DefinePK

Abstract

The digital payment solutions especially e-wallets have changed how businesses operate and consumers transacted across industries. But in the vast unorganized sector, where cash is king, the entry of e-wallets has open doors of opportunities as well as posed some challenges as well. The study analyses the impact of e-wallets in the business growth and consumer satisfaction in the unorganized sector of Nagpur. Using a mixed method approach, primary data was gathered through structured surveys and interviews from small business owners and consumers. The findings suggest important determinants of applicable adoption of e-wallet, such as ease of use, transaction security, financial literacy and infrastructural barriers. Inherent to the aforementioned sections is the role that e-wallets play in improving business processes, record keeping and overall efficiency, and serving as a convenient tool for consumers even though those factors are not directly part of the research. Digital payment in the form of e-wallets has made both shopping and payments easy and can be made in a couple of clicks and make the customer experience better, but trust issues and lack of awareness are known to be some of the biggest challenges in the location. The study ends with valuable suggestions focused on the need of stakeholders like policy makers, banks and financial institutions and fintech companies in the enhancing adoption of digital payments in unorganized sector which will lead towards financial inclusion and economic development.