An Empirical Study About the Awareness of Paperless E-Currency Transaction Like E-Wallet Using ICT in the Youth of India

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Journal of Management Engineering and Information Technology (JMEIT) 2394 - 8124 Volume -3, Issue- 3, Jun. 2016, ISSN: Website: www.jmeit.com | E-mail: [email protected]|[email protected]

An Empirical Study about the Awareness of Paperless E-Currency Transaction like E-Wallet Using ICT in the Youth of India

Pawan Kalyani

Pawan Kalyani,, MRES [email protected]

Abstract: When we talk about the transaction in earlier times when there was no currency system, people used to In Indian financial system 19 nationalized commercial banks, work on barter system, later on people started transaction SBI group of 06 banks including State Bank of India, 14 old in terms of currency notes /coins. In the modern digital age and 07 new private sector banks and 32 foreign banks are people are using money in many form to pay the bills like dealing banking business as on March, 2012. The through credit card, debit card, using Internet and Mobile mechanization and computerization of banking were started devices. In today’s era people are making transaction from 1985 by the first phased plan of bank automation in India. digitally over the internet. People are purchasing, making Now in India, 97 percent of public sector bank branches, cent transactions through mobile devices, ATM, Credit cards, percent private and foreign banks are computerized. These Bitcoin, E-wallet, third party like PayPal etc. they feel banks are offering lots of ICT based banking service to bank convenience, easy to use design for transaction and customers and using modern technology to internal business perceived usefulness of the system. This paper is focusing operations. Many CBS [Central Banking System] branches are upon the paperless e-currency transaction that is getting operating in India, user can transact its money from any branch. popular all over the world, India is a growing market for After financial reform period 1991, various foreign and new the world and many services and products are available private sector banks are entering in Indian banking industry online and they accept payments online, but how many with their high-tech banking services. It leads to competition of people are actually relaying on it, how many people are ICT based banking services in Indian banking system and using it for making payments moreover, the study is based creates efficiency. For the further developments the Reserve on the questionnaire responded by respondents. Bank of India (RBI), Institute for Banking Research and Keywords: E-wallet, ICT, Paperless Currency, Youth, Development of Technology has continuously trying to India, Mobile Banking, E-commerce. enhance the system by required facilities to banking and financial institutes in India.

I.INTRODUCTION In the early 1990s the business and consumer world Country has many systems to take care of its growth and encountered a new way of conducting trade business, which development efficiently and effectively, the financial system of was named electronic commerce (e-commerce). Over the years any country is one of the most important one consists of electronic commerce has evolved into a popular and banking and non-banking financial institutes, these institutes acknowledged way of conducting business. E-commerce has are providing various types of financial services to the become especially important in two interrelated dimensions, customers. In the financial services, financial clearing and fund namely business-to-consumer (B2C) and business-to-business transfer service is most important service than other services. (B2B) e-commerce. Business to-consumer e-commerce is Payment systems improve financial intelligibility, stimulating enabling customers to have an increasing influence on products business growth and consumption. Many business transaction created, how products are customized, and how services are depends upon it. The success of the banking system has depends delivered. Ecommerce offers customers convenient shopping upon the efficient and quality of clearing system of the industry. methods for products, information and services, electronic Everyday thousands of crore rupees are transacted by the banks. banking, and personal finance management. It is making it If we look at the worldwide this system has changing drastically easier for consumers to find the desired products and services, with technological advancements. Information and match them more precisely to their requirements, and compare Communication Technology (ICT) have become a mean for prices, (Vulkan, 2003). Several business models have been improvement of financial system worldwide. In India, most of developed to support various customers’ needs, among them are banks and financial institutions are offering ICT based financial online portals, content providers, transaction brokers and products and services to improve their business efficiency and community creators. speed of services e.g. called e-banking, internet banking, electronic fund transfer, electronic clearing, mobile banking The most popular definition of e-commerce is based on the etc. online perspective of the conducted business. E-commerce

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provides the capability of buying and selling products, At this stage the situation with the development of online EPSs information and services on the Internet and other online is far from ideal. A survey on electronic money developments environments. As for any trading activity, the issue of safe and by the Bank for International Settlement reports a rather low reliable money exchange between transacting parties is level of EPSs use, even in the most advanced countries, (BIS, essential. In an e-commerce environment, payments take the 2000). According to the European Central Bank, the proportion form of money exchange in an electronic form, and are of online payments among cashless payment instruments in the therefore called electronic payments. Electronic payments are European Union is rather low. The report admits that although an integral part of e-commerce and are one of its most critical there has been a lot of discussion on the use of EPSs and their aspects. Generally defined, electronic payment is a form of a importance “it is still not a widely used medium”, (ECB, 2001). financial exchange that takes place between the buyer and seller The lack of customer demand, the diversity of technological facilitated by means of electronic communications. An e- standards and the lack of support by financial institutions are commerce electronic payment is a financial exchange that takes mentioned among the reasons preventing the development of place in an online environment, (Kalakota & Whinston, 1997). electronic payment systems, (ECB, 2003). Electronic payment systems (EPSs) are summoned to facilitate Some experts estimate that about 85% of all Internet the most important action after the customer’s decision to pay transactions are done with credit cards that were not originally for a product or service – to deliver payments from customers designed for the Internet, (Philippsohn & Thomas, 2003). to vendors in a most effective, efficient and problem-free way. According to a survey by marketing research firm Jupiter The role of e-commerce electronic payment systems is pivotal Research, credit cards are still the dominant payment method for future of ecommerce, whose further growth depends on the for online purchases, accounting up to 95% of online timely development of EPSs. The development of new types of transactions in the United States, (Jupiter Media Metrix, 2000). e-commerce purchasing relationships and business models has This demonstrates still low user acceptance of alternative created the need for new ways of money exchange and new electronic payment systems, designed specifically for e- EPSs. For instance, online auctions, (Ribbers & Heck, 2004), commerce. [10] has spurred the necessity for person- to- person payment systems to allow online money exchange between individuals. Certain types of information products and services require IV. TARGET CUSTOMERS small payments and micropayments. Businesses would like to sell information content that costs very little, accumulating Financial institutions are providing many services to the people, revenues with high turnover. E-commerce EPSs can be these includes Internet banking, mobile banking, NEFT, RTGS designed for selling specific types of products, for example for etc. in this study the author is exploring the target customers trading copyrighted online content, such as music. Another who are actually using these services, when these services are unforeseen earlier requirement is conducting e-commerce using offered by banks, B2B transactions are mostly benefited, when wireless mobile devices, such as mobile phones or personal B2C transaction started booming due to various online schemes digital assistants (PDA). The need for paying with mobile and offers by online companies like Flipcart, SnapDeal, devices has urged the development of payment systems for Amazon, EBay etc. mostly young generation got their mobile electronic commerce, (Laudon & Traver, 2002). In addition, ecommerce provides the possibility to enhance current attraction, now a days, everyone has smartphone with Internet payment systems or substitute them with online variants. connection and many companies are offering added advantage to the purchaser of goods from online market. There are various II. LIMITATIONS OF TRADITIONAL PAYMENT application known as “apps” available in the online market to SYSTEMS IN THE CONTEXT OF ONLINE facilitate online purchasing. Banks are also providing online PAYMENTS mobile wallet to be downloaded and open in any smartphone through “apps” available and ready for purchasing, recharge, Three factors are stimulating the development of electronic pay bill, money transfer, cinema, flight and hotel booking etc. payment systems: reduced operational and payments processing costs, growing online commerce and decreasing the costs of technology, (Kalakota & Whinston, 1997). Reduction of costs is one of the major reasons for research and development of EPSs. The central impetus for ecommerce and e-business is to provide a more efficient service, primarily in terms of costs. In this light, paying online with traditional payment systems such as credit cards is rather paradoxical, given that credit cards are one of the most expensive of all Fig.-1 showing SBI Buddy – E - wallet available mainstream payment means for both end consumers Source:https://www.sbi.co.in/portal/documents/28392/12258615/state and merchants, defeated perhaps only by paper checks, (Lietaer, -bank-buddy.jpg/645ce82b-544a-4f40-b9d3- 2002; Laudon & Traver, 2002). bbcb41219447?t=1439791101009

