Chapter II

REVIEW OF RELATED LITERATURE AND STUDIES

E-Wallet Applications

Digital wallet, E-wallet, or Mobile wallet applications are the current trend as

method of payment since it promotes cashless and paperless transactions, and is

convenient for users. These are wallets stored in our mobile gadgets that conduct

payment transactions from a payer to the payee through applications. According to Kagan

(2021), “a digital wallet or an e-wallet is a software-based system that securely stores

users' payment information and passwords for numerous payment methods and

websites.” Kagan (2021) added that with the use of digital wallets, users can complete

purchases easily and quickly with near-field communications technology. In addition,

Narayan (2013) defined mobile wallets as “functionality on a mobile device that can

securely interact with digitized valuables.”

Digital wallets are mobile apps that store credit card and bank account

information. They can be used to make both online and in-store purchases. They

eliminate the need to carry a physical wallet full of cash and credit cards to make

purchases. Digital wallets are growing in popularity all over the world. That's because

they're easier to use and more secure than traditional payment methods. Some are

predicting that digital wallets will replace cash and credit cards (O’Donnell, 2021).

Mobile wallets, which are smartphone apps that hold your debit and credit cards,

are a quick way to pay for purchases with only a tap of your phone. This mobile payment
method continues to gain popularity due to its accessibility, quickness, and improved

security. In addition, continued use of e-wallets contributes to individuals' daily lives

through time- and cost-effective financial transactions (Hwang et al., 2018).

The introduction of using digital payments can be traced back to 1997. As

declared by Sachdev (2019), Coca-Cola launched a few vending machines in Helsinki

which was purchasing a can through text messages. Although its difference is visible with

the modern e-wallet, it is believed as its origin. In the later years, mobile devices became

the means to buy movie and travel tickets, hotel bookings, and food orderings. By the

year 2003, around 95 million cellphone users had used a mobile device to make

purchases. Sacco (2020) then determined that “our first digital wallet was Apple Pay,

and we have expanded to include Google Pay and Samsung Pay.”

Aside from the international fin-techs and e-wallets conquering the global stage,

in the Philippines, there are also leading e-wallet applications that are gaining popularity

locally and internationally for their outstanding services which could somehow be

compared to leading fin-tech companies. According to Mercurio (2011), “leading the

digital shift in e-commerce for customers and businesses alike are two prominent e-

wallet players in the country – PayMaya and GCash.”

Legaspi (2020) noted that Globe Telecom introduced its first GCash mobile app

to iPhone users, which was limited and did not make any noise at that time. Later on, they

released the application to Android users in 2015, and PayMaya followed suit.

Gabriel (2020) stated that the leading e-wallet application, GCash, “is poised to

lead in the mobile financial services segment starting with a mobile wallet where those
unbanked can place their money and use it to send money, buy telco loads, pay bills, or

buy things offline or online.”

Therefore, as summarized by Chandler (2012), e-wallet applications contain

services that could be used by their users on their full potential from transferring funds to

banks, paying bills, and being used as savings bank. Numerous digital wallet services are

accessible via smartphone apps. You could, for example, pay instantly at the market by

just tapping your phone to a suitable check-out scanner. Others only require your mobile

phone number and a PIN or a personal identification number. A digital wallet, in

whatever format, is built on encryption software that replaces a physical wallet during

monetary transactions. The security and convenience are advantageous to its users while

merchants benefit because they are more protected from fraud and can sell more things in

less time. There are two types of digital wallets, the client-side and server-side. Wallets

that solely work with specific vendors (online or offline) and those that work with just

about any merchant falls into both categories. Client-side wallets are ones that the end-

user keeps track of. Users download and install an application, and then enter all of their

payment and shipping information, which is all saved on their computer. However, with

server-side wallets instead of storing data on the user's own hard drive, all of your wallet

data is stored and maintained by Visa on the company's secure computers.

Types of E-wallet Applications

 Since the COVID-19 pandemic, e-wallets are the “fastest-growing types of

technology” (AppsChopper, 2021) that enables the users to make transactions online. In

simpler terms, e-wallets allow the users to store their cash and credit cards in their

smartphones for ease of transactions at any stores, electronically and physically.

Moreover, there are various types of e-wallets that people should be aware of. There are 5

types of e-wallets namely: closed, semi-closed, open, crypto, and IoT wallets.

As stated by CFI, closed wallets “are linked to specific merchants, and users can

only use the funds to make payments for transactions initiated with the specific

merchant.” As per Paytm Blog (2021), this type of wallet is “generally developed by

companies selling products or services for their customers.” In other words, closed

wallets are applications that are exclusive only for that certain company and transactions

performed outside the company’s jurisdiction are not permitted. An example of this type

is Amazon Pay.

