Mobile wallets, also sometimes called electronic/e-wallets, virtual wallets, digital wallets and similar terms, are mobile applications that enable financial transactions. They help customers like us send payments for the things we want to buy with just a few clicks on the phone. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”? Get the original essay It is the era of digitalization and globalization and it is not surprising that money is also following suit. not. There was a time when the need for plastic money arose and it replaced the cash in the pockets. Recent trends show that digital money kept in mobile wallets is replacing credit and debit cards. Expanding smartphone user base and increasing mobile internet penetration to propel the growth of the Indian mobile wallet market. In the current scenario of demonetization, the need for digital currency has arisen like never before. Demonetization has triggered a new digital economy in India. This has led to increased use of digital wallets. According to financial analysts, by 2018, the mobile wallet market in India will grow by 140%. The vision of connecting Indians through digital media has been further encouraged by this government move. Some mobile wallet providers offer unbanked consumers the ability to deposit money into their wallets through agents, but this is very limited geographically. The mobile wallet (mobile wallet) segment broadly includes services related to banking transactions, money transfer as well as value-added services such as bill payment, shopping, ticketing, etc. Among these services, mobile wallets are mainly used for money transfer, followed by bill payment. These digital wallets not only help in paying electricity, DTH and transport bills but also enable payment at nearby mom-and-pop stores already registered for these services. Some of the major mobile wallet players are Airtel Money, mRupee, Vodafone m-Pesa, Oxigen Wallet, Paytm, Mobikwik and Idea Money (VMSI). With demonetization in force, several digital payment solution providers have created innovative ways to attract new customers. The result was that mobile wallets like Paytm saw a 200% increase in app downloads, and Ola Money saw a 1,500% increase in wallet recharges. Keep in mind: this is just a sample. Get a personalized document from our expert writers now. Get Custom Essay There is simply too much money invested in the mobile payments industry. The mobile wallet industry has too much to promise externally, which has inflated the valuations of many public companies. Some companies are also actively investing in mobile payment startups that could have strategic value for them. Investors are also pouring huge sums of money into startups that are far from profitable. It's easy to put money into something, but the hardest part is getting it out..