From Cash to Digital Wallets: A PRISMA-Based Systematic Review of Microentrepreneur Adoption in Asia and Latin America

Abstract

The transition from cash-based transactions to digital wallet usage represents a structural change in the business practices of micro and small enterprises (MSEs) in emerging economies. This study aims to synthesize scientific evidence on digital wallet adoption among microentrepreneurs, analyze the geographical distribution of research, and consolidate key empirical findings, with a specific focus on Asia and Latin America. These regions are of particular interest because they share high levels of economic informality, strong reliance on cash-based transactions, and rapid expansion of digital financial technologies, while also facing institutional, regulatory, and infrastructural constraints that shape technology adoption among microentrepreneurs. A systematic review was conducted following the PRISMA 2020 guidelines. Searches were performed in the Scopus and Web of Science databases, including open access empirical studies published between 2021 and 2025 in English or Spanish. After applying predefined eligibility criteria and removing duplicates, 39 studies were included in the final analysis. The results indicate that most publications originate from Asian countries, particularly India, Indonesia, Malaysia, and Vietnam, whereas Latin America is mainly represented by Colombia and Peru. Across both regions, digital wallet adoption is consistently influenced by trust, perceived security, perceived usefulness, and ease of use, while perceived risk and institutional weaknesses emerge as contextual barriers. Although several primary studies adopt a consumer-level analytical perspective, their findings are extrapolated to microentrepreneur contexts by emphasizing transaction-related behaviors directly linked to business operations. This review acknowledges that the predominance of consumer-focused evidence represents a limitation when interpreting firm-level outcomes. Overall, the findings suggest that digital wallet adoption among microentrepreneurs is a socio-technical process shaped by behavioral, institutional, and regulatory factors rather than technology alone.

1. Introduction

Traditionally, commercial transactions in micro and small enterprises, particularly in countries with emerging economies, have relied heavily on cash. Although this type of transaction is easy and accessible for many merchants, it also involves operational risks and high transaction costs (Rababah et al., 2024). In the same vein, Kınış and Tanova (2022) note that cash-based transactions expose merchants to physical insecurity, risk of theft, and limitations in counting and managing large volumes of cash. Additionally, Gomez-Hurtado et al. (2025) indicate that dependence on cash is identified as a barrier to the growth and formalization of the commercial sector, as it restricts financial traceability and access to banking services. As shown in prior research, this situation represents a structural problem; therefore, firms have increasingly adopted digital wallets (e-wallets or mobile payments) as a primary alternative to reduce transaction costs (Rababah et al., 2024).

The adoption of these tools transforms traditional commercial transactions from physical cash to electronic payments. However, although this transformation is efficient and secure, it also presents challenges for firms. Research conducted by Kınış and Tanova (2022) and Gomez-Hurtado et al. (2025) highlights that entrepreneurs’ decisions to adopt digital wallets are not driven solely by the reduction in cash-handling costs or operational gains, but rather by the need to build trust in the platforms where these commercial transactions take place. Therefore, in economic contexts characterized by high levels of informality, there is a need to identify, consolidate, and synthesize scientific evidence that demonstrates the changes experienced by firms as they shift from traditional transaction methods to digital wallets, particularly in relation to profitability, physical security, and perceived physical or virtual security, including cash protection and digital fraud.

At present, the wide availability of mobile wallets (e-wallets) has generated an extensive body of research examining adoption, acceptance, and continued use, predominantly from a consumer perspective. These studies commonly rely on established behavioral frameworks such as the Technology Acceptance Model (TAM), the Unified Theory of Acceptance and Use of Technology (UTAUT), and Diffusion of Innovations (DOI), which emphasize perceptions of usefulness, ease of use, social influence, and facilitating conditions. While these theories have proven robust in explaining individual-level adoption decisions, their application to microenterprise contexts remains theoretically underdeveloped, as microentrepreneurs face additional operational, financial, and institutional constraints that differ from those of individual consumers. (Guo & Bouwman, 2016).

A significant portion of this research is grounded in the Unified Theory of Acceptance and Use of Technology (UTAUT), as proposed by Nik Azman and Md Zabri (2022) and Padma Kiran and Vedala (2025), which provides a model for evaluating behavioral intention. Analyses of diverse studies on mobile payment platforms reveal that firms hold high expectations regarding the performance benefits derived from the use of this technology, as well as the availability of technical support resources that facilitate its use. Together, these factors generate a positive and significant impact on entrepreneurs’ intention to adopt Fintech solutions (Nik Azman & Md Zabri, 2022; Padma Kiran & Vedala, 2025). Despite extensive empirical research on mobile payments and digital wallets, no prior systematic review has synthesized evidence specifically focused on microentrepreneurs in Asia and Latin America, nor critically examined how consumer-oriented adoption models translate into firm-level outcomes such as profitability, operational efficiency, and financial sustainability.

In the same line of analysis, ease of use and the influence of other actors who already use this technology have been identified as key drivers encouraging the adoption of systems such as the Unified Payments Interface (UPI) in emerging economies (Padma Kiran & Vedala, 2025; Kunal et al., 2025). Additionally, extensions of the Technology Acceptance Model (TAM) have been examined in traditional markets, emphasizing the need to integrate contextual variables such as religiosity in order to better understand mobile payment adoption among certain segments of small enterprises (Natakusumah et al., 2023). Sustained adoption of digital wallets is strongly conditioned by psychological and risk-related factors, with trust serving as a central mediating element (Haider et al., 2024). As merchants migrate from cash to electronic payments, they replace physical risk, such as theft, with perceived digital risks related to fraud, security, and privacy (Kınış & Tanova, 2022; Rababah et al., 2024). The literature confirms that perceived risk has a significant influence on the intention to use e-wallets, even among highly digitalized demographic groups such as Generation Z (Gomez-Hurtado et al., 2025).

Taken together, the reviewed theoretical frameworks converge on a common explanatory core in which perceived usefulness and ease of use shape initial adoption, while trust and perceived risk critically condition sustained use in microentrepreneurial settings. TAM and UTAUT explain the functional and cognitive dimensions of adoption, DOI contextualizes diffusion dynamics within informal markets, and trust-based frameworks capture institutional fragility and security concerns prevalent in emerging economies. Rather than operating in isolation, these models interact to explain how microentrepreneurs evaluate digital wallets not only as technologies, but as risk-management and income-stabilization tools embedded in broader socio-institutional environments.

In response to these concerns, technological research has proposed advanced solutions. Specifically, the development of fraud detection systems based on machine learning promises to enhance transaction security across major mobile wallet platforms (Abdirahman et al., 2024). Likewise, several studies highlight the implementation of blockchain technology, which features decentralization and immutability, to improve security and foster trust in mobile transactions (Rattanawiboonsom & Khan, 2024). Addressing these challenges is critical not only for users and merchants who adopt this technology, but also for Fintech firms and B2C startups operating in this market (Fatorachian et al., 2025).

