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The Impact of E-Wallets for Current Generation

Article in Journal of Advanced Research in Dynamical and Control Systems · February 2020
DOI: 10.5373/JARDCS/V12SP1/20201126

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Jour of Adv Research in Dynamical & Control Systems, Vol. 12, 01-Special Issue, 2020

The Impact of E-Wallets for Current

Generation
Kasthuri Subaramaniam*, Faculty of Business & Information Science, UCSI University, Jalan Menara Garding, Kuala Lumpur,
Malaysia. E-mail: kasthurisuba@ucsiuniversity.edu.my
Raenu Kolandaisamy, Faculty of Business & Information Science, UCSI University, Jalan Menara Garding, Kuala Lumpur,
Malaysia. E-mail: raenu@ucsiuniversity.edu.my
Abdurrahman Bin Jalil, Faculty of Business & Information Science, UCSI University, Jalan Menara Garding, Kuala Lumpur,
Malaysia. E-mail: Abdurrahman@ucsiuniversity.edu.my
Indraah Kolandaisamy, School of Business Management, University Utara Malaysia, Sintok Kedah, Malaysia.
E-mail: indra@uum.edu.my
Abstract--- Internet users are growing rapidly day by day around the world. So, the needs of consumers in terms of
making payments has changed drastically. Paying cash is a thing of past. Digital payments are making the waves
now. E-wallet has become a great potential in the e-commerce market. More and more users show preference in E-
Wallet transactions rather than using cash in hand. However, the usage of E-wallets has been in question. This paper
evaluates the positive and negative impacts of E-wallets to users. Results show that awareness is the key to users to
reduce the negative impact of e-wallets.
Keywords--- E-Wallet, Users, Experiences, QR Code.

I. Introduction
E-wallet is one of the technology apps and software. E-wallet is a device that has also been recognized as a
digital wallet. E-wallet is a software application that uses electronic devices such as computers or mobile devices for
online transactions [2]. E-wallet is also a payable device without the use of cash or money. This helps the seller to
collect the customer’s payment through the use of the unique two-dimensional quick-response code, also known as
(QR) code that the seller generates. For example, Grab pay, Boost, Touch n Go e-wallet, Alipay, Favepay and so on.
If the customer wants to use this method of payment, they will need to install the Mobile app to begin the payments
and services. They can purchase the payment of their products by scanning the QR code using the relevant app. In
contrast, there are two types of QR code that are mostly available in the market. For example, Dynamic QR code
and Static QR code. For dynamic QR code, it means that buyer not really need to enter the purchase amount for QR
payment because the account details and transaction amount are fixed into the QR code. For the static QR code, it is
opposite to the dynamic QR code. The buyer must enter the purchase amount for QR payment and it has the account
details only that fix into the QR code. Furthermore, people who purchase the product in a store or purchase online
both are able to use the e-wallet. There is a convenience service which is the bank account are able linked to the e-
wallet. Money from the bank can be deposited in e-wallet. The money will be automatically top up when the balance
is fall below the amount that you set. There is more safety because the e-wallet needs your ID document to verify
your identity. For example, a digital wallet could verify the age of the buyer to the store while purchasing alcohol
and cigarettes.

II. Literature Review

As you can see, E-wallet doesn’t start in the modern era. Everything started in the late 90s where people started
forming and getting the idea of digital payments, which we called it as E-Wallet nowadays. As we take a little
flashback, where one of the biggest soda drink company, Coca Cola introduced and prepared several vending
machines located in Helsinki, which allows a customer to buy their drinks through text messaging [3].
Even though the idea seems odd in a few decades ago, but it turns out to be helping millions of people nowadays.
Since then, digital technologies started improving day by day [20]. More computers and electrical gadgets were
invented and upgraded at the same time. In the early 2000s, where people can start purchasing movie tickets, flight
tickets and even ordering foods through using mobile phones. Not only that, have you ever thought of Google and
Apple were part of the major player in E-Wallet? In the early 2010s, Google started a convenient online payment
service which we called Google Wallet. With this, customers are able to complete their payments through online,
earn loyalty points and also redeem coupons for purchasing purposes [19]. Even though Google Wallet had

DOI: 10.5373/JARDCS/V12SP1/20201126
ISSN 1943-023X 751
Received: 19 Nov 2019/Accepted: 18 Dec 2019
Jour of Adv Research in Dynamical & Control Systems, Vol. 12, 01-Special Issue, 2020

limitations towards their capabilities and services, but surely this is a magnificent start for E-Wallet as further
inventions and better E-Wallet services will be formed in the future.

