USE OF E-WALLET AND SECURITY OF DIGITAL TRANSACTIONS

Abstract

The expansion and capability of electronic transactions within the country's financial and economic system are influenced by the emergence of online financial services and the consumers' adoption of cashless transactions. It's evident that consumers are shifting to digital payment methods with the emergence of a number of digital payment technologies that use devices bearing the e-wallet brand. E-wallets are of great interest due to their ability to facilitate mobile electronic transactions. The information that is digitally recorded includes the user's biometric data and banking information, such as debit or credit cards, as well as a simulation of the user's pocketbook (Singh, G. 2019). Prior to beginning the payment process, users usually need to scan the Quick Response or QR code that has been issued by the merchant or service provider (Widayat et al., 2023). Prior to finalizing a transaction, it is necessary for the user to scan a Quick Response (QR) code and key a security personal identification number (PIN).There are now several e-wallet application vendors to choose from. The advantage that can be derived from this healthy competition is the opportunity to investigate capabilities based on the selection of a variety of applications that offer inevitably distinct facilities. Nonetheless, the selection priority is determined by the user's ability to obtain the finest criteria. Among them are the ease of use, the level of brand recognition, and the offered benefits and features. User preferences must include the most important factor, which is the level of control and security when using the application. The purpose of this summary is to examine the involved security features and how they are implemented. The study encompassed four electronic wallet service providers, specifically Touch 'n Go, Boost, GrabPay, and MAE.