Scientific research shows that Fintech adoption has a strong effect on the sustainability and economic performance of micro and small enterprises (Nik Azman & Md Zabri, 2022). A study conducted in India indicates that digital wallet adoption among informal merchants, commonly referred to as hawkers, is driven by security and ease of use, with findings showing an average increase of 15 percent in daily sales (Kunal et al., 2025). This evidence demonstrates that the use of digital wallets is not merely an efficiency measure, but also a lever for improving business profitability. Similarly, research by Malone and Thomsen (2025) shows that the implementation of electronic payment systems, such as credit cards and e-payments, in agricultural retail businesses operating under a direct-to-consumer model in the United States leads to increased customer payment compliance. This use of mobile wallets consolidates their role as a disruptive innovation that transforms traditional business models, for example, in the hospitality industry (Lew et al., 2020), while also highlighting the importance of financing for micro and small enterprises across different contexts (Ivashchenko et al., 2018). Taken together, this body of evidence reaffirms that the adoption of digital wallets has a positive impact by generating greater profitability and income sustainability for entrepreneurs (Nik Azman & Md Zabri, 2022).

The importance of the present study, conducted through a systematic review, lies primarily in its academic contribution, as it provides new knowledge on the adoption of mobile payments by firms (Guo & Bouwman, 2016). Accordingly, by applying the PRISMA protocol, this study seeks to integrate different theoretical models, such as Diffusion of Innovations (DOI) and the Technology Acceptance Model (TAM), within the context of micro and small enterprises (Caffaro et al., 2020; Shaw et al., 2022). It is essential to develop a rigorous and in-depth analysis that allows for an understanding of the success or failure of digital platform adoption, as well as the levels of security and privacy present in each country and across different contexts (Shaw et al., 2022). In addition, this study highlights the use of digital wallets as a tool for commercial operations (Lew et al., 2020).

Given this analysis of diverse academic publications, it becomes necessary and relevant to conduct a systematic review using the PRISMA protocol. This methodological approach enables the organization, selection, and synthesis of valuable information regarding the migration of financial transactions toward the use of electronic wallets by microentrepreneurs. Through this process, it is possible to identify the advantages and/or disadvantages associated with the substantial changes resulting from the adoption of this new way of conducting transactions. Consequently, this study aims to address the following research questions:

• What scientific research exists on the migration of commercial transactions to the use of digital wallets by microentrepreneurs?
• In which countries were the scientific articles published on this topic?
• What are the most important findings derived from this literature review?

These questions will be addressed through a literature review of scientific publications from Southeast Asian countries such as India, Indonesia, Malaysia, and Vietnam, as well as Latin American countries including Peru, Colombia, and Brazil. All selected studies belong to specialized academic journals, are written in Spanish or English, and were retrieved from the Scopus and Web of Science databases. It is important to note that the selection of publications from these countries is based on several factors. In the case of Southeast Asian countries, they account for a high volume of research on mobile payment usage, largely due to weaknesses in traditional banking infrastructure. This context has driven research on the adoption of digital financial technologies. Additionally, these countries often exhibit high levels of informality, and commercial transactions have historically relied on cash, which may lead to increased physical insecurity in such operations.

In the case of Latin American countries, microentrepreneurs have increasingly adopted virtual or mobile payment platforms. This adoption raises the need to examine perceived security among merchants, as well as to determine whether improvements in profitability or reductions in operational costs have occurred, among other factors. Therefore, this analysis will make it possible to identify key aspects resulting from changes in how commercial transactions are conducted.

The objectives of this research are:

• To identify and analyze existing scientific research on the migration of commercial transactions to the use of digital wallets by microentrepreneurs.
• To determine the geographical distribution of scientific articles published on the topic of digital wallet adoption among microentrepreneurs.
• To synthesize the most important findings from the scientific literature on the adoption of digital wallets by microentrepreneurs.

The expected results aim to identify whether the use of mobile wallets in commercial transactions by entrepreneurs reduces cash usage and the risks associated with it. Furthermore, the findings may enable financial institutions, Fintech firms, and entrepreneurs to identify multiple mechanisms that facilitate this adaptation (Pathak & Kaushik, 2024). Finally, the study will contribute to understanding perceptions of security in commercial transactions, including payment processes and e-commerce risks (Wu & Chang, 2020). In this context, the role of a regulatory system that promotes financial inclusion, reduces operational and financial vulnerability, and builds trust among merchants to facilitate their formalization is also emphasized (Shaw et al., 2022).

2. Materials and Methods

In the search, analysis, and development of this study, it is important to note that only research published in high-impact journals indexed in the Scopus and Web of Science databases was used. These platforms are widely recognized for applying rigorous standards to ensure the quality and reliability of their publications. Accordingly, the following criteria were applied to select the studies included in this review.

2.1. Eligibility Criteria

Once the available articles were identified, eligibility criteria were established, considering the following aspects and their corresponding rationale:

(a)

Criterion 1: Time frame. Regarding the time-period criterion, the review covers studies published between 2021 and 2025. This period was selected to include updated, significant, and relevant research that supports a rigorous and comprehensive examination of the migration of cash-based commercial transactions to the use of electronic wallets. This approach allows for the identification of advantages and disadvantages associated with this shift in microenterprises. Consequently, any publication outside this date range was excluded from the study. A total of 372 scientific publications were initially identified.

(b)

Criterion 2: Country of origin. With respect to the country-of-origin criterion, scientific articles published in India, Indonesia, Malaysia, Vietnam, Peru, Colombia, and Brazil were selected. These countries present a degree of homogeneity in relation to the MSE market, and their publications address the migration from cash to electronic wallets in microenterprises, highlighting issues such as security, growth, and operational costs, among others. In addition, these countries have produced a considerable volume of research on the proposed topic. As a result, 180 scientific publications from countries characterized by large and well-structured firms, where digital commercial transactions are already traditional and business growth is stable, were excluded. After applying this criterion, a total of 192 scientific articles remained.

(c)

Criterion 3: Language. Regarding the language criterion, the 192 studies conducted in Southeast Asian and Latin American countries were published in English or Spanish. To ensure the thoroughness of the review, all publications in these two languages were considered, resulting in a total of 192 records.

(d)

Criterion 4: Type of article. For the document-type criterion, only original scientific articles addressing the migration of cash-based commercial transactions to the use of digital wallets in microenterprises, including their advantages and disadvantages, were included. A total of 69 publications were excluded, including documentary studies, literature reviews, editorials, letters to the editor, similar documents, and publications that deviated substantially from the objective of this systematic review. After applying this criterion, 123 scientific publications remained.

(e)

Criterion 5: Accessibility. In relation to the open-access criterion, only scientific publications that were freely available and downloadable from the Scopus and Web of Science platforms were included. Due to access restrictions imposed by certain paid publishers that do not allow free downloads, 71 scientific articles were excluded. As a result, a total of 52 records were retained for this study.

(f)

Criterion 6: Duplicates. For the duplicates criterion, all scientific publications downloaded from the Scopus and Web of Science databases were carefully reviewed to identify duplicate records. During this process, six duplicate scientific articles were detected and excluded. After this step, a total of 46 valid and unique articles remained, all of which complied with the previously established inclusion criteria.

(g)

Criterion 7: Regarding the relevance criterion, each article was individually and thoroughly reviewed to exclude studies corresponding to systematic reviews or opinion articles. As a result of this process, seven articles that did not meet the criteria were identified and excluded, leaving a final sample of 39 relevant records.

In addition, Figure 1 illustrates the flow diagram according to the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines (Moher et al., 2010).

Figure 1. Flow diagram prepared in accordance with the PRISMA 2020 Statement.

