Enablers and Impediments of Cashless Instruments with special reference to M-Wallet

This paper studied the views of people on cashless instruments particularly Mobile Wallets. The study was conducted in Varanasi region & collected with the help of structured questionnaire and analyzed using simple percentage method. Response from the different respondents shows that Mobile Wallet as a medium of cashless instrument is gaining momentum with the passage of time. Maj challenges that can hinder the use of mobile wallets are trust issues regarding secured payment system, cyber fraud, attitude of people, lack of transparency & efficiency in digital payment system. The study shows that the introduction of Mobile Wallet pave the way for cashless economy. It helps in growth and development of Indian economy.


INTRODUCTION
In the recent years, we have witnesses an extensive technological revolution, which is manifested mostly through the spread of the internet. Innovative technology has changed the way individuals fulfill their needs and mobile enabled services are at the forefront. Mobile is increasingly becoming a centerpiece of the online transaction. Cashless payments are growing strongly globally as a result of increased bank account holding, continued growth of e-commerce and migration of cash based transactions to electronic payment instruments. This has led to the diffusion of non cash payment instruments. The @ IJTSRD | Available Online @ www.ijtsrd.com | Volume -2 | Issue -4 | May-Jun 2018 In the recent years, we have witnesses an extensive technological revolution, which is manifested mostly through the spread of the internet. Innovative technology has changed the way individuals fulfill their needs and mobile enabled services are at the refront. Mobile is increasingly becoming a centerpiece of the online transaction. Cashless payments are growing strongly globally as a result of increased bank account holding, continued growth of commerce and migration of cash based transactions tronic payment instruments. This has led to the diffusion of non cash payment instruments. The options for cashless payments have also been increasing in particular since more and more retailers have introduced point of sale terminals. The government of India has encouraged the shift to a less cash society with its push for digital payments. Unlike cash payments (which use banknotes and coins), cashless payment instruments are systems that enable funds held in accounts at credit, payment or similar institutions to be transferred to a payee on receipt of a payment order.

II.
DIGITAL WALLETS: Digital wallets are a fast and easy way to make payments via the Internet without entering sensitive data (i.e. payment card number, expiry date and visual cryptogram). The card data is entered once, when the wallet is created. The user then only has to enters his/her ID (e.g. a mobile number or email address) to carry out transactions.
Mobile wallet is a virtual wallet service provided by certain service providers, wherein people can load a certain amount of money that can be spent at online and offline merchants listed with the mobile wallet service provider. This digital payment service works as a cashless payment service, wherein people do not have to pay cash or swipe their debit or credit card at offline merchants.
There are four types of mobile wallets in India: A. Open Wallet -It is the one that allows a user to buy goods and services, withdraw cash at ATMs or India has encouraged the shift to a less cash society with its push for digital payments. Unlike cash payments (which use banknotes and coins), cashless payment instruments are systems that enable funds held in accounts at credit, payment or similar utions to be transferred to a payee on receipt of a

DIGITAL WALLETS:
Digital wallets are a fast and easy way to make payments via the Internet without entering sensitive data (i.e. payment card number, expiry date and visual he card data is entered once, when the wallet is created. The user then only has to enters his/her ID (e.g. a mobile number or email address) to Mobile wallet is a virtual wallet service provided by wherein people can load a certain amount of money that can be spent at online and offline merchants listed with the mobile wallet service provider. This digital payment service works as a cashless payment service, wherein people do not swipe their debit or credit card at There are four types of mobile wallets in India: It is the one that allows a user to buy goods and services, withdraw cash at ATMs or which are yet to be covered. Keeping this view in mind, an attempt has been made to make a brief survey of the work undertaken in the field of Cashless Instruments. The reviews of some of the important studies are presented below: Jain, P.M (2006) in the article "E-payments and ebanking" opined that e-payments will be able to check black,"An Analysis of Growth Pattern of Cashless Transaction System. Taking fullest advantage of technology, quick payments and remittances will ensure optimal use of available funds for banks, financial institutions, business houses and common citizen of India. He also pointed out the need for e-payments and modes of e-payments and communication networks.
Nitika Rai and others (2012) in their study -"M Wallet: A SMS based payment system", mainly emphasizes on, Wallet is an innovation that clearly dominates its money transfer predecessors on virtually all dimensions. It has been designed in adherence to all the guidelines laid down by the RBI. M-Wallet will allow people to use financial services in a more efficient way and sometimes the only way -at more affordable costs, and can greatly improve standards of living. In developed markets, M-Wallet will be more of an extension of the existing payment infrastructure that allows people to deal with their financial needs in a timely and convenient way.

ManpreetKaur
(2017) in her study-"Demonetization: Impact on Cashless Payment System", The cashless transaction system is reaching its growth day by day , as soon as the market become globalised and the growth of banking sector more and more the people moves from cash to cashless system. The cashless system is not only requirement but also a need of today society. All the online market basically depends on cashless transaction system. The cashless transition is not only safer than the cash transaction but is less time consuming and not a trouble of carrying and trouble of wear and tear like paper money. It also helps in record of the all the transaction done.

IV. Objectives
To study the enablers and impediments of cashless instruments To highlight the pros and cons of M-Wallet as cashless instrument IV. RESEARCH METHODOLOGY: The study is conducted to obtain data on Enablers and Impediments of Cashless Instruments particularly M-Wallet. The study is conducted in Varanasi region. A sample size of 100 was selected using the convenience sampling procedure out of which 89 copies were retrieved in usable form. This represents a response rate of 89%. The sample includes only educated population*, since they are the ones who give their views on cashless instruments and use of digital payment methods, there responses determine the reliability of survey. Survey method is used for collecting data with the help of questionnaire. The responses from the respondents were collected and analyzed using the simple percentage method.   Above table shows the impediments of the M-Wallet service. Security of mobile payment and risk of loosing money is the major hurdle in the wallet service. Still significant percentage of respondent are concerned about the transaction security.

VI. FINDINGS AND CONCLUSIONS:
From the above analysis we can say that Mobile Wallet is gaining acceptance as one of the vital cashless instruments among people. With increase in smart phone, mobile wallet application is getting more popular, even though majority of respondents are concerned about the security of digital payment system. Discount and offers are two major enablers of mobile wallet. Service providers must create awareness and trust among the users tobuild-up the confidence level.