A Study on Opportunities and Challenges of Adopting Digital Wallet in India

In today’s world smartphone with internet has become integral part of the modern customer. Apart from this in the modern day the buzz word is electronic commerce. Increased use of technology and online shopping has enforced the customer to even adopt or shift from online banking to e-wallet or digital wallets for the payment mode for the services availed by them through e- commerce web portals or mobile applications. This study focuses on the opportunities and challenges of digital payment in India. People started to adopt digital wallet as it offers various benefits such as ease of access and ease of use, easy to access, instant payment. It even provides various barriers like security concerns, lack of knowledge, risk of theft of data overspending. Still digital wallet adoption has started rowing massively due to various measures taken by the government. People feel that this is the future and will be the most prominent mode of currency transaction in the future period.