e wallet essay

Unfolding e-wallets and the evolution of the payments sector

The use of cash continues to diminish across modern society, with notes and coins being seen as increasingly archaic in the payments world; meanwhile, digital wallets – also known as e-wallets – are thriving.

E-wallets are essentially financial transaction apps that can be run through mobile devices. They securely store payment information and passwords, allowing users to pay via those devices rather than carrying around payment cards.

Setting one up couldn’t be simpler: the user downloads the app; enters their credit card, debit card, or banking information; and then uses their device as a contactless payment portal through tap-to-pay tech.

E-wallet technology innovations

According to reports, the very first e-wallet – established as far back as 1997 – was linked to the first digital payment system. Coca-Cola built a payment system that enabled transactions to be carried out via text message, allowing them to buy soft drinks through their mobile phones. This event was the launchpad of the modern-day e-wallet, although the systems and solutions employed today operate on multiple levels, such as online and point-of-sale.

Current innovations used by mobile devices and digital wallets are:

• Magnetic secure transmission (MST): Using the same technology generated by a magnetic card strip, mobile devices generate the encrypted field that is the point of sale, which can be read by digital payment machines.
• QR codes: Quick response codes are matrix barcodes that utilise the wallet's scanning system to initiate payment.
• Near field communication (NFC): A technology that enables two smart devices to engage and share information via electromagnetic signals. Each device needs to be within approximately 4cm of the other to carry out a transaction.

The benefits of e-wallets

At this point, the benefits of using e-wallets should be fairly clear, but with one defining factor outshining the rest – namely, security. When customers input their card details via an online portal to buy an item online, there is a risk that it's an unsafe site, a scam to steal card details and then empty bank accounts.

E-wallets enable users to store a small amount of money electronically so that even if a scammer attempts to steal the details, there’s no danger of an account being drained of funds. 

They are also easy to open, and convenient to use, since customers don't have the additional responsibility of carrying around payment cards. Additionally, they are very handy for international travellers, since they are not attached to a specific country or location. 

Essentially, e-wallets are the natural evolution of the digital payments space. According to Brad Hyett, CEO of phos – a UK-based fintech that specialises in point-of-sale (PoS) innovations for merchants – contactless payments have provided an easy, convenient, and safe way to pay for goods in store.

He says: “As contactless payments become more popular, the finance industry must step up to the challenge of ensuring that merchants are equipped with the right payment solutions to accept payments in a secure, efficient, and simple manner.

“Contactless payments increased by 12% in 2020, spurred on by consumers looking to mitigate their use of cash to prevent the spread of COVID-19 and the demand for convenience; the simplicity of contactless card or e-wallet payments have proven to be the preferred option.

“Over the next five years, we will see the consumer-driven consolidation of payment options become the standard. With cards, BNPL, open banking, crypto, and loyalty cards all becoming commonly available in all transaction channels.”

Hyett adds: “Consumers want to be able to use their preferred payment methods, and it is imperative that businesses are equipped with the right solutions to meet these growing needs.”

Super e-wallets and the collection of data

Along with super apps comes the concept of the super e-wallet. No longer just a one-trick payment pony like its predecessor, the super e-wallet offers a range of payment services to the user. What it also does, though, is provide lots of data on the customer, ostensibly helping fintech companies create personalised services for their users. 

They have numerous digital payment use-cases, including storing electric vehicles’ key information, membership cards, gift cards, tickets to events, travel tickets, users’ driver’s licence. and more. E-wallets are also increasingly being used to trade cryptocurrencies – their introduction has enabled people to use a wide manner of financial services previously not open to them. In this way, e-wallets have helped to increase financial inclusion.

The super app e-wallet concept has taken off in Asia, in particular, where the number of unbanked people is high, but mobile adoption is still higher. OMG Indonesia’s Deependra Shekhawat said recently: “With Indonesians integrating e-wallets into their daily lives and using the same environment for different purchases and purposes, it becomes easy to track their digital footprint.”

Eunice Tan of TSLA, meanwhile, points out that the growing frequency of e-wallet adoption is rooted in the belief that it presents a more glamorous lifestyle. “For many young people in Asia, virtual banking and e-wallets represent excitement, aspiration, and a gateway to living life more richly.”  

E-wallets and CBDCs

As the global financial market becomes increasingly integrated, regulated, and borderless, the case for e-wallets has grown. CBDCs will be a primary asset for e-wallets when their worldwide introduction begins in earnest. 

China is leading the charge with this technology. In October of 2020, for example, the government had already begun piloting its digital yuan, giving 50,000 residents of the Luohu district 200 yuan each in a digital wallet to test the transactional process and its new digital currency. The digital wallets were distributed via iShenzhen – a government-operated blockchain public services app.

China’s digital currency has been in the pipeline for the past eight years; it's currently available to users in 23 cities across China, enabling millions of users to sign up through a number of commercial banks. 

The future of digital wallets

A research report by CBS Insights predicts that the trend for e-wallets and super apps will see the market increase in value, from a conservative US$1tn, to $7tn by 2027. 

Many reputable studies show that, by 2024, a third of the world’s population will be using digital wallets. Not only that, but these e-wallets will merge with the super app movement, while the current single function payment apps will eventually disappear as users opt for multifunction transaction solutions.

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Understanding the consumer’s intention to use the e-wallet services

Spanish Journal of Marketing - ESIC

ISSN : 2444-9695

Article publication date: 7 December 2021

Issue publication date: 14 December 2021

The purpose of this paper is to investigate the key factors that explain intention to use e-wallet services (perceived usefulness, perceived ease of use, attitude, subjective norm, positive disconfirmation and perceived behavioral control). The moderating role of perceived value in the relationship between satisfaction and their intention to continue using the e-wallet is also examined.

Methodology

A total of 257 e-wallet users participated in an online survey and hypotheses were tested with SPSS/PLS-SEM.

The constructs technology acceptance model (TAM), theory of planned behavior (TPB) and user satisfaction affect intention to use. However, perceived value does not strengthen the relationship between user satisfaction and e-wallet usage intention.

Practical implications

The TAM, TPB and expectancy disconfirmation model (EDM) constructs help explain the use of e-wallet services. These results will help the providers of these services to understand user behavior and to design their marketing strategies more appropriately to ensure consumer satisfaction and their intention to use e-wallet services.

Originality

This study adopts a holistic and integrative approach to explain the continued use of e-wallet services. The model integrates three basic adoption theories: TAM, TPB and EDM.

El propósito es investigar los factores clave que explican la intención de utilizar los servicios de monedero electrónico (utilidad percibida, facilidad de uso percibida, actitud, norma subjetiva y control conductual percibido). También se examina el papel moderador del valor percibido en la relación entre la satisfacción y su intención de seguir usando el monedero electrónico.

Metodología

257 usuarios de monederos electrónicos participaron en una encuesta online y las hipótesis fueron contrastadas con SPSS/PLS-SEM.

los constructos TAM (modelo de aceptación de la tecnología), TPB (teoría del comportamiento planificado) y la satisfacción del usuario afectan a la intención de uso. Sin embargo, el valor percibido no refuerza la relación entre la satisfacción del usuario y la intención de uso del monedero electrónico.

Originalidad

Este estudio adopta un enfoque holístico e integrador para explicar el uso continuado de los servicios de monedero electrónico. El modelo integra tres teorías básicas de adopción: TAM, TPB y EDM (modelo de desconfirmación de expectativas).

Implicaciones prácticas

los constructos TAM, TPB y EDM permiten explicar el uso de los servicios de monedero electrónico. Estos resultados ayudarán a los proveedores de estos servicios a comprender el comportamiento de los usuarios y diseñar sus estrategias de marketing de forma más adecuada para garantizar la satisfacción del consumidor y su intención de utilizar los servicios de monedero electrónico.

