Demonetization and E-Wallet: Impact Study in Guwahati City

Abstract

Demonetization refers to the act of altering the status of the current legal tender in circulation in a country. It is the act of stripping a currency unit of its status as legal tender. Demonetization is necessary whenever there is a change of national currency. The old unit of currency must be retired and replaced with a new currency unit.E-wallet has mainly two components, software and information. Software component stores personal information and provides security and encryption of the data whereas information component is a database of details provided by the user which includes their name, shipping address, payment method, amount to be paid, credit or debit card details, etc. The aim of this paper is to study the impact on the use/usage of E-Wallets on account of the implementation of Demonetization in India in 2016.It is found that there is a significant difference between respondent’s usage frequency and the selected services and it is also reflected that the purpose of usage of e-wallets have witnessed a significant change after the implementation of Demonetization. Thus, there is a huge scope for the business houses to increase their work operations so as to attract more number of customers