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Digitalization has led to enormous changes that are to be adopted by each individual person in this millennium world. One such transformational change adopted by individual is the usage of mobile wallets or e-wallets which has become a mode of payment for financial transactions. The initiative undertaken by the government of India is also one of the reasons for this major change. Digital payments or mobile payments have been the most substantial reforms in financial sector. This paper aims to understand the convention of e-wallet by individual for their financial payments. The paper also aims in analyzing the profitability made by the digital payment app companies during the current pandemic situation with regard to factors like inflation, GDP etc. In order to conduct the study the researchers have carried out a primary study using questionnaire consisting of 100 respondents and also have collected secondary data from various sources for the purpose of testing hypothesis. From the research done it was found that majority of the respondents have transformed to use digital wallets as a payment tool and that it has some spike relationship with the current pandemic situation with the help of various sources and analysis it is also found that the profitability of the companies has increased to a certain extend due to increase in usage of digital payments by individuals. [ABSTRACT FROM AUTHOR]