2.2. Protocol and Registration

The review protocol was not registered in an international prospective register such as PROSPERO because this platform is primarily intended for systematic reviews in health and clinical research. Given that the present study focuses on digital wallet adoption, financial behavior, and microenterprise dynamics within the fields of economics, finance, and management, protocol registration was not applicable. Nevertheless, the review was conducted in strict accordance with the PRISMA 2020 guidelines, with predefined eligibility criteria, a transparent search strategy, and a clearly documented selection process. The PRISMA checklist used is provided as Supplementary Materials.

2.3. Information Sources

The process of searching for scientific studies was conducted using Scopus and Web of Science databases. These platforms were selected because their publications have international reach and include indexed scientific journals with high-impact research. In addition, this methodological approach enables a strategic selection of literature by allowing the identification of institutional origin and geographic location of publication. It also facilitates the identification of research approaches, study depth, and scientific conclusions, as well as the extraction of the most relevant findings. Through this process, it is possible to identify the various factors associated with the migration from cash-based transactions to the use of digital wallets in microenterprises.

This research focuses primarily on microenterprises and the changes in how they conduct commercial transactions. Based on this analysis, the study highlights substantial changes related to business growth, profitability, cost reduction, and security generated by the adoption of digital payment solutions by microentrepreneurs in Southeast Asian and Latin American countries.

To identify scientific publications related to the topic of this study, research was conducted on 29 October 2025, using the Scopus and Web of Science platforms. Access to these databases and the literature search were carried out using the institutional credentials of Universidad César Vallejo (UCV). This process yielded a total of 550 records, to which the seven selection criteria established under the PRISMA protocol were subsequently applied.

2.4. Search Strategy

The search for publications related to the topic was conducted using Boolean operators in the Scopus and Web of Science databases, as presented in Table 1.

Table 1. Boolean search strategy applied in Scopus and Web of Science.

Search Code	Search Query	Initial Results
S1	TITLE-ABS-KEY ((“digital wallet” OR “electronic wallet” OR “mobile payment” OR “electronic payment”) AND (“security” OR “protection” OR “risk”) AND (“perception” OR “awareness” OR “attitude” OR “belief”) AND (“user” OR “consumer” OR “customer”))	334
S2		216

2.5. Selection Process of Studies

In this process, to carefully select the publications downloaded from the databases, the selection criteria were applied with the aim of determining whether each study met the inclusion criteria. This procedure made it possible to select valid, relevant, and unique information. The details of this process are presented in Table 2.

Table 2. Initial and Final Search Results.

Process	Search Results: Scopus	Search Results: Web of Science	Total
Initial search results	334	216	550
Criterion 1: Temporality	101	77	178
Partial search results	233	139	372
Criterion 2: Country of origin	97	83	180
Partial search results	136	56	192
Criterion 3: Language	-	-	-
Partial search results	136	56	192
Criterion 4: Article type	67	2	69
Partial search results	69	54	123
Criterion 5: Accessibility	44	27	71
Partial search results	25	27	52
Criterion 6: Duplicates	-	6	6
Partial search results	25	21	46
Criterion 7: Relevance	5	2	7
Final search results	20	19	39

2.6. Data Extraction

Regarding data extraction, this process was carried out by three reviewers, which ensured consistency throughout the procedure. Each research article was manually verified without the use of systematic extraction tools. The data recorded included the article title and year of publication, study design details such as thematic categories, type of research, and quantitative and/or qualitative approach, as well as methodological aspects including population, sample, and data collection instruments. This manual and detailed process ensured the integrity and accuracy of the compiled database.

To ensure reliability in the selection and extraction process, all articles were independently reviewed by three reviewers. Discrepancies were discussed collectively until consensus was reached. This procedure minimized subjective bias and strengthened the internal validity of the review. Finally, 7 documents were excluded because of relevance (see Table 3).

Table 3. Studies excluded at the final stage that initially appeared to meet the inclusion criteria.

Citation	Cause of Exclusion
Chang et al. (2023)	This study is a systematic literature review that is not directly related to the present topic, as it focuses on mobile payment adoption from the consumer perspective. It does not analyze operational profitability, formalization, or business growth.
Pizzan-Tomanguillo et al. (2024)	This study is a bibliometric analysis that examines current and future trends in digital wallets. It suggests that governments should promote the use of digital wallets and innovation as drivers of the economy, but it does not explicitly address business growth.
Chellappan et al. (2025)	This study is a systematic literature review that focuses on comparing technologies such as NFC, SMS, and QR codes in relation to digital wallet usage, security, and implementation costs. However, it does not analyze the financial profitability of firms adopting this technology.
Sun et al. (2023)	This is a narrative literature review and synthesis that proposes and evaluates a Harris Hawks Optimization (HHO) algorithm aimed at improving the speed of mobile wallet usage. It also evaluates costs through net present value for both contractors and clients. The study emphasizes program optimization but does not address security aspects.
Memon et al. (2025)	This study is a bibliometric analysis examining current and future trends in digital wallet usage. While it discusses data security and the importance of privacy, it does not analyze profitability.
Ahmed et al. (2021)	This is a literature review that compares technologies related to electronic wallet usage, such as QR, SMS, and NFC, to identify the most suitable option. However, it does not conduct a financial profitability analysis of microenterprises.
Thangavel and Chandra (2023)	This is a bibliometric analysis focused on business growth, security, and privacy related to the adoption of mobile commerce, personal data usage, financial transactions, and potential risks. However, it does not analyze profitability, customer loyalty, or operational costs.

2.7. Data Items

For data selection and extraction, inclusion and exclusion criteria were applied. This analysis made it possible to focus on the migration of traditional commercial transactions toward the use of digital wallets and to identify key factors such as operational profitability, trust, security, and financial inclusion. Accordingly, studies that were inconsistent or contained incomplete data or information, which prevented adequate analysis, were excluded.

2.8. Assessment of Bias Risk in Individual Studies

At this stage, the assessment of risk of bias in the analysis of individual studies involved the use of methodological instruments tailored to each research approach. For qualitative studies, the framework titled “Validity criteria for qualitative research: three epistemological axes for a common purpose” was applied. For quantitative studies, the criteria outlined in the article “Evaluation of survey research in articles published in library science journals” were followed, allowing for a systematic assessment of data analysis.

2.9. Synthesis Methods

In this process of synthesis and inclusion of the selected studies, a comparison was carried out between the previously defined inclusion criteria and the main characteristics of each investigation. The information from each study was recorded in a matrix including the article title, reference, year of publication, and the journal in which it was published. This tabulation facilitated the organization of the studies and the identification of key findings.

3. Results

This section presents a structured summary of the empirical evidence identified in the systematic review. To enhance clarity, results are reported descriptively, focusing on recurring patterns and microentrepreneur-relevant outcomes, while interpretative analysis and theoretical implications are reserved for the discussion section. Emphasis is placed on business-level impacts, including transaction efficiency, profitability, cost reduction, and financial inclusion.

A total of thirty-nine scientific studies were included. For clearer visualization, Table 4 presents in the first column a code (S1 for SCOPUS and S2 for Web of Science) with sequential numbering to identify each study, along with the citation, research title, authors, and the journal in which each study was published.

Table 4. Scientific studies selected in the systematic review.

