E-wallet – A technological revolution in digital India

Abstract

“Cash” a magic term established in the minds of Indian Citizen from ancient times. It is essential to build an appropriate alternative for cash to boost our country as cashless economy. To transform the layman towards the cashless economy and equip them with digital literacy are the prima facia element for the government. People are more adamant sometimes and scared to move with cash less transactions due to privacy and security concern. The government is making use of the extensive mobile phone usage of the general public and promote the digital money transaction over mobile phone company and telecommunication network. Henceforth, the government designs and promote a unique “app” named Unified Payment Interface in mobile phone, with the purpose of enhancing the people to make use of the digital money and banking services through this UPI app. e-Wallet is a form of money hold in digital way and enhancing the cashless economy. It should be evolved and the opinion regarding the people about the features, accessibility, availability, usage, purpose and ultimate utilization of this e-wallet and their derived satisfaction are to be studied by collecting data from 350 respondents located at five different districts of Tamilnadu in southern part of India through convenience sampling technique. By using the data the model was created using AMOS v.22. The constructed model for satisfaction level of e-wallet users was considered to be good fit. To improve the purpose of holding the e-wallet and usage rate, extensive rate of digital literacy to be provided to all range of people located at various geographical region of the country, in order to reach the goal of Digital India.