III. USER ACCEPTANCE OF ELECTRONIC V. REASONS TO OPT E-CURRENCY/ E-WALLET PAYMENT SYSTEMS

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Consumers’ intention to use the mode of e-currency in terms of online transaction through website or mobile devices is largely depend upon the services available to the customers by banks and mobile service providers their own apps or Internet through the smartphones. If all the conditions are full filed then the customer is very ease to buy or sell anything with a single “click” or “touch”. People are changing their perception of moving in the market for getting the best price for the product, Fig. 3. Showing Mobile app of Flipkart having new features of Image search, real time notification etc. the quality of the product is also assured by the online seller Source: http://www.flipkart.com/mobile- along with company’s warranty etc. from 1990 to 2016 there is apps?otracker=ch_vn_mobile_apps a shift in the technology and the purchasing behavior of the people earlier the online market was limited to those people who have Internet access and must have condition of having computer with modem only then they can access the Internet and do purchasing. Now a days, these requirements are full filled by the single smartphone it has all, and online companies are forcing people to opt mobile purchase instead of website purchase for e.g. big billion day by Flipkart and other offers on their mobile apps. On a smartphone, the user can check, compare, purchase and pay also have instant updates on the available schemes or offers to make use of offer. Fig.4. Showing info graphic of PayUMoney offering Instant Cashback Source:https://www.google.com/imgres?imgurl=http%3A%2F%2Flig hthouseinsights.in%2Fwp- content%2Fuploads%2F2014%2F02%2FPayUMoney-eWallet- 728x315.jpg&imgrefurl=http%3A%2F%2Flighthouseinsights.in%2Fp ayu-india-launches-payumoney-wallet-an-ewallet-for-eshoppers-with- 10-cash-back.html%2F&docid=Yv3uwA2mfqv-MM&tbnid=7X- xv7J1abuGDM%3A&w=728&h=315&bih=621&biw=1366&ved=0ah UKEwiHqNS4srbNAhWHMY8KHaY6DccQMwhZKDQwNA&iact= mrc&uact=8#h=315&w=728

The perceived ease of use of mobile apps for the purchasing Fig.-2. Showing FlipKart Big Shopping Day Offer goods is Convenience, people do not want to go in market due Source: https://www.flipkartbigbillionday.in/flipkart-com-big- to many reasons and lack of time too. The convenient options shopping-days-offers-and-discounts-cheap-deals/ is a mobile device with Internet and a loaded app for making all purchasing and paying bills etc. the perception of young people is save time and get the best offer available in the market this makes the perceived relation with the usefulness of time and money with added advantage of offers given by the online marketers. VI. ADVANTAGES AND RISK ASSOCIATED TO E- CURRENCY

Authorities believe that hackers have stolen more than one million credit card numbers from E-commerce sites. It would not be a surprise that many customers use their credit cards with reservations. A survey by Visa of 15 Banks from 12 EU countries in 2002 found that online credit card payments account for nearly half of all complaints. More than one in five of these came from people who had not even shopped on the Internet, but were billed for online transactions, (Philippsohn & Thomas, 2003). Privacy issues are also associated with the use of existing payment systems. There are cases when users’ identities (i.e. personal data such as credit card numbers, names and addresses) were stolen when hackers break into websites’ databases and obtain personal information of the customers. Fraudsters then attempt to use this information to open new credit and bank accounts using the stolen identity, (Philippsohn

