an empirical study about the awareness of paperless e-currency

Journal of Management Engineering and Information Technology (JMEIT) Volume -3, Issue- 3, Jun. 2016, ISSN: 2394 - 8124

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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 work on barter system, later on people started transaction in terms of currency notes /coins. In the modern digital age people are using money in many form to pay the bills like through credit card, debit card, using Internet and Mobile devices. In today’s era people are making transaction digitally over the internet. People are purchasing, making transactions through mobile devices, ATM, Credit cards, Bitcoin, E-wallet, third party like PayPal etc. they feel convenience, easy to use design for transaction and perceived usefulness of the system. This paper is focusing upon the paperless e-currency transaction that is getting popular all over the world, India is a growing market for the world and many services and products are available online and they accept payments online, but how many people are actually relaying on it, how many people are using it for making payments moreover, the study is based on the questionnaire responded by respondents.

Keywords: E-wallet, ICT, Paperless Currency, Youth, India, Mobile Banking, E-commerce.

I.INTRODUCTION Country has many systems to take care of its growth and development efficiently and effectively, the financial system of any country is one of the most important one consists of banking and non-banking financial institutes, these institutes are providing various types of financial services to the customers. In the financial services, financial clearing and fund transfer service is most important service than other services. Payment systems improve financial intelligibility, stimulating business growth and consumption. Many business transaction depends upon it. The success of the banking system has depends upon the efficient and quality of clearing system of the industry. Everyday thousands of crore rupees are transacted by the banks. If we look at the worldwide this system has changing drastically with technological advancements. Information and Communication Technology (ICT) have become a mean for improvement of financial system worldwide. In India, most of banks and financial institutions are offering ICT based financial products and services to improve their business efficiency and speed of services e.g. called e-banking, internet banking, electronic fund transfer, electronic clearing, mobile banking etc.

In Indian financial system 19 nationalized commercial banks, SBI group of 06 banks including State Bank of India, 14 old and 07 new private sector banks and 32 foreign banks are dealing banking business as on March, 2012. The mechanization and computerization of banking were started from 1985 by the first phased plan of bank automation in India. Now in India, 97 percent of public sector bank branches, cent percent private and foreign banks are computerized. These banks are offering lots of ICT based banking service to bank customers and using modern technology to internal business operations. Many CBS [Central Banking System] branches are operating in India, user can transact its money from any branch. After financial reform period 1991, various foreign and new private sector banks are entering in Indian banking industry with their high-tech banking services. It leads to competition of ICT based banking services in Indian banking system and creates efficiency. For the further developments the Reserve Bank of India (RBI), Institute for Banking Research and Development of Technology has continuously trying to enhance the system by required facilities to banking and financial institutes in India. In the early 1990s the business and consumer world encountered a new way of conducting trade business, which was named electronic commerce (e-commerce). Over the years electronic commerce has evolved into a popular and acknowledged way of conducting business. E-commerce has become especially important in two interrelated dimensions, namely business-to-consumer (B2C) and business-to-business (B2B) e-commerce. Business to-consumer e-commerce is enabling customers to have an increasing influence on products created, how products are customized, and how services are delivered. Ecommerce offers customers convenient shopping methods for products, information and services, electronic banking, and personal finance management. It is making it easier for consumers to find the desired products and services, match them more precisely to their requirements, and compare prices, (Vulkan, 2003). Several business models have been developed to support various customers’ needs, among them are online portals, content providers, transaction brokers and community creators. The most popular definition of e-commerce is based on the online perspective of the conducted business. E-commerce