Code	Citation	Title	Journal
S1-1	(Adam et al., 2025)	A perceptual study on fintech awareness, trust, and satisfaction in Somalia: Case of premier wallet	Journal of Asian Scientific Research
S1-2	(Gomez-Hurtado et al., 2025)	Adoption of e-wallets: trust and perceived risk in Generation Z in Colombia	Spanish Journal of Marketing—ESIC
S1-3	(Setiawan et al., 2022)	Analysis of Intention to Use on Pay Later Payment System During COVID-19 Pandemic	International Journal of Emerging Technology and Advanced Engineering
S1-4	(Abegao Neto & de Figueiredo, 2023)	Effects of age and income moderation on adoption of mobile payments in Brazil	Innovation & Management Review
S1-5	(Sang, 2024)	Examining the adoption of Apple Pay among generation Z in Vietnam	Banks and Bank Systems
S1-6	(Dang et al., 2025)	Examining the Impact of Trust on Customer Intention to Use Metaverse Payments: A Next-Gen Transactions Strategic Outlook	Corporate & Business Strategy Review
S1-7	(Chen et al., 2023)	Factor Influencing Continuation Intention of Using Fintech from the Users’ Perspectives: Testing of Unified Theory of Acceptance and Use of Technology (UTAUT2)	International Journal of Technology
S1-8	(Aguilar-Herreras & Libaque-Sáenz, 2023)	Factors driving NFC-based mobile payment adoption: the case of Peru	Issues in Information Systems
S1-9	(Ebubedike et al., 2022)	Factors Influencing Consumer’s Behavioural Intention Towards The Adoption of Mobile Payment in Kuala Lumpur	Intern. Journal of Profess. Bus. Review. (International Journal of Professional Business Review)
S1-10	(P.S & Doshi, 2025)	Incentivising innovation: the moderating role of promotions in shaping millennials’ mobile payments adoption	Cogent Business & Management
S1-11	(Jena, 2022)	Investigating and Predicting Intentions to Continue Using Mobile Payment Platforms after the COVID-19 Pandemic: An Empirical Study among Retailers in India	Journal of Risk and Financial Management
S1-12	(Navena Nesa Kumari et al., 2021)	Mobile Payment Technology Adoption in SME Owners in India—An Empirical Study	Indian Journal of Finance
S1-13	(Ramli et al., 2023)	Modeling the Brand Equity and Usage Intention of QR-Code E-Wallets	FinTech
S1-14	(Tian & Chan, 2024)	Predictors of Mobile Payment Use Applications from the Extended Technology Acceptance Model: Does Self-Efficacy and Trust Matter?	SAGE Open
S1-15	(Meiryani et al., 2022)	The Factors Affecting Consumer Behavior on Sustainable Use Intentions of Financial Technology Payments”	Corporate Governance and Organizational Behavior Review
S1-16	(Prasad et al., 2025)	The Impact of Mobile-Wallet Factors on Customer Satisfaction and Customer Loyalty: A Study of B-Schools in Hyderabad”	Qubahan Academic Journal
S1-17	(Chawla et al., 2023)	The Mediating Effect of Perceived Trust in the Adoption of Cutting-Edge Financial Technology among Digital Natives in the Post-COVID-19 Era	Economics
S1-18	(Bhattacharya, 2023)	The Role of Mobile Payment Apps in Inclusive Financial Growth	AABFJ (Asian Academy of Business and Finance Journal)—Vol. 17, No. 1, 2023
S1-19	(Ansori & Nugroho, 2024)	The Role of Trust on the Continuance Usage Intention of Indonesian Mobile Payment Application	Gadjah Mada International Journal of Business
S1-20	(Aswathy et al., 2025)	Women Fintech Adoption—A Base TAM Framework”	International Journal of Applied Mathematics
S2–1	(Joshi, 2024)	A mixed methods UTAUT2-based approach to understanding unified payments interface adoption among low-income users	Banks and Bank Systems
S2-2	(Gomez-Hurtado et al., 2025)	Adoption of e-wallets: trust and perceived risk in Generation Z in Colombia	Spanish Journal of Marketing—ESIC
S2-3	(Josua Sembiring et al., 2022)	Adoption of innovative mobile payment technologies in Indonesia: The role of attitude	Innovative Marketing
S2-4	(Razi-ur-Rahim et al., 2024)	Adoption of UPI among Indian users: Using the extended meta-UTAUT model	Negocios digitales
S2-5	(Linh & Huyen, 2025)	An extension of Trust and TAM model with TPB in the adoption of digital payment: An empirical study in Vietnam	F1000Research
S2-6	(Padma Kiran & Vedala, 2025)	Assessing Unified Payments Interface (UPI) adoption and usage through the interplay of UTAUT factors	Humanities & Social Sciences Communications
S2-7	(Shahzad et al., 2022)	COVID-19’s Impact on Fintech Adoption: Behavioral Intention to Use the Financial Portal	Journal of Risk and Financial Management
S2-8	(Fuquen Gonzalez et al., 2023)	Development and implementation of computer technologies, for processes of immediate payment of low amounts, through electronic transfers	Entre Ciencia e Ingeniería
S2-9	(Malik & Singh, 2022)	Go Digital! Determinants of Continuance Usage of Mobile Payment Apps: Focusing on the Mediating Role of Gamification	Pacific Asia Journal of the Association for Information Systems
S2-10	(Ahmad et al., 2025)	How satisfied am I with mobile wallets? Exploring the nexus between MSQual, hedonism, and satisfaction	Future Business Journal
S2-11	(Tan et al., 2024)	Navigating Trust in Mobile Payments: Using Necessary Condition Analysis to Identify Must-Have Factors for User Acceptance	International Journal of Human-Computer Interaction
S2-12	(Malarvizhi et al., 2022)	Predicting the Intention and Adoption of Near Field Communication Mobile Payment	Frontiers in Psychology
S2-13	(Rahman et al., 2024)	Promoting fintech: driving developing country consumers’ mobile wallet use through gamification and trust	International Journal of Bank Marketing (IJBM)
S2-14	(Widayat et al., 2023)	QR-code-based payment. Does the consumer intend to adopt a retail buying transaction?	Banks and Bank Systems
S2-15	(Mogaji & Nguyen, 2022)	The dark side of mobile money: Perspectives from an emerging economy	Technological Forecasting & Social Change
S2-16	(Rahardja et al., 2023)	The Impact of Mobile Payment Application Design and Performance Attributes on Consumer Emotions and Continuance Intention	SAGE Open
S2-17	(Tian et al., 2023)	The Moderating Role of Perceived Trust and Perceived Service Quality in Consumers’ Usage Behavior of the Alipay E-Wallet System	Human Behavior and Emerging Technologies
S2-18	(Lai & Liew, 2021)	Towards a Cashless Society: The Effects of Perceived Convenience and Security on Gamified Mobile Payment Platform Adoption	Australasian Journal of Information Systems
S2-19	(Prasetyani et al., 2024)	Unlocking paylater preferences: exploring gen z’s trust dynamics in Indonesia and Malaysia	Cogent Psychology

3.1. Scientific Research on the Migration of Commercial Transactions to the Use of Digital Wallets by Microentrepreneurs

Table 4 displays the 39 studies selected through the systematic search, detailing each record’s code, citation, title and journal.

The studies presented in Table 4 primarily examine the factors that influence acceptance, adoption, and continued use of digital wallets and mobile payment systems. A central topic across the literature is the role of users’ perceptions regarding the usefulness of these technologies and the ease with which they can be used, as these perceptions strongly shape intention to adopt. Closely related to this, many studies emphasize the importance of trust, analyzing it as a key driver that directly affects adoption decisions, user satisfaction, loyalty, and continued usage over time.