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& Thomas, 2003). These and other issues with existing payment for end users, not in the least because of the enormous and systems such as credit cards render them not very suitable for growing size of fraud, which amounts to billions dollars per online payments. year. This loss is invisibly re-financed by users by the higher Several limitations of traditional payment systems in the costs of credit card services. In addition, credit card payments context of e-commerce can be outlined. Existing payment are still heavily paper-dependent. Most credit card bills are sent systems, such as credit cards, are inadequate for retail customer in a paper form to customers by post, and the bills are mostly digital business from the following viewpoints: settled by posting paper documents, like checks of giro payments, which makes the whole cycle rather expensive. As Lack of usability: Existing payment systems for the Internet mentioned above, this means that resources employed in require from the end user to provide a large amount of processing of credit cards transactions render them rather information, or make payments using complex elaborated web ineffective for small payments, because the high overhead of site interfaces. E.g. credit card payments via a web site are not credit cards, (Laudon & Traver, 2002; Guttmann, 2003). the easiest way to pay, as these require entering extensive First, it was cash, and then came credit card, only to be amounts of personal data and contact details in a web form, superseded by internet banking and recently by e-wallets and (Kalakota & Whinston, 1997). mobile payment. Mobile payment is a close cousin of e-wallet where your all-purpose mobile incredulously has one more Lack of security: Existing payment systems for the Internet purpose – to act as your wallet. are an easy target for stealing money and personal information. Essentially, e-Wallet is an online account that helps you buy Customers have to provide credit card or payment account merchandise and do all kinds of transactions online without details and other personal information online. This data is using your debit and credit card. Most card users are concerned sometimes transmitted in an un-secured way, (Kalakota & about the security aspects of the credit card. There is always the Whinston, 1997). In practice this happens even in spite of fear that someone can use your card and fleece you. E-Wallet, introduction of secure transactions mechanisms, such as with its inherent security features obviates this possibility. Secured Socket Layer. Providing these details by mail or over the telephone also entails security risks, (Guttmann, 2003; E-Wallet can be in digital form, in your mobile, or in the form Laudon & Traver, 2002). of a card which can be used for payment. It can be likened to a secured credit card, which is a prepaid account. However, in the Lack of trust: Users tend not to trust existing systems with the case of e-Wallet, there may not be any physical card. long history of fraud, misuse or low reliability, as well as novel These products have been in the market for some time, but it is systems without established positive reputation. In the present only recently that there has been an increased acceptance of e- situation, money loss by customers is quite possible when using Wallet among users. [11] existing payment systems, such as credit cards, for Internet payments. Potential customers often mention this risk as the VII. WHAT YOU CAN DO WITH E-WALLET key reason why they do not trust a payment service and You can do virtually anything with e-Wallet. It is as useful as therefore do not make Internet purchases, (Lietaer, 2002). your credit card but without the risk associated with its usage. Since e-Wallet comes preloaded with currency, it can be used Lack of applicability: Not all web sites support a particular in buying groceries online, booking airline and train tickets, payment method, thus limiting customers’ ability to pay. Credit buying books, electronics, and clothes. cards work only with merchants who have signed-up to the services of the corresponding credit card company, and do not VIII. ADVANTAGE OF E-WALLET support direct business-to-business or interpersonal payments, First, e-Wallet is a prepaid account. Hence, there is absolutely (Kalakota & Whinston, 1997). no question of denial of services and goods. Unlike credit cards, where any intended or unintended default may block the card Lack of eligibility: Not every potential customer with money for further use, e-Wallet is never denied service. and intention to pay can make use of certain payment methods. Second, e-Wallet provides a large variation in limit. People can Not all potential buyers can obtain credit cards due to credit create their e-Wallet with amounts as low as Rs. 10 and as high history limitations, low income or other reasons, (ibid). as Rs. 10,000 or more. It is simple to use and even simpler to get it. There is no credit history check or demand of numerous Lack of efficiency: Some payments over the Internet can be documents. too small to be handled by existing payment systems, because of overheads included in the processing of payments and IX. WHO OFFERS E-WALLET transaction. Credit cards are too expensive for effecting small The competition in this area is growing. First, it was Google, payments and are unsuited for small transactions. The minimum then IT companies like Oxigen, and now banks (ICICI Bank, fixed fee charged to the retailer for processing a transaction Axis, and SBI etc.), telecom firms (Airtel), and many start-ups could even surpass the value of the goods sold, (Guttmann, have started operation in this area. Sometimes, even big shops 2003). and chains provide e-Wallet to its customers. In fact, after RBI chief announced giving licenses for payment High usage costs for customers and merchants. Existing banks, many have jumped into the fray and many have planned payment systems use a rather expensive infrastructure to to start a payment bank. A payment bank is a bank which facilitate the payment process. Credit cards are very expensive

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facilitates transactions. It neither takes deposits nor pays Payment banks and e-Wallet interest. In view of the future competition, many existing banks are X. TYPES OF E-WALLET offering e-Wallet facilities with different options. We have With the plethora of products in this market, e-Wallet has already seen Axis Bank and ICICI bank’s e-Wallet schemes. undergone many changes as a concept and now different HDFC announced earlier this year that they have big plans to variants of e-Wallet are available in the market. Some of them go digital and launch e-Wallet services. In fact, most of the are: banks, in association with telecom firms, will come out with e- Wallet solution soon. For now, only a handful of banks are Generic online E-Wallet providing this with limited services.

These wallets are used online. Internet companies like Oxigen The money in e-Wallet doesn’t earn interest. Hence, it is not and PayTM provide e-Wallet, which can be used with multiple advisable to get an e-Wallet loaded with high amounts. payments such as music, utility payments, bank transfer, and However, due to consumer pressure to pay interest on e- many more. All you have to do is to login to the site, provide Wallets, there are now initiatives in that direction. This market necessary details, and transfer the money to your e-Wallet by is in a nascent stage and use of e-Wallet is still in its infancy. physically going to the outlet of the company (e-wallet The concept is still evolving, with new players and new variants provider) or by online transfer. Once money is loaded into your of e-wallet hitting the headlines every now and then. e-Wallet, you can use it for all purposes. Many times, the e- wallet providers have contracts with select companies where its issued e-Wallet can be used. Airtel Money is another example E-Wallet may not be accepted at many merchandising stores as of e-wallet provider which has contract with firms where a host of now. As the use spreads, e-Wallet looks poised to become of services can be used. the de-facto transaction system. E-Wallet may not be cheap. The charges for normal transactions are much higher compared Company specific E-Wallet to traditional payment services. Despite these limitations, e- Wallets are an exciting innovation in the financial world and do come in handy in specific situations where traditional payment Few companies provide e-Wallet specifically to be used with mechanisms can still come up short. that company only. For example, Meru cab’s e-Wallet can be used with Meru cab services. It is essentially a mobile application where you preload the e-Wallet and use it for XI. BANK’S WORK IS DISTRIBUTED TO availing the cab services. There are other examples too. The CUSTOMERS company specific e-Wallet is typically launched by companies whose services are used frequently. Examples could be taxi Traditionally the banks used to have all the burden of services, telecom services, supermarket chains, online portals transaction made by the person, like a person went to a bank for such as Flipkart, Zabong, etc. This type of e-Wallet is known as withdrawing some “x” amount of money then the banker closed e-Wallet because it can’t be used in any other shop or demands the passbook along with the withdrawal slip with competing business. proper signature on it , then he matches the signature and the amount available in the account after that he passes the token to Bank E-Wallet the customer and the customer waits till the cashier calls him for the payment, if the amount is not enough the banker used to When it comes to money and transactions, banks want to be in refuse to pay or ask for the lower amount. After automation and the forefront. Naturally, the advent of e-Wallet has attracted computerization of banks the whole burden has gone to the banks to its domain. ICICI bank, a leading private bank, offers customer end, for e.g. the bank’s ATM, the customer swipes his e-Wallet for all phone related payment. It provides e-Wallet up ATM/ debit card and enter the security code, after that selects to Rs 10,000 where users can open the account without even KYC (Know your customer) norms. Axis bank provides e- the account type and select the proper amount which is available Wallet which is valid for 48 hours. If 48 hours expire without in the bank or the transaction will be declined. Here all the risk the e-Wallet being used, the e-Wallet is blocked and the money and burden is shifted to the customer even in case of the fraud is returned to the linked bank account. It also provides safety by there is no responsibility of bank. In the case of online banking providing e-wallet for only one transaction. Once you make that and mobile banking there is same situation like an ATM, the transaction, the e-Wallet is deactivated. awareness is the only safeguard for any kind of fraud. In the There could be other type’s e-Wallet by banks such as mPesa case of E- wallet the user has to transfer the desired fund to the by ICICI bank and Vodafone. These can be used to even E-wallet before using it anywhere. withdraw money and do host of other transactions which only a bank can authorize.

