A study on impact of digital wallets on small-income business groups with reference to KGF

Abstract

The development of wireless technology has been facilitated for an immense rise in mobile device users and paved way for the rapid growth of e-commerce in India. It has performed through wireless telecommunication networks and other wired e-commerce technologies. Instead of cash, cheque, or credit or debit cards, payments are made via mobile devices. The customer generally makes the payment for a wide range of services and digital or hard goods. The mobile payment acts as a business tool substituting the need of banks, ATM, and credit or debit cards by enabling the user to make financial transactions with digital money. A user ready to purchase a good or service from a seller, through mobile payment service, is introduced to a trusted third party; it allows the user to make payment from his account to another account. Thus, there is free movement of mobile money between users either by using a local area wireless network or by using the wireless service provider’s network. The Indian Government also supports various digital payment apps such as Aadhaar payment app, UPI app, and Bharat Interface for Money app, along with private sector apps like Paytm, free charge, mobikwik, and so on. Such new apps are helpful to transfer funds across various parts of our country. This study provides spotlight on the impacts of digital wallets on small-income business groups who operate in every nook and cranny, and what services are offered by the mobile payment system and utilization and awareness levels of services offered by the mobile payment system (1).