Malaysia ewallet5/20/2023 ![]() Some common features it provides are transfer of funds between individuals, credit card integration and patented magnetic strip technology. They offer further extended services that are believed to create more value to its users. Jayaseelan (2017) states that payments are not the only thing those e-wallets can handle. The security of this online wallet is protected by a distinct password and this wallet can be used to buy anything from small groceries to computers, flight tickets, luxury items online, etc. Eventually, people all over the world are now making the transition to a conventional payment gateway to e-wallet technology so that their transactions are faster. For this reason, the e-wallet is considered an effective way to fulfil this need ( Nizam et al., 2019). Research shows that consumers seek a faster, cost- and time-effective technology for their daily personal financial transactions. Many e-wallets make it possible to send money instantly to friends who specifically use the e-wallet inside the app.Ĭashless transactions have now become extremely popular and the worldwide demand for e-wallets is constantly increasing ( Singh et al., 2020). ![]() Even if there is cash in the e-wallet, it can be used to pay retailers through a range of methods, including scanning a QR code, “press and pay” through the NFC feature of the handset, or with the corresponding physical card with certain e-wallets. All that is required is to put funds into the e-wallet, and most applications in any case allow users to do so using credit cards, debit cards, or online bank transfers. The e-wallet behaves like a regular one except that the money is digital and the phone has the e-wallet as an app. It is slightly similar to the physical wallet ( Uddin and Akhi, 2014). The e-wallet is a transaction structure where an internet program or service permits clients to handle data in a central place linked to acquisitions, affiliation, loyalty and finance information. One example is the emergence of sophisticated advanced payment apps, such as e-wallets implemented on cell phones of consumers, provided by the growth of flexible payment providers that try to suggest more incentives to retailers and consumers, than banks have done before ( Kazan et al., 2018). The modern digital revolution conveyed by ubiquitous internet connectivity and the immense usage of mobile phones has created huge possibilities for payment systems to grow. Copyright © 2021, Emerald Publishing Limited
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