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XII. WHY BIG PLAYERS ARE COMING INTO E - to anyone with a mobile phone number, and transfer money into WALLET MARKET any bank account. The wallet can be topped up using debit cards, credit cards, netbanking, and IMPS merchant payments. Many big players like Google, Amazon, PayPal, Apple, Samsung, and Walmart etc. are coming into the e-wallet Paytm is a good app to download due to its wide network of business, it is due to the large customer base of people having partners which makes it convenient whether you're taking a cab smartphones and internet affordability. Online business ride with Uber, or ordering a meal via Foodpanda. Right now, companies are making people to shift from “click” to “tap” [12] the company is also trying to acquire users by offering great means they want more and more people purchase goods through deals on its e-commerce store - you can buy all sorts of their smartphones or for making their transaction and purchase electronics and get pretty big cashbacks into the Paytm wallet. from online market. Online business companies are promoting mobile purchasing by offering early startups in a big sale for Paytm wallet can be used to store your cash which can be later e.g. Big billion day by FlipKart etc. other than open market, used to purchase goods on Paytm shopping portal or a large Walmart, Samsung, Amazon are promoting their apps on their number of merchants who accept payments by Paytm wallet. brick and mortar stores to promote sales although people are Users will surely get cashbacks if they shop using Paytm wallet. having value addition in this process. There is a golden triangle between the people who are using apps or E-wallet, the banks Paytm wallets can also be used to accept/receive money from and the goods merchant whether offline or online, there is a win others, and the money in Paytm wallet can also be redeemed –win situation everyone is benefitting from the situation. into Bank account as well. Shopping or making payments through smartphones are very easy, people want to use easy way to save time and have 2) FreeCharge [Snapdeal] convenience the perception of the mind having everything on FreeCharge lets you recharge any prepaid mobile phone, “tap” and in pocket has a great motivation to promote online postpaid mobile, electricity bill payments, DTH and data card business practices through mobile devices. E-Wallets are in India. It recently added metro card recharging as a feature of emerging as the preferred means to pay your bills. its platform. The wallet can be topped up with debit cards, credit cards and net banking, and can be managed via an app or from XIII. INDIAN E-WALLET SERVICES the Web browser. It is acquired by Snapdeal in April 2015, FreeCharge launched its own digital wallet for making transaction across FreeCharge and Snapdeal platforms in September 2015, and at the time claimed a user base of 5 million wallet users in an emailed factsheet.

3) MobiKwik

Fig. 5. Image showing different Mobile wallets available in India.

1) Paytm

MobiKwik can also be used to recharge mobiles and pay bills, but it's also accepted across merchants such as BookMyShow, MakeMyTrip, Domino's Pizza, eBay, among others. It has a Paytm started out with mobile recharges, DTH plans, and bill section with cash backs offers listed on its website with include payments, and then launched an e-commerce marketplace in both online and offline players. That last part is the key - February 2014. Its wallet partners include Uber, MobiKwik has done a good job of building up offline partners Bookmyshow, and Makemytrip, along with others in such as Cafe Coffee Day already, and while you can't really categories such as shopping, travel, entertainment, and food. ditch cash yet, it's a start. It's also tied up with Ezetap, whose new point of sale machines are like credit card machines that Paytm is the only wallet that supports bookings on IRCTC, and over 70,000 shops are already using, so you can pay with your has a license from RBI to set up a payments bank, enabling it to MobiKwik wallet at any of these shops even if they haven't offer current and savings account deposits, issuing debit cards partnered up directly. and offering Internet banking services. Like most of the virtual wallets you can choose from, Paytm also lets you send money

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MobiKwik quoted a user base of 25 million last month on its also lets you split bills and expenses with friends, by entering website, and over 4,00,000 daily transactions. Top ups can be their phone numbers. done using net banking, debit cards, and credit cards, the app can be used to send and request money between friends and Cash can be loaded into the wallet from an Airtel money outlet family members as well, using a mobile number or email ID. or an Airtel relationship centre. The app is ideal for users who There is no additional charge for such remittances. need to top up their Airtel prepaid SIMs on a regular basis, and Another reason to download this app is that MobiKwik offers a today, it's getting tied up with other partners as well, including doorstep cash collection service, making it ideal for users who Uber. Airtel Money is also one of the few players that has been do not have access to a bank account or credit card. The cash given a payments bank license from the RBI. This means that collection is currently available in Delhi, Mumbai, Gurgaon and Airtel can offer interest, or its own debit card, amongst other Jaipur only, and a maximum of Rs. 10,000 can be added to the possible features. wallet in a calendar month. If you're looking for a digital wallet 5) Vodafone M-pesa with a strong offline presence then MobiKwik certainly seems to be a good option.

