International Research Journal of Engineering and Technology (IRJET)
e-ISSN: 2395-0056
Volume: 12 Issue: 10 | Oct 2025
p-ISSN: 2395-0072
www.irjet.net
The Digital Leap: The rise of Digital wallets and E-bank payment system Mrs. Salma Khan1 1
Research scholar, Singhania University,
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Abstract - The emerging landscape of commerce has
Bill payments, paying power bills, and booking gas cylinders, buying train/flight tickets, recharging mobile devices are some of the available services. Trading and checking the balance of cryptocurrencies both require a digital wallet.
another robust movement in the payment system in India, introduced by the National payments corporation of India (NPCI) UPI payment, neo banking, digital wallets and e-baking applications, are rapidly conquering the market, with consumers opting for mobile friendly applications other payment medium have seen a incline downwards. The study investigates the channels of awareness for these innovative applications, usage patterns, consumer perception relating to its simplicity and user adaptability and the merchant’s acceptance. The study assesses the dominance in the payment system, the preferences, and the barriers of the digital leap of digital wallets and e-banking applications
Due to the many advantages that digital wallets provide, they have become sufficiently popular.
Key Words: Digital wallets, G-Pay, PhonePe, Paytm, Amazon Pay, NEFT, IMPS, RTGS
- Fast & Convenient- Quick and easy transactions are made possible through uncomplicatedness and usability.
1.INTRODUCTION
- Multiple Transactions-It can be utilised for a variety of operations, such as adding a mobile number, scanning a QR code, paying bills, and completing online purchases.
- Security- Password safety and biometric validation are offered for digital wallets. - Absence of a minimum monthly balance- Users are free to add any amount of money they require.
The conventional means of conducting transactions with cash and lose money have been replaced by technological innovations. At the present time, mobile phones have smartly and digitally taken over the functions of checks, credit, and debit cards, etc. The financial technologies (Fintech) used in banking sector has been the catalyst for introduction of various innovations such as digital wallets based on unified payment system and the several modes of digital payments through e-banking applications
-24/7 customer support- Chatbots are used in digital wallet apps to enable 24/7 communication. - Rewards- Transactions done through digital wallets offers numerous cashbacks and discounts. There are three different kinds of digital wallets:
1.1 Digital Wallets A financial transaction application that works on mobile devices is known as a digital wallet. The Users passwords and payment information are securely stored and it replaces your cards while shopping, these programs let the user pay using the mobile device.
Users can easily and swiftly make payments online with digital wallets. With digital wallets, opening and maintaining a bank account is no longer dependent upon actual banks and businesses. As an outcome, they connect people and companies in remote locations. Before using a digital wallet, a user must add funds from a connected bank account. Digital wallets can be used for a variety of transactions, including sending money to friends and family that live overseas.
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Impact Factor value: 8.315
Fig -1: Kinds of Digital Wallets Source: Primary Closed Wallet:
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A closed wallet is a type of payment system that enables users to conduct transactions via an app or website.
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