Digital Wallet Research Articles

Financial Inclusion and Climate Resilience: The Role for an AI-Enhanced Digital Wallet in Caribbean SIDS

Caribbean Small Island Developing States (SIDS) are highly vulnerable to extreme weather events and climate change. Caribbean SIDS climate vulnerability is worsened by their high level of financial exclusion. Many people do not have bank accounts and access to electronic fund transfer (EFT). As such, they cannot electronically receive funds before or after a natural disaster to cope with the effects. The financial exclusion problem can be addressed through a digital wallet. A digital wallet is a financial transaction application that securely stores a user’s banking and payment information on a cloud interface and allows the user to perform a transaction while hiding their banking information from a vendor. The biggest concern of users with regards to the use of digital wallets are its convenience and security. While digital wallets offer outstanding convenience of purchasing goods and services, data privacy and fraud risks deter people from adopting mobile payment. Potential fraud risk to digital wallets can be identified with anomaly detection techniques. The research problem investigated in this study is how the implementation of an artificial intelligence (AI) enhanced digital wallet can facilitate financial inclusion in the Caribbean, particularly in the context of disaster preparedness and recovery. Since security is an important aspect of a digital wallet, a sub-objective of this study is to derive an appropriate model for anomaly detection in financial transactions in a digital wallet. This study modifies Liu et al. [1] Gated Transformer Networks (GTN) architecture to allow for univariate time series classification. The corresponding new model is referred to as the Univariate Gated Transformer Network (UGTN). The UGTN is used for anomaly detection in financial data from a digital wallet. This study also provides policy recommendations for the implementation of a digital wallet to facilitate financial inclusion and climate resilience in Caribbean SIDS.

Evaluating Cash Versus Digital Payment Methods in Global E-commerce

This research examines the roles of cash and digital payment methods in global e-commerce, focusing on transaction efficiency, security, and consumer preferences. While digital payments like credit cards and digital wallets offer convenience and speed, cash remains crucial in regions with limited technology due to its universal acceptance and privacy benefits. Despite growing digital payment adoption, cultural factors still favor cash in certain areas. The paper concludes that a balanced approach, integrating both payment methods, is essential for businesses to cater to diverse global consumer needs.

Machine learning, banking, industry, digitalization, innovation

Aim: The application of artificial intelligence (AI) offers an encouraging avenue for developments in the banking industry. Methods: The study adopted a scoping review of methodology to provide a comprehensive overview of relevant research regarding the potential uses and challenges of AI in banking. Consumer expectations have evolved, emphasizing features such as payment gateways, swift transactions, and resilient banking services. Results: Major utilization of the AI in banking industry includes enhanced customer engagement, satisfaction, and relationships, personalized financial guidance, smart digital wallets, regulation compliance and collaborative efforts, forecasting, tracking market trends, decision-making and problem-solving, anti-money laundering and fraud detection, automation of repetitive, large and time-intensive tasks, enhanced cybersecurity, and opportunity for digital financial inclusion. Conclusion: Users encounter challenges involving security issues, privacy concerns, and the complexity of technology in AI-driven banking services. Recommendation: While AI holds a crucial role in the banking industry, successful implementation demands ample allocation and consistent, predictable utilization of AI practices.

Analysis of Customer Retention Determinant Factors on Generation Z Digital Wallet Services in Indonesia

This study aims to identify the factors influencing customer retention in Generation Z's use of digital wallet services in Indonesia. The research uses PLS-SEM through SmartPLS 4.1.0. A total of 334 respondents from various cities in Indonesia participated in the survey. The analysis employs outer model evaluation and inner model evaluation to examine the relationships between brand image, attention to safety, consumer satisfaction, and customer retention. The findings indicate that brand image does not have a direct effect on customer retention but exerts a significant indirect effect through consumer satisfaction. Consumer satisfaction fully mediates the relationship between brand image and retention, while it partially mediates the relationship between attention to safety and retention. The strength of the mediation effect was confirmed using the bootstrapping method. These results provide valuable insights for digital wallet service providers in developing strategies to retain Generation Z users by enhancing both brand image and security features, ultimately improving consumer satisfaction.