4) Airtel Money

Fig. 7. Image showing Vodafone M-pesa

Source: https://play.google.com/store/apps/details?id=com.vodafone.vmpl.mp esa&hl=en Vodafone M-pesa claims to be India's largest cash out network, with over 85,000 M-pesa agents spread across the country. The service lets you send money to anyone, to recharge prepaid numbers, DTH connections, postpaid Vodafone numbers, utility bills and online shopping. Money can be transferred to bank via its inbuilt IMPS service, or to a mobile number, but charges apply in slabs - for example, sending Rs. 2,000 to a bank account or an M-pesa account costs Rs. 38. DTH and prepaid recharges can be done through m-pesa for free. The large number of business correspondents who can take M- pesa payments is a big draw, because it allows you to turn your virtual balance into cash without too much difficulty. Because Fig. 6. Images showing offers and features of Airtel Money app. of this, M-pesa is a useful choice in case you need to send Source: http://www.airtel.in/money remittances to someone who doesn't have a bank account. Airtel Money is a semi-closed wallet that doesn't permit cash 6) Chillr withdrawal or redemption by the customer. It can be used to do recharges, make money transfers to contacts, shops and bank Chillr lets you send money in seconds to anyone in your phone accounts, make bill payments and pay for online shopping. It book, without having to know their account number, IFSC can be used to book train tickets as well, but it isn't a seamless code, or waiting for an OTP SMS. Only HDFC Bank and Bank user experience. of Baroda customers can use the service to send money, while other bank customers can receive money using the app. The The app lets you request money with NFC-based payments, and account needs to be enabled via net banking or mobile banking can be used to transact without loading money in the wallet first, first, by making a request for an MMID, and a generating an using debit/ credit cards, or netbanking, for checkout. The app MPIN.

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If you're an HDFC or Bank of Baroda customer, the app is ideal Pockets is the newest entry amongst the e-wallet services, but for splitting bills with friends, and paying utilities like mobile, being a product of ICICI Bank and its powerful back-end it has DTH and data card recharge, as it makes transactions directly quite a lot of interesting offers stacked up . Besides using as a from your bank account, without having to work with another gateway to Pay for online purchases, you can even use Pockets third-party wallet. Chillr can also be used to pay or request to accept money using either mobile number/e-mail ID. Thus, money using a QR Code presented by the merchant or user. acting as a digital savings account. You can also add money to Upon scanning, an invoice is generated on your phone, which your Pockets wallet using Cards/ Net Banking as well as you needs to be confirmed and authorised, using your mPIN. can redeem/withdraw your money held in your Pockets wallet to your Bank account at nominal costs. 7) Oxigen Wallet 10) mRupee

Oxigen Wallet allows users to top-up money and use it for mobile data recharge, DTH and data card recharge. Other features include making mobile payments for mobile, landline and electricity bills. Users can also send and receive money with another Oxigen wallet or directly to a bank account.

The app also allows users to earn reward points for using their services and enables them to shop at partner websites. Oxigen Wallet is approved by RBI, and claims to be India's first non- bank wallet to have tied up with NPCI (National Payments mRupee, a Tata Teleservices offering in the mobile wallet Corporation of India) for instant money transfer. Its ideal use space, This semi closed wallet is licensed by Reserve Bank of case is money transfers. According to the the company, the India. Over the last couple of years of operations mRUPEE has Oxigen wallet can have a maximum balance of Rs. 10,000, with enabled customers pay bills, recharge mobile and send money a single money transfer of transaction of Rs. 5,000 a day, and to their near and dear ones through a wallet platform which Rs. 10,000 a month. operates on a Customer Self-Initiated as well as a Retailer 8) PayU Money Assisted Model thus catering to a wide spectrum of users. The company looks to create use cases for the customer to use the wallet over traditional payment methods (like cash, cards etc.,) creating a portfolio of frequently transacting customers.

11) Citrus Pay

PayU Money is probably the first eWallet service in the Indian market and provides some exclusive discounts on online transactions such as like Flat 20% off on BookMyShow on Wednesday tickets. It also provides great discounts on FoodPanda.in and other retail stores too. PayU Money keeps on updating its website with exclusive deals & offers every week.

9) Pockets by ICICI Bank

Another key player in the mobile wallet space is Citrus Pay which has quickly garnered attention from users in India. It claims to have completed transactions on its platform to the tune of 1bn dollars. In addition the company has attracted funding from investors such as Sequoia Capital, Beenos, and E-Context Asia, among others.

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XIV. ICT BASED PAPERLESS E-CURRENCY 3) Stripe PROVIDERS WORLDWIDE

The world is shrinking in terms of shopping now the customer can purchase anything all round the world, customer has to not worry about hectic shopping season etc. make payment electronically and receive payment electronically worldwide would be the easiest way. [9]

There are so many online payment solutions out there, though, which ones can you trust for that all important credit card, bank transfer, or real-time orders.

1) WooCommerce

Developers use Stripe to integrate a payment system into their WooCommerce allows WordPress users to create their very projects through Stripe’s robust API. This prevents the need for own e-commerce shop. There are several neat features that a merchant account, and also allows you to build your own make this payment processor worth your time. Besides being payment forms that can bypass PCI requirements. vendor and customer friendly, you can run coupon campaigns, manage your store’s daily activities, learn about shipping and Stripe provides an excellent payment solution for web tax rules, and view your store’s overall performance. developers who would like to integrate a payment system into their projects using Stripe’s robust API. By bypassing the 2) 2CheckOut traditional sign up process, Stripe acts as a merchant account for its providers, handling all PCI compliance and merchant approvals.

4) ACH Payments

2CheckOut is a payment processor which is a combination of a merchant account and payment gateway that doesn’t require

PayPal or a Merchant account. Simply register and verify your account and you can start accepting credit card payments, and ACH Payments has several key features that make it one of the even PayPal payments. The company also offers international top payment systems around. Pros include: being able to make payments, shopping cart stores, and a recurring billing feature. global payments, as well as serving as a payment gateway, merchant account, credit card processor, and mobile payment

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processor. It can also handle ACH payments and can be used as a payroll system.

5) WePay

Dwolla is a payments option that acts as an on-ramp to the ACH network, with some outstanding benefits. For example, you can transfer funds through email, phone, Facebook, LinkedIn, or Twitter. For businesses, easy integrate bank account to account transfers as part of your payments suits. But, what makes Dwolla so appealing is the fact that there are no per transaction fees; Dwolla is free to use and offers advanced tools to WePay is a payment processor that allows Internet merchants businesses at a flat, monthly rate. to accept credit cards and bank account payments online. WePay seems to be focused on the individual user, and has recently added e-store pages to their service to help their customers conveniently take in payments (e.g. event tickets, products, donations and so forth) through their service. WePay enables a customer accepting payments in under a minute time. The only drawback is that it’s only available for U.S. citizens.

