Abstract: Payment wallet has many significant features like anytime transfers, mobile transfer, secure and convenient transfer of money. It can also be considered as a bank for those who do not have approach to banks and do the banking activity like sending and receiving money. Digital wallets are gaining momentum in the Indian market due to increasing technology penetration and acceptance of new developments by the customers. By using E-Wallet payments can be made any time anywhere including receiving money, storing, sending. It works very closely with banks and telecom companies to offer banking services to its subscribers. Use of e-wallets helps in moving away from a cash base economy. In the process, all the transactions get accounted in the economy, which has the effect of reducing the size of the parallel economy It is an online platform which allows a user to keep money in it, just like a bank account. A user needs to make an account with a mobile wallet provider. This can be used in many different sectors of businesses, Shops, Malls. It will also capitalize the scope of India’s education market segments.
Keywords: E-Wallet, Payment, Transaction, Fraud detection.
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DOI:
10.17148/IJARCCE.2022.11303