III. Research Objectives

It’s fascinating to figure out why people nowadays love using E-wallet compared to using cash in hand or cash in
banks in this 21st century. Thus, our team has decided to conduct an e-wallet based research. To this end, we
conducted an online survey to collect data mainly from teenagers.
Primary research objective:
To determine the pros and cons of E-wallet.
The research objective:
1) To investigate possible e-wallet issues.
2) Identifying the factors that influence users and customers.
3) Determine the specific factors that attract a customer to E-wallets.
4) To determine the E-wallets which the users like most.
5) To determine the payment method which users prefer.

IV. Research Methodology

The research methodology is basically one of the most effective and efficient methods that a researcher should
carry out when conducting a research process. It is a study of how a research process should be carried out to ensure
the performances of the entire research process runs smoothly. First and foremost, the research problem or question
that our group investigated is the usage of E-wallet among the public as we want to know how the public use E-
wallet in their day-to-day life as well as the advantages and disadvantages of using E-wallet. Hence, our group tried
to conduct a research process to collect data about the usage of E-wallet among the public [19] [22].
There are many methods that can be used to collect data such as interviews or using the internet. Our group
decided to use the quantitative method (surveys) instead of using the qualitative method (interviews) as it is easier to
measure and categorize the data [4]. We chose to collect data through the online survey because nowadays people
tend to have their own smartphone and spend most of their time using their smartphones. Thus, it is easier for us to
collect the data from the public especially the teenagers as most of them have their own smartphone. It would be
easier to collect data using the internet as compared to face-to-face interviews.
Before we conducted our survey through the internet to collect data from the public, our team decided to carry
out the pilot test first in order to improve our research design and performance. Even though it is an additional step,
but pilot test helps us a lot as it could help us to identify our mistake before we conducted our online survey among
the public. A pilot test is useful as it allows us to test our methodological approach with a small number of
participants before we conduct our main survey among the public [5]. Our pilot testing process had been divided
into two main sections which are research design review and also participants pilot testing. During the research
design review section, our group members gathered together and spent our time to think about our research approach
which includes the questions to ask our participants. In the discussion, we created a potential question list and
reviewed each question together to choose the top 7 best questions to ask our participants. In the second phase of the
pilot testing process which is the participants pilot testing, we piloted our research methodological approach on 2
participants from a private university student in order to obtain their response. After that, researcher tried to evaluate
and improve our research approach based on how the participants responded before researcher tested again on
another 2 participants. This process was able to help us to identify our problems from the feedback of the tested
participants before we conducted our real main online survey among the public [20] [21].
By using the pilot testing process, we were able to finalize our research approach and conclude with the top 7
questions to ask our participants. The 7 questions had been created in Google form and shared via Facebook,
Instagram, Wechat as well as Course Networking Application to receive as many responses as possible. After one
week, we closed the submission form so that researcher could summarize the result.
Type of Data Sources
Data collection is the process of collecting and measuring information through various types of methods such as
the internet, surveys and other means [6]. Basically, there are two main types of data collection:

DOI: 10.5373/JARDCS/V12SP1/20201126
ISSN 1943-023X 752
Received: 19 Nov 2019/Accepted: 18 Dec 2019
Jour of Adv Research in Dynamical & Control Systems, Vol. 12, 01-Special Issue, 2020

