Agricultural and Biological Research

Impact of E-wallets usage in agriculture: A Survey

Sonam Pareek*

The adoption of e-wallets in agriculture has brought about significant transformations, enhancing financial inclusion, improving transaction efficiency, and offering greater security. This research examines the impact of e-wallets in the agriculture sector by comparing their efficacy to traditional cash-based systems. Prior to the introduction of e-wallets, agriculture faced challenges such as limited access to financial services, reliance on cash, and slow transaction processes. However, the integration of e-wallets has enabled faster and more secure transactions, reducing the dependency on cash and providing broader financial access for farmers and agricultural stakeholders.

This study used a survey methodology, involving stratified random sampling and a combination of closed and open-ended questions, to assess the impact of e-wallet usage on key factors like financial inclusion, transaction efficiency, digital adoption, risk management, and market access. The results highlight significant gender and age disparities in e-wallet usage, with males and younger individuals (18-30 years) showing higher adoption rates. Additionally, 76% of rural workers have internet access, creating opportunities for digital financial adoption, though a 24% digital gap remains.

Key findings show that 81.3% of respondents find e-wallets beneficial, particularly for their convenience and security, although 18.8% expressed concerns. Issues such as repetitive data entry and security concerns were identified as obstacles. Furthermore, e-wallets have opened new markets, reduced transaction costs, improved access to financial products like insurance, and enhanced risk management.

E-wallets have the potential to revolutionize the agricultural sector by improving financial inclusion, transaction efficiency, and market access while also fostering financial literacy. However, challenges like digital literacy, cybersecurity, and infrastructure gaps must be addressed to fully realize their potential in transforming agriculture into a more efficient and financially inclusive industry.