Another prominent research topic is perceived risk, including concerns related to security, privacy, and financial loss, which are frequently identified as barriers to adoption, particularly in emerging and developing economies. Several studies also focus on user experience, satisfaction, and emotional responses, reflecting a shift in the literature from initial adoption toward sustained and habitual use of digital payment platforms. In addition, the literature addresses demographic and contextual dimensions, such as differences across age groups, income levels, gender, low-income users, small business owners, and retailers. Finally, emerging topics (such as gamified payment systems, promotional incentives, deferred payment options, quick response code payments, near-field communication, and virtual environment-based payments) highlight the evolving and innovative nature of digital payment research.

3.2. Geographical Distribution of Scientific Articles Published on the Topic of Digital Wallet Adoption Among Microentrepreneurs

It is important to specify the language in which each study was conducted and to indicate the location, country, or region where the scientific publications were produced. This type of information is of great value and usefulness, as it allows for a better understanding and interpretation of these findings across different languages and geographic contexts.

Table 5 summarizes the language of publication and the countries in which the selected studies were conducted. The results show a strong predominance of publications written in English, which reflects its role as the primary language of scientific communication in the field of digital payments and financial technology. Only one study was published in Spanish, indicating limited representation of non-English language research despite the relevance of digital payment adoption in diverse linguistic contexts.

Table 5. Language and country of publication of scientific articles included in the systematic review.

Code	Citation	Language	Country
S1-1	(Adam et al., 2025)	English	Somalia
S1-2	(Gomez-Hurtado et al., 2025)	English	Colombia
S1-3	(Setiawan et al., 2022)	English	Indonesia
S1-4	(Abegao Neto & de Figueiredo, 2023)	English	Brazil
S1-5	(Sang, 2024)	English	Vietnam
S1-6	(Dang et al., 2025)	English	Vietnam
S1-7	(Chen et al., 2023)	English	Malasia
S1-8	(Aguilar-Herreras & Libaque-Sáenz, 2023)	English	Peru
S1-9	(Ebubedike et al., 2022)	English	Malasia
S1-10	(P.S & Doshi, 2025)	English	India
S1-11	(Jena, 2022)	English	India
S1-12	(Navena Nesa Kumari et al., 2021)	English	India
S1-13	(Ramli et al., 2023)	English	Malasia
S1-14	(Tian & Chan, 2024)	English	Malasia
S1-15	(Meiryani et al., 2022)	English	Indonesia
S1-16	(Prasad et al., 2025)	English	India
S1-17	(Chawla et al., 2023)	English	India
S1-18	(Bhattacharya, 2023)	English	India
S1-19	(Ansori & Nugroho, 2024)	English	Indonesia
S1-20	(Aswathy et al., 2025)	English	India
S2-1	(Joshi, 2024)	English	India
S2-2	(Gomez-Hurtado et al., 2025)	English	Colombia
S2-3	(Josua Sembiring et al., 2022)	English	Indonesia
S2-4	(Razi-ur-Rahim et al., 2024)	English	India
S2-5	(Linh & Huyen, 2025)	English	Vietnam
S2-6	(Padma Kiran & Vedala, 2025)	English	India
S2-7	(Shahzad et al., 2022)	English	Malasia
S2-8	(Fuquen Gonzalez et al., 2023)	Spanish	Colombia
S2-9	(Malik & Singh, 2022)	English	India
S2-10	(Ahmad et al., 2025)	English	India
S2-11	(Tan et al., 2024)	English	Malasia
S2-12	(Malarvizhi et al., 2022)	English	Malasia
S2-13	(Rahman et al., 2024)	English	Vietnam
S2-14	(Widayat et al., 2023)	English	Indonesia
S2-15	(Mogaji & Nguyen, 2022)	English	Nigeria
S2-16	(Rahardja et al., 2023)	English	Indonesia
S2-17	(Tian et al., 2023)	English	Malasia
S2-18	(Lai & Liew, 2021)	English	Malasia
S2-19	(Prasetyani et al., 2024)	English	Indonesia and Malasia

From a geographic perspective, the studies are largely concentrated on emerging and developing economies. South and Southeast Asia account for the highest number of publications, particularly India, Indonesia, Malaysia, and Vietnam, highlighting these regions as major focal points of research on mobile payments and digital wallets. Latin America is represented mainly by Colombia and Peru, while Africa is represented by Somalia and Nigeria. This distribution suggests that scholarly attention is strongly oriented toward regions experiencing rapid growth in digital financial services, while also indicating potential gaps in research from developed economies and other underrepresented regions.

3.3. Most Important Findings from the Scientific Literature on the Adoption of Digital Wallets by Microentrepreneurs

Table 6 summarizes the most important findings from the scientific literature on the adoption of digital wallets by microentrepreneurs, including the main characteristics, geographical contexts, and key results of the analyzed studies.

Table 6. Findings and lessons of scientific articles included in the systematic review.