Technological transformation of transactions with the rise of FINTECH

In recent years, the entire financial landscape has experienced a significant transformation due to the rise of financial technology simply called Fintech, which has redefined the transaction processes and democratized the access to financial services. This review focuses on how fintech is transforming transactions by enhancing efficiency, increasing security, providing transparency, and creating accessibility for consumers and businesses alike. Key technologies such as blockchain, artificial intelligence, smart contracts, digital wallets, and mobile applications are transforming transactions, reducing costs, and improving user experiences. The integration of fintech solutions with the above mentioned key technologies is creating a more secure and interconnected ecosystem, reshaping and transforming the transactions. This article examines the impact of fintech on customer experiences through digital platforms and real-time transactions, as well as its potential to drive innovation and promote sustainability in payment services. It explores benefits, challenges. It also discusses regulatory considerations, collaboration opportunities between traditional banks and fintech startups, and emerging banking models. Overall, the review highlights fintech's transformative potential in revolutionizing energy payments and shaping the future of transactions.

The Effect Of Convenience, Advertising and Trust On The Benefits Of Using Digital Wallets (E-Wallets) On D’top UMKM In Sukabumi City

This study aims to analyze the influence of ease of use, advertising, and benefits of digital wallets (e-wallets) on Micro, Small, and Medium Enterprises (MSMEs) in the culinary sector in Sukabumi. Digital wallets have become increasingly popular as a payment tool, particularly in the culinary industry. This research focuses on how these three factors affect the decision of MSME operators to use e-wallets in their business operations. The research method used is quantitative, with data collection techniques through questionnaires distributed to owners and managers of culinary MSMEs in Sukabumi. The data obtained were analyzed using multiple linear regression to determine the influence of each independent variable (ease of use, advertising, and benefits) on the dependent variable (e-wallet usage). The results show that all three independent variables have a significant positive influence on the use of digital wallets among culinary MSMEs in Sukabumi. Ease of use and benefits have a more dominant influence compared to advertising in driving the decision to use e-wallets. This study contributes to the development of digital wallet marketing strategies and provides insights for MSME operators to leverage digital payment technology to improve business efficiency and competitiveness.

A Study On Present Status of E Banking Services in Tamil Nadu

E-banking has rapidly transformed the banking landscape in Tamil Nadu, driven by technological advancements and increasing internet penetration. This paper examines the current status of e-banking services in the state, highlighting key features such as mobile banking, online transactions, and digital wallets. The rise of fintech companies has introduced innovative solutions, enhancing customer experience and accessibility. Despite the growth, challenges remain, including cybersecurity threats and digital literacy gaps among certain demographics. The government's initiatives, such as the Digital India campaign, aim to promote e-banking and financial inclusion. Overall, Tamil Nadu is witnessing a robust adoption of e-banking, making it a crucial player in India's digital financial ecosystem.

Exploring Innovative Use Cases for Enhancing Digital Wallet Adoption and User Engagement: A Strategic Study for Future Implementation