Primary Data
Primary data is data collected from the first-hand method which is original and special [7]. There are various
types of method to collect primary data such as surveys, questionnaires, interviews and experiments [8]. The method
that was chosen in order to collect primary data is online survey as it is easier to obtain the data when compared to
other methods. We had prepared our top 5 questions to ask our participants based on our research topic which is E-
wallet and conducted an online survey through the Google survey form.
In order to obtain a clear and better result, we had prepared our questions which consist of multiple choices so
that it can achieve a better understanding and easy answering for our participants. Firstly, researcher had prepared
some basic questions to figure out our participants’ background such as their gender and ages. Furthermore, some
questions are prepared to investigate our participants’ exposure towards E-wallet such as how often do they use E-
wallet in a week and which E-wallet applications do they prefer when performing an E-transaction. These questions
are asked as researcher want to know the usage of E-wallet among the public. Moreover, we had conducted a survey
regarding which payment methods do they prefer when performing a transaction. Lastly, we focused on the main
objective of our research which is the advantages and disadvantages of using E-wallet. We had provided some
options for our participants to choose for the advantages and disadvantages of using E-wallet instead of requiring
them to fill up the questions with their own answers in order to make it easier and more organised.
The total number of respondents in our survey is 90 participants and we were able to collect a lot of useful data
and information regarding the usage of E-wallet among the public. Data that are collected had been simplified and
organised into a pie chart which is auto-generated by the Google survey system.
Secondary Data
Secondary data is data collected from the published website, newspaper and magazines which is an existing data
that is gathered by other researchers [7]. Hence, researcher collected secondary data for reference and guidance only.
We collected our secondary data by using Google as it is able to help us to collect a lot of useful data by providing
the latest information from various articles on the web.
The researcher had collected and used the data from various types of articles on the web which is related to our
research topic. It is easier for us to collect the secondary data when compared to the primary data as it had been
published by others in the web and allow us to access into it to obtain the data regarding our research topic.
Secondary data is also economical which do not require any fees and expenses [9]. However, the secondary data that
is collected from published website and newspaper may not be accurate. Hence, we had checked the data that we
decided to use before we used it into our work to avoid inaccurate information.

V. Data Analysis and Results Discussion

Table I: Gender of respondents
Gender No. of respondents
Male 58 (64.4%)
Female 32 (35.6%)

Figure 1: Gender of Respondents

Table I and Figure 1 represents the demographic profile of our 90 respondents in which the majority of
respondents are males, while females are the minority. Among the 92 respondents, 64.4% of respondents are males
while another 35.6% of respondents are females.

DOI: 10.5373/JARDCS/V12SP1/20201126
ISSN 1943-023X 753
Received: 19 Nov 2019/Accepted: 18 Dec 2019
Jour of Adv Research in Dynamical & Control Systems, Vol. 12, 01-Special Issue, 2020

Table II: Age of Respondents

Age No. of respondents
Below 18 3 (3.3%)
18-25 69 (76.7%)
26-30 9 (10%)
31-35 3 (3.3%)
36-40 2 (2.2%)
41 or above 4 (4.4%)

Figure 2: Age of Respondents

Based on Table II and Figure 2 above, most of the respondents are aged between 18-25 which consists of 76.7%
of the respondents as we had shared the Google survey form via UCSI Course Networking to collect the data from
UCSI students. There are 3.3% of the respondents are aged below 18, 10% of the respondents are aged between 26-
30, 3.3% of respondents are aged between 31-35, 2.2% of the respondents are aged between 36-40 and 4.4% of the
respondents are aged 41 or above. From the result above, we can conclude that majority of the respondents are aged
between 18-25 which mainly come from UCSI students while the rest of the respondents are the minority.
Table III: Frequency of Using E-wallet in a Week
Frequency No. of respondents
Never 16 (17.8%)
1-3 times 33 (36.7%)
4-6 times 19 (21.1%)
7-9 times 11 (12.2%)
10 times or above 11 (12.2%)

Figure 3: Frequency of Using E-wallet in a Week

Among the 90 respondents, it can be seen that most of them have integrated E-wallet transaction as a part of their
life. Table III and Figure 3 indicates how often do they use E-wallet in a week. The result shows that only 16
respondents (17.8%) never use E-wallet in their day-to-day life while 74 respondents (82.2%) use E-wallet to
perform their transactions. From the result above, we can conclude that majority of the respondents had applied E-
wallet in their life, only a small number of respondents do not use E-wallet to perform their transactions. Among the
90 respondents, 36.7% of the respondents use E-wallet for 1 to 3 times in a week, 21.1% of the respondents use E-
wallet for 4 to 6 times in a week and 12.2% of respondents use E-wallet for 7 to 9 times in a week. Lastly, there is
12.2% of the respondents who use E-wallet for 10 times or more in a week same as the number of respondents who
use E-wallet for 7 to 9 times a week.

