Adoption of M-wallet payment system by hospitality industry of Chhindwara city-issues and challenges

The Indian government has adopted policy to put the cash economy out of cog in the hope that more and more people could be brought into the cash-less economy. After the demonetization, Mobile Wallets Corporation has expanded rapidly to be the major recipient. Like paytm, freecharge and mobikwik benefitted extremely with major portion of transactions moving towards digital side. In urban areas and even tier two cities it turn out to be easier to access a high speed mobile internet services due to adoption of low-cost smart phones, which help to replace the traditional wallet and they focus on mobile wallet to become a fashion and popular among the people. It can be used to make payments and transaction without the difficulties of carrying cash physically. M-wallets has provided a number of option to the customer like payment of bills, recharge, fees paying option etc and also benefits customers with cash backs offers and number of rewards it raise which makes it even more beneficial to go cashless. According to recent report of trade body ASSOCHAM and business consulting firm RNCOS, the mobile wallet market in the country is expected to hit rupees 151200 crore by financial years2022 from just about rupees 150 crore now. According to RBI data, m-wallets had presently exceeded mobile banking in volume terms. For the financial year ended March 2016, the volume of m-wallets transactions doubled for the April 2015-February 2016 period to over 550 million. M-wallet is playing a vital role in taking economy to the cashless side. This research paper gives a view of adoption of M-wallet in Hotel and Restaurant sector of Chhindwara city.