6) Authorize.Net

Dwolla is a direct competitor to PayPal. One of the newcomers in the third-party payments space, the company is processing over $1 million per day. Setting up Dwolla payments is similar to PayPal, although Dwolla doesn’t have the same name recognition as their competition. With Dwolla, you can transfer funds to friends on Facebook, Twitter and LinkedIn.

It’s been stated that Authorize.Net is the most widely used payment gateway on the internet – probably because it’s been around since 1996. Currently, there are over 375,000 merchants handling more than $88 billion in annual transactions safely through credit cards and e-checks. Something’s going right over there.

7) Dwolla

The app also has an in-built map that locates merchants that accept payments via Dwolla. You can also track your transactions within the app itself.

8) Amazon Payments

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Amazon Payments is a safe, easy and convenient method for users to receive money by using Amazon’s API. Users can also send money via ACH (Automated Clearing House). Since

almost everyone has an Amazon account, all your important information has already been stored. PayPal is the world’s most widely used payment acquirer, processing over $4 billion in payments in 2011. PayPal payments are made using a user’s existing account or with a credit card. Money can be sent directly to an email address, thus prompting the users to sign up for a new PayPal account. In addition to taking payments, PayPal also allows its users to send money through the service, which is a feature that only a few payment solutions provide.

Amazon Payments allows its users to receive money using its API (and to send money out via ACH). Popular crowdfunding site Kickstarter uses Amazon Payments.

10) PayPal

PayPal is also entering mobile payments via a card reader with the PayPal Here app, but at the moment it’s still in the

‘invitation only’ stages of testing. PayPal has over 137 million active accounts in 193 markets and 26 currencies around the world, which makes it easy to transfer 11) Google Wallet and request payments. Other PayPal perks include accepting checks through a smartphone’s camera, a card swiper, and allowing customers to make a purchase without leaving your site.

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Samurai is a payment gateway and merchant account solution. The company’s main product, FeeFighters, is a tool to help merchants compare rates for merchant accounts. Samurai was developed as a direct competitor to Braintree and other gateway/merchant solutions and offers customers a payment gateway or a gateway/merchant account package. [6]

Google Wallet, formerly known as Google Checkout, is another good online payment system with global reach. This is essentially Google’s version of PayPal, complete with money transfers and a Google Wallet Card. Google also announced last month that it will be releasing a physical card connected to users’ accounts so they can utilize Google Wallet at retail businesses. 14) Skrill

12) Braintree

Skrill, formerly known as Moneybookers, is one of the few true alternatives to PayPal. Though it is global in nature, it’s targeted mainly at U.K. and the other European countries because the merchant fees for these regions are more favorable than for the rest of the world. Skrill is one of the more popular PayPal Braintree is an online payment gateway and merchant account alternatives, so if you want to send money to somebody, he or solution known for working with popular tech startups such as she might have already heard about Skrill, or even have an Airbnb and LivingSocial. account. Skrill is also widely accepted by many top websites 13) Samurai by FeeFighters and service providers, including Skype, eBay and oDesk. Skrill is easy to use and it allows to transfer your account balance onto a prepaid debit card almost right away.

15) Payoneer

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17) Square

Square supplies a free card-reader dongle that you plug into your smartphone. Link it to your bank account, then simply swipe a credit card to collect money. It even e-mails receipts. Square charges a fee 2. 75 percent per swipe.

Payoneer is very similar to the other international services transacting money online. Probably what makes it truly different is that with it you can get a virtual U.S. bank account. This is of great importance to everybody who is not in the US but who needs to get money in a U.S. bank. Despite its high fees, Payoneer has managed to become popular. Many sites now accept it, and some of the best affiliate marketing networks have embraced it as well. of

18) Bitcoin

Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto, who published the invention in 2008and released it as open-source software in 2009. The system is peer- to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by 16) Payza network nodes and recorded in a public distributed ledger called the block chain, which uses bitcoin as its unit of account. Since the system works without a central repository or single administrator, the U.S. Treasury categorizes bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed and it is more correctly described as the first decentralized digital currency. Bitcoin is the largest of its kind in terms of total market value.

Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into a public ledger. This activity is called mining and miners are rewarded with transaction fees and newly created bitcoins.[13]

XV. PAYMENTS THROUGH MOBILE DEVICES - MOBILE PAYMENT SYSTEMS WORLDWIDE Payza (formerly known as AlertPay) is very similar to the preceeding payment options. It is available in more than 190 These two payment services allow merchants to accept credit countries. It offers generally low fees (though this varies on card payments directly through their mobile devices, making it your location and the type of the transaction) and some of the possible for devices such as the iPhone, the iPad and Android services are even free. It seems to be the least popular of the smartphones to act as a mobile point of sale (POS) checkout PayPal alternatives but still many sites accept it. system.

The availability of local payment services is astonishing, especially for the U.S. Some of the best options include: Stripe, Paymate, Amazon Payments, and Dwolla.

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You link your debit or credit card to your Google account and you can leave your wallet at home – but at the moment, it only works with phones and credit cards from the US and only in the US. Currently, it supports 20+ merchants on the ground and online, promising more merchants to come.

3) Apple’s Passbook

Apple’s Passbook was introduced in iOS 6 and relies on scanning 2D barcodes to help you manage your movie, concert and airline tickets as well as loyalty cards and coupons for selected merchants. The user get location and time-based notifications when user is near a cafe where you can use your This part of the paper is exploring “Mobile Payment Systems” loyalty card or when your airline, movie or concert ticket is where we take a look at how mobile technology is gearing nearing its due date. towards a cashless society. A smartphone can do all the payments, following are the examples of mobile wallets worldwide.

1) Square Wallet

Digital wallets can help take you there. They are smartphone apps that hold your payment and loyalty card information. Google Wallet and Apple’s Passbook are two of the more popular ones we often hear about, but if they are not your fancy, there are plenty of other digital wallets that carry perks and benefits that you may prefer.

2) Google Wallet User add passes through apps that support Passbook (link opens iTunes). So instead of bringing your grocery coupons and stack Instead of tapping your credit card on the NFC machine at the of loyalty cards wherever you go, you can store it in Passbook. checkout counter, all you have to do is wave your smartphone Unlike Google Wallet, you cannot use your debit or credit card or tap it on the machine to make your payments. It’ll be able to for purchases in-store, however you can use BillGuard to view identify the credit card information linked on your Google your bank balance and other related information on your account. For this to work, Google Wallet requires Near Field iPhone. Communication (NFC) technology available, which unfortunately is only available on certain smartphones and 4) Lemon Wallet tablets. Available for iOS, Android and Windows Phone Lemon Wallet is a very powerful app that allows you to store and use your debit, credit, ID, insurance member and loyalty cards. It turns all of that information into a barcode to be scanned by merchants. You can also connect payment cards to your bank allowing you to check your balance and transactions from within the app.