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provides the capability of buying and selling products, information and services on the Internet and other online environments. As for any trading activity, the issue of safe and reliable money exchange between transacting parties is essential. In an e-commerce environment, payments take the form of money exchange in an electronic form, and are therefore called electronic payments. Electronic payments are an integral part of e-commerce and are one of its most critical aspects. Generally defined, electronic payment is a form of a financial exchange that takes place between the buyer and seller facilitated by means of electronic communications. An e-commerce electronic payment is a financial exchange that takes place in an online environment, (Kalakota & Whinston, 1997). Electronic payment systems (EPSs) are summoned to facilitate the most important action after the customer’s decision to pay for a product or service – to deliver payments from customers to vendors in a most effective, efficient and problem-free way. The role of e-commerce electronic payment systems is pivotal for future of ecommerce, whose further growth depends on the timely development of EPSs. The development of new types of e-commerce purchasing relationships and business models has created the need for new ways of money exchange and new EPSs. For instance, online auctions, (Ribbers & Heck, 2004), 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 small payments and micropayments. Businesses would like to sell information content that costs very little, accumulating revenues with high turnover. E-commerce EPSs can be designed for selling specific types of products, for example for trading copyrighted online content, such as music. Another unforeseen earlier requirement is conducting e-commerce using wireless mobile devices, such as mobile phones or personal digital assistants (PDA). The need for paying with mobile devices has urged the development of payment systems for mobile electronic commerce, (Laudon & Traver, 2002). In addition, ecommerce provides the possibility to enhance current payment systems or substitute them with online variants.

II. LIMITATIONS OF TRADITIONAL PAYMENT SYSTEMS IN THE CONTEXT OF ONLINE

PAYMENTS

Three factors are stimulating the development of electronic 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 available mainstream payment means for both end consumers and merchants, defeated perhaps only by paper checks, (Lietaer, 2002; Laudon & Traver, 2002).

III. USER ACCEPTANCE OF ELECTRONIC PAYMENT SYSTEMS

At this stage the situation with the development of online EPSs is far from ideal. A survey on electronic money developments by the Bank for International Settlement reports a rather low level of EPSs use, even in the most advanced countries, (BIS, 2000). According to the European Central Bank, the proportion of online payments among cashless payment instruments in the European Union is rather low. The report admits that although there has been a lot of discussion on the use of EPSs and their importance “it is still not a widely used medium”, (ECB, 2001). The lack of customer demand, the diversity of technological standards and the lack of support by financial institutions are mentioned among the reasons preventing the development of electronic payment systems, (ECB, 2003). Some experts estimate that about 85% of all Internet transactions are done with credit cards that were not originally designed for the Internet, (Philippsohn & Thomas, 2003). According to a survey by marketing research firm Jupiter Research, credit cards are still the dominant payment method for online purchases, accounting up to 95% of online transactions in the United States, (Jupiter Media Metrix, 2000). This demonstrates still low user acceptance of alternative electronic payment systems, designed specifically for e-commerce. [10]

IV. TARGET CUSTOMERS

Financial institutions are providing many services to the people, these includes Internet banking, mobile banking, NEFT, RTGS etc. in this study the author is exploring the target customers who are actually using these services, when these services are offered by banks, B2B transactions are mostly benefited, when B2C transaction started booming due to various online schemes and offers by online companies like Flipcart, SnapDeal, Amazon, EBay etc. mostly young generation got their attraction, now a days, everyone has smartphone with Internet connection and many companies are offering added advantage to the purchaser of goods from online market. There are various application known as “apps” available in the online market to facilitate online purchasing. Banks are also providing online mobile wallet to be downloaded and open in any smartphone through “apps” available and ready for purchasing, recharge, pay bill, money transfer, cinema, flight and hotel booking etc.

Fig.-1 showing SBI Buddy – E - wallet

Source:https://www.sbi.co.in/portal/documents/28392/12258615/state-bank-buddy.jpg/645ce82b-544a-4f40-b9d3-

bbcb41219447?t=1439791101009

V. REASONS TO OPT E-CURRENCY/ E-WALLET




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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, the quality of the product is also assured by the online seller along with company’s warranty etc. from 1990 to 2016 there is 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.-2. Showing FlipKart Big Shopping Day Offer

Source: https://www.flipkartbigbillionday.in/flipkart-com-big-shopping-days-offers-and-discounts-cheap-deals/

