This pandemic has forced a premature surge in eWallet usage. This has posed serious challenges and there are increasing concerns about eWallet security. Although the authentic data about the rupee amount lost in 2020 is not available till the time of this article was written the percentage rise in cybercrime cases provides ample base to believe that it might have crossed Rs 1.24tn (the amount which was lost in 2019 due to cybercrimes).
By August 2020, that is only in 8 months 8,546 cases of cybercrimes were registered in Pune surpassing a total of 7,700 cases in the calendar year of 2019 ( Madaan, 2020). All over India, 44,546 cases of cybercrimes were registered in 2019 ( National Crime Records Bureau, 2020) and Rs 1.24tn amount was lost ( Mehta, 2020). With the increased usage of digital transactions, Cyber-crime attacks have also increased as much as by 86% between the lockdown months of March and April 2020 ( Desai, 2020). However, there is a grey side to this advancement as well. “Business Standard” reported that in terms of value, the mobile wallet transactions are estimated to jump from Rs 5,500 crores in 2015–2016 to Rs 30,000 crore in 2022 ( Umarji, 2016). There were 502.2 million smartphone users in the country as of December 2019 ( Gadgets360, 2020). The shift from physical payments to digital payments seems to be smooth owing to the increasing number of smartphone users in India. “PayTM” and “Google pay” are emerged as mostly used digital payment apps ( PTI, 2020).
During the period of lockdown usage of eWallet increased by 44%. Preventive measures like social distancing compelled people to use digital payment applications.
Ewallet metro pcs full#
The full terms of this licence maybe seen at Ĭoronavirus (COVID-19) pandemic forced nationwide lockdown in India. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. This article is published under the Creative Commons Attribution (CC BY 4.0) licence. Published in Vilakshan – XIMB Journal of Management. Copyright © 2020, Swapnil Undale, Ashish Kulkarni and Harshali Patil.
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