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The app is passcode protected throughout with a 4-pin passcode; even when accessing your other cards within the app, it’ll ask you to input the passcode again. One better feature is The wallet is also protected by a special chip called Secure that it allows you to take pictures of receipts for tax purposes or Element which prevents your cards from being counterfeited. to track your own spending. So far it only accepts 3 payment cards and can be used in a few stores in Salt Lake City and Austin in the US. 5) Square Wallet 7) Geode by iCache Square wallet is available on iOS and Android and works similar to Lemon Wallet, with a few additional cool features. Don’t have NFC? Try Geode instead. Geode is an iPhone case You link your credit card to the app, but instead of paying that features a much cooler alternative. With Geode, you can directly with the credit card, it requires the use of merchant store your credit cards and loyalty cards in the app, then use the cards which is why Square works only with their list of GeoCard (provided) to act temporarily as the card you select. merchants. Because it is location based, the store knows you’re Just flick the card and start swiping. Once you’re done, all data ordering something and will charge it to the card linked on your from the GeoCard will be removed and you can select the next Square account. card info to activate. It features Hands-Free Checkout as well where you ‘favorite’ the merchant and all you have to do is say your name at checkout. As you visit these stores, you can also earn rewards and discounts on your next visit. You can also purchase in-store gift vouchers to be sent to other Square users.

6) ISIS

Isis comes with its own cash card which is preloaded with $10 to help you start spending. It works with an NFC-enabled Android smartphone and also allows you to manage your coupons, loyalty cards and redeem offers from merchants.

The wallet is also PIN-protected and you can remote freeze your wallet and wireless connection if it gets stolen. If the For loyalty cards, all you need to do is take a picture of the smartphone gets recovered, you can just call to reactivate your barcode section of each card. The barcode will be displayed in wallet. E-ink quality for scanning purposes. To keep all your info secure, the app has a biometric scanner that takes your fingerprints for authentication. US residents can buy the Geode for $200.

8) Chirpify

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Chirpify lets you use social media apps like Twitter and Instagram to buy, sell, send and receive money. You have to first register for an account on their website; it uses PayPal to send or receive money.

On your account dashboard, you can create a listing if you’re selling something or want to start a fund raiser. You can create a listing via Instagram with the captions: ‘$5 #instasale‘ to sell ‘$0 #instagimme‘ for a giveaway ‘$10 #instafund‘ for a donation A listing will then be created on your Chirpify account dashboard. Access your main account via their website, but make your transactions via your smartphone. Venmo also works via SMS with a few simple SMS commands. Venmo is a free app but only currently works with major US banks and phone numbers.

10) Bump Pay

If you’ve heard of Bump that app that lets you send contacts and photos from smartphones to computers via an Internet connection, then you should get the idea of Bump Pay. Bump Pay is a free app only available for the iPhone. It allows you to ‘bump’ (transfer) money from iPhone to iPhone with your Other Chirpify members buying your item simply comment existing PayPal account. ‘Buy’ on Instagram or reply with ‘Buy’ on a Tweet, and the transaction is complete. Chirpify users can also send money between friends or make donations via Twitter. There is a 5% transaction fee whenever money enters your Chirpify account.

9) Venmo

Venmo is an app available for BlackBerry, iOS and Android for transferring money between friends. Once you have an account, you can link a bank account, credit or debit card to it. It works similar to PayPal but only between two parties with Venmo accounts. Sending money is like writing an email to a friend, plus the amount you want to transfer. You can even

share the transaction with a message on Facebook, Twitter or Foursquare. 11) Groupon App

The group buying website Groupon, now also have an app, available on iOS and Android, that lets you browse, buy and use your coupon from within the app without the need to print it.

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Android Pay is owned by Google, the company behind the Android operating system.

You add your credit or debit card from a participating bank, to fund it and then make purchases using a virtual version of the cards.

12) Zipmark Working, Android Pay uses near field communication, which not all Android phones have. You unlock your device — using Zipmark acts as a digital checkbook that connects directly to a PIN, password, or fingerprint — then hold your phone up your checking account. Payments are made with digital checks against the NFC reader on a payment terminal. After a moment, and can be cleared the next business day with a 1% or $5 you receive an indicator that the payment was successfully maximum transaction fee. Payments are cleared quickly, more processed. A receipt for the transaction is sent later via email. securely and cost less. Zipmark is currently only available by invitation.[9] Usage, it can be use it to pay for things within apps on your phone, and also in a wide variety of real-life stores and even some vending machines. Most of the major mobile phone carriers (AT&T, T-Mobile, and Verizon) accept payments through the service, too.

14) Apple Pay

It’s exclusive to the iPhone, iPad, and Apple Watch, though you can’t use iPads to make purchases in stores and owned by Apple.

13) Android Pay Funding, you add your credit or debit card from a participating bank, then make purchases using a virtual version of the cards.

Working, when making purchases in stores, Apple Pay uses NFC. The iPhone 6 and 6 Plus and newer have this capability,

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and people with slightly older phones can make payments using PayPal, and you can use their payments app to make online an Apple Watch. Hold your phone up to the receiver and payments, pay people you know, and make payments in confirm using your thumbprint or PIN, and the transaction will participating stores by “checking in” using the app. go through using your default card. Funding, with your PayPal account, which can be funded using Usage, A wide variety of national retailers accept it: for your checking account, credit or debit cards, or the balance from example, Apple Stores (of course), Best Buy, Kohl’s, Macy’s, money that other people or companies send you. PayPal prefers McDonald’s, Panera, RadioShack, Sephora, Toys”R”Us, and that you use your checking account or have a balance, though, Walgreens/Duane Reade. You can also use it anywhere that you so they don’t have to pay fees. see an Apple Pay or contactless payment logo on a door or payment terminal. Working, the process in a real-life store is confusing, and involves checking in using the app, which you can do while not 15) CurrentC physically inside the store.

17) Samsung Pay

It is owned by, Electronics giant Samsung, and it’s available only to users of some models of Galaxy S5 and S6 phones.

Funding, you add credit or debit cards to your Samsung mobile wallet. You can see on this page whether your bank or credit union participates.