Fig. 3. Showing Mobile app of Flipkart having new features of Image

search, real time notification etc. Source: http://www.flipkart.com/mobile-

apps?otracker=ch_vn_mobile_apps

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%2Fpayu-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 goods is Convenience, people do not want to go in market due to many reasons and lack of time too. The convenient options 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 systems such as credit cards render them not very suitable for online payments. Several limitations of traditional payment systems in the context of e-commerce can be outlined. Existing payment systems, such as credit cards, are inadequate for retail customer digital business from the following viewpoints: Lack of usability: Existing payment systems for the Internet require from the end user to provide a large amount of information, or make payments using complex elaborated web site interfaces. E.g. credit card payments via a web site are not the easiest way to pay, as these require entering extensive amounts of personal data and contact details in a web form, (Kalakota & Whinston, 1997). Lack of security: Existing payment systems for the Internet are an easy target for stealing money and personal information. Customers have to provide credit card or payment account details and other personal information online. This data is sometimes transmitted in an un-secured way, (Kalakota & Whinston, 1997). In practice this happens even in spite of introduction of secure transactions mechanisms, such as Secured Socket Layer. Providing these details by mail or over the telephone also entails security risks, (Guttmann, 2003; Laudon & Traver, 2002). Lack of trust: Users tend not to trust existing systems with the long history of fraud, misuse or low reliability, as well as novel systems without established positive reputation. In the present situation, money loss by customers is quite possible when using existing payment systems, such as credit cards, for Internet payments. Potential customers often mention this risk as the key reason why they do not trust a payment service and therefore do not make Internet purchases, (Lietaer, 2002). Lack of applicability: Not all web sites support a particular payment method, thus limiting customers’ ability to pay. Credit cards work only with merchants who have signed-up to the services of the corresponding credit card company, and do not support direct business-to-business or interpersonal payments, (Kalakota & Whinston, 1997). Lack of eligibility: Not every potential customer with money and intention to pay can make use of certain payment methods. Not all potential buyers can obtain credit cards due to credit history limitations, low income or other reasons, (ibid). Lack of efficiency: Some payments over the Internet can be too small to be handled by existing payment systems, because of overheads included in the processing of payments and transaction. Credit cards are too expensive for effecting small payments and are unsuited for small transactions. The minimum fixed fee charged to the retailer for processing a transaction could even surpass the value of the goods sold, (Guttmann, 2003). High usage costs for customers and merchants. Existing payment systems use a rather expensive infrastructure to facilitate the payment process. Credit cards are very expensive

for end users, not in the least because of the enormous and growing size of fraud, which amounts to billions dollars per year. This loss is invisibly re-financed by users by the higher costs of credit card services. In addition, credit card payments are still heavily paper-dependent. Most credit card bills are sent in a paper form to customers by post, and the bills are mostly settled by posting paper documents, like checks of giro payments, which makes the whole cycle rather expensive. As mentioned above, this means that resources employed in processing of credit cards transactions render them rather ineffective for small payments, because the high overhead of credit cards, (Laudon & Traver, 2002; Guttmann, 2003). First, it was cash, and then came credit card, only to be superseded by internet banking and recently by e-wallets and mobile payment. Mobile payment is a close cousin of e-wallet where your all-purpose mobile incredulously has one more purpose – to act as your wallet. Essentially, e-Wallet is an online account that helps you buy merchandise and do all kinds of transactions online without using your debit and credit card. Most card users are concerned about the security aspects of the credit card. There is always the fear that someone can use your card and fleece you. E-Wallet, with its inherent security features obviates this possibility. E-Wallet can be in digital form, in your mobile, or in the form 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 case of e-Wallet, there may not be any physical card. These products have been in the market for some time, but it is only recently that there has been an increased acceptance of e-Wallet among users. [11]

VII. WHAT YOU CAN DO WITH E-WALLET You can do virtually anything with e-Wallet. It is as useful as your credit card but without the risk associated with its usage. Since e-Wallet comes preloaded with currency, it can be used in buying groceries online, booking airline and train tickets, buying books, electronics, and clothes.

VIII. ADVANTAGE OF E-WALLET First, e-Wallet is a prepaid account. Hence, there is absolutely no question of denial of services and goods. Unlike credit cards, where any intended or unintended default may block the card for further use, e-Wallet is never denied service. Second, e-Wallet provides a large variation in limit. People can create their e-Wallet with amounts as low as Rs. 10 and as high 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 documents.

