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Published December 1, 2021 | Version v1
Journal article Open

Reasons of Using Digital Wallet as Payment Method Among Society

Description

The emergence of digital wallet or known as e-wallet has gradually changed the method of trading across the world. China was acknowledged as a digital wallet leading country with 47% rate of usage among its citizens. Pioneered by their giants Tencent and Alibaba, the most success mobile wallet platform WeChat Pay recorded 600 million users followed by Alipay with 400 million users worldwide in 2017 (Merchant Machine, 2018).  Digital wallet which is a resemblance of traditional wallet in electronic version allows people to pay for things using cards or mobile application which an integrated hardware and software system. Some types also offered additional features which facilitate users in performing and receiving payments, fund transfer, paying bills and tickets, tracking payments history, recharging credits, redeeming coupons and online shopping. Nowadays, there are many new digital wallet platforms launched by local and international companies with various innovated features to provide more benefits for users. Users could select one or more platforms that suit their needs or user-friendly to be used in daily life. On the other side, the development of electronic commerce, wireless network coverage and innovation of technological devices have encouraged most of merchants and retailers to provide alternative payment options at their stores which at the same time promote customers to adopt digital wallet as a preferred payment method. In addition, the characteristics of digital wallet which are far more convenience, faster and secure than traditional payment methods have influenced the widespread use of the technology among modern society.

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