目的是研究解释使用电子钱包服务意向的关键因素（感知的有用性、感知的易用性、态度、主观规范和感知的行为控制）。此外, 还研究了感知价值在满意度和他们继续使用电子钱包的意向之间的调节作用。

257名电子钱包用户参与了一项在线调查, 用SPSS/PLS-SEM对假设进行了检验。

TAM（技术接受模型）、TPB（计划行为理论）和用户满意度影响使用意向。然而, 感知价值并没有加强用户满意度和电子钱包使用意向之间的关系。

本研究采用了一种整体和综合的方法来解释电子钱包服务的持续使用。该模型整合了三个基本的采用理论：TAM、TPB和EDM（期望不确认模型）。

TAM、TPB和EDM构造有助于解释电子钱包服务的使用。这些结果将有助于电子钱包服务提供商了解用户行为, 并更恰当地设计他们的营销策略, 以确保消费者的满意度和他们使用电子钱包服务的意向。

• User satisfaction
• Perceived value
• Integrated model
• Continuance usage
• Monedero electrónico
• Satisfacción del usuario
• Valor percibido
• Uso continuado
• Modelo integrado

Ariffin, S.K. , Abd Rahman, M.F.R. , Muhammad, A.M. and Zhang, Q. (2021), "Understanding the consumer’s intention to use the e-wallet services", Spanish Journal of Marketing - ESIC , Vol. 25 No. 3, pp. 446-461. https://doi.org/10.1108/SJME-07-2021-0138

Emerald Publishing Limited

Copyright © 2021, Shaizatulaqma Kamalul Ariffin, Mohamad Fakhrul Reza Abd Rahman, Ali Mughal Muhammad and Qi Zhang.

Published in Spanish Journal of Marketing - ESIC . Published by Emerald Publishing Limited. This article is published under the Creative Commons Attribution (CC BY 4.0) licence. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this licence maybe seen at http://creativecommons.org/licences/by/4.0/legalcode

1. Introduction

The integration of wireless telecommunication, smartphone and banking systems has created digital payment ecosystems, such as mobile payment (m-payment), gradually replacing the conventional paper currency ( Sharma et al. , 2018 ). Among several categories that can be grouped under m-payment, mobile electronic wallet (e-wallet) is one of the most important components in the digital payment ecosystem. Given the high smartphone adoption rate worldwide, the value of the mobile e-wallet industry is expected to increase significantly globally. The market size of e-wallet transactions is projected to grow to US$6.4bn by 2022, and it is forecasted to growth to US$9.4bn in 2025 ( Statista, 2021 ). E-wallet is a convenient cashless mode to make transfers, payments to people, merchants via smartphone, and it works by storing funds from the bank account either by using debit or credit card or online transfer using banking systems ( Bagla and Sancheti, 2018 ). The payment can be accepted through QR code scanning or in-application payment and has an option to transfer funds between individuals, also known as a peer-to-peer (P2P) transaction ( Razer, 2019 ). This type of e-wallet is supported by many banks and non-bank organizations that are competing to provide convenience in financial transactions for their consumers ( Bagla and Sancheti, 2018 ).

During COVID-19 pandemic, the digitization of banking and financial services has played an important role as a preventive measure to minimize the spread of COVID-19. The pandemic led to a shift in consumer preferences towards digital payment methods, such as e-wallets, instead of traditional payment methods ( Daragmeh et al. , 2021 ). However, according to Ismail (2021) , the continuity of e-wallet usage is still low and unsatisfying. The e-wallet industry is still in its infancy stage where many players are spending heavily to acquire customers and merchants according to findings ( Ismail, 2021 ). Previous studies show that some consumers are reluctant to accept or to continuously use the e-wallet application. A negative feeling that they perceived toward e-wallet application has affect their behaviour intention toward e-wallet application ( Yong et al. , 2018 ).

A review of the literature on digital payments reveals that most of the studies are focused on the factors that influencing consumer continuance intention to use m-payment, such as pre-adoption and post-adoption continuance intentions ( Gupta et al. , 2020 ), security ( Wu et al. , 2019 ), antecedents of trust ( Shao et al. , 2019 ) and user satisfaction ( Liao et al. , 2007 ). However, there has been little focus on studying the influencing factor of consumer intention to use the e-wallet services, especially during COVID-19 pandemic ( Daragmeh et al. , 2021 ). In specific, there is still a lack of empirical evidence about the relationship of few factors such as perceived value, perceived usefulness, perceived ease of use, disconfirmation, subjective norm, perceived behavioural control, satisfaction, affecting consumer’s continuance intention to use e-wallet ( Gupta et al. , 2020 ; Wang et al. , 2019 ; Alalwan, 2020 ). In relation to consumer behaviour, it is important to investigate human behaviour that is related to behavioural intentions as well as perceived value and perceived behavioural control that determined the attitude of consumers to stay loyal to the products and services ( Alalwan, 2020 ), especially product and services that involved with technologies. Some variables such as user satisfaction and perceived value may be hard and challenging to be concluded as its complex construct may differ among people.

The present study aims to address the research gap by understanding consumer decision making factors that influence their intention to continuously use the e-wallet services from the perspective of user satisfaction, system characteristics and human behavioural belief, as well as to explore whether these factors influencing positively and significantly their continuance intention to use e-wallet. Additionally, this study also aims to examine how perceived value such as discounts and cashback, rewards, security to perform the transaction and saves time and effort during payment plays a significant role in the relationship between user satisfaction and continuance intention to use e-wallet.

To achieve the research objective, this study integrated three theories such as theory acceptance model (TAM), theory of planned behaviour (TPB) and expectation disconfirmation model (EDM). In past research, the previous studies have mainly examined the current constructs in the different contexts of digital payments such as m-payment and its other technologies. Limited studies have focused on the mobile electronic wallet (e-wallet) context, especially during the pandemic whereby consumers' preferences have shifted toward digital payments to minimize the spread of Covid-19 ( Daragmeh et al. , 2021 ). Thus, this study fills up the gap by examining the key constructs of TAM, TPB, EDM in the e-wallet services context. By integrating these theories, it is expected that these theories may explain in what way these constructs (perceived value, perceived usefulness, perceived ease of use, attitude, subjective norm, positive disconfirmation, perceived behavioural control, user satisfaction) influence consumer intention to continuously use the e-wallet services ( Bhattacherjee and Lin, 2015 ).

2. Literature review

2.1 theories integration rationale.

The main objective of this study is to investigate the post-adoption behaviour of e-wallet users. Expectation-disconfirmation model (EDM), theory of planned behaviour (TPB) and technology acceptance model (TAM) are the most widely applied theories that can elaborate the continuance intention ( Foroughi et al. , 2019 ). This study proposed a model using the foundations of the key constructs related to TAM, EDM and TPB to understand the continuance intention to use an e-wallet. The key constructs will be investigated to reflect the impact of a customer’s expectation of e-wallet systems that lead to user satisfaction and intention to continuous use ( Gupta et al. , 2020 ; Liao et al. , 2007 ) from the perspective of system characteristics and behavioural belief. The TPB concepts can explain and analyse human behaviour intention, meanwhile, the TAM concept reflects perceived ease of use and perceived usefulness of certain technology or system. In this current context, it refers to e-wallet services. TPB alone would not be able to explain consumer perceived technology of a certain system. Research has shown that human behaviour towards accepting a technology is multi-faceted and warrants more than a single model, i.e. an integrated approach ( Shen et al. , 2010 ). Integrated models not only offer an all-inclusive and wide-ranging view of the causal mechanism underlying the relationships but also bring an exclusive understanding which cannot be accomplished by models grounded on a single theory ( Thusi and Maduku, 2020 ). Thus, both models would be fully synthesizing in a complementary manner to better understand what factors that drive consumers’ intention to continuously use e-wallet services. Concerning the TAM model, it has been widely used in the literature to analyse the adoption of very different types of innovations such as innovative information systems ( Gupta et al. , 2020 ), mobile payment (Ariffin and Lim., 2020), mobile payment services ( Phonthanukitithaworn et al. , 2015 ). However, limited studies have been studied in the e-wallet services context using TAM model.