IX. WHO OFFERS E-WALLET

The competition in this area is growing. First, it was Google, then IT companies like Oxigen, and now banks (ICICI Bank, Axis, and SBI etc.), telecom firms (Airtel), and many start-ups have started operation in this area. Sometimes, even big shops and chains provide e-Wallet to its customers. In fact, after RBI chief announced giving licenses for payment banks, many have jumped into the fray and many have planned to start a payment bank. A payment bank is a bank which




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facilitates transactions. It neither takes deposits nor pays interest.

X. TYPES OF E-WALLET

With the plethora of products in this market, e-Wallet has undergone many changes as a concept and now different variants of e-Wallet are available in the market. Some of them are: Generic online E-Wallet These wallets are used online. Internet companies like Oxigen and PayTM provide e-Wallet, which can be used with multiple payments such as music, utility payments, bank transfer, and many more. All you have to do is to login to the site, provide necessary details, and transfer the money to your e-Wallet by physically going to the outlet of the company (e-wallet provider) or by online transfer. Once money is loaded into your 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 of e-wallet provider which has contract with firms where a host of services can be used. Company specific E-Wallet Few companies provide e-Wallet specifically to be used with 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 availing the cab services. There are other examples too. The company specific e-Wallet is typically launched by companies whose services are used frequently. Examples could be taxi services, telecom services, supermarket chains, online portals such as Flipkart, Zabong, etc. This type of e-Wallet is known as closed e-Wallet because it can’t be used in any other shop or competing business. Bank E-Wallet When it comes to money and transactions, banks want to be in the forefront. Naturally, the advent of e-Wallet has attracted banks to its domain. ICICI bank, a leading private bank, offers e-Wallet for all phone related payment. It provides e-Wallet up to Rs 10,000 where users can open the account without even KYC (Know your customer) norms. Axis bank provides e-Wallet which is valid for 48 hours. If 48 hours expire without the e-Wallet being used, the e-Wallet is blocked and the money is returned to the linked bank account. It also provides safety by providing e-wallet for only one transaction. Once you make that transaction, the e-Wallet is deactivated. There could be other type’s e-Wallet by banks such as mPesa by ICICI bank and Vodafone. These can be used to even withdraw money and do host of other transactions which only a bank can authorize.

Payment banks and e-Wallet In view of the future competition, many existing banks are offering e-Wallet facilities with different options. We have already seen Axis Bank and ICICI bank’s e-Wallet schemes. HDFC announced earlier this year that they have big plans to go digital and launch e-Wallet services. In fact, most of the banks, in association with telecom firms, will come out with e-Wallet solution soon. For now, only a handful of banks are providing this with limited services.

The money in e-Wallet doesn’t earn interest. Hence, it is not advisable to get an e-Wallet loaded with high amounts. However, due to consumer pressure to pay interest on e-Wallets, there are now initiatives in that direction. This market is in a nascent stage and use of e-Wallet is still in its infancy. The concept is still evolving, with new players and new variants of e-wallet hitting the headlines every now and then.

E-Wallet may not be accepted at many merchandising stores as of now. As the use spreads, e-Wallet looks poised to become the de-facto transaction system. E-Wallet may not be cheap. The charges for normal transactions are much higher compared 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 mechanisms can still come up short.

XI. BANK’S WORK IS DISTRIBUTED TO

CUSTOMERS

Traditionally the banks used to have all the burden of transaction made by the person, like a person went to a bank for withdrawing some “x” amount of money then the banker demands the passbook along with the withdrawal slip with proper signature on it , then he matches the signature and the amount available in the account after that he passes the token to the customer and the customer waits till the cashier calls him for the payment, if the amount is not enough the banker used to refuse to pay or ask for the lower amount. After automation and computerization of banks the whole burden has gone to the customer end, for e.g. the bank’s ATM, the customer swipes his ATM/ debit card and enter the security code, after that selects the account type and select the proper amount which is available in the bank or the transaction will be declined. Here all the risk and burden is shifted to the customer even in case of the fraud there is no responsibility of bank. In the case of online banking and mobile banking there is same situation like an ATM, the awareness is the only safeguard for any kind of fraud. In the case of E- wallet the user has to transfer the desired fund to the E-wallet before using it anywhere.




