Abstract
The world is switching from traditional payments to virtual payments, where people are moving towards a cashless economy, since there has been significant technological advancement, particularly in the field of payments. Virtual payments significantly increased as a result of internet use, which also altered market structure, development, and technology innovation. Transparency in transactions is increased as a result of the switch to digital payments, which benefits the economy. A convenient way to pay in-person, online, and in-app is with a virtual wallet rather than with cash or a real credit or debit card. A mobile wallet can be used to carry around virtual money. We can transfer money to a mobile wallet via the Internet or by linking our credit or debit card information to the mobile wallet application on a mobile device. Instead of a traditional credit card, a smartphone, tablet, or smartwatch can be used to make transactions. An individual's account must be linked to a digital wallet in order to add funds to it. Most banks and certain private firms offer e-wallets. Paytm, Airtel Money, Jio Money, SBI Buddy, Citrus Pay, Vodafone Axis Bank Lime, ICICI Pockets, Speed Pay, and more virtual wallets are available. Insights about consumer behavior regarding the uptake of digital wallets in Pondicherry and their effect on spending patterns are the goal of this study.The research utilizesa 2-tailed t-test with a sample size of 200 respondents. The findings suggest that women might bemore inclined to use digital wallets due to safety concerns associated with carrying physical cashor credit cards. Additionally, it appears that digital wallet users tend to overspend, possiblyattributedtotheease and accessibility of transactions.
Keywords: Cash-less economy, digital wallet, technology
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