Nevertheless, most of the previous studies have focused and integrated these theories on the pre-adoption decision-making processes ( Gupta et al. , 2020 ). Limited studies focused on the post-adoption processes. Consumers repurchase behaviour continuously catches the attention of researchers since the largest portion of consumer purchases are in the second time of purchase rather than the initial acceptance ( Oliver, 1993 ). Concerning the post-adoption process, this study integrates EDM into the current model to fill up the gap. To clarify how customer satisfaction can affect consumer repurchase behaviour or customer retention, and application of EDM can explain the consumer consumption decision in the post-purchase process ( Liu et al. , 2020 ). According to Ismail (2021) , the continuity of e-wallet usage is still low and unsatisfying. Thus, the key constructs of EDM are important to be included in this study. User disconfirmation and satisfaction toward e-wallet services are important to be examined to identify critical factors that influence consumer intention to continuously use e-wallet services. The hypothetical relationship between disconfirmation and customer satisfaction has become a key point in the area of consumer research and has been examined in many empirical studies ( Oliver, 1997 ). Disconfirmation is the result of consumers' perceived differences between expectations and performances. Disconfirmation is falling under 3 categories which is positive disconfirmation (performance outperformed expectation), negative disconfirmation (Performance fall be expectation) and confirmed (Performance similar with expectation). Meanwhile, satisfaction is the overall outcome of disconfirmation. Because of that, this study will examine consumer positive disconfirmation and satisfaction toward intention to continue the use of e-wallet. The integration of these three theories can contribute toward consumer decision-making factors from three perspectives such as consumer satisfaction, consumer perceived technology and consumer behavioural intention or human behavioural. Furthermore, the EDM holds the explanation that satisfaction is the only requirement that determines a consumer's intention to repurchase or reuse ( Gupta et al. , 2020 ; Liao et al. , 2007 ). Therefore, this study will examine satisfaction as the antecedent toward consumer intention to continuously use e-wallet services. The development of the hypotheses will be primarily based on the effects of TAM, TPB and EDM on user satisfaction. Hence, this study will not examine satisfaction as the mediator variable.

According to the previous literature, most of the studies developed their conceptual model using these theories are in different context-setting such as user’s continue intention to use mobile catering apps ( Wang et al. , 2019 ), information systems, digital payments, online services ( Alalwan, 2020 ; Alalwan, 2017 ), mobile payment ( Ariffin and Lim, 2020 ; Ting et al. , 2016 ) social media and network ( Gupta et al. , 2020 ). In summary, most of the previous studies have adopted these theories in the context of mobile payment and other technologies. However, limited knowledge is known about consumer intention to continuously use e-wallet services, especially during the Covid-19 pandemic. Therefore, this study fills up the gap by examining the relationship between these factors and intention to continuously use e-wallet services. Consequently, based on the above discussions, it is expected that the integration of TAM, EDM and TPB will provide a more comprehensive viewpoint of post-adoption usage of e-wallet users.

In addition, this study adds perceived value into the framework as the moderator variable to widely explain user satisfaction and intention to continuous use of e-wallet ( Liu et al. , 2020 ). It is considered fundamental for all marketing activities to maintain competitive advantages ( Karjaluoto et al. , 2019 ). Perceived value will give some emotional consumer’s expression such as fun, enjoyment and expressiveness that lead to the positive effect on satisfaction ( Liu et al. , 2020 ). Thus, it is expected that consumer perceived value will strengthen the relationship between user satisfaction and intention to continuously use the e-wallet services.

2.2 Hypothesis development

2.2.1 perceived ease of use..

There is a positive and significant relationship between perceived ease of use and attitude.

2.2.2 Perceived usefulness.

There is a positive and significant relationship between perceived usefulness and attitude.

2.2.3 Positive attitude.

There is a positive and significant relationship between attitude and users’ satisfaction.

2.2.4 Subjective norm.

There is a positive and significant relationship between subjective norm and users’ satisfaction.

2.2.5 Positive disconfirmation.

positively disconfirmed whenever the product or services outperform expectations;

confirmed whenever the product or services perform as expected; and

negatively disconfirmed whenever the product or service performs below expectation ( Oliver, 1980 ).

There is a positive and significant relationship between positive disconfirmation and users’ satisfaction.

2.2.6 Perceived behavioural control.

There is a positive and significant relationship between perceived behavioural control and consumer’s intention to continue use of e-wallet.

2.2.7 User satisfaction.

There is a positive and significant relationship between user satisfaction and consumer’s intention to continue use of e-wallet.

2.2.8 Perceived value as moderator.

Perceived value strengthens the relationship between user satisfaction and consumer’s intention to continue use of e-wallet.

Consequently, based on such prior discussion, the research model proposed is shown in Figure 1 . The contribution should be highlighted primarily in the introduction and in the discussion and conclusions of the paper.

3. Research design and methodology

This study focuses on consumers who have adopted an e-wallet and the current users of this service in their daily life. Before answer the questionnaires, respondents are first screened to filter out the respondents. Only respondents who are the current users of e-wallet services are allowed to continue to answer the questionnaires. The population in this study is all districts in Malaysia and unit of analysis is consumers. Due to the fact that e-wallet users are usually familiar with computer and internet skills, also considering the cost and time effectiveness of the research as well as the restrictions and limitations imposed by Covid-19, online survey tool Google Form was adopted to collected data by using the convenient sampling method. A self-administered survey was distributed to a total of 300 respondents from 18 January 2021 to 22 April 2021. The electronic survey was used in this study since it is considered as the most convenient and efficient way to collect necessary information ( Sekaran and Bougie, 2016 ). The link of the online survey was sent out through social media platforms, such as Facebook, WhatsApp and e-mail to participants.

The structure of questionnaire is made up of three sections. Section A is to filter respondents, Section B is to collect the demographic information and Section C to G is to measure all variables. All items were measured through a five-point Likert scale ranging from one to five (1 = “Strongly Disagree, 5 = “Strongly Agree”). The five-point Likert scales were adapted from previous studies ( Gupta et al. ,2020 ; Liao et al. , 2007 ; Yang et al. , 2017 ; Amoroso and Magnier-Watanabe, 2012 ; Liu et al. , 2020 ).

3.1 Sample profile

Of the 257 online questionnaires answered, only 244 (95 %) were successfully analysed and usable for further data analysis. Respondents’ profiles revealed that the majority of them were female (54.5%) as compared to men (45.5%). Most of the respondents were between 21 and 30 years of age (57.4%). This was followed by 31–40 years (30.7%), 41–50 years (9.8%) and the rest were 51 years above (1.6%). Majority of the respondents worked in the private sector (60.7%) as compared to the public sector (17.6%) followed by the students (11.1%), self-employed (8.6%) and others (2.0%). By looking at the profession, 90 (36.89%) of the total respondents worked in finance and accounting, education 21 (8.61%), science and engineering 20 (8.20%) and entrepreneur 15 (6.15%). In term of education level, 43.0% of the respondents possessed a bachelor’s degree, followed by a diploma and master’s degree (23.0%), high school (7.4%) and PhD (3.7%). For monthly income, most of the respondents earned RM2001-RM3500 per month (47 %), followed by 25% of them earned RM3501-RM5000 monthly, which indicates most of the respondents were part of the middle-class segment. Meanwhile, the rest of the respondents earned over RM5001- RM7500. Concerning frequent usage of e-wallet services, the majority of the respondent (34.4%) stated that they have spent monthly usage on e-wallet services, followed by weekly usage (23.8%), daily (13.9%) and lastly quarterly (10.2%).

