An Empirical Investigation in the Aftermath of Demonetization: Whether E-Wallets Are Really a Catalyst Towards Expedition of Cashless Economy

Demonetization in India of stripping Rs.500 and Rs.1000 notes as no longer as legal tender is highly affected the common people of the country but, it paves the way for the digital push towards cashless economy and digital banking. The digital banking revolution has made it possible to provide ease and flexibility in banking operations for the benefit of customers. Technological innovations such as mobile money, e-wallets, payment aggregators, etc., have also helped in bringing the people online. Digital or E-wallet refers to an electronic, internet based payment system which is a store house for financial value as well as personal identity. Such electronic payment systems empower a customer to pay online for the goods and services, including transferring funds to other, by using an incorporated hardware and software system. In this study, an attempt has been made to explore the underlying dominant dimensions of e-wallet usage purposes and its determinants. The result reveals that deliberation and design are dominant dimensions of e-wallet usage purposes. The perception of e-wallet users started using e-wallets in the pre and post demonetization period have significant differences with respect to different usage purposes. This research paper found that increased use of technological products in a payment industry gives new outlook to banking industry as well as helps to work in efficient and better way. E-wallets saves more time and are found to be convenient by the customer through their mobile phones at any point of time as a form of digital platform. To conclude, e-wallets are really a catalyst towards expedition of cash to cashless economy especially, in the aftermath of demonetization.