The advancement of digital payment methods especially the use of the digital wallets has greatly impacted the financial industry as it provides safe means of payment. Nonetheless, while these platforms have become popular, user participation is still low, and current platforms do not offer new functionalities that could improve consumer interaction and address the variety of consumer segments. This research, titled "Exploring Innovative Use Cases for Enhancing Digital Wallet Adoption and User Engagement: The research titled “Digital Wallets: A Strategic Study for Future Implementation,” looks at possible new use cases where digital wallets can be applied to enhance their current roles of facilitating payments. The research aims at establishing how new technologies like; Artificial Intelligence (AI), Blockchain, Augmented Reality (AR) and gamification can improve engagement, the user experience and thus create more adoption. Some of the key areas include Peer-to-Peer (P2P) lending, Cryptocurrency, Voice identity, and transactions that can serve the unbanked population as well as regions that are still to embrace digital wallets. Technological factors, consumer behaviors, and socio- economic conditions that affect the uptake of digital wallets are discussed in this research to guide Fintech firms, banks, and regulators. The study used a systematic literature review which involved using articles from the last four years from academic journals, industry reports, and case studies. This particular secondary research helped to determine the tendencies, problems, and potential of digital wallet usage, including such aspects as simple and intuitive interface for non-technical users, the application of gamified approaches in financial literacy, and the opportunities for the implementation of blockchain technology to provide financial services to unbanked customers. Therefore, the research shows that gamification, P2P lending, and cryptocurrency-enabled wallets will greatly increase user engagement and financial inclusion. In addition, AI-enabled personalization in the context of digital wallets, and AR-based shopping represent a vision of how the future of cross-border payments, sustainability incentives, and UI advancements will shape the user experience. Finally, the research provides a set of tactical recommendations for digital wallet providers on how to bring such innovative use cases into practice to enhance user engagement and to expand market coverage in the developed and developing countries.

Will Digital Wallets Replace Credit and Debit Cards?

Will Digital Wallets Replace Credit and Debit Cards?

User Experience Analysis on the DANA Application Using the User Experience Questionnaire (UEQ) Method

Technology has become an integral part of man's daily life by the growth and development of technology down to the present day brought many changes to mankind's survival. One of the changes to human life is the presence of a digital wallet application that can make transaction payment systems such as the application of funds easier. The study uses the User Experience Questionnaire (UEQ) method. The study aims to identify the level of user experience of applications of fund on Prabumulih university students who use apps based on variables attractiveness, variables efficiency, variables dependability, variables stimulation and novelty variables. The results of this study could be said to be positive, but in some variables it can be enhanced again.

Evolution and Trends in Digital Wallet Research: A Bibliometric Analysis in Scopus and Web of Science

Digital wallets have become a driving force in the global economy, with 2.4 billion users worldwide in 2020, a figure projected to reach 3.6 billion by 2026. This study conducts an in-depth bibliometric analysis to evaluate the current state and future trends of digital wallet research using scientific databases such as Scopus and Web of Science. A scoping review methodology was applied, in which we analyzed 778 documents, following an eligibility process with the following search terms: “digital wallet”, “mobile wallet”, and “e-wallet”. Results show that India, the United States, and China are leading research efforts in this field. Key factors influencing the adoption of digital wallets include data security, ease of use, and integration with traditional payment systems. While much research has focused on technological innovation and adoption, significant gaps remain in areas such as blockchain integration and AI-driven solutions. This article provides the first comprehensive bibliometric analysis of digital wallets, offering crucial insights into emerging trends such as “blockchain”, “electronic commerce”, and “digital payments” and their role in shaping the future of financial technology.

Comparative Analysis of Digital Wallet Usage of Millennials and Generation Z

Today, the development of the digital world is so rapid, that humans have found many new tools and innovations to make daily activities easier. One of them is in buying and selling transactions. When you want to make a payment, you have a digital wallet, commonly called an electronic wallet (e-wallet). This research aims to analyze comparative analysis of digital wallet usage of millennials and generation Z. This type of research uses descriptive. Data collection in this study uses secondary data. Data analysis in this study uses comparative analysis. Research results show that digital wallet usage is an electronic service used to store payment instrument data. The instrument can be a payment card or electronic money, which allows users to make payment transactions. The advantage of using a digital wallet is convenience with digital wallet usage, someone can make transactions easier anywhere and anytime. Digital wallet usage means there is no need to leave the house to make payments, such as buying food, paying bills, to making investments, all of which can be done using a digital wallet. Comparative analysis shows that there are differences between millennials and generation Z regarding the use of digital wallets.