4.1 Measurement model

A confirmatory factor analysis corroborated the initial factor structure. This study planned to successively eliminate indicators that did not meet the criteria proposed by Jöreskog and Sörbom (1993) . Based on these criteria, in the present study it was not necessary to eliminate any item. Thereafter, this research examines the outer model validity and reliability of constructs, composite reliability (CR), average variance derived (AVE) and Fornell–Larcker criterion in accordance with Hair et al. (2019) . Table 1 contains the output of the outer model.

As shown in Table 1 , CR and AVE are all greater than 0.7 and 0.5. The square root of the AVE for each latent variable are greater than the correlation between latent variables. The intercorrelations between each latent variables, and the value was greater than correlation between latent variables (ranging between 0.73 to 0.92), thus, the concepts’ convergent validity and discriminant validity were satisfactory established for the measurement model.

4.2 Structural model

After completing the measurement model evaluation, we continue to test the structural model. Initially, variance inflated factor (VIF) was measured. The ideal value of VIF should be less than 3.3 ( Hair et al. , 2019 ). The VIF of all constructs is less than 3.3. Next, R 2 values range from 0 to 1 where the higher value indicates a greater explanatory power. The R 2 value of 0.75 is substantial, 0.50 is moderate and 0.25 is weak ( Hair et al. , 2019 ). The R 2 values for both ATT (0.399) and SAT (0.671) are considered moderate, while the R 2 value for CI (0.805) is considered substantial to measure the variance.

Next, the effect size (f 2 ) value of 0.02 has small effects, 0.15 has medium effects and 0.35 has large effects ( Hair et al. , 2019 ). If the effect size is less than 0.02, it indicates that there are no effects. In this study, the f 2 values for PV (0.010) has no effects on intention to continuous use. It shows that SAT (0.636) has large effects on CI, while PU (0.158) has medium effects on ATT. The fourth step is to assess the predictive relevance (Q 2 ) using the blindfolding approach. Q 2 values larger than zero indicated the path model's predictive accuracy and relevance ( Hair et al. , 2019 ). The Q 2 values higher than 0, 0.25 and 0.5 indicate small, medium and large predictive accuracy, respectively. In this study, ATT (0.266) indicated small predictive relevance, while the CI (0.669) and users’ SAT (0.540) indicated large predictive relevance.

The final step is to assess the significance and relevance of the structural model relationships using the path coefficient to determine whether the conceptual model or theoretical hypotheses were substantiated empirically. The arrows or paths represent the hypothesized relationships between the constructs ( Hair et al. , 2019 ). As shown in Figure 2 , the results of the path coefficient demonstrate that there is a significant relationship between perceived ease of use and attitude ( β = 0.29, t = 3.81, p < 0.05; H1 supported), perceived usefulness and attitude ( β = 0.40, t = 4.57, p < 0.05; H2 supported), attitude and satisfaction ( β = 0.36, t = 7.87, p < 0.05; H3 supported); subjective norm and satisfaction ( β = 0.37, t = 8.46, p < 0.05; H4 supported), positive disconfirmation and satisfaction ( β = 0.30, t = 6.07, p < 0.05; H5 Supported), perceived behavioural control and continuance intention ( β = 0.30, t = 6.98, p < 0.05; H6 supported) and satisfaction to continuance intention ( β = 0.53, t = 11.54, p < 0.05; H7 supported). In contrast, the moderating effect of perceived value in the relationship between satisfaction and continuance intention is found to be insignificant ( β = 0.03, t = 1.51, p  > 0.05; H8 not supported). In summary, seven hypotheses are supported ( H1 , H2 , H3 , H4 , H5 , H6 and H7 ), and only one hypothesis is not supported ( H8 ).

5. Discussion

This study aims to examine the relationship between perceived ease of use and perceived usefulness towards attitude, attitude, subjective norm, positive disconfirmation toward satisfaction, and perceived Behavioral control and satisfaction towards continuance intention to use e-wallet. Moreover, this study also examines whether perceived value strengthens the relationship between user satisfaction and continuance intention.

The findings of H1 and H2 coincide with the previous studies stating that perceived ease of use and perceived usefulness positively and significantly influences user’s attitude toward using mobile payment ( Bagla and Sancheti, 2018 ; Mun et al. , 2017 ; Ariffin and Lim, 2020 ). The finding of this study shows that consumer found it was easy in conducting payment transactions by using e-wallet and having an e-wallet improved their payment processing and enhanced their effectiveness in doing transactions that led to their positive attitude toward e-wallet services. Similarly, the findings of H3 , H4 and H5 also align with previous research that stated attitude, subjective norms and positive disconfirmation have positive and significant impacts on user satisfaction ( Yang et al. , 2017 ; Ting et al. , 2016 ; Alalwan, 2020 ; Hsiao et al. , 2016 ; Ambalov, 2018 ; Okumus et al. , 2018 ). Based on these findings, it is possible to say that consumers feel pleasant when using e-wallet and consumers experience of e-wallet was beyond their expectation that led to their satisfaction toward e-wallet. Besides that, their peers, families and the environment have also influenced their intention to continuously use e-wallet.

Furthermore, the findings of H6 and H7 align with previous studies that stated perceived behavioural control and user satisfaction were found to be significant towards intention to continuous use ( Ting et al. , 2016 ; Liao et al. , 2007 ; Hsiao et al. , 2016 ; Chu et al. , 2012 ; Gupta et al. , 2020 ). Based on these findings, it reveals that consumers nowadays have enough resources to reuse the e-wallet and they will also continue to use e-wallet services as long as the e-wallet system function exceeded their expectation.

Meanwhile, the finding of H8 is found to be insignificant. The finding of this study contradicts with the past study which showed that perceived value strengthening the relationship between customers’ satisfaction and intention to continuous use ( Chang et al. , 2017 ). For instance, Wang et al. (2019) found that perceived value positively influences and strengthens the relationship between user’s satisfaction and intention to reuse mobile catering apps ( Wang et al. , 2019 ). Concerning the finding of this study, it is possible to say that consumers would continue using the e-wallet services although there are no rewards and cashback offered. During the Covid-19 pandemic, consumers' preferences are shifted toward digital payment include e-wallet services to minimize the spread of viruses. Consumers are satisfied with the existing e-wallet services that offered security to perform the transaction and save time and effort during payment without thinking of other possible rewards. Hence, it can be concluded that perceived value does not strengthen the relationship between user satisfaction and continuance intention to use of e-wallet.

5.1 Study implications

This study has both theoretical and practical implications. Theoretically, this study found that consumers’ continuance intention to use e-wallet services was influenced positively and significantly by their perceived ease of use, perceived usefulness, attitude, subjective norm, positive disconfirmation, perceived behavioural control and satisfaction from the e-wallet services, especially during the Covid-19 pandemic. These findings will contribute toward digital payment research, especially on the continuity of e-wallet usage and satisfaction toward e-wallet services. In addition, the findings of this study added to the literature regarding the added role of perceived value that was found to have an insignificant effect on user’s satisfaction and continuance intention to use the e-wallet services. Although the hypothesis was not supported, it will give some new perspective to the body of literature to further study this finding. The previous study on perceived value had touched mainly on the rewards such as discount, cashback and value offered by the service providers. In the current research, to minimize the spread of COVID-19, consumers have shifted toward digital payment methods and continue using e-wallet services without considering the value offered.

