Mobile Wallets Driving the Growth of Indian Digital Economy
The rise of mobile payment has been aided by government efforts and technological advances. Owing to technology, smartphone users now employ programs that have been downloaded on their mobile devices to conduct financial transactions or make payments. The financial system's core components are payments and settlements. Infrastructure development, FinTech acceptance, digital fund transfer, security, regulatory sandboxes, and other financial industry areas have all seen major advancements in recent years. Digital payments play an important role in the contemporary Indian economy. A cutting-edge digital payment technology that has gained popularity, especially following demonetization, is digital wallets. In India, the number of mobile wallet transactions has multiplied by 40 during the previous five years and have become a popular method for transactions and are growing more and more well-liked among customers and business owners. This paper will examine the reasons for the emergence of mobile wallets, the advantages they provide, and the prospects for this cutting-edge technology going forward.