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XII. WHY BIG PLAYERS ARE COMING INTO E - WALLET MARKET

Many big players like Google, Amazon, PayPal, Apple, Samsung, and Walmart etc. are coming into the e-wallet business, it is due to the large customer base of people having smartphones and internet affordability. Online business companies are making people to shift from “click” to “tap” [12] means they want more and more people purchase goods through their smartphones or for making their transaction and purchase from online market. Online business companies are promoting mobile purchasing by offering early startups in a big sale for e.g. Big billion day by FlipKart etc. other than open market, Walmart, Samsung, Amazon are promoting their apps on their brick and mortar stores to promote sales although people are having value addition in this process. There is a golden triangle between the people who are using apps or E-wallet, the banks and the goods merchant whether offline or online, there is a win –win situation everyone is benefitting from the situation. Shopping or making payments through smartphones are very easy, people want to use easy way to save time and have convenience the perception of the mind having everything on “tap” and in pocket has a great motivation to promote online business practices through mobile devices. E-Wallets are emerging as the preferred means to pay your bills.

XIII. INDIAN E-WALLET SERVICES

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

1) Paytm

Paytm started out with mobile recharges, DTH plans, and bill payments, and then launched an e-commerce marketplace in

February 2014. Its wallet partners include Uber, Bookmyshow, and Makemytrip, along with others in

categories such as shopping, travel, entertainment, and food.

Paytm is the only wallet that supports bookings on IRCTC, and has a license from RBI to set up a payments bank, enabling it to offer current and savings account deposits, issuing debit cards and offering Internet banking services. Like most of the virtual wallets you can choose from, Paytm also lets you send money

to anyone with a mobile phone number, and transfer money into any bank account. The wallet can be topped up using debit cards, credit cards, netbanking, and IMPS merchant payments.

Paytm is a good app to download due to its wide network of partners which makes it convenient whether you're taking a cab ride with Uber, or ordering a meal via Foodpanda. Right now, the company is also trying to acquire users by offering great deals on its e-commerce store - you can buy all sorts of electronics and get pretty big cashbacks into the Paytm wallet.

Paytm wallet can be used to store your cash which can be later used to purchase goods on Paytm shopping portal or a large number of merchants who accept payments by Paytm wallet. Users will surely get cashbacks if they shop using Paytm wallet. Paytm wallets can also be used to accept/receive money from others, and the money in Paytm wallet can also be redeemed into Bank account as well.

2) FreeCharge [Snapdeal] FreeCharge lets you recharge any prepaid mobile phone, postpaid mobile, electricity bill payments, DTH and data card in India. It recently added metro card recharging as a feature of 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 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

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 section with cash backs offers listed on its website with include both online and offline players. That last part is the key - MobiKwik has done a good job of building up offline partners such as Cafe Coffee Day already, and while you can't really 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 over 70,000 shops are already using, so you can pay with your MobiKwik wallet at any of these shops even if they haven't partnered up directly.




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MobiKwik quoted a user base of 25 million last month on its website, and over 4,00,000 daily transactions. Top ups can be done using net banking, debit cards, and credit cards, the app can be used to send and request money between friends and family members as well, using a mobile number or email ID. There is no additional charge for such remittances. Another reason to download this app is that MobiKwik offers a doorstep cash collection service, making it ideal for users who do not have access to a bank account or credit card. The cash collection is currently available in Delhi, Mumbai, Gurgaon and Jaipur only, and a maximum of Rs. 10,000 can be added to the wallet in a calendar month. If you're looking for a digital wallet with a strong offline presence then MobiKwik certainly seems to be a good option.

4) Airtel Money

Fig. 6. Images showing offers and features of Airtel Money app.

Source: http://www.airtel.in/money

Airtel Money is a semi-closed wallet that doesn't permit cash withdrawal or redemption by the customer. It can be used to do recharges, make money transfers to contacts, shops and bank accounts, make bill payments and pay for online shopping. It can be used to book train tickets as well, but it isn't a seamless user experience.

The app lets you request money with NFC-based payments, and can be used to transact without loading money in the wallet first, using debit/ credit cards, or netbanking, for checkout. The app

also lets you split bills and expenses with friends, by entering their phone numbers.