This study has also integrated three theories such as Expectation DCF Model (EDM), TPB and TAM to help explain in what way these constructs influence consumers' intention to continuously use of e-wallet from the perspective of system characteristics and behavioural belief. Although the integration of theories among TAM, TPB and EDM have been recognized in the literature such as TAM and TPB or EDM and TPB ( Kamble et al. , 2019 ; Liao et al. , 2007 ), however, based on the researcher knowledge, this is one of the first studies integrate these three theories in one model that examine the relationship between its key factors and behavioural intention. The statistically validated model is found to have high explanatory power with the independent constructs explaining 80.5% variance of the behavioural intention ( R 2 = 0.805) and hence proves to be a valuable contribution to the existing body of research. The findings of this study also reveal that the TAM, TPB and EDM constructs does play a significant role in influencing consumer behavioural intention toward e-wallet services. This study empirically validates that the TAM, TPB and EDM constructs need be given importance while using e-wallet services. This study will serve as the foundation and lead to many more studies on the intention to use e-wallet services in the future.

Practically, the findings of this study will be significant to the digital payments organisations to manage better and improve the existing e-wallet systems and platforms. This study helps to identify the critical factors to satisfy consumers toward e-wallet services that will lead to the intention to continuously use the services. This study has shown that consumer perceived ease of use, perceived usefulness, attitude, subjective norm, positive disconfirmation and satisfaction have led to a positive impact on consumer’s continuance intention to use e-wallet services. These study findings can be useful not only to digital payment organisations but also for financial and banking institutions, entrepreneurs, retailers, policymakers, government sectors and telecommunications to name a few. This study can help and inform policymakers to plan and improve their strategies/frameworks to support the e-wallet service providers towards a cashless society.

5.2 Limitations and suggestion for future research

This study has certain limitations such as a single-country context and the convenience sampling methods which was adopted to collect data. Different countries have different e-wallet payment systems and functions that will contribute to a different result in terms of consumers' behavioural and technology post-adoption. Future research may study e-wallet by looking at other geographically and demographically diverse perspectives such as countries, age, rural or urban areas. As this kind of payment method requires a good facility, consumers from rural areas might have different perceptions of the consumption of e-wallet. Meanwhile, biased results might be obtained due to the disadvantages of convenience sampling technique such as the inability to generalize the results of the survey to the whole population ( Sekaran and Bougie, 2016 ), for example, the survey collected are much more likely come from users in urban area rather than rural area due to the difference in total user numbers. Besides that, other cognitive variables such as trust and security may be also studied towards continuous use of e-wallet. The effect of trust on user's behavioural intention would provide significant insight into the context of this study. In addition, this study has not examined the mediation analysis of satisfaction. Future research may examine satisfaction as the mediator variable to confirm the satisfaction contribution to the existing model.

6. Conclusion

During the COVID-19 pandemic, the findings of this study shows that perceived ease of use and perceived usefulness were found to have a positive impact on consumer’s attitude. Furthermore, attitude, subjective norm, positive disconfirmation and perceived behavioural control were found to have significant effects towards users’ satisfaction and continuance intention to use e-wallet. Meanwhile, the perceived value was found to have an insignificant effect in strengthening the relationship between users’ satisfaction and continuance intention to use of e-wallet. It shows that discounts and cashback, rewards, security to perform the transaction and saves time and effort during payment did not affect consumer behaviour toward e-wallet continuance usage. In a conclusion, this study shows that out of eight hypotheses, seven of them were supported toward continuance intention to use e-wallet. It is hoped that the findings of this study benefit the marketers, organisations, scholars and the government to enhance the use of e-wallet among consumers.

Research model

Results of the path coefficient

Reliability, convergent and discriminant validity

α: Cronbach’s α; CR: Composite reliability; AVE: Average Variance Extracted. ATT: ATT; DCF: DCF; CI Continuance Intention; PBC: Perceived Behavioral Control; PEOU: Perceived Ease of Use; PU: Perceived Usefulness; PV: Perceived Value; SAT: SAT; SN: Subjective Norm. The diagonal elements (in italic) are the square root of the AVE. Values above the diagonal indicate the Fornell–Larcker criterion ratio. Values below the diagonal elements are the inter-construct correlations

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The “e-Wallet Generation”: How Barriers and Promoting Factors Influence Intention to Use

• Published: 20 September 2021
• Volume 15 , pages 413–427, ( 2021 )

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• Thuy-vy Pham 1 ,
• Nhu-Y Ngoc Hoang 1 &
• Hai-Ninh Do   ORCID: orcid.org/0000-0002-2630-0146 1  

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Despite their young age, Generation Z has high awareness and experience of using e-wallets, otherwise known as digital wallets. However, research on users’ behaviours is often conducted in the context of the older Millennial generation, which has many different characteristics and behaviours in their use of the new technical e-wallet. This research aims to examine how technical barriers and promoting factors impact Generation Z’s intention to adopt an e-wallet service to hold their money and make frictionless payments. Based on the technology acceptance model (TAM), this study examines 170 Generation Z students who were born between 1995 and 2005. The results show that the relationship between promoting factors and intention to use the e-wallet has been mediated by perceived usefulness, while the barrier factor has a direct influence on intention to use.

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Pham, Tv., Hoang, NY.N. & Do, HN. The “e-Wallet Generation”: How Barriers and Promoting Factors Influence Intention to Use. Rev Socionetwork Strat 15 , 413–427 (2021). https://doi.org/10.1007/s12626-021-00088-3

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Home — Essay Samples — Information Science and Technology — Digital Era — Digital Wallet: Era of Cashless Future

Digital Wallet: Era of Cashless Future

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Advantages and disadvantages of ewallets

BY Promoted Content

5th Jan 2023 Managing your Money

What is an eWallet?

Advantages of ewallets, disadvantages.

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An Electronic wallet , in some cases, called an “advanced wallet” or “e-wallet”, is an electronic rendition of an installment card that is approved to lead exchanges for your sake. These wallets are normally on a cell phone, for example, a cell phone, however, work areas and PCs can hold an electronic also.  

Electronic wallets should be connected to explicit charge or MasterCard to work appropriately. There might be a prerequisite to connecting the e-wallet to a financial balance also. At that point, using data and programming, buyers can utilize their electronic wallet to pay for things as opposed to conveying an actual wallet to pay with a card.  

These electronic wallet inclinations and shortcomings show that this advancement makes it snappier and easier to complete a trade. Despite the way that there are some receptiveness issues to consider, for the most part, the use of a mechanized wallet is a profitable decision for certain people.

Advantages of Electronic Wallets :

• It offers more solace for certain buyers –   Right when you’re passing on an electronic wallet, you will confine the number of cards you pass on when you travel. You now don’t have the essential to pass on a huge load of cash with you by a similar token. You ought to just tap your device to the portion holder, or have your phone checked, to pay for the things you are purchasing. That suggests you’re finished passing on a pocketful of things any spot you go.    
• It offers induction to various kinds of cards –   Electronic wallets regularly store MasterCard and check cards. They can be used for a wide collection of cards, regardless, if the provider is suitable for the wallet you are using. That infers you can store rewards cards, relentlessness cards, and even coupons inside your electronic wallet, allowing you to acknowledge indeed a paperless lifestyle.   
• It offers more prominent security –   If you have a wad of cash in your pocket that gets lost, you have zero options open to you to recover your resources. Losing your Visas suggests you should contact each credit expert to drop each card, by then have another issue. With an electronic wallet, the information is taken care of through an untouchable provider. It’s rushed behind your mystery expression or biometrics. Whether you lose your contraption, you’ll really move toward your e-wallet once you get another device.    
• It might be used everything thought about retailers and online stores –   Electronic wallets have gotten comprehensively recognized in the past couple of years. Most territories that recognize cards as a portion elective will allow you to pay with your electronic wallet. Disregarding the way that there are as yet a couple of regions that are using more settled getting ready progressions, which confines something or organization access, the number of retailers who give portion access in this manner continues extending each year.    
• It anticipates that customers should endorse each trade –   Electronic wallets work like a check card while beginning a trade. They anticipate that you should incorporate your PIN to support portion. For contraptions with biometrics, an installment would require your remarkable imprint to favor it. That gives you another layer of assurance from unapproved purchases or the financial risks related to misrepresentation.    
• It may offer permission for new rewards – Various electronic wallets offer inspirations to ask clients to use them as opposed to traditional portion procedures. You may find limits apply to explicit purchases, for instance, fuel, food, or travel. A couple of associations may work with your e-wallet to provide for offer unequivocal cutoff points moreover. That suggests you can put aside money without changing your methods of overseeing cash. You’re just changing how you pay for those things.    
• It could help you with your spending plan –   Various electronic wallets can help you track your methods of overseeing cash. Some may create reports that show you unequivocal orders of consumption. You can similarly distribute fixed monetary designs to unequivocal cost arrangements to ensure that you’re not spending more than you should on explicit things. If you have a top-notch thing to purchase, regardless, you can impair this component to acquire sure there’s adequate money available to make the portion.  