Working, Similar to NFC competitors Android Pay and Apple Pay, but the service has some advantages that make Samsung

Pay more appealing to Galaxy owners, who would also be able Ownership of app is by Merchant Customer Exchange, a to use Android Pay. You can use Samsung Pay on just about coalition of retail chains that includes companies like 7-Eleven, any modern credit card terminal: the phone emits a magnetic Best Buy, CVS, Hobby Lobby, the Gap family of stores, signal which the card reader can recognize as the same as a card Lowe’s, Sears Holdings, Target, and Walmart. Merchants swipe. The app unlocks with a thumbprint. originally had to agree to remain loyal to CurrentC, but after those agreements expired, many have started to accept other Usage, On pretty much any card reader that doesn’t require you mobile payment systems. to physically slide a card through, meaning that merchants don’t have to sign up or buy the equipment to accept NFC payments. Funding, CurrentC allows gift cards and store charge cards, but they currently plan to only use ACH, direct debits from your 18) Walmart Pay checking account. This lets merchants get around credit and debit card fees.

Working, It works by generating a QR barcode for payment on the cashier’s screen, which the customer scans using the CurrentC app. The app is secured with a passcode. This system makes it available on older phones than NFC payment options, but less convenient to use.

Usage, you can download the app for iOS and Android now, it is being used at Columbus as beta test market may be very soon available in other market too. This app is owned by Wallmart, Walmart was originally a leader of the coalition behind CurrentC. Funding, you add credit cards, debit cards, prepaid cards, or Walmart gift cards to your wallet within the app. Working, Like CurrentC, you scan a QR code at the register to start a payment session. The Pay module is part of the Walmart 16) PayPal

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app, which the company says 22 million people already have company are more popular and those with the banks are doing fine, and use. [4] mobile companies’ e-wallet is restricted to the mobile users. People are using a few services mostly for recharging the DTH and paying bills, but there are many services which are already going on in the international market and people are using it like square wallet it gives card scanner to scan any credit / debit card to make payment through mobile device, are still to come in India. The awareness and practical XVI. DATA ANALYSIS AND INTERPRETATION usability of the E-wallet is low, that should be increased by adding more value added services to it. The author in this research paper is trying to explore all the possibilities of getting information on the awareness and the usage of E- wallet REFERENCES system in youth of India. In this paper all the ICT based e-payment and digital wallet providers are listed, for knowing more on this topic an [1]https://play.google.com/store/search?q=e-wallet&c=apps&hl=en online questionnaire has been administrated with the following link: [2]http://www.moneycontrol.com/master_your_money/stocks_news_c http://esurv.org/online-survey.php?surveyID=LBIOFJ_469bfdda. In onsumption.php?autono=1337093 this questionnaire the respondent made their responses according to [3]https://www.mpesa.in/portal/images/desktop/home/slider/Offer_L their information available for questions. Maximum respondent for the M.jpg age group are from 26 -35 years of age group. Most of the respondents [4]https://consumerist.com/2016/02/02/tap-or-scan-here-to-pay-know- are post graduate and working either having business or working your-mobile-payment-apps/ professionally few of them are engaged in their studies. All the [5] https://www.sitepoint.com/8-paypal-alternatives/ respondents have their bank account and having online banking and [6] https://play.google.com/store/search?q=e-wallet&c=apps&hl=en mobile banking facilities associated to their bank account. The [7]https://www.mpesa.in/portal/images/desktop/home/slider/Offer_L respondents are segregated in terms of having account in Private and M.jpg Nationalized banks, they are having almost equal percentage of having [8]https://www.searchenginejournal.com/the-10-most-popular-online- the accounts in both types of banks, while choosing which private banks payment-solutions/ and nationalized bank the respondents have chosen the private banks [9]http://www.hongkiat.com/blog/digital-wallets/ named ICICI, Axis and HDCF in nationalized banks SBI, [10]http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web &cd=1&cad=rja&uact=8&ved=0ahUKEwipj4_TzsXNAhXMrI8KHQ J6CJgQFggfMAA&url=http%3A%2F%2Fwww.idemployee.id.tue.nl SBBJ, PNB, BOB are the most preferred one. In terms of traditional %2Fp.markopoulos%2FdownloadablePapers%2FThesisAbrazhevich. banking and modern banking with online facilities and anywhere pdf&usg=AFQjCNGSnmsPUMcPbRICdHUevwaC2FCyqg&bvm=bv. banking respondents choose the modern banking because of ease of use 125596728,d.c2I and better encrypted reliability of secure and fast transaction. [11] Mohammad AL-ma'aitah, Abdallah Shatat , Empirical Study in the respondents answered the questions about the use of ATM / Debit or Security of Electronic Payment Systems, International Journal of Credit card for online purchasing and what product that like to purchase Computer Science Issues, Vol. 8, Issue 4, No 1, July 2011 [12]http://www.jmeit.com/JMEIT%20Vol%202%20Issue%203%20Ju they prefer to purchase online and most of them are mobile, tablet, n%202015/JMEITJUN0203009.pdf mobile accessories, apparels and gift items then comes the footwear and [13] https://en.wikipedia.org/wiki/Bitcoin other things like jewelry, watches, perfumes etc. while asking the

preferred mode of payment it is through COD and Credit and debit card. In terms of preferred mode of purchasing it is both online and through mobile devices and feel that new technologies are more secure and free from human errors. the question about the ICT based e- payments and e -wallet services available all over the world and India, the people are having a very little information about the products which are available outside India like Zipmark, Dwolla, ISIS, Square but they are having good amount of information about the e -payment / e- wallet services in India, the most popular of them are Paytm, FreeCharge by SnapDeal, Airtel Money, M-pesa, Oxigen wallet, FlipKart money.

XVII. CONCLUSION AND SUGGESTION

In India, there are lots of changes in environment, “change” is only truth in this world. It is advisable to accept and adapt according to it for survival. Modern financial system has gone through many changes in terms of payment processing system from traditional banking system to ATM/ Debit card, Credit card online payment, wire transfer, NEFT, RTGS etc. and the latest feather in the cap is digital wallet or E-wallet, this paper is an effort to explore the awareness of this new payment processing system in youth. After administering the survey result the digital wallet which are popular and associate to the online business

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Appendix -I Survey questions: An Empirical Study about the Awareness of Paperless E-Currency Transaction like E- Wallet Using ICT in the Youth of India Survey Link: http://esurv.org/online-survey.php?surveyID=LBIOFJ_469bfdda

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