Secondly, according to Corporate Finance Institute (n.d.), “Semi-closed wallets

allow users to use the funds in the wallet to make payments for transactions with multiple

merchants, as long as there is an existing contract between the merchant and the mobile

wallet company.” This type of wallet does not allow cash withdrawal or redemption.

Some popular semi-closed wallets are Apple Pay, Samsung Pay, Paytm, Citrus Cash, etc.

(Carey, 2021).

The next type is Open Wallet. This type of wallet is commonly used in the

Philippines with GCash as the leading e-wallet among others (Bayugo, 2021). According

to AppsChopper (2021), “these wallets are easy-to-use online web applications that can

be downloaded onto any device or browser with an internet connection.” As per Paytm
Blog (2021), open wallets are issued by the banks. Users of this type are allowed to do in-

store and online purchases, money transfers and the like anytime, anywhere. Aside from

GCash, PayMaya and Paypal are also examples of open wallets.

Next are Crypto Wallets. A type of digital wallet where you can send, receive and

store cryptocurrencies (AppsChopper, 2021). A cryptocurrency is, as described by

Frankenfield (2022), “is a virtual currency that is secured by cryptography which makes

it nearly impossible to counterfeit or double-spend.”

Lastly, Internet of Things is what IoT stands for. This wallet contains the user’s

identity which is used to store, send, and receive transactions on blockchain technology

utilizing the IoT devices (AppsChopper, 2021). The difference between crypto wallet and

IoT wallet is that the latter can be accessed in watches, smartphones, and other enabled

wallet devices like smart fridge and your car’s computer (Paytm Blog, 2021). An

example of this wallet is Bitcoin.

Hence, the various types of wallets are closed, semi-closed, open, crypto, and IoT.

These wallets have similar purpose – to do contactless transactions. However, they all

differ in the functionality of the wallet. Closed wallets are exclusive for that certain

merchant; semi-closed wallets are bound by the contract to do transactions for multiple

merchants; open wallets can be used for all kinds of transactions; crypto wallets process

payments with cryptocurrencies; and IoT operates on e-money and virtual currencies.
 Significance of E-wallet Applications to the People

A digital wallet is an electronic payment system that allows customers to save

credit card and bank account information safely and securely. It comprises a smartphone

application that people can download. Daragmeh et al. (2021) studied that “consumers

can benefit significantly from advances in electronic wallets, financial technology

services, and online banking.”

With that, the aim of e-wallet is to present a new way of buying commodities

without the application of physical transactions. Likewise, to provide the ability to carry

out secure transactions that are quick and efficient with the click of a button (Morey et al,

2015).

O’Donnell (2021) claimed that some of the e-wallet's benefits include safer and

more secure, easier to manage, and better shopping experience. To elaborate, during

a transaction, no actual account numbers are sent. Wallet apps allow users to make online

and in-store purchases, pay bills, deposit money, and transfer funds. Digital wallets are

popular among entrepreneurs since transactions are safer and fraud is less likely. The

checkout process is clear and straightforward, which leads to more purchases and fewer

abandoned shopping carts. People have the freedom to transact whenever and wherever

they want.

With e-wallets, people do not have to be physically present to conduct a

transaction, and they are not required to do so because every transaction is safely and

securely tracked and traced without problem anywhere. This is supported by

Sivathanu (2019) who expressed that many traders such as retailers, food and beverages
premises, small sellers, small shops, e-commerce companies, and transportation

providers, inspired by the industry's growth, accept payment via e-wallet applications.

Further, Abu-Shanab and Qasim (2016) articulated that trust is connected to the

user's sense of safety toward the system and is critical for mobile payment systems. There

is a lot more to digital wallets than merely paying with them. They are reinventing what it

means to be a consumer and changing the way we think about money. Compared to credit

cards, cash, or debit cards, digital wallets are safer and more secure. They make it easy to

keep track of transactions and give a better purchasing experience. Consumers aren't the

only ones who benefit from digital wallets; shops benefit as well. Users of many digital

wallets get access to exclusive offers and bargains. Discounts and e-coupons, as well as

new or exclusive products, may be included in these special offers and deals. Users will

indeed be able to entrust transactions on their money through the mobile payment service

providers and networks as the transfers are securely linked to their bank accounts. The

mobile wallets accordingly hold some money just like a bank account.

Additionally, Dotong (2019) indicated that “Due to the liquidity and

transactional anonymity of cash, consumers carrying cash are vulnerable to street crime.

Adopting cashless payments can even decrease robbery crime percentage in the area,

minimize the potential threat of robbery, kidnapping, monetary fraud, and others.”

The success of e-wallets can be observed in the increase of its users. As

researched by Beokhaimook and Intarot (2018), “In the year 2016, Chinese people did

payments through mobile wallet or e-wallet around 74.6% via WeChat or Alipay, the

trend of e-wallets is still high growth.”

