Mobile wallets, sometimes also called e-wallets, virtual wallets, digital wallets and similar terms are mobile applications that enable financial transactions. They help customers like us send payments for items we want to purchase with just a few taps on our phone. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay It is the age of digitalization and globalization and it is not surprising that money will also follow suit. There was a time when the need for plastic money arose and replaced the liquid money in your pockets. Recent trends reflect that digital money stored in mobile wallets is replacing credit and debit cards. Expanding smartphone user base and growing mobile internet penetration to spur growth in the Indian mobile wallet market. In the current scenario of demonetisation, the need for digital money has emerged 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, the mobile wallet market in India will grow at a CAGR of 140% by 2018. The idea of ​​connecting Indians through digital media has been further encouraged by this move by the government. Some mobile wallet providers offer unbanked consumers the ability to deposit money into their wallet through agents, but this is very geographically limited. The m-wallet (mobile wallet) segment mainly consists of services related to banking transactions, money transfer and value-added services services such as bill payment, shopping, ticketing, etc. Of these services, m wallets are mainly used for money transfer, followed by bill payment. These digital wallets not only help pay electricity, DTH and transport bills but also enable payments at nearby mom-and-pop shops that are already registered for these services. Some of the major m wallet operators are Airtel Money, mRupee, Vodafone m-Pesa, Oxigen Wallet, Paytm, Mobikwik and Idea Money (VMSI). With demonetization underway, 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 the number of app downloads and Ola Money saw a 1,500% increase in wallet top-ups. Please note: this is just an example. Get a custom paper from our expert writers now. Get Custom EssayThere is 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 amounts of money into startups that aren't even close to profitable. Putting money into something is easy, but the hard part is getting it out.