DOI: 10.5373/JARDCS/V12SP1/20201126
ISSN 1943-023X 754
Received: 19 Nov 2019/Accepted: 18 Dec 2019
Jour of Adv Research in Dynamical & Control Systems, Vol. 12, 01-Special Issue, 2020

Table IV: E-wallet Application Used by Public

E-wallet No. of respondents
Boost 13 (14.4%)
Touch 'n Go 19 (21.1%)
Grabpay 25 (27.8%)
Wechat Pay 11 (12.2%)
Razer Pay 6 (6.7%)
None 16 (17.8%)

Figure 4: E-wallet Application Used by Public

As the result shown in Figure 4, Grabpay is the most welcomed E-wallet in Malaysia with the highest percentage
of 27.8%. Grabpay offers GrabPoints in which we can earn it by purchasing a ride, food and etc. These points can be
redeemed for many rewards in the app. Touch 'n Go come in second place with a percentage of 21.1%, Touch 'n Go
e-wallet lets us store our money in which we can pay goods and services from various merchants. The best part of
Touch 'n Go is it allows us to pay tolls directly through the app [10]. Shockingly, we found that there are some
people who still prefer cash transactions than using E-wallet (17.8%). Boost and WeChat pay ended in a close race
with a 2.2% difference gap. The reason that Boost has a higher percentage is that it offered a lot of cash rebate
compared to WeChat pay [11]. WeChat pay does not have this feature and most of the WeChat pay users are from
China. Lastly, Razer Pay is the least welcomed E-wallet with a percentage of 6.7% because it requires no pin to
perform transactions. Therefore, it is easy for a hacker to access your account [10].
Table V: Payment Methods Used by Public
Payment method No. of respondents
Cash 33 (36.7%)
E-wallet 35 (38.9%)
Debit/credit card 22 (24.4%)

Figure 5: Payment Methods Used by Public

Referring to Figure 5, E-wallet payment is slowly taking over cash, with a high percentage of 38.9%, money
stored in e-wallets are just as safe as physical cash in our own wallet. The E-wallet can speed up transactions
compared to the cash transaction and also more convenient [12]. Cash is not trailing far behind (36.7%). Cash
transactions users are mostly the gaffers as known as the old generation people. Cash transactions users believe that
cash transaction is better because there are no transactions fees with cash, unlike a credit card. The least welcomed
payments are debit and credit card only 24.4%. Debit and credit cards are mostly used to pay goods that are
expensive like branded bags.

DOI: 10.5373/JARDCS/V12SP1/20201126
ISSN 1943-023X 755
Received: 19 Nov 2019/Accepted: 18 Dec 2019
Jour of Adv Research in Dynamical & Control Systems, Vol. 12, 01-Special Issue, 2020

VI. Advantages of E-wallet

Table VI: advantages of E-wallet
Advantage No. of respondents
Offers more convenience for many consumers 30 (33.3%)
Offer access to new rewards 20 (22.2%)
Help you with your Budget 16 (17.8)
Can be paid to other services 13 (14.4%)
High availability 11 (12.2%)

