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Abstract This paper study about e-payments specifically mobile wallets. As we all know that after demonetization,
there is a tremendous increase in number of e-payments. This paper specifically targets undergraduate students and
portrays their preferred mode of payment. It also suggest some steps that should be taken for betterment of e-payment
facilities.
I. INTRODUCTION
An electronic wallet can be defined as a virtual cashless service which can replace hard cash notes.
For purchasing anything, the person do not have to rush to ATMs or banks to withdraw cash, rather transaction can be
done there and then in a fraction of seconds. It has become an upcoming way of purchasing goods and services without
any physical movement of cash. The main objective of e-wallets is to make quick transactions thereby discouraging
people to make use of use cash. This boom is the aftereffects of Demonetization.
Paytm
Paytm is the most popular e-wallet in the market today having a user base of 20 million or probably more. It was
launched in 2010. Majority of stores accept payments through Paytm. All the credit goes to Mr. Vijay Shekhar Sharma
and his team. One just needs to load money into wallet and he can directly use it anytime and anywhere.
Paytm can be used in myriad applications areas which includes payment of gas/ electricity/ water bills. It can be used for
booking tickets for buses, cabs, fights, hotel rooms etc. In addition to all this, it can be for recharging bobile phones,
DTH services etc.
Oxigen
Oxigen is among one of the larger payment solution provider. It uses a 6 digit one time password for making your
payment secure. This code is sent on your registered mobile number. Additionally, this mobile wallet is integrated with
NPCI that allow instant money transfer to and from more that 50 banks. This feature is approved by RBI. According to a
recent report published by VCCirle in April16, mobile application claims to have 20 million users, 10000 websites and
9000 merchants. It includes services like money transfer, bill payment, bookings and many more.
Freecharge
This mobile wallet was introduced in 2010. It has gained popularity in recent past and claims to have 20 million
registered users. With this app also, customers can make payments of DTH, utility bills, prepaid and postpaid bills,
bookings etc. Apart from online stores FreeCharge offers offline stores like Hypercity, MsDonalds, Cinepolis and
Shoppers Stop.
PayU Money
PayU has mobile wallets over 4000 merchants which includes prestigious companies like-Goibibo, Zomato, Snapdeal
and Bookmyshow, to name a few. It is a key company of Naspers Group. PayUMoney gain competitive advantage by
offering advanced payment gateway solution to various online businesses by making use of progressive technology.
V. APPLICATIONS
A person can make use of m-wallets in different application areas depending upon his need and preferences. Some of the
major applications include:
Recharging pre-paid mobile phones
Pay for travel booking and movie shows
Book hotel rooms
Transfer money into others account
Purchase movie tickets
Pay insurance premium
www.ijarcsse.com, All Rights Reserved Page | 147
Chauhan et al., International Journal of Advanced Research in Computer Science and Software Engineering7(8)
ISSN(E): 2277-128X, ISSN(P): 2277-6451, DOI: 10.23956/ijarcsse/V7I8/0140, pp. 146-150
VI. A SURVEY CONDUCTED
As the study mainly emphasize on undergraduates, so a survey has been conducted. They survey was conducted on 100
students (approx), who belonged to heterogeneous courses and in belonged to different universities. Out of all the
questions asked from students, some of the major questions are listed as follows.
As we all know that number of e-payments have increased many folds just after the demonetization. A number of e-
wallets have been introduced in the market. Out of all the m-wallets Paytm won the race with a huge majority. Most of
the undergraduate students are using Paytm for payment. A possible reason could be that most of the vendors have
implemented Paytm.
Fig 2. Gender
According to the survey, it has been analyzed that boys are more inclined towards e-payments as compared to girls.
The students those who use e-wallets use it most often. Although approximately equal number of users opted for rarely.
As the analysis is done between age groups of 15-21 years of age, so students are not in a need to purchase a wide variety
of products. In other words we can say that their purchasing extent is limited.
There are numerous reasons for which youngsters are drifted towards electronic payment through m-wallets. Majority
feels that it is convenient to use. People are also influenced by lucrative cash back and discount offers provided by these
wallets. In addition to this, customers find its service fast and appreciates its easy availability.
Fig 6. Do you think digital wallets will replace other modes of payment
Although the number of e-payments options are many, still they are not certain about future of digital money. Every coin
has two sides. The gray side of this technology is not hidden from anyone. There are certain security and operational
breaches and IT sector has to work upon.
Fig 7. What are obstacles that people face while using e-wallets
According to the survey, many breaches have come into picture. Most of the users are hesitant to use mobile devices
because of security issues. Till now, mobile payments are not considered secure. Apart from this, one major reason is that
there are chances of losing money. Many respondents specified that it takes days to get the money back and this
reconciliation is a time consuming task.
VII. CONCLUSION
After discussing many aspects, it is analyzed that youngsters are becoming more aware and responsible towards digital
payments and are contributing in some or the other way towards growth and success of making India digital. In spite of
many security issues, people are inclined towards e-payments because of its convenience, ease of use, quick service and
availability.
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