Digitalization has significantly reshaped the commerce landscape, particularly with the rise of digital wallets (e-wallets) within the mobile commerce ecosystem. India’s digital payments market driven by mobile commerce is expected to grow to $1 trillion by 2026, this spotlights emergence of e-wallets as a crucial tool that enable seamless, secure, and efficient transactions, thus enhancing the functionality and sustainability of m-commerce platforms. This study investigates consumer behavior and preferences regarding usage of e wallets among differentiated age groups and delves into the role of digital wallets in promoting a cashless economy by fostering contactless, secure transactions, enhancing consumer convenience, and supporting environmentally sustainable business practices. Furthermore, the study highlights current trends in mobile commerce, emphasizing how e-wallet integration is vital for the deployment of advanced technologies such as artificial intelligence (AI), block chain, and the Internet of Things (IoT). These technologies are transforming digital commerce by enabling more intelligent, personalized, and responsive shopping experiences. The findings offer valuable insights into the potential of e-wallets to support sustainable growth, drive digital transformation, and meet the expanding objectives of Industry 4.0 and look ahead to the capabilities of Industry 5.0, positioning e-wallets as integral to future of m-commerce business and contribute to the evolving digital economy.