 Furthermore, according to Vicente (2020) “It is clear that e-wallets provide

convenience in terms of seamless transactions. Given this advantage, it is only a matter

of time until it replaces the traditional means of payment. Visa reported that there was a

jump in the use of electronic payments from 46% in 2015 to 57% in 2017.”

E-wallet Application’s Impact during the COVID-19 Pandemic

COVID-19 has reinforced the need to promote resilience amidst a rapid

technological change in the economy and global financial system. More generally, the

boost that COVID-19 seems to have given to digital financial services, in particular,

various forms of digital payments reinforces the need to ensure that regulatory

frameworks and approaches provide a solid basis for harnessing the benefits of such

innovation while containing their risks (Agarwal & Nalwaya, 2021).

Personal safety has had a renewed focus throughout the COVID-19 pandemic,

which has led to behavioral change. The adoption of e-wallets facilitates social

distancing, thereby helps prevent the spread of the COVID-19 virus (Daragmeh et al.,

2021). They added that “consumers can benefit significantly from advances in electronic

wallets, financial technology services, and online banking. The World Health

Organization (WHO) recommended that consumers avoid cash and contact-based

payments as a potential source of infection and suggested that digital payment systems

be used instead.”

Mobile wallets have become an essential part of most people’s lives during the

ongoing health crisis and emerged as a key driving force behind e-commerce, an industry

that has been booming since the onset of the pandemic (Mercurio, 2021).
 As mentioned, there is a high-risk possibility of SARS-Cov2 transmission in

physical money. Perceived risk associated with virus transmission will be positively

affecting customers’ intention to use nonphysical money (Aji et al., 2020).

During the coronavirus outbreak, digital payments kept economies afloat while

also assisting people in avoiding virus contact. Beltran and Ignacio (2021) stressed that

“one of the most notable shifts seen during the coronavirus disease 2019 (COVID-19)

pandemic is the growing use of digital payments. Although cash and coins are still used,

electronic wallets and digital services were further appreciated for the conveniences they

provide.”

The survey conducted found that only 36% of the Malaysian practice the use of e-

wallets before the outbreak. Contrarily, the remaining 64% have only started using an e-

wallet as their means of payment after the COVID-19 pandemic. This implies that most

Malaysians did not perceive the significance of using e-wallets before the COVID-19,

despite being aware of the existence of mobile wallets (Aryani et al., 2021).

Like every country in the world, the Philippines has also adopted the usage of

cashless transactions as Endo (2020) affirmed that “digital payments are fast gaining

currency in the Philippines as consumers ditch cash to avoid physical contact on worries

over catching coronavirus.” Digital payment is now used by Filipinos in almost every

online activity although this sudden surge was an effect of the pandemic and lockdown.

E-wallet companies have continuously expanded their features to facilitate everyone's

needs.
 Youth’s Engagement with E-wallet Applications

Technology's advancements have provided numerous benefits to everyone of

every age, and even more so to the youth. The most recent phenomenon of technology's

progress is mobile wallet services. According to George et al. (2020), “Financial literacy

in the age of Fintech means the level of awareness and knowledge that an individual

possesses regarding Fintech so as to improve and suitably accomplish financial

services.”

Moreover, as Choi et al. (2016) emphasized, “Fintech is a service sector that uses

mobile-centered IT technology to enhance the efficiency of the financial system. Fintech

is a compound of "finance" and "technology" and collectively refers to changes in the

industry forged from the convergence of financial services and Information Technology”

In this research paper, Fintech’s scope will be limited to e-wallets.

The youth, as defined by the United Nations – are persons between the ages of 15

to 24 years old, can utilize a variety of applications, and applications such as mobile

wallets are no exception, especially to those part of the youth who are of legal age. This

is proven through Pratama and Saputri's (2021) study, “In terms of age, most e-wallet

users came from the younger group between the age of 17 and 25 (70.42%).”

There are a lot of factors that could affect most of the youth’s financial decisions.

According to Adawiyah (2021) "four keywords to affect young adults spending behavior,

easiness, promotions, self-control, and perception of having more money (the illusion of

liquidity)."
 The perception of young people is to save time and get the best offer available in

the market. This makes the perceived relationship with the usefulness of time and money

with the added advantage of offers given by online marketers (Kalyani, 2017).

Especially for the young generation, the demand for low-cost technology

transportation and online ordering of drinks and food is always of primary interest. With

a high percentage of young people, this is a fertile market for services in a digital

economy where e-wallets are a possible method of payment (Ho et al., 2020).

As the youth explores Financial Literacy in the age of Fintech, one of the first

steps is the discovery of using e-wallets which are more convenient than online bank

accounts. As Tolety (2018) stated, “For starters, mobile or e-wallets are easy to operate

and the enrolling process is easier than opening a bank account. Unlike banks, there is

no requirement for a minimum balance as well.”

Thus, e-wallets started to become more relevant than bank cards and even paper

cash in the semi-urban markets of the country (Tolety, 2018).

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