Cash can be loaded into the wallet from an Airtel money outlet or an Airtel relationship centre. The app is ideal for users who need to top up their Airtel prepaid SIMs on a regular basis, and today, it's getting tied up with other partners as well, including Uber. Airtel Money is also one of the few players that has been given a payments bank license from the RBI. This means that Airtel can offer interest, or its own debit card, amongst other possible features.

5) Vodafone M-pesa

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 of this, M-pesa is a useful choice in case you need to send remittances to someone who doesn't have a bank account.

6) Chillr

Chillr lets you send money in seconds to anyone in your phone book, without having to know their account number, IFSC code, or waiting for an OTP SMS. Only HDFC Bank and Bank of Baroda customers can use the service to send money, while other bank customers can receive money using the app. The account needs to be enabled via net banking or mobile banking first, by making a request for an MMID, and a generating an MPIN.




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If you're an HDFC or Bank of Baroda customer, the app is ideal for splitting bills with friends, and paying utilities like mobile, DTH and data card recharge, as it makes transactions directly from your bank account, without having to work with another third-party wallet. Chillr can also be used to pay or request money using a QR Code presented by the merchant or user. Upon scanning, an invoice is generated on your phone, which needs to be confirmed and authorised, using your mPIN.

7) Oxigen Wallet

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 Corporation of India) for instant money transfer. Its ideal use case is money transfers. According to the the company, the Oxigen wallet can have a maximum balance of Rs. 10,000, with a single money transfer of transaction of Rs. 5,000 a day, and Rs. 10,000 a month.

8) PayU Money

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

Pockets is the newest entry amongst the e-wallet services, but being a product of ICICI Bank and its powerful back-end it has quite a lot of interesting offers stacked up . Besides using as a gateway to Pay for online purchases, you can even use Pockets to accept money using either mobile number/e-mail ID. Thus, acting as a digital savings account. You can also add money to your Pockets wallet using Cards/ Net Banking as well as you can redeem/withdraw your money held in your Pockets wallet to your Bank account at nominal costs.

10) mRupee

mRupee, a Tata Teleservices offering in the mobile wallet

space, This semi closed wallet is licensed by Reserve Bank of

India. Over the last couple of years of operations mRUPEE has

enabled customers pay bills, recharge mobile and send money

to their near and dear ones through a wallet platform which

operates on a Customer Self-Initiated as well as a Retailer

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

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.




26

XIV. ICT BASED PAPERLESS E-CURRENCY 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

WooCommerce allows WordPress users to create their very

own e-commerce shop. There are several neat features that

make this payment processor worth your time. Besides being

vendor and customer friendly, you can run coupon campaigns,

manage your store’s daily activities, learn about shipping and

tax rules, and view your store’s overall performance.

2) 2CheckOut

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

even PayPal payments. The company also offers international

payments, shopping cart stores, and a recurring billing feature.

3) Stripe

Developers use Stripe to integrate a payment system into their

projects through Stripe’s robust API. This prevents the need for

a merchant account, and also allows you to build your own

payment forms that can bypass PCI requirements.

Stripe provides an excellent payment solution for web

developers who would like to integrate a payment system into

their projects using Stripe’s robust API. By bypassing the

traditional sign up process, Stripe acts as a merchant account

for its providers, handling all PCI compliance and merchant

approvals.

4) ACH Payments

ACH Payments has several key features that make it one of the

top payment systems around. Pros include: being able to make

global payments, as well as serving as a payment gateway,

merchant account, credit card processor, and mobile payment




27

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

a payroll system.

5) WePay

WePay is a payment processor that allows Internet merchants

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

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

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

businesses at a flat, monthly rate.

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.

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.

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 has over 137 million active accounts in 193 markets and

26 currencies around the world, which makes it easy to transfer

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.

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.

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.

11) Google Wallet




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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.

12) Braintree

Braintree is an online payment gateway and merchant account

solution known for working with popular tech startups such as

Airbnb and LivingSocial.

13) Samurai by FeeFighters

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]

14) Skrill

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

alternatives, so if you want to send money to somebody, he or

she might have already heard about Skrill, or even have an

account. Skrill is also widely accepted by many top websites

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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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.