Code	Citation	Findings	Lessons
S1-1	(Adam et al., 2025)	The study concludes that Premier Wallet is well received and plays a significant role in the Somali financial ecosystem, especially among young and educated individuals. Users primarily become aware of the platform through word of mouth (family and friends) and consider it reliable, secure, and easy to use, mainly employing it for payments and money transfers. Trust in its security measures is high among most users. The platform has had a positive impact on entrepreneurs by improving transaction efficiency and financial management, and it has facilitated greater access to financial services, thereby promoting financial inclusion in Somalia.	The main lesson is that for FinTech platforms to succeed and promote financial inclusion in fragile and developing environments, they must prioritize building trust through robust security measures that are clearly perceived by users, ensure a positive user experience (ease of use and perceived usefulness), and leverage interpersonal social networks for marketing and awareness. Understanding context-specific perceptions and behaviors is essential for designing effective services.
S1-2	(Gomez-Hurtado et al., 2025)	The study concludes that security and privacy have a positive and significant effect on users’ trust in electronic wallets. In turn, trust positively influences attitude, perceived usefulness, perceived ease of use, and intention to use, while significantly reducing perceived risk. However, perceived risk did not show a significant relationship with intention to use, possibly due to high levels of trust or greater risk tolerance among the highly educated sample.	The main lesson is that in contexts with high distrust toward financial institutions, such as Colombia, electronic wallet providers must prioritize trust-building through robust security and privacy systems. This not only enhances perceived usefulness and ease of use but also reduces perceived risk, thereby encouraging adoption among young users.
S1-3	(Setiawan et al., 2022)	The study concludes that perceived usefulness, trust, self-efficacy, and informal learning (personal and virtual word of mouth) have a significant and positive impact on the intention to use the Pay Later system. However, perceived ease of use did not show a significant impact, possibly because users already consider Pay Later to be as easy to use as other payment options on their phones.	The main lesson is that to foster adoption of innovative payment systems such as Pay Later, companies should focus on clearly communicating the service’s usefulness, building trust through security and data protection, and encouraging both personal and virtual word of mouth. Ease of use, while important, may not be a decisive factor if users are already familiar with similar technologies.
S1-4	(Abegao Neto & de Figueiredo, 2023)	The study confirms that all proposed latent variables (performance expectancy, effort expectancy, social influence, perceived risk, and perceived cost) have a significant effect on the intention to adopt mobile payments. In addition, income positively moderates performance expectancy and negatively moderates perceived risk and perceived cost, while age positively moderates performance expectancy and negatively moderates cost perception. Social influence was the most influential factor in adoption intention.	The main lesson is that mobile payment companies should develop segmented strategies based on users’ age and income. For older users and those with higher incomes, it is crucial to emphasize usefulness and performance benefits, as well as to effectively communicate security features and low associated costs. Since social influence is the strongest factor, marketing strategies should leverage word of mouth and social networks to encourage adoption.
S1-5	(Sang, 2024)	The study concludes that the adoption of Apple Pay among Generation Z in Vietnam is mainly driven by pragmatic and usability-related factors. Perceived Usefulness, Expected Ease of Use, Mobile User Skill, and Perceived Value (the latter strongly influenced by Convenience) have a positive and significant influence on usage intention. Contrary to findings in other contexts, Perceived Risk and Social Image did not show a significant impact, indicating that this generation values functional benefits and user experience more than security concerns or social influence when adopting this technology.	The main lesson is that to drive adoption of new financial technologies such as Apple Pay in young and developing markets, marketing and development strategies should focus on communicating and maximizing practical benefits and ease of use. Rather than emphasizing security (which younger users may take for granted) or social status, it is more effective to demonstrate how technology saves time, simplifies transactions, and integrates seamlessly into users’ digital lifestyles. Perceived usefulness and a frictionless experience are the key drivers of adoption.
S1-6	(Dang et al., 2025)	The study concludes that trust is a pivotal factor in customers’ intention to use payments in the metaverse. This trust is multidimensional, comprising institution-based trust (legal and regulatory framework), characteristic-based trust (provider ability, benevolence, and integrity), and process-based trust (past experiences). The findings indicate that Perceived Usefulness and Perceived Enjoyment positively influence all three dimensions of trust. In contrast, Security and Privacy Concerns have a significant negative impact on trust. Interestingly, Perceived Ease of Use did not show a significant influence. Ultimately, all three trust dimensions demonstrated a positive and significant influence on Intention to Use.	The main lesson is that for metaverse payments to be successfully adopted, developers and service providers must prioritize building robust and multifaceted trust. This goes beyond creating an easy-to-use interface. Providers must clearly communicate system usefulness, design enjoyable experiences, and—most importantly—implement and convey strong security and privacy mechanisms that actively address user concerns. Trust is built by demonstrating competence, benevolence, integrity, and operating within an institutional framework that inspires confidence.
S1-7	(Chen et al., 2023)	The study found that Performance Expectancy, Facilitating Conditions, Hedonic Motivation, and Habit have a positive and significant relationship with the intention to continue using Fintech applications. Conversely, Social Influence and Perceived Technological Security were not significant determinants of continued usage intention in the Malaysian context.	To encourage continued use of FinTech applications, developers and firms should focus on ensuring that applications are perceived as useful for improving performance (Performance Expectancy), easy to access and use (Facilitating Conditions), enjoyable (Hedonic Motivation), and capable of fostering habitual use. Contrary to expectations, factors such as social pressure or perceived security were not key drivers of continuity in this context, suggesting that strategies should prioritize practical experience and daily routine integration.
S1-8	(Aguilar-Herreras & Libaque-Sáenz, 2023)	The study found that user convenience, the number of establishments accepting NFC payments, technological risks, and physical risks have a direct and significant impact on the intention to use this payment system in Peru. Additionally, ease of use and system availability do not directly influence intention to use, but rather do so indirectly, being fully mediated by the variable “convenience.”	To promote adoption of new payment technologies such as NFC, it is not enough for systems to be easy to use and technically robust. Users must perceive them as a comprehensively convenient solution that saves time and effort. At the same time, ecosystem development is essential: expanding the network of accepting merchants and actively addressing user concerns about both digital security (data and transaction protection) and physical security (device theft).
S1-9	(Ebubedike et al., 2022)	The study found that Effort Expectancy (ease of use), Credibility (trust and security), and Performance Expectancy (perceived usefulness) have a positive and significant relationship with the intention to adopt mobile payments in Kuala Lumpur. However, Social Influence (pressure from friends and family) was not a significant determinant of adoption.	To foster mobile payment adoption, financial institutions and developers should prioritize creating systems perceived as easy to use (low Effort Expectancy), useful (high Performance Expectancy), and above all, trustworthy and secure (high Credibility). Contrary to common assumptions, marketing campaigns relying mainly on social influence or peer pressure may be less effective than those focused on improving practical experience and user security.
S1-10	(P.S & Doshi, 2025)	The study found that Security, Perceived Benefits, Hedonic Motivation (fun), and Social Influence are highly significant factors directly influencing mobile payment adoption among millennials in India. Surprisingly, Trust was not a significant factor. In addition, Promotions were shown to act as a significant positive moderator, but only in the relationship between Security and Adoption. A multigroup analysis revealed that adoption can increase multiple times when high levels of security are combined with high levels of promotions.	To drive mobile payment adoption among millennials, service providers must prioritize and clearly communicate application security features, as security is a fundamental driver of trust and adoption. Promotions (such as cashbacks and rewards) are powerful strategic tools, but their effectiveness is maximized when combined with a platform already perceived as secure. Investing in a solid foundation of security and usefulness is more critical than relying solely on promotional incentives.
S1-11	(Jena, 2022)	The study concludes that satisfaction and frustration of psychological needs (according to SDT) significantly influence attitude, subjective norms, perceived behavioral control, and intention of continued mobile payment use among retailers in India after the pandemic. The integration of TPB and SDT, together with the use of PLS-SEM and ANN, validates a robust model for predicting behavioral intention.	To promote sustained adoption of digital technologies such as mobile payments in post-pandemic contexts, it is essential to address both intrinsic motivations (need satisfaction) and extrinsic factors (avoiding frustration), while strengthening attitudinal, normative, and perceived behavioral control factors through supportive policies, education, and improvements in digital infrastructure.
