Abstract
PurposeThis study aims to explore the challenges and prospects of using e-wallets in Malaysia, and what it means for businesses and customers. Suggested here are strategies to leverage the strengths and opportunities as well as overcome the weaknesses and threats. Suggested here are strategies to leverage the strengths and opportunities as well as overcome the weaknesses and threats.Design/methodology/approachThis study analyses the e-wallet phenomenon using a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis to assess Malaysian business development. It is supported with findings from the literature and secondary data. The relevant secondary data were collected from Bank Negara Malaysia and the World Bank.FindingsThis study shows that e-wallets in Malaysia have still not achieved their purpose but there is huge potential to do so. The SWOT analysis identified several strengths (e.g. financial incorporation, easy to access, protection and safety, simple for other accounts to connect to, product and consumer service management, quick to implement/administer), weaknesses (e.g. lack of infrastructure and the “tapping” of devices already cornered by the mobile phone market, opportunities (e.g. eliminating fraud, better customer service, promotion/loyalty that can be built into customer experience) and threats (e.g. attacks from viruses, frequent inquiries whether multiple wallets can be used by clients, the concerns of reckless spending behaviour of the e-wallet users).Research limitations/implicationsThis study is crucial for assessing the current situation and the prospects of e-wallets in Malaysia. This study also offers significant insights for policymakers and e-wallet service providers to develop appropriate strategies to enhance e-wallet services in Malaysia.Originality/valueThis paper is the first of its kind to integrate a SWOT analysis and the rapid development of the e-wallet market in Malaysia. Hence, the findings could broaden our knowledge on the fintech industry and enable firms to participate in the e-wallet market.
Highlights
The modern digital revolution conveyed by ubiquitous internet connectivity and the immense usage of mobile phones has created huge possibilities for payment systems to grow
Despite the fact that the traditional way to deal with business process development has its benefits, it sometimes falls short for most of all business conditions, it may not be appropriate for the situations with a serious level of dynamism this study looks into challenges and prospects of using the E-Wallet as business process development in Malaysia filling the gap in the literature
It may not be possible to switch from existing payment methods to fully cashless payment methods in the near future, but rapid advances in digital payment mechanisms will certainly improve societal access to cashless payments
Summary
The modern digital revolution conveyed by ubiquitous internet connectivity and the immense usage of mobile phones has created huge possibilities for payment systems to grow. One example is the emergence of sophisticated advanced payment apps, such as E wallets implemented on cell phones of consumers, provided by the growth of flexible payment providers that try to suggest more incentives to retailers and consumers, than banks have done before. The e-wallet behaves like a regular one except that the money is digital and the phone has the e-wallet as an app. Even if there is cash in the e-wallet, it can be used to pay retailers through a range of methods, including scanning a QR code, "press and pay" through the NFC feature of the handset, or with the corresponding physical card with certain e-wallets. Many e-wallets make it possible to send money instantly to friends who use the e-wallet inside the app
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