16) Payza

Payza (formerly known as AlertPay) is very similar to the

preceeding payment options. It is available in more than 190

countries. It offers generally low fees (though this varies on

your location and the type of the transaction) and some of the

services are even free. It seems to be the least popular of the

PayPal alternatives but still many sites accept it.

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.

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.

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

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

These two payment services allow merchants to accept credit

card payments directly through their mobile devices, making it

possible for devices such as the iPhone, the iPad and Android

smartphones to act as a mobile point of sale (POS) checkout

system.




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This part of the paper is exploring “Mobile Payment Systems”

where we take a look at how mobile technology is gearing

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

Instead of tapping your credit card on the NFC machine at the

checkout counter, all you have to do is wave your smartphone

or tap it on the machine to make your payments. It’ll be able to

identify the credit card information linked on your Google

account. For this to work, Google Wallet requires Near Field

Communication (NFC) technology available, which

unfortunately is only available on certain smartphones and

tablets.

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

loyalty card or when your airline, movie or concert ticket is

nearing its due date.

User add passes through apps that support Passbook (link opens

iTunes). So instead of bringing your grocery coupons and stack

of loyalty cards wherever you go, you can store it in Passbook.

Unlike Google Wallet, you cannot use your debit or credit card

for purchases in-store, however you can use BillGuard to view

your bank balance and other related information on your

iPhone.

4) Lemon Wallet

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.




32

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

that it allows you to take pictures of receipts for tax purposes or

to track your own spending.

5) Square Wallet

Square wallet is available on iOS and Android and works

similar to Lemon Wallet, with a few additional cool features.

You link your credit card to the app, but instead of paying

directly with the credit card, it requires the use of merchant

cards which is why Square works only with their list of

merchants. Because it is location based, the store knows you’re

ordering something and will charge it to the card linked on your

Square account.

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

smartphone gets recovered, you can just call to reactivate your

wallet.

The wallet is also protected by a special chip called Secure

Element which prevents your cards from being counterfeited.

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.

7) Geode by iCache

Don’t have NFC? Try Geode instead. Geode is an iPhone case

that features a much cooler alternative. With Geode, you can

store your credit cards and loyalty cards in the app, then use the

GeoCard (provided) to act temporarily as the card you select.

Just flick the card and start swiping. Once you’re done, all data

from the GeoCard will be removed and you can select the next

card info to activate.

For loyalty cards, all you need to do is take a picture of the

barcode section of each card. The barcode will be displayed in

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.

Other Chirpify members buying your item simply comment

‘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.

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

existing PayPal account.

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.




34

12) Zipmark

Zipmark acts as a digital checkbook that connects directly to

your checking account. Payments are made with digital checks

and can be cleared the next business day with a 1% or $5

maximum transaction fee. Payments are cleared quickly, more

securely and cost less. Zipmark is currently only available by

invitation.[9]

13) Android Pay

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.

Working, Android Pay uses near field communication, which

not all Android phones have. You unlock your device — using

a PIN, password, or fingerprint — then hold your phone up

against the NFC reader on a payment terminal. After a moment,

you receive an indicator that the payment was successfully

processed. A receipt for the transaction is sent later via email.

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.

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,




35

and people with slightly older phones can make payments using

an Apple Watch. Hold your phone up to the receiver and

confirm using your thumbprint or PIN, and the transaction will

go through using your default card.

Usage, A wide variety of national retailers accept it: for

example, Apple Stores (of course), Best Buy, Kohl’s, Macy’s,

McDonald’s, Panera, RadioShack, Sephora, Toys”R”Us, and

Walgreens/Duane Reade. You can also use it anywhere that you

see an Apple Pay or contactless payment logo on a door or

payment terminal.

15) CurrentC

Ownership of app is by Merchant Customer Exchange, a

coalition of retail chains that includes companies like 7-Eleven,

Best Buy, CVS, Hobby Lobby, the Gap family of stores,

Lowe’s, Sears Holdings, Target, and Walmart. Merchants

originally had to agree to remain loyal to CurrentC, but after

those agreements expired, many have started to accept other

mobile payment systems.