Figure 6: Advantages of E-wallet

Coming up next, we will move on to the advantages of using E-wallet. As you can see, based on the result on
Figure 6, you can see there are percentages on each 5 of the advantages, where people vote on which advantages
could bring them the most satisfaction and benefits. Without any further ado, we will start off with the first
advantage of using E-Wallet. The first advantage of using E-wallet would be none other than E-wallet offers more
convenience to many consumers. You must be wondering, what kind of convenience is given if consumer nowadays
starts using E-wallet on their purchasing of items? The first one would be consumer will no need to carry too much
cash with them while purchasing certain items, like shirts or daily products. Whereby consumers will not have to
worry about lack of cash while doing purchasing or worrying on the loss of cash in hand while moving to purchase
destinations. With E-Wallet, what consumers can do is using their mobile devices to have a scanning or typing bar
codes given from the E-Wallet applications like Grab-pay towards the cashier to complete their purchase [13]. For
example, some restaurants in malls are giving out E-wallet payments through Grab-pay to offers customers
discounts, rewards and so on. Not only that, and we also have Samsung-pay, which allows Samsung users to
complete their payment of fees in a better and more convenient way.
Next, the second advantage of using E-wallet would be E-wallet offers access to new rewards. Rewards, what
everyone loves, no matter what’s our age, everyone loves getting free stuff or rewards in different ways [21]. As E-
wallet is getting even more famous and broad nowadays, more shops and business is offering rewards to customers
or consumers who use E-wallet to complete their payment. Receiving rewards can be in many ways, such as getting
free items, free purchasing and so on. As many e-wallets wanted to encourage their consumers to use them instead
of traditional payment, E-wallet companies or applications will try to offer as many excitements and rewards as they
can in order to maintain and increase the number of their users [14]. For example, Samsung-pay or Apple pay can
offer free gadgets like earphones or limited edition phone casing to customers if they would complete all of their
payments by using Samsung-pay or Apple pay in that one particular year.
Besides, we will move on to the third advantage, which is E-wallet could help you with your budget. As people
nowadays spend too much in their spending, not only in daily products, and also luxury products we are wanting for
like-new phones, new shoes or any subscription to Netlflix and Nba League Pass which causes you at least RM300
and above. With the help of E-Wallet, we could balance off our budget in many ways as in we’re able to control our
spending on unnecessary things like shirts, daily meals and so on. And not only that, but we could also assign a
fixed budget on certain categories of our spending as well to ensure that we’re not spending more than we should on
certain items [15]. As an example, we could try to adjust or make a budget on ourselves where we can try to control
the number of things we’re going to purchase at one time. Like, while we’re shopping at Uni-Qlo or Apple store, we
could use E-Wallet to complete our purchasing by not exceeding the limit or cash owned inside our E-Wallet
applications whereby we can use this way to control and help us in your spending budget.
Moving on to the fourth advantage, which is E-Wallet can be paid to another service. When it comes to services,
many connections between companies or E-wallet applications will be linked. As an example, consumers could

DOI: 10.5373/JARDCS/V12SP1/20201126
ISSN 1943-023X 756
Received: 19 Nov 2019/Accepted: 18 Dec 2019
Jour of Adv Research in Dynamical & Control Systems, Vol. 12, 01-Special Issue, 2020

complete their payments for Grabfood by using Grabpay, which allows them to pay for their meals in a better and
quicker way. Not only that, but we also have Touch 'n Go E-wallet payments which allows people to use them
frequently in many places and services. 1 of the most regularly used example would be consumers using Touch 'n
Go to buy drinks from Tealive which allows them to receive discounts on their drinks or gaining more reward points
for other purposes. Lastly, the fifth and final advantage or using E-Wallet would be there is high availability of E-
Wallet provided to customers and consumers. Let say, when a particular E-Wallet application is suffering in system
down or errors, consumers could try on other E-Wallet applications to complete their payments or purchase. For
example, if Grabpay system is facing errors or technical problems like lagging, customers could use Touch 'n Go or
Wechat Pay to help them in their payments whereby they won’t have to worry about any purchasing failure or
wasting time on taking out cash from banks, which may cause them even more troubles.

VII. Disadvantages of E-wallet

Table VII: Disadvantages of e-wallet
Disadvantages No. of respondents
Technical problems 18(20%)
E-wallet not fully available worldwide 21(23.3%)
Security risks 30(33.3%)
Reckless spending habit 21(23.3%)

