Abstract
The development of electronic wallet (e-wallet) aims to encourage customers and small business owners to use digital payments for a safer, cashless, and efficient transaction. This study developed a procedure to discover the transactional framework for the e-wallet payment system in the digital economy. This study explained the procedure of the transaction process, starting from registration of user and service provider, payment composition, and profit generation for the business model of e-wallet provider. This study provides a precise and reliable analysis to increase public awareness about the e-wallet transaction. At the same time, the framework in this study functions to help small and medium industries grow in the digital economy segments.
Highlights
Money is any item or verifiable record that is generally accepted as a payment for goods or services and repayment of debts
This study developed a procedure to discover the transactional framework for the e-wallet payment system in the digital economy
This study shows the comparison of the traditional transaction process with contrast to the e-wallet transactional framework
Summary
Money is any item or verifiable record that is generally accepted as a payment for goods or services and repayment of debts. The main functions of money are as a medium of exchange, a unit of account, a store of value, and sometimes, a standard of deferred payment. People use digital currency as a medium of exchange. The development of fintech (financial technology) created digital currency. The Global Financial Crisis (GFC) of 2008 significantly decreased customer trust in financial services and helped spark the growth of Fintech ventures (Breidbach et al, 2019; Muzellec et al, 2015). Fintech refers to software and other modern technologies used by financial institutions that provide an automatic system and improve the services provided by financial institutions. Fintech is an excellent innovation because the system is fast and user-friendly friendly, using features such as Mobile Payments that give a unique benefit to businesses and customers in the payment transaction process
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