ABSTRACT
Purpose: The goal of this study is to delve into the causes behind the Fintech sector's rise in various areas and its prospects. Fintech is rapidly expanding because of government legislation, multiple schemes, consumer expectations, a cashless economy, digitisation, globalisation, innovation, and other drivers. Need for the Study: Fintech firms are forming alliances with traditional financial organisations to stay afloat and compete. India is becoming a superpower regarding e-startups, especially unicorns. Many startups are undergoing initial public offerings (IPOs). Fintech is an emerging space in India, spreading its wings rapidly in every sector. Methodology: This work is based on a literature review. It utilises secondary data from numerous research publications, magazines, newspapers, published reports, relevant websites, Forbes magazine articles, stories from The Economic Times, the RBI Portal, and information from StartupIndia, Assocham, and Pwc, among others, to develop a conceptual framework showing the growth drivers of Fintech. Findings: The whole world has been affected severely due to COVID-19. Crisis always comes with some opportunity, and it is up to us how to turn the calamities into opportunities that further turn into innovation that has the power to lead the world. Fintech is that fruit that had been born normally but grew abnormally (tremendous growth) during the pandemic. Also, the roots are so deeper that they will flourish more and more. It has been found that the emergence of a cashless economy, ease of internet connectivity, etc., are the major factors that paved the way for growth for Fintech in India. Practical Implications: This study contains the conceptual framework which can guide the stakeholders, policymakers, management teams, field experts, etc., in knowing about their area expertise and looking for improvement, if any. Originality: There are many papers on the relationship between Fintech and financial inclusion, but this is the first study that builds the conceptual framework for the growth drivers of Fintech. © 2023 by Shreya Arora and Pankaj Madan.
ABSTRACT
The goal of this study is to examine and identify the factors influencing customer attitude toward and intention to use digital wallets (electronic wallets, e-wallets) during and after the COVID-19 pandemic. A total of 257 correctly fulfilled questionnaires from an online survey were summarized. The main features of e-wallet payment systems were classified with a focus on consumer satisfaction via the integration of classic and modern data analysis methods. Structural Equation Modeling (SEM) was preferred to reveal the dependencies between the variables from e-wallets users' perspective. The designed model can discover and explain the underlying relationships that determine the e-wallets' adoption mechanism. The obtained results lead to specific recommendations to stakeholders in the value chain of payment processing. Financial regulatory authorities could employ the presented results in planning the development of payment systems. E-commerce marketers could utilize the proposed methodology to assess, compare and select an alternative way for order payment. E-wallet service providers could establish a reliable multi-criteria system for the evaluation of digital wallet adoption. Being aware of the most important components of e-wallets value, managers can more effectively run and control payment platforms, enhance customer experience, and thus improve the company's competitiveness. As the perceived value of customer satisfaction is subjective and dynamic, measurements and data analysis should be conducted periodically.
ABSTRACT
Last decade had been worst for humanity as it faced Covid-19. The pandemic invited many things unknown to humans such as lockdown, compulsory mask and no contact with other people or things. The 'No Contact' initiated much awaited progress in payment from being entity exchange to being digital. The digitization of payment became biggest transformation;every common citizen realized the use of digital payment. The evolution of cash payment to internet banking and internet banking to e-wallet has made transaction easier for all the services without exhibiting physical form. Payment Gateways, Digital Wallet, Internet Banking use has risen as being fast and instant. Though the recent payments are secure on theft front with the use of digital money by many users at many times online payment system might face problem on digital money transfer with issues such as wrong payment, link failure or single point failure. There might be more problems such as insider problem and transaction being transparent. For such situations more secure and private path towards security is needed as insufficiency will give rise to risk mitigation. The paper recommends a payment system which will be based on privacy and permission laid by blocks to blocks for use in financial sector. The architecture proposed integrates the digital wallet with different banks to give foundation of Blockchain for secure transactions. The peer to peer network will share transactions as well share load to minimize load on central banking system keep the load distributed and secure overall data centres. © 2022 IEEE.
ABSTRACT
The Covid-19 epidemic has wreaked havoc on the global economy indeed, Malaysia was unavoidable from this. Nevertheless, this has created a new transformation and renovation for the FinTech industry to develop tremendously. The users of digital wallets are anticipated to grow and hastened the shift from physical payment to digital payment. Touch' n Go e-wallet is one of the FinTech innovation platforms that growing quickest rate ever in Malaysia's emerging market, owing to the upward demand for contactless payments throughout Southeast Asia due to the epidemic. The adoption of digital wallets only grew extensively during the Covid-19 pandemic periods in Malaysia. Hence, the main purpose of this study is to determine the predictors that influence the intention to use Touch' n Go e-wallet among Millennial in Malaysia, particularly during the Covid-19 endemic. This study has proposed to extend the TAM model (perceived usefulness, perceived ease of use) with perceived risk and satisfaction predictors. A sample of a total of 150 millennial in Malaysia who use Touch' n Go e-wallet to participate in the survey. Millennial account for approximately one-third of Malaysia's population and roughly 50 percent of the labour force in Malaysia. The hypotheses were further carried out by employing the ordinary least squares regression analysis. The findings revealed that among Malaysia's millennials, perceived ease of use and consumers satisfaction have a substantial impact on their desire to use Touch' n Go e-wallets app. In order to increase the usage rates of digital payments transaction, the digital wallet service providers in Malaysia must focus on the usability and potential risks that might occur during the transactions are held. More so, a good customer experience will lead to a satisfactory level in using the e-wallet of Touch' n Go. This empirical study provides a model for government to stimulate and foster digital payment in the coming years. © 2022 IEEE.
ABSTRACT
Digital wallet has been recognized as one of the comfortable and easily accessible digital payment methods and is well-known throughout the world, even in Indonesia. Due to the COVID-19 pandemic, it has been observed that there are changes in the pattern of consumer behavior in the use of digital wallets. The main obj ective of the study is to investigate how consumers feel about digital wallets and what are the numerous factors that influence their decision to utilize digital wallets during the pandemic and help businesses determine whether the implementation of digital wallets will be beneficial for them based on their target markets. The data was collected through a survey made using google forms and distributed to people in Indonesia with using random sampling. The result of the survey shows there is a significant increase in digital wallet usage as it is convenient and efficient in making transactions and users were able to obtain financial benefits from discounts and promotions. Most users find digital wallets to be useful and easy to use. However, there are privacy and security issues that caused people to hesitate or distrust putting their personal and vital information on digital wallet applications. Our study provides opportunity for further research, particularly in the privacy and security aspect of digital wallets to discover or develop the proper strategies and methods which could be used to improve the users trust and sense of security towards digital wallets. © 2022 IEEE.
ABSTRACT
In a VUCA world, things are extremely unpredictable and the onset of the COVID-19 took every industry by storm. The banking industry is witnessing seismic shifts as traditional net banking banks are being challenged by new-age, digital-only wallets that focus on a hyper-personalized digital-first approach to replace the traditional net banking experience. This research aims to understand the shifts in millennial customer behaviour that have taken place as they progress from net banking to digital wallets for their day-to-day payments. This research is based on primary quantitative data along with an intensive analysis of research papers, articles, and journals. The findings suggest that millennial customers are willing to try out new digital wallet apps and consider them reliable and convenient, indicating high levels of acceptance. Three key factors were majorly responsible for the change in customer behaviour from net banking to digital wallets 1) Performance efficiency 2) social influence 3) Safety. Therefore, digital wallets need to focus on these factors to maximize their digital interactions and embrace innovation to help millennials in their day-to-day banking needs.