Digital Wallet Adoption Through Service Quality in Rupandehi District of Nepal

Purpose: This research aims to investigate the dynamics of digital wallet usage in Rupandehi District considering service quality and accommodate the elements that influence digital wallet adoption. Methods: Data were obtained via a self-administered questionnaire using a convenience sampling method. Three hundred ninety seven bank customers, who use mobile banking services, were selected as sample. Smart PLS 4 was used to evaluate the model. The questionnaire addressed two components of the technological acceptance model namely perceived ease of use and perceived usefulness. Service quality model was used considering perceived risk and financial risk.Results: Perceived ease of use, perceived usefulness and service quality have positive and direct effects on the adoption of digital wallets. The study reveals the consequences for businesses and customers in Nepal’s changing digital environment through service quality and digital wallet usage.Conclusion: Investments and internet connectivity and mobile networks are keys to expanding digital wallet access. It is important to understand technology acceptance, service quality, and financial risk in digital wallet adoption.

The Role of AI and Machine Learning in Strengthening Digital Wallet Security Against Fraud

The Role of AI and Machine Learning in Strengthening Digital Wallet Security Against Fraud

Establishing Trust and Security in Decentralized Metaverse: A Web 3.0 Approach

The integration of blockchain and Web 3.0 technologies offers significant advancements in identity management and trust within decentralized Metaverse environments. Despite the rapid development of numerous Metaverse platforms, these environments often operate in isolation, lacking interoperability and cohesive security measures. This paper proposes a novel architecture leveraging Self-Sovereign Identity (SSI) principles and blockchain technology to achieve secure and interoperable interactions across different Metaverse platforms. Our framework encompasses a digital wallet application, an interactive virtual environment, and a secure blockchain-based backend infrastructure. We detail the system architecture, operational specifics, and demonstrate significant improvements in scalability, efficiency, and security through comprehensive performance evaluations. Additionally, we address the challenges of real-world implementation and propose viable solutions. By enhancing user control over personal data and enabling secure cross-platform interactions, our approach aims to foster a more secure, interoperable, and user-centric decentralized Metaverse.

Use of e-Wallets and Their Impact on SME Business Transactions

Currently, worldwide there is an accelerated digital transformation, which will continue in time with the same trend, becoming an everyday part of human life. The appearance of covid-19 has had a strong impact on several aspects of life, especially in the way of acquiring products and/or services, which, due to the fear of receiving money from a person infected with the virus, led people to look for other options to carry out their economic transactions without physical contact, such as the use of electronic wallets. However, many entrepreneurs still do not use this type of technology in their businesses. The purpose of this research is to determine the impact of the use of electronic wallets in the commercial transactions of SMEs. To this end, we worked with entrepreneurs in the town of Otuzco in the La Libertad Region of Peru. It was observed that they only carried out transactions using the cash collection and payment method and did not use technological tools such as electronic wallets. This is applied research with a quasi-experimental design, cross-sectional and quantitative approach, with a sample of 88 SMEs divided into a control group (23 SMEs) and an experimental group (65 SMEs). The survey was used as a data collection technique, and a program was developed to promote the use of electronic wallets in the entrepreneurs of the city of Otuzco, obtaining as a result a positive impact on the commercial transactions of these SMEs. The results show that 96% of the merchants were reluctant to use electronic wallets for fear of being affected by computer crimes. After the training, 98% of the merchants monitored recognized the importance of their use in their regular commercial transactions. In conclusion, it was found that training on the use of electronic wallets and continuous monitoring have a positive impact on the level of commercial transactions, boosting the competitiveness of businesses by increasing sales, streamlining operations, and reducing financial costs. The research is of interest because it shows the importance of disseminating programs in the use of technological tools such as digital wallets in small businesses to achieve a positive impact on the improvement of their economic activities.

