India is moving towards digital economy, On 8th November 2016, Government of India announced the demonetization of 500 and 1000 rupees notes which has created big impact on the Indian economy. It was aimed to curtail the shadow economy and curb block money and illegal transactions because Pre-demonetization, 96% transactions were happening through cash. During demonetization6, people had to stand whole night in the ATM Queue to get the few thousands in cash and created lots of hardships and panic among the people. During these times, non-cash mechanisms like Mobile wallets and Credit cards and Debit cards were lifesavingmechanismsthat has helped to meet day to day expenses like petrol filling, grocer purchasing, hospital expenses etc. Mobile wallets such as Paytm, MobiKwik, SBI Buddy, UPI BHIM etc. had been used by the consumers and a smallestvegetable vendor to topmost organisations. This article focuses about understanding the impact of mobile wallets due to demonetization. This study has used secondary information from the articles and websites and thesis related to this area.
Demonetization, Mobile Wallets, Cashless Transaction