Funding, CurrentC allows gift cards and store charge cards, but

they currently plan to only use ACH, direct debits from your

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.

16) PayPal

PayPal, and you can use their payments app to make online

payments, pay people you know, and make payments in

participating stores by “checking in” using the app.

Funding, with your PayPal account, which can be funded using

your checking account, credit or debit cards, or the balance from

money that other people or companies send you. PayPal prefers

that you use your checking account or have a balance, though,

so they don’t have to pay fees.

Working, the process in a real-life store is confusing, and

involves checking in using the app, which you can do while not

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

to use Android Pay. You can use Samsung Pay on just about

any modern credit card terminal: the phone emits a magnetic

signal which the card reader can recognize as the same as a card

swipe. The app unlocks with a thumbprint.

Usage, On pretty much any card reader that doesn’t require you

to physically slide a card through, meaning that merchants don’t

have to sign up or buy the equipment to accept NFC payments.

18) Walmart Pay

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




36

app, which the company says 22 million people already have and use. [4]

XVI. DATA ANALYSIS AND INTERPRETATION

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

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

online questionnaire has been administrated with the following link:

http://esurv.org/online-survey.php?surveyID=LBIOFJ_469bfdda. In

this questionnaire the respondent made their responses according to

their information available for questions. Maximum respondent for the

age group are from 26 -35 years of age group. Most of the respondents

are post graduate and working either having business or working

professionally few of them are engaged in their studies. All the

respondents have their bank account and having online banking and

mobile banking facilities associated to their bank account. The

respondents are segregated in terms of having account in Private and

Nationalized banks, they are having almost equal percentage of having

the accounts in both types of banks, while choosing which private banks

and nationalized bank the respondents have chosen the private banks

named ICICI, Axis and HDCF in nationalized banks SBI,

SBBJ, PNB, BOB are the most preferred one. In terms of traditional

banking and modern banking with online facilities and anywhere

banking respondents choose the modern banking because of ease of use

and better encrypted reliability of secure and fast transaction.

respondents answered the questions about the use of ATM / Debit or

Credit card for online purchasing and what product that like to purchase

they prefer to purchase online and most of them are mobile, tablet,

mobile accessories, apparels and gift items then comes the footwear and

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

company are more popular and those with the banks are doing fine,

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

usability of the E-wallet is low, that should be increased by adding more

value added services to it.

REFERENCES

[1]https://play.google.com/store/search?q=e-wallet&c=apps&hl=en

[2]http://www.moneycontrol.com/master_your_money/stocks_news_c

onsumption.php?autono=1337093

[3]https://www.mpesa.in/portal/images/desktop/home/slider/Offer_L

M.jpg

[4]https://consumerist.com/2016/02/02/tap-or-scan-here-to-pay-know-

your-mobile-payment-apps/

[5] https://www.sitepoint.com/8-paypal-alternatives/

[6] https://play.google.com/store/search?q=e-wallet&c=apps&hl=en

[7]https://www.mpesa.in/portal/images/desktop/home/slider/Offer_L

M.jpg

[8]https://www.searchenginejournal.com/the-10-most-popular-online-

payment-solutions/

[9]http://www.hongkiat.com/blog/digital-wallets/ [10]http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0ahUKEwipj4_TzsXNAhXMrI8KHQJ6CJgQFggfMAA&url=http%3A%2F%2Fwww.idemployee.id.tue.nl%2Fp.markopoulos%2FdownloadablePapers%2FThesisAbrazhevich.pdf&usg=AFQjCNGSnmsPUMcPbRICdHUevwaC2FCyqg&bvm=bv.125596728,d.c2I [11] Mohammad AL-ma'aitah, Abdallah Shatat , Empirical Study in the Security of Electronic Payment Systems, International Journal of Computer Science Issues, Vol. 8, Issue 4, No 1, July 2011 [12]http://www.jmeit.com/JMEIT%20Vol%202%20Issue%203%20Jun%202015/JMEITJUN0203009.pdf [13] https://en.wikipedia.org/wiki/Bitcoin




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Appendix -ISurvey 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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an empirical study about the awareness of paperless e-currency

Documents