Figure 7: Disadvantages of E-wallet

As we all know E-wallet brings lots of benefit to our life, but sometimes e-wallet might become a burden for
people too when we are using it. People nowadays use E-wallet to make their life become more efficient, but they
never thought of using e-wallet could make so much trouble in our life too. There are a few disadvantages of using
e-wallet that might become a disaster for people too. Firstly, one of the disadvantages of using an e-wallet is having
a technical problem when we are using the e-wallet. Based on the survey that we conducted, there is 20 per cent of
the people feel that having a technical problem when using an e-wallet is one of the disadvantages for an e-wallet.
This is due to the reason that when the e-wallet’s app is having technical problems such as system malfunction,
system outages and system shutdown, people need to use the traditional way to pay for their items or goods but
some people didn’t even bring their wallet because they never expect that e-wallet will be having technical problem,
therefore the transaction could not be completed. All the information for e-wallet is stored in the cloud of the
business server, as a result when the business server is having technical problem all of the users for e-wallet could
not use an e-wallet to pay for their goods. The technical problem is one of the disadvantages that e-wallet user can’t
avoid as this is not in the control of the e-wallet user.
Besides that, e-wallet is not fully available worldwide which makes it one of the disadvantages of using e-wallet
which have 23.3 per cent. For example, different retailer accepts a different kind of payment such as Wechat Pay,
Grabpay, Razerpay and more. Some of the stores even only accept real cash which is one of the problems for the e-
wallet user. Based on our survey that we gathered, 25.8 per cent of the people use Grabpay as their choices for e-
wallet but there is some store that doesn’t accept Grabpay. For example, most of the hawker doesn’t accept e-wallet
payment, they insist on using the traditional way as the e-wallet doesn’t feel ‘real’ to them. Moreover, most of the
elder and senior citizen doesn’t have any knowledge or information about e-wallet payment. Thus, although e-wallet
is high efficiency not all of the people use it [15].
One of the highest percentages in our survey form for the disadvantages of using an e-wallet is having security
risks problems (30%). Although e-wallet user doesn’t need to bring their wallet or purse when their e-wallet devices
such as smartphone and tablet got stolen or lost in nowhere, the user’s personal information is going to get exposed

DOI: 10.5373/JARDCS/V12SP1/20201126
ISSN 1943-023X 757
Received: 19 Nov 2019/Accepted: 18 Dec 2019
Jour of Adv Research in Dynamical & Control Systems, Vol. 12, 01-Special Issue, 2020

as all of their personal information are inside their devices for the e-wallet for payment. If the e-wallet user doesn’t
have password or PIN in their e-wallet’s devices the thief has the authority to uses their device as the device might
have a lot of cash inside of it. But there is a way to stop the thief from using the e-wallet device if the owner of the
device realises that their device got stolen or lost, the owner can call to the e-wallet operating centre and ask them to
freeze the e-wallet account as soon as possible to stop the thief from using the account anymore [16].
Last but not least, 23.3 per cent of the people from our survey agree that e-wallet could make you spend your
money recklessly. If the e-wallet user doesn’t bring up their saving habit, e-wallet might be a trouble to the user due
to the reason that the money doesn’t feel real to the user as it is intangible. That’s why e-wallet might cost someone
to spend their money in a quick way. If the e-wallet user doesn’t cultivate their saving habit, they should stop using
e-wallet and use back the old traditional way to pay for their transaction. If people use the old traditional way to pay
for their items or goods they will think before they purchase those goods as they don’t want to spend their money or
savings on buying unnecessary items [17].
In my opinion, even though e-wallet might increase the efficiency in our life but sometimes e-wallet might cause
some trouble to the user too. Thus, people can still use their own payment method whether they want to pay with an
e-wallet or using the traditional way. But still, it’s best if people can use both of them as it will be more secure than
using one and only payment method nowadays.

VIII. Conclusion
In conclusion, E-wallet is rising immensely due to the convenience of E-wallet or payment in this busy era.
Notwithstanding technological advancement, many customers often prefer cash in hand to the traditional way
because they think that cash in hand is more safety than E-wallet. This is the viewpoint of the old generation relative
to that of the young generation, Just like others, everything has its pros and cons. We need to make the right choices
as wise users and have the awareness of the E-wallet that we use.

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DOI: 10.5373/JARDCS/V12SP1/20201126
ISSN 1943-023X 758
Received: 19 Nov 2019/Accepted: 18 Dec 2019
 Jour of Adv Research in Dynamical & Control Systems, Vol. 12, 01-Special Issue, 2020

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DOI: 10.5373/JARDCS/V12SP1/20201126
ISSN 1943-023X 759
Received: 19 Nov 2019/Accepted: 18 Dec 2019

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