Disadvantages of Electronic Wallets :

• It isn’t totally open far and wide –  The amount of retailers that recognize portions from an electronic wallet depends upon the veritable wallet you pick. In December 2016, just 36% of retailers recognized Apple Pay. 34% of retailers recognized PayPal as a sort of portion. Just 25% of retailers recognized Master Pass. Around 2 million retailers in North America at present offer induction to some sort of compact portion through an electronic wallet.    
• It really anticipates that you should pass on something –   But an electronic wallet offers more convenience for certain customers, it doesn’t totally discard the essential of passing on something with you. If you don’t have your PDA with the remainder of your belongings, by then you have no genuine method to complete a trade. Since these wallets don’t store your ID and other required things, you’re really constrained to pass on a standard wallet or bag with you moreover.    
• It requires your contraption to have a charge –  There’s also the burden that an electronic wallet anticipates that you should have a charged device to have it work. On the off chance that you’re passing on a traditional wallet, you won’t need to worry about how much battery life is left on your phone.    
• It doesn’t clear out your security perils –   The security of your PDA or PDA is dependent upon the settings you use. If you don’t have your device guaranteed with some sort of mystery word, by then someone could take your contraption and perhaps access the resources in your monetary equilibrium or Visas. There are positive security inclinations to consider which make an e-wallet a significant advancement, anyway it requires the able organization of it to intensify them.    
• It may charge you more to manage portions –  Countless electronic wallets that offer a prizes program will charge you a cost to move those prizes. You may be expected to deal with portions considering a specific objective to get to these favorable circumstances moreover. While using the PayPal charge program, for example, customers get 1% cashback when their trade is a standard imprint credit trade. Using a PIN through modernized wallet exploits since you’re changing how the retail store treats the trade. In case you consume $900 consistently, you’d lose over $100 consistently for the convenience of this portion method.    
• It could engage in stupid spending –   Exactly when money is electronically-based instead of something real, a couple of individuals fights with their methods of overseeing cash. The money doesn’t feel authentic, so genuine arranging doesn’t occur. If you are as of now endeavoring to keep a monetary arrangement with a traditional wallet, by then an electronic wallet may fuel that issue.  

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In today's increasingly digital world, the convenience of e-wallets has taken centre stage in the realm of financial transactions. E-wallets, or electronic wallets, have revolutionized the way we handle our money. From making everyday purchases to managing our finances seamlessly, there is a host of advantages of e-wallets that not only simplify our lives but also enhance security and efficiency. In this blog, we'll delve into the eight significant advantages of e-wallets, shedding light on how they are shaping the future of payments and redefining the way we interact with our finances. 

1. Convenience

E-wallets offer quick and easy access to your funds, allowing you to make payments, transfer money, and check your balance with a few taps on your mobile device or computer. At the tap of a button, you can transfer money from one entity to another, which is one of the biggest e-wallet advantages.  Moreover, the widespread integration of e-wallet services across shops, retail stores, and transportation services has made it exceptionally user-friendly, ensuring students can access, send, and receive money with ease, making this one of the greatest advantages of e-wallets. 

2. Security

They provide a secure way to store your payment information. E-wallets often use encryption and authentication methods to protect your financial data, reducing the risk of fraud. Every e-wallet app is passcode protected and has a pin which is unique and only known to you.  In fact, before you even install your e-wallet app, there is an entire authentication and verification process that you go through to ensure your legitimacy. This advantage of e-wallet is extremely reassuring and puts a sense of trust in users. 

3. Efficiency

E-wallets streamline transactions, eliminating the need for physical cash or credit/debit or forex cards . This results in faster, hassle-free payments, especially useful for busy individuals. This advantage of e-wallet is especially useful for busy students juggling coursework, part-time jobs, and extracurricular activities.  With the ability to make quick purchases and split bills among friends or roommates, e-wallets simplify financial tasks, allowing students to focus more on their academic and personal growth. This advantage of e-wallet makes it super easy for students to manage their expenses , access their funds, and track their spending, all from the convenience of their smartphones or laptops. 

4. Mobility

E-wallets are accessible anywhere with an internet connection. Whether you're shopping online or at a physical store, you can pay with ease. With e-wallets, people can carry their entire financial world in the palm of their hand. Whether you're shopping online or grabbing a quick coffee, the convenience of making payments is a great advantage of an e-wallet.  For students, in an age where smartphones are constant companions, the biggest advantage of e-wallet is that students can quickly and securely make transactions with a few taps, providing a seamless and hassle-free experience on the e-wallet apps. Moreover, e-wallet apps transcend physical boundaries, for people and students studying abroad or travelling, the ability to access their funds and make payments from virtually anywhere with an internet connection ensures that financial matters are the least of their concerns.

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5. Trackable Expenses

E-wallets help you keep track of your spending. Most e-wallet apps offer transaction history and categorization, allowing you to monitor your budget effectively. The ability of e-wallet apps to track expenses is a great advantage of e-wallet for individuals, particularly for students, who often have limited budgets and a need to make every penny count.  Another advantage of e-wallet apps is that it provide a comprehensive transaction history, allowing users to see exactly where their money is going. What sets them apart is their categorization feature, which can automatically sort expenses into different spending categories, such as food and lifestyle , transportation, or entertainment.  This level of detail empowers students to gain a deeper understanding of their financial habits and make informed decisions about their spending. 

6. Rewards and Cashback

Many e-wallets offer rewards, cashback, or loyalty programs. Users can earn benefits, discounts, or points for their spending, which can lead to significant savings over time. Rewards and cashback programs are among the best advantages of e-wallets, and they can be particularly beneficial for users, including students. Many e-wallet apps offer these incentives as a way to encourage and retain customers. When students use e-wallet apps for their everyday expenses, from groceries to transportation and even online shopping, they accumulate rewards, discounts, or loyalty points. Over time, these advantages of e-wallets can lead to substantial savings and even free or discounted purchases. For students, who often have limited budgets, this can make a significant difference in their financial well-being. Whether it's earning cashback on textbooks or getting discounts on meals, these rewards and cashback programs enhance the overall value of e-wallet app usage.

7. Global Accessibility

E-wallets are often accepted worldwide, making them a valuable tool for travellers or those who engage in international transactions. Global accessibility is a standout advantage of e-wallets, making them an invaluable tool not only for frequent travellers but also for people engaged in international transactions.  Unlike physical currencies or different banking methods , e-wallets offer a universal solution that transcends borders. Whether you're exploring a new country or conducting business on a global scale, e-wallet apps allow you to make payments, transfer funds, and manage your finances seamlessly, regardless of your location.  This eliminates the hassle of currency conversion and ensures that you have a secure and efficient means of handling your money while abroad. 

