Using e-wallet for business process development: challenges and prospects in Malaysia

Md. Mahmudul Alam (), Ala Eldin Awawdeh and Azim Izzuddin Bin Muhamad
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Ala Eldin Awawdeh: Emirates College of Technology
Azim Izzuddin Bin Muhamad: UiTM - Universiti Teknologi MARA [Shah Alam]

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Abstract: Purpose This study aims to explore the challenges and prospects of using e-wallets in Malaysia, and what it means for businesses and customers. Suggested here are strategies to leverage the strengths and opportunities as well as overcome the weaknesses and threats. Suggested here are strategies to leverage the strengths and opportunities as well as overcome the weaknesses and threats. Design/methodology/approach This study analyses the e-wallet phenomenon using a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis to assess Malaysian business development. It is supported with findings from the literature and secondary data. The relevant secondary data were collected from Bank Negara Malaysia and the World Bank. Findings This study shows that e-wallets in Malaysia have still not achieved their purpose but there is huge potential to do so. The SWOT analysis identified several strengths (e.g. financial incorporation, easy to access, protection and safety, simple for other accounts to connect to, product and consumer service management, quick to implement/administer), weaknesses (e.g. lack of infrastructure and the "tapping" of devices already cornered by the mobile phone market, opportunities (e.g. eliminating fraud, better customer service, promotion/loyalty that can be built into customer experience) and threats (e.g. attacks from viruses, frequent inquiries whether multiple wallets can be used by clients, the concerns of reckless spending behaviour of the e-wallet users). Research limitations/implications This study is crucial for assessing the current situation and the prospects of e-wallets in Malaysia. This study also offers significant insights for policymakers and e-wallet service providers to develop appropriate strategies to enhance e-wallet services in Malaysia. Originality/value This paper is the first of its kind to integrate a SWOT analysis and the rapid development of the e-wallet market in Malaysia. Hence, the findings could broaden our knowledge on the fintech industry and enable firms to participate in the e-wallet market.

Keywords: Fintech; E-Wallet; Digital payment; Electronic payment; Malaysia (search for similar items in EconPapers)
Date: 2021
New Economics Papers: this item is included in nep-ban, nep-pay and nep-sea
Note: View the original document on HAL open archive server: https://hal.science/hal-03538151
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Citations: View citations in EconPapers (6)

Published in Business Process Management Journal, 2021, 27 (4), pp.1142-1162. ⟨10.1108/BPMJ-11-2020-0528⟩

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Working Paper: Using E-Wallet for Business Process Development: Challenges and Prospects in Malaysia (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03538151

DOI: 10.1108/BPMJ-11-2020-0528

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