The Impact of Fintech Innovation on Traditional Banking: A Case Study of HDFC Bank

This paper explores the transformative effects of fintech innovation on traditional banking practices, with a specific focus on HDFC Bank. As financial technology continues to evolve, its integration into banking services is reshaping customer experiences and operational efficiencies. This study examines key fintech innovations such as digital wallets, blocks chain technology, and AI-driven financial services, and analyzes their impact on HDFC Bank's operations, customer engagement, and competitive positioning. Through a combination of quantitative data and qualitative insights, the paper aims to provide a comprehensive overview of how fintech advancements are challenging traditional banking models, offering new opportunities for growth, and driving industry-wide changes. The findings highlight the strategic adjustments HDFC Bank has made in response to these innovations and offer recommendations for other financial institutions navigating the evolving fintech landscape

The Influence of Digital Platform Quality and Security on Decision and Satisfaction through Trust in the DANA Digital Wallet

This research reveals several significant findings related to the factors influencing the use of the Dana digital wallet platform. The study aims to examine the impact of digital platform quality, security on decision-making, and user satisfaction through trust in the Dana digital wallet. The research was conducted among users of the Dana digital wallet application, with 166 respondents as the sample. The research method employed a quantitative approach, specifically a causal associative approach, with research instruments in the form of a Likert scale questionnaire ranging from 1 to 5. Sampling was carried out using a non-probability incidental sampling technique. The analytical approach used SEM-PLS, utilizing Smart-PLS version 4.0. The research results demonstrate that the variables of digital platform quality, security, and trust have a significant direct impact on decision-making. The user decision-making variable has the most dominant direct influence, accounting for 85.6% of user satisfaction. Furthermore, digital platform quality and security significantly influence trust directly. Additionally, digital platform quality and security also have a significant indirect impact on decision-making through trust as a mediating variable.

The Role of Perceived Ease of Use and Cashback Promotions on Impulsive Purchases of Shopeepay Users

The impact of development technology from product digital wallet against impulse buying is a significant phenomenon. This study aims to analyze the effect of perceived ease of use, cashback promotions, and financial literacy on impulse buyers of shopeepay users. Respondents used were Faculty of Business Economics students at private universities in Padang City. This research uses a purposive sampling technique with 80 respondents. The validity method was carried out using Confirmatory Factor Analysis (CFA), while multiple regression analysis using the STATA application was used to test the research hypothesis. The results showed that perceived ease of use and cashback promotions had a positive influence on impulse purchases, while financial literacy did not show a significant effect. The contribution of this research is to provide a deeper understanding of the factors that influence impulse buying in the digital era, especially those related to perceived ease of use, cashback promotions, and financial literacy in using shopeepay.

A Novel Method of Secured Data Distribution Using Sharding Zkp and Zero Trust Architecture in Blockchain Multi Cloud Environment

In the era of cloud computing, guaranteeing the safety and effectiveness of data management is of utmost importance. This investigation presents a novel approach that amalgamates the sharding concept, encryption, zero-knowledge proofs (zkp), and blockchain technology for secure data retrieval and data access control to improve data security, efficiency in cloud storage and migration. Further, we utilize user-specific digital wallets for secure encryption keys in order to encrypt the file before storing into the cloud. As Large files (greater than 50 MB) or Big data files (greater than 1 TB) require greater computational complexity, we leverage the sharding concept to enhance both space and time complexity in cloud storage. Hence, the large files are divided into shards and stored in different database servers. We also employ a blockchain smart contract to enhance secure retrieval of the file and also a secure access method, which ensures the privacy of the user. The zk-snark protocol is utilized to ensure the safe transfer of data between different cloud services. By utilizing this approach, data privacy is preserved, as only the proof of the data’s authenticity is shared with the verifier at the destination cloud, rather than the actual data themselves. The suggested method tackles important concerns related to data protection, privacy, and efficient resource utilization in cloud computing settings by ensuring it meets all the cloud policies required to store data. Since the environment maintains the privacy of the user data and the raw data of the user is not stored anywhere, the entire environment is set up as a Zero trust model.