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Abstract

In today’s techno-crazed world, devices like smart phones, tablets, laptops have become an inseparable part of our daily life. The major driving factors for electronification of payments in India are increasing smart phone penetration, growth in digital commerce, improvement in computer literacy, access to internet and broadband, and supporting regulations. According to data released by TRAI (Telecom Regulatory Authority of India) there are around 300 million users of mobile phone in India. Number of smart phone users has increased dramatically as it has become more affordable. Besides providing the basic function of communication there are plenty of services a smart phone provides. These services includes entertainment, socialization, internet access services and even payment services. Cashless payments are growing strongly throughout the globe as a result of increased bank account holding, continued growth of e-commerce and migration of cash based transactions to electronic payment instruments. For using payment services on smart phones an application for the same is required to be installed in it. This application is called the digital wallet or electronic wallet or popularly mobile wallet. The entire process of sending and receiving money requires a complex network of intermediaries including banks, payment gateways and mobile network operators. M-wallets have emerged as the most remarkable contributor in pushing cashless and electronic payments

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