8. Environmental Impact

By reducing the need for physical receipts and paper bills, e-wallet apps contribute to a more sustainable and eco-friendly approach to finance. One of the biggest advantages of e-wallets is that they play a significant role in promoting sustainability and an eco-friendly approach to finance. One of the key ways they do this is by reducing the need for physical receipts and paper bills.  Traditional financial transactions often involve the generation of paper receipts and bills, which contribute to deforestation, energy consumption, and waste. E-wallet apps digitize these processes, allowing users to receive and store digital receipts, make online payments, and track expenses electronically.  This helps decrease the carbon footprint associated with printing, shipping, and storing physical documents. Furthermore, as e-wallets reduce the demand for cash, they lessen the production and distribution of physical currency, which, in turn, lowers the environmental impact associated with minting coins and printing banknotes.

E-wallets have ushered in a new era of financial convenience and security. Advantages of e-wallets include effortless transactions, enhanced security, and real-time accessibility, and these are changing the way we manage money in our increasingly digital world. From streamlining payments to offering rewards and loyalty programs, e-wallet apps provide users with a host of advantages that make life simpler and more efficient. As we continue to embrace the digital age, e-wallets are poised to play a central role in how we handle our finances, making our lives more connected and our transactions more seamless. 

Frequently Asked Questions

Are e-wallets safe to use, and how do they protect my financial information, can i use e-wallets for all types of transactions, including online and in-store purchases, do e-wallets charge fees for transactions or maintaining the account, what happens if i lose my smartphone or device with my e-wallet app installed, are there any restrictions on the types of cards or banks i can link to my e-wallet.

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360-degree feedback is a feedback process where not just your superior but your peers and direct reports and sometimes even customers evaluate you. You receive an analysis of how you perceive yourself and how others perceive you. Description: Benefits of 360-degree feedback: To the individual: > This helps the person understand his or her own personality from an outsider's perspective > Developm

: Motor third-party insurance or third-party liability cover, which is sometimes also referred to as the 'act only' cover, is a statutory requirement under the Motor Vehicles Act. It is referred to as a 'third-party' cover since the beneficiary of the policy is someone other than the two parties involved in the contract (the car owner and the insurance company). The policy does not provide any

The five forces model of analysis was developed by Michael Porter to analyze the competitive environment in which a product or company works. Description: There are five forces that act on any product/ brand/ company: 1. The threat of entry: competitors can enter from any industry, channel, function, form or marketing activity. How best can the company take care of the threat of new entrants? 2

: Prices of commodities, securities and stocks fluctuate frequently, recording highest and lowest figures at different points of time in the market. A figure recorded as the highest/lowest price of the security, bond or stock over the period of past 52 weeks is generally referred to as its 52-week high/ low. Description: It is an important parameter for investors (as they compare the current tr

AICTE is an abbreviated form of the All India Council for Technical Education. AICTE is the statutory body and the national-level council for technical education in the country. AICTE was formed in November 1945 with the vision to promote development of the education system in India. Till 1987, it was acting as an advisory body under the Department of Education, Ministry of HRD. In 1987, it was gi

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for Automated Teller Machine, ATM has become an increasingly popular banking outlet to withdraw cash, deposit cheques and check the latest transactions and account balance. In 1960, a man named Luther Geroge Simijan invented Bankography, a machine that allowed customers to deposit cash and check the transaction. Then the first ATM was set up in 1967 by Barclays Bank in Enfield. James Goodfellow in

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Abnormal rate of return or ‘alpha’ is the return generated by a given stock or portfolio over a period of time which is higher than the return generated by its benchmark or the expected rate of return. It is a measure of performance on a risk-adjusted basis. Description: The abnormal rate of return on a security or a portfolio is different from the expected rate of return. It is the return gene

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Advantages and Benefits of Using E-Wallet in Malaysia

Patrick Wong / Community /

According to GrabPay Malaysia, they have recorded 20 million downloads of its app and is accepted at more than 30,000 participating merchants to date. This means that electronic wallets aren’t going to slow down anytime soon.

The government is actually pushing to have half of the population to use E-wallets . This indicates that cashless transactions will likely be the future in the country’s growing ecommerce industry.

So what exactly is Electronic Wallet? 

The e-wallets, also known as digital wallet or electronic wallet, are one of the new payment methods that has experienced more growth in recent years.

It is a wallet or purse available through the Internet where you can keep currencies. E-wallet is not a bank account, it is only a tool that facilitates electronic payments in affiliated stores and internationally very quickly. The money kept in them is not physical, but it can be transferred to bank accounts.

An electronic Wallet can be managed from a smartphone , computer or computer in a very simple way, with a password .

There you can receive payments for different concepts in the currencies accepted by the Wallet. If you require another currency, you can go to an exchange.

For people accustomed to making purchases over the Internet, having an electronic wallet can make your life easier. From an e-wallet application the user can manage their money virtually from their mobile and make payments easily at any time.

The popularity that digital wallets have reached in Malaysia is due to the comfort and ease they provide when paying. And this is precisely based on the great advantage that businesses can obtain by integrating an e-wallet.

How does an electronic wallet work? 

The main objective when integrating an e-wallet is to make available to the end user a very simple application that allows you to pay quickly and safely. In general, electronic wallets work only with the user linking a bank account or the cards they have active.

For a user to have an electronic wallet means having those linked cards on hand and depending on the payment you are going to make, you can select the most appropriate option.

In the case of businesses, it is about streamlining and simplifying the payment process. There are electronic wallets that are very easy to integrate and save considerable time. In addition, using the administration panel that brings an e-wallet you can manage all the information about the payments received.

Something important is that using a digital wallet you can also receive payments through cards (MasterCard or Visa) as long as you have a merchant account. The advantage of this is that you don’t have to set up payment systems separately.

What are the main advantages of using an Electronic wallet? 

When making payments using cash, we always run the risk of receiving the wrong change or of losing a note. In addition, when we carry out card transactions, we may be surprised with a fake ATM or even have our password and card stolen.

The digital wallet, on the other hand, is very secure and does not send your data to make the payment, for example. That’s because it uses QR Code or NFC (payment by approximation) technology. Both are very safe.

As security is always a concern on digital issues, we have to say that all electronic wallets use encryption and tokenization technology. When paying with an electronic wallet, the online store never has access to card or account data.

It is common for the user to have to unlock their device and then enter the password of their digital wallet or use the authentication method enabled.

For a trade, the safer an e-wallet, the better. Details that can be addressed at the time of valuing the options are the extra security measures to prevent fraud. Some of them are double authentication systems or the pin request to perform each operation.

Most mobile devices include biometric technology, that is, facial, voice or fingerprint recognition. This technology is what e-wallets apply in most cases to access our bank details, so the exclusivity of access to cards is guaranteed in a much safer way than with physical cards, since, Paying with the latter, stealing can be as simple as looking at the pin that we enter in the POS when accepting the purchase.

Ease of Use

Another important note to point out that its use is very practical, simple and convenient, since the payment is made faster than by entering the conventional credit card in the POS. In addition, it is not necessary to use any pin in most transactions, as long as the price is not very high.

In addition, e-wallets store all the movements made with the cards as electronic receipts, so using them there is no need to waste paper. In addition, it is more difficult to lose the phone than the printed ticket that justifies the purchases and reflects the charges, so it also facilitates the claims in case of some erroneous collection.

Greater control over your spending

As everything you pay for with your digital wallet is recorded in it, it becomes easier to control expenses. Because, whenever you need you can consult the payment history and see everything that was purchased through the wallet.

For example, if you needed to do this with cash payments, you would have to record each purchase on a spreadsheet or notebook. With the card, depending on the operator, you will only have access to what you bought with it at the end of the month. Thus, the digital wallet becomes your best ally at this point.

Loyalty Generation

For businesses an electronic wallet system or points cards can help any business to show that it values ​​its customers, encouraging them to revisit the establishment to re-consume the products and / or services. This is an economical way to keep customers captive and helps to know them better.

Knowing customers helps to create strategies to satisfy them, as well as to create and maintain loyalty on their part, by having some basic data that is obtained from the creation of an electronic wallet for the client, you can create programs -mail marketing.

