takes only forms of electronic payment but also in the case of a city-wide emergency where there is no electricity there is no way to pay for items as a time of disaster. That would cause a panic among people who cannot obtain supplies. Some places are not that safe to use your credit card information that contains confidential identity that then it is quite difficult to fix fraud cases. Identity theft is a big issue that is hard to control and many skimmers who are always trying to steal your important information exist. According to article published by Bloomberg that big banks in Sweden are embracing a cashless society.
BillDesk, a property of IndiaIdeas.com Ltd. was conceived in early 2000 to solve the frustrations of most of us when it comes to paying bills. We have created BillDesk to help consumers like us leverage on the potential of electronic medium to better organise and manage our payments, while escaping some of the pitfalls of traditional bill payment services. At India Ideas we believe that the Internet is a powerful medium that will very soon graduate from being an engaging pastime to an indispensable and ubiquitous home tool, bringing with it, for consumers like us enormous benefits and convenience.
From PayPal to Debit cards, from EFT to Credit cards, this modern world has been inundated with new ways of making business transactions. Instead of the conventional use of dollars and nickels, now there are electronic payment systems. These types of systems allow for better trust and acceptance between consumer and businesses. In the traditional way of buying a product, one would see a product in person, and pay for it with cash or credit. In e-commerce, the business uploads images of its products online and it enables its customers to shop it using any type of electronic payment system.
Today, almost everyone has their credit cards or debit cards. It can be used in the malls, shopping online, buying tickets, and much more. Most of the time, people use it because it is more convenient because you do not have to bring cash which could be easily stolen and used; unlike cards where there would still be a number of security features.
users to send money, using computers. The same can be done by means of mobile phones that are support Web.
...(2003) surveyed internet users in 2001 to analyze the choice of payment instrument at point of sale (POS) and for bill payments and found that consumers who easily adopt new technology are more prone to use electronic payment channels. Results also depicted that factors like transaction value, bill’s frequency and physical characteristics of POS (cashier presence and self-service) determine the choice of payment mode.
The Information revolution is changing our daily lives. With the rapid development of computer and internet, online commerce become quite common and plays an important role in the modern world. The online business has booming development in these few years. US online retail sales raised an average of 11% in the first three months of 2009 (“US Online Sales Up,” 2009). The growth of online sales may due to the growing number of consumers who shop online. In the case of Asia, survey reported 77.6% of Internet users have online shopping experiences in 2003 (as cited in To, Liao & Lin, 2007). Online shopping is very different from traditional shopping. Consumers cannot touch and check the product before purchasing it, which means they are at higher risk of fraud than traditional shopping. Consumers also have other concerns such as credit cards security of online shopping. Then questions should be raised: what is the advantage of online shopping? Why people shop online? In following paragraphs, the advantage of online shopping for the consumer and consumer’s motivation to shop online will be reviewed and discussed.
For both personal and professional needs, a computer is of great help in taking care of financial matters. One way that computers help is in paying bills. Almost all bills, such as electric and telephone bills for the home, credit card payments, and installments on a car can be paid using a computer. Of course, one needs Internet access for this. Another financial convenience offered by computers is paying for purchases. In a similar way to paying bills, purchases can be ordered and paid for using the Internet and a credit card number. Then the item purchased can be delivered directly to your front door. Finally, a student at university, or someone who has graduated from high school, can take care of banking by computer over the Internet. In this case, one can transfer money from one bank account to another without going to the bank, sending a fax, or even making a telephone call. (155)
The use of credit and debit cards today are taking a tour in the sense that electronic cash is becoming more admissible as the world makes a switch towar...
A cashless society will further improve the globalisation that characterise our present time. The computerised systems can be used to decrease the quantity of paper trail therefore substituting paper cash with cashless credits or electronic money transfers. However, in a cashless economy, this will change with certain crimes almost eradicated. It will also be faster to generate electronic payments than cash as Near Field Communications (NFC) chips make their way into more payments cards and mobile handsets as well providing protection not applicable to purchases made using cash. This technology is simple with low power wireless link evolved from radio-frequency identification (RFID) tech that can transfer small amounts of data between two devices identifying us and our bank account to a computer. Another benefit of drawing nearer to a cashless society is that other companies are providing pioneering cash-free solutions to the payment related problems we come across. For example, WisePay, a provider of e-payments services, is deploying technologies that ensure parents no longer have to worry about sending their children to school with cash to pay for meals, excursions and other fees that will eliminate the likelihood of being caught short for cash or children misplacing money. The Government also has valuable explanations why they may deem to turn away from cash. Due the main factor of printing and distributing cash, not to mention ensuring the economy is free from forgeries which are all costly endeavours estimating that the cost to society of using cash is between 0.5 and 1.5% of GDP annually. In addition, there are many technological innovations that propose there is a real enthusiasm for an alternative to cash with the upsurge...
This paper will discuss how the Smart Card has evolved and changed the way independent consumers and companies have implemented smart card usage into their daily activities. Additionally, it will compare the advantages and disadvantages. Case in point, a Smart Card can be used to allow people to gain entry into their work place, a gated community or pay for merchandise without using cash.