Social Impact of E-Wallets and Cashless Payments on Urban Consumers

Abstract

This paper looks at the social change in urban areas brought about by consumers accepting electronic wallets or other forms of payment that do not involve cash. Replacing physical legal tender with digital transactions has changed people’s lifestyles, business activities, and how they conduct their finances. This paper also investigates how these technologies will change consumer behaviour, financial inclusion rates, social customs, and economic participation closely examines key concerns, including the digital divide of the future, security problems related to privacy and storage facilities for one’s electronic equipment, and offers some advice to businesses and governments.