Digital Wallet a Driving Machine to Cashless Economy: with Special Reference to Paytm Wallet in Coimbatore City

Abstract

The words cashless economy, demonetization and digital wallet is not new to any people in India. India being an economy which used performs most of its transaction using physical cash had to rethink the way they transact after 8th of November 2016 when demonetization was implemented in India. Even though the digital wallets existed in India before demonetization their usage by customers and their acceptance by merchants was way low than their present state. The implementation of demonetization had a direct impact of digital wallet transactions in India. In this paper we are trying to figure out the movement towards cashless economy with by taking paytm as reference. We are collecting primary data and their interpretation to understand the customer attitude towards adoption of digital wallets and if these digital wallets are serving as perfect substitute for the physical cash. The study is restricted with the demographic boundaries of Coimbatore city.