This type of systems allows to maintain continuous communication with clients and create emotional links with the business. It is possible to automatically send congratulations on birthdays, Christmas, New Year, etc. In addition to providing special promotions for being a frequent customer, among other issues.

In general, when an organization uses electronic wallets, it can generate frequent customer and loyalty programs, as it can apply referral bonuses, satisfaction surveys, exclusive offers, etc. Customer loyalty is a matter that any business today must pursue.

Loyalty to customers through points in an electronic wallet increases the frequency of visits to the business. Likewise, VIP clients or affiliates of a loyalty program are approximately 70% more likely to make a business recommendation that procures them to their friends and family.

Other benefits and advantages of using e-wallets

Considering that they have become  popular  internationally and especially in Malaysia as a  means of payment , electronic wallets have other advantages:

• Reduce  or eliminate the  carrying  of  cash .
• The possibility of  theft  of money  decreases .
• Allow to have the  money available  so  immediately .
• They guarantee  total security  in operations.
• They offer  reduced costs per transaction  and  shorter times  than through the  banking system .
• They do not depend  on  the bank  schedule or  calendar , so  payments are always made immediately .

Features of an electronic wallet

Some characteristic elements can be highlighted, among which are:

• They are  easily and quickly accessed  through a  PC or smartphone .
• They are very  safe and reliable .
• They require  some document or means  of identity verification .
• The  times  of transfers between users are in the order of  seconds .
• They do not require  maintenance fees .
• They can charge  commissions by transfer , either by sending or receiving,  or both .
• They do not pay  any interest  for the  money available in the Wallet .

So there you go, if you think there are more advantages of using e-wallet, let us know in the comment section below.

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David Trone Torched $60 Million of His Own Money. He’s Not the Only One.

It is a time-honored tradition in U.S. politics: wealthy people burning through their fortunes to ultimately lose an election.

By Chris Cameron and Maggie Astor

• May 16, 2024

The costly realm of campaign politics has claimed its share of the fortunes of yet another business magnate with aspirations to higher office.

Representative David Trone, Democrat of Maryland who co-owns the largest wine retailer in the country , poured more than $60 million of his personal fortune into his Senate campaign in Maryland, according to campaign finance reports filed to the Federal Election Commission. He lost the Democratic primary this week to Angela Alsobrooks , a county executive whose campaign had spent about a tenth of that amount.

A day after Mr. Trone’s loss, Nicole Shanahan, Robert F. Kennedy Jr.’s running mate and a Silicon Valley investor who recently divorced the Google co-founder Sergey Brin, announced that she was doubling her stake in Mr. Kennedy’s independent presidential campaign. Her donation of another $8 million brings her total contributions to nearly $15 million, despite the fact that no third-party or independent candidate has come close to winning a presidential election in modern U.S. history.

Mr. Kennedy’s campaign is so far only about half as expensive as the costliest self-funded presidential campaign this cycle: Vivek Ramaswamy, the Republican entrepreneur, spent more than $30 million of his own wealth on his failed candidacy, dropping out in January after spending $3,500 per vote won in the Iowa caucuses . Doug Burgum, the governor of North Dakota who sold his software company to Microsoft for $1 billion, didn’t even get that far: He dropped out before a single vote was cast after having spent nearly $14 million on his presidential campaign.

It is a time-honored tradition in U.S. politics: wealthy people burning dizzying sums of money to fuel their political ambitions through long-shot candidacies, or — as in Mr. Trone’s case — campaigns with good odds that simply don’t end up working out.

A self-funded campaign is not always a recipe for disaster. Mr. Trone, for example, was successfully elected to Congress after spending a combined $31.3 million of his fortune to run in two House races. He lost to Jamie Raskin in the 2016 Democratic primary, but he won the 2018 primary to succeed Representative John Delaney, another wealthy Democrat . Jon S. Corzine, a liberal Wall Street executive, spent about $60 million, or $108 million adjusted for inflation, to win a Senate seat in New Jersey in 2000.

Here are some of the biggest money-pit campaigns:

Michael R. Bloomberg, 2020 Presidential Campaign

Personal wealth contributed: $1 billion

Dollars per vote: $426.76

It was, by far, the most expensive campaign flop in American history.

Michael Bloomberg, the founder of the financial and media giant Bloomberg L.P. and one of the biggest donors to the Democratic Party, had previously made headlines and history for spending eye-popping sums on his political ambitions. He poured hundreds of millions of dollars from his personal fortune to run for mayor of New York and to stay in office from 2002 to 2013.

But the most expensive race of his career — and also just the most expensive presidential primary campaign ever in U.S. history — stood out not just for the size of Mr. Bloomberg’s war chest but also for how the campaign went down in spectacular defeat . The former mayor dropped out roughly 100 days after getting into the race.

Tom Steyer, 2020 Presidential Campaign

Personal wealth contributed: $341 million

Dollars per vote: $1,320.37

In any other race, in any other year, Tom Steyer’s 2020 presidential campaign would have been a record-breaking flop. Spending $341 million of his hedge fund fortune, Mr. Steyer ultimately earned 258,848 votes, the steepest ratio of money-to-votes of any presidential candidate in U.S. history, and he won no delegates before dropping out of the race.

The yawning hole that Mr. Steyer’s presidential ambitions left in his wallet is eclipsed only by that of Mr. Bloomberg, who spent roughly three times as much and who made a much bigger splash when he jumped late into the Democratic primaries.

Linda E. McMahon, 2010 and 2012 Senate Campaigns

Personal wealth contributed: $98.8 million combined

Dollars per vote: $85.95

Linda McMahon, the former chief executive of World Wrestling Entertainment, spent nearly $100 million to self-fund two Senate campaigns in Connecticut. She decisively claimed the Republican nomination with her enormous cash advantage but ultimately lost both races by wide margins in 2010 and 2012 . It was, at the time, the most anyone had ever spent of their own fortune to run for federal office.

Ms. McMahon later donated extensively to Donald J. Trump’s 2016 campaign, and then she joined his cabinet as the head of the Small Business Administration . Her campaign’s senior consultant in 2012, Chris LaCivita, is now one of the top officials for Mr. Trump’s 2024 presidential campaign.

Steve Forbes, 1996 & 2000 Presidential Campaigns

Personal wealth contributed: $74 million combined

Steve Forbes, then the chairman and editor in chief of Forbes magazine, ran two presidential campaigns as a Republican, each time spending about $37 million of his personal fortune in his bid to win the nomination — for a total of $74 million, or $139 million when adjusted for inflation.

The wealthy publisher ran on a platform of abolishing tax brackets and enacting a simple flat tax rate — an idea that later caught on with other Republican presidential hopefuls. Mr. Forbes won a few state primaries in 1996, placed second against George W. Bush in the Iowa caucuses in 2000 but ultimately fell short in both campaigns.

Ross Perot, 1992 Presidential Campaign

Personal wealth contributed: $65 million

The business executive Ross Perot ran one of the strongest third-party campaigns in modern history , winning about 19 percent of the popular vote — though he did not win any states or a single electoral vote.

For that bid, he spent $65 million of his own money, equivalent to $143.5 million in today’s dollars.

Though he ran again in 1996, this time under the ballot line of the Reform Party , Mr. Perot was largely limited from spending his own fortune on that campaign because he had accepted $30 million in public funding for his candidacy . Under federal election rules, his self-financing would be capped at $50,000.

An earlier version of this article misstated the amount Steve Forbes cumulatively spent on his two presidential campaigns. It was $74 million, not $72 million.

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Chris Cameron covers politics for The Times, focusing on breaking news and the 2024 campaign. More about Chris Cameron

Maggie Astor covers politics for The New York Times, focusing on breaking news, policies, campaigns and how underrepresented or marginalized groups are affected by political systems. More about Maggie Astor