S1-12	(Navena Nesa Kumari et al., 2021)	Factors such as perceived ease of use and perceived usefulness significantly influence mobile payment adoption. Complexity in SMS formats and registration procedures were the main barriers. Trust in private service providers was high, while distrust toward government providers was notable.	To foster mobile payment adoption among rural SMEs, it is essential to simplify processes, enhance transactional security, and strengthen trust through support and education, particularly considering the role of social influence and facilitating conditions such as access to resources and online assistance.
S1-13	(Ramli et al., 2023)	Brand awareness positively influences the intention to use QREW and mediates the effects of perceived quality and brand image. A serial mediation effect exists among perceived quality, brand image, brand awareness, and usage intention. Perceived quality impacts intention indirectly through brand image and brand awareness.	To encourage adoption of mobile payment technologies such as QR wallets, providers must invest in building strong brands by prioritizing not only service quality (reliability, security, ease of use) but also a positive brand image and high brand awareness through effective marketing strategies and attractive interface design.
S1-14	(Tian & Chan, 2024)	The intention to use mobile payments is positively influenced by perceived usefulness, ease of use, and perceived quality. Trust significantly moderates the relationship between intention and actual use, while self-efficacy did not show a significant moderating effect.	To promote mobile payment adoption, platforms must be useful, easy to use, and high quality, while strengthening user trust through transparency and security.
S1-15	(Meiryani et al., 2022)	Ease of use, security, economic benefits, and financial capability have a positive and significant influence on the intention of continued use of FinTech payments in Indonesia. Together, these factors explain 50.5% of the variance in sustainable usage intention.	To foster sustainable adoption of FinTech payments, platforms must be easy to use, ensure transaction and data security, offer tangible economic benefits (such as discounts or low fees), and consider users’ financial capacity levels.
S1-16	(Prasad et al., 2025)	The five factors (service quality, ease of use, usefulness, cost, and security) significantly influence customer satisfaction. However, security and ease of use do not directly affect loyalty. Perceived cost partially mediates the relationship between satisfaction and loyalty.	To improve customer loyalty in mobile wallets, companies should prioritize service quality, usefulness, and the management of perceived costs. Although security is essential for satisfaction, it is not sufficient on its own to generate loyalty.
S1-17	(Chawla et al., 2023)	The study concludes that perceived trust significantly mediates the relationship between perceived security, perceived risk, and the intention to adopt FinTech. Security and risk reduction are crucial for fostering user trust and, consequently, the adoption of these technologies.	To promote FinTech service adoption, companies should prioritize transparency, strengthen security measures, proactively manage risks, and design user-friendly interfaces to build and maintain consumer trust.
S1-18	(Bhattacharya, 2023)	Key facilitators (performance expectancy, economic benefit, convenience, social influence, technical conditions, and hedonic motivation) positively influence the intention to use mobile payment applications, which in turn promotes financial inclusion. Perceived risk also negatively affects adoption. Men, individuals with higher education, and higher income levels show greater adoption.	To foster financial inclusion through mobile payments, it is essential to improve access to smartphones, design easy-to-use applications, ensure security, and conduct digital literacy campaigns targeting vulnerable groups, especially women and low-income individuals.
S1-19	(Ansori & Nugroho, 2024)	Trust positively influences continued usage intention and reduces risk perception. Reputation and security are the most important factors for building trust. Personalization is also relevant, but mobility was not significant. Gender does not moderate the relationship between antecedents and trust.	To encourage continued use of mobile payment applications, providers must strengthen trust through strong reputations, high security standards, and personalization options that give users greater control.
S1-20	(Aswathy et al., 2025)	Perceived ease of use and perceived usefulness are significant determinants of women’s behavioral intention to adopt Fintech services. There is a strong positive correlation between behavioral intention and actual usage behavior. Women with higher education and employment show higher adoption rates, and the most used services are mobile banking applications and UPI payment systems.	To promote digital financial inclusion among women, it is crucial to design FinTech applications that are easy to use and clearly useful. Financial literacy and security features represent key barriers that must be addressed through targeted educational campaigns and technical platform improvements.
S2-1	(Joshi, 2024)	The intention to use UPI among low-income users is significantly influenced by factors such as social influence, performance expectancy, perceived security risk, knowledge, price value, facilitating conditions, and social benefits. Social influence is the most dominant factor.	To drive adoption of financial technologies among vulnerable populations, it is essential to work through community networks, improve perceptions of security, educate users about benefits, and ensure accessible infrastructure.
S2-2	(Gomez-Hurtado et al., 2025)	Security and privacy have a positive and significant effect on perceived trust, which in turn positively influences attitude, perceived usefulness, ease of use, and intention to use, while reducing perceived risk. Perceived risk did not show a significant effect on intention to use.	To increase electronic wallet adoption in distrustful contexts such as Colombia, providers must strengthen security and privacy systems, communicate practices transparently, and actively build user trust.
S2-3	(Josua Sembiring et al., 2022)	Attitude mediates the impact of perceived usefulness and trust on adoption intention. Perceived usefulness and trust positively influence attitude, while ease of use was not significant. A positive attitude increases the intention to adopt mobile payments.	Mobile payment technology providers should focus on clearly communicating benefits and building trust to generate positive attitudes that drive adoption, even when ease of use is already ensured.
S2-4	(Razi-ur-Rahim et al., 2024)	The study concludes that Performance Expectancy (perceived usefulness) is the strongest predictor of actual UPI usage behavior. Moreover, Attitude—significantly influenced by Trust and Effort Expectancy (ease of use)—is the most important determinant of intention to use UPI. Factors such as Facilitating Conditions (resources and support) and Social Influence also positively affect usage intention. Anxiety and Personal Innovativeness did not show a significant influence in this context. The model robustly explains UPI adoption and may serve as a basis for promoting a future Central Bank Digital Currency (CBDC) in India.	To promote successful adoption of new financial technologies such as UPI (and by extension CBDCs), developers, firms, and policymakers must strategically prioritize perceived usefulness and practical benefits, ensure an extremely easy and intuitive user experience, and build a solid foundation of trust through secure systems and clear problem-resolution policies. Focusing on these key factors is more effective than relying solely on social influence or personal innovation.
S2-5	(Linh & Huyen, 2025)	Trust is a key determinant in the adoption of digital payments, influencing perceived usefulness as well as subjective norms and behavioral control. An unexpected negative relationship was found between perceived usefulness and attitude, suggesting that although users recognize the benefits of digital payments, their attitudes may be affected by cash-based habits and security concerns.	To drive adoption of digital financial technologies in contexts with low trust and high reliance on cash, it is essential to prioritize trust-building strategies such as policy transparency, consumer protection, and financial education, beyond simply highlighting system usefulness or ease of use.
S2-6	(Padma Kiran & Vedala, 2025)	UTAUT model factors (facilitating conditions, performance expectancy, effort expectancy, and social influence), together with perceived promotional benefits and trust, significantly influence the intention to adopt UPI, which in turn affects usage behavior. Complementary services did not directly affect adoption intention but influenced performance and effort expectancy. Demographic factors (age and occupation) moderate some of these relationships.	To promote digital payment adoption in emerging markets, it is crucial not only to ensure usefulness and ease of use but also to build trust through robust security measures and promotional incentives. Strategies must be adapted to demographic differences to maximize accessibility and acceptance.
S2-7	(Shahzad et al., 2022)	The study concludes that attitude toward the use of Fintech platforms is positively influenced by perceived ease of use, trust, and user innovativeness. However, perceived usefulness was not a significant factor. Attitude toward use strongly predicts behavioral intention to adopt.	To drive FinTech platform adoption, it is essential to prioritize usability, foster user trust through transparency and security, and target users with higher innovation. Perceived usefulness alone is insufficient to guarantee adoption.
S2-8	(Fuquen Gonzalez et al., 2023)	The project successfully implemented “Transfiya,” a secure and functional interbank instant transfer system operating on Blockchain technology. By the end of year one, the ecosystem included 14 financial institutions, had processed 6.9 million transactions worth more than COP 780 billion, and demonstrated its usefulness in practical cases such as the delivery of government subsidies, promoting financial inclusion and reducing cash usage.	The successful implementation of an innovative, large-scale payment system requires a combination of robust technologies (such as Blockchain and microservices), agile development methodologies, and a comprehensive focus on cybersecurity. In addition, collaboration among multiple financial ecosystem actors (banks, regulators, and technology providers) is critical to achieving mass adoption and generating positive social impact, such as financial inclusion.
S2-9	(Malik & Singh, 2022)	The study found that the most significant factors influencing continued usage intention of mobile payment apps are Performance Expectancy, Facilitating Conditions, Social Influence, and Price Value. Information and system quality are also crucial. Gamified features partially mediate the relationship between behavioral intention and continued use, acting as a strong engagement driver. Trust significantly moderates the relationship between usage and continued use.	To foster continued and loyal use of mobile payment applications, providers must prioritize a clear value proposition (usefulness and cost savings) and ensure robust and accessible technical infrastructure. Incorporating gamification elements (such as points, badges, and rewards) is an effective strategy for increasing engagement and retention. Maintaining high levels of trust through transparency and perceived security is also critical for long-term usage.
S2-10	(Ahmad et al., 2025)	Both mobile service quality (MSQual)—comprising efficiency, fulfillment, privacy, contact, and responsiveness—and hedonism (fun, enjoyment, entertainment) positively influence the satisfaction of mobile wallet users in India. The inclusion of hedonism addresses a common critique in previous online service quality studies.	To improve satisfaction and loyalty among mobile wallet users, providers should prioritize not only functional and security aspects but also incorporate playful and enjoyable elements that enrich the user experience.
S2-11	(Tan et al., 2024)	Mobile usefulness, ease of use, and user mobility are necessary conditions (“must-have” factors) for building trust in mobile payment gateways. However, for usage intention, only mobile usefulness is a necessary condition. Perceived security, although a significant determinant in the PLS-SEM model, is not a necessary condition according to NCA.	To achieve successful adoption of mobile payment technologies, developers and providers must prioritize ensuring that the service is perceived as useful above all else. While security is important, it is not an indispensable “must-have” factor in this context, whereas usefulness, ease of use, and mobility are necessary for building trust.
S2-12	(Malarvizhi et al., 2022)	Performance expectancy, hedonic motivation, and social influence have significant and positive impacts on the intention to adopt NFC mobile payments. Effort expectancy and perceived risk did not show significant effects. In addition, adoption intention and facilitating conditions positively influence actual adoption, and intention mediates the relationship between several factors and actual adoption.	To promote adoption of mobile payment technologies such as NFC, providers should focus on clearly communicating performance benefits (usefulness), incorporating enjoyment and fun into the user experience, and leveraging social influence through recommendations and word-of-mouth marketing. Contrary to expectations, ease of use and perceived risk were not critical determinants in this specific population.
S2-13	(Rahman et al., 2024)	The study confirms that perceived usefulness, ease of use, user satisfaction, and attitude are key determinants of continued mobile wallet usage. Gamification positively influences attitude and ease of use, while trust has an unexpected negative effect, suggesting that users prioritize other factors over perceived trust once the technology has been adopted.	To promote continued use of mobile wallets in emerging markets, it is crucial to design experiences that are useful, easy to use, and satisfying, while integrating gamification elements to enhance user attitudes. Although trust is important, it is not the primary driver of continuity; therefore, efforts should focus on positive experience and perceived value.
S2-14	(Widayat et al., 2023)	The study concludes that consumer attitude toward QR code payments is a crucial determinant of adoption intention. This positive attitude is significantly influenced by three factors: (1) performance expectancy (perceived usefulness), (2) social influence factors (recommendations from family and friends), and (3) facilitating conditions (availability of infrastructure, knowledge, and skills). Moreover, attitude fully mediates the relationship between these three factors and final adoption intention.	To drive adoption of QR code payments in markets such as Indonesia, financial service providers (banks and fintech) and regulators must work in a coordinated manner across three fronts: (1) clearly communicating system benefits and usefulness (Performance Expectancy), (2) fostering recommendations and a socially supportive environment (Social Influence), and (3) ensuring optimal infrastructure and user education (Facilitating Conditions). Without a positive attitude built on these pillars, adoption intention will be significantly weakened.
S2-15	(Mogaji & Nguyen, 2022)	The study identifies a “dark side” of mobile money in Nigeria, characterized by fraud issues, fund and data security problems, loss of emotional connection with money, financial vulnerability (easy indebtedness), and digital exclusion. These challenges manifest through four key ecosystem relationships: (1) Customer–Developer (security and lending issues), (2) Customer–Agent (excessive fees and information leakage), (3) Developer–Agent (lack of technical support and physical security), and (4) Developer–Regulator (unclear or poorly localized policies).	The implementation of financial technologies such as mobile money in emerging economies must go beyond simply promoting financial inclusion. A holistic approach is required to proactively manage user risks (fraud and over-indebtedness) and strengthen relationships among ecosystem actors (customers, agents, developers, and regulators) through clear communication, training, technical support, and context-adapted regulatory frameworks to mitigate its “dark side.”
S2-16	(Rahardja et al., 2023)	Application performance attributes (compatibility, relative advantage, and service quality) significantly influence users’ positive emotions, while design attributes (privacy, security, and convenience) have a stronger effect on negative emotions. Positive emotions are the strongest predictor of intention to continue using the service.	To foster user loyalty in mobile payment services, it is crucial to prioritize performance attributes that generate positive emotions—such as compatibility and service quality—rather than focusing solely on visual design or security.
S2-17	(Tian et al., 2023)	Perceived usefulness was the strongest predictor of intention to use Alipay, followed by perceived ease of use, attitude, subjective norms, and perceived behavioral control. Behavioral intention positively influences actual usage behavior. Perceived service quality significantly strengthens the relationship between intention to use Alipay and actual use. However, contrary to expectations, perceived trust did not play a significant moderating role in this relationship.	To promote adoption and actual use of digital payment systems such as Alipay in emerging markets, developers and service providers must prioritize application usefulness and ease of use. Ensuring the system is perceived as beneficial, efficient, and easy to manage is critical. In addition, delivering high service quality (such as responsiveness and reliability) is key to converting usage intention into consistent real use.
S2-18	(Lai & Liew, 2021)	Perceived security has a strong and direct effect on usage intention, while perceived convenience influences intention indirectly through security. For interested users, reliable security is the top priority; for uninterested users, the multifunctionality of convenience is key.	To drive adoption of gamified mobile payments in developing countries, it is essential to implement a dual strategy that ensures multifunctional convenience to attract new users while guaranteeing reliable security to retain interested users.
S2-19	(Prasetyani et al., 2024)	In both Indonesia and Malaysia, perceived usefulness and trust positively influence the intention to use pay-later services, while ease of use has a negative effect, possibly due to the perception that it facilitates impulsive spending. Trust partially mediates the relationship between TAM variables and usage intention.	Trust is a key factor in the adoption of emerging financial technologies such as pay-later services. Developers and regulators must prioritize transparency and security to build user trust, particularly among younger generations such as Gen Z.

4. Discussion

The migration of commercial transactions from cash-based systems to digital wallets represents not merely a technological shift, but a profound structural transformation in the operational models of micro and small enterprises (MSEs) in emerging economies. Based on the synthesis of evidence from 39 scientific studies published between 2021 and 2025, this systematic review (conducted in accordance with the PRISMA 2020 guidelines) identifies consistent adoption patterns, cross-cutting determinants, and contextual lessons that enhance the understanding of digital wallet adoption across diverse socio-economic and geographic settings.

Overall, the findings confirm that the adoption of digital wallets is a multidimensional and context-dependent process, shaped by the interaction of psychological, social, technological, and regulatory factors rather than by technological availability alone.

4.1. Thematic Analysis

The thematic analysis presented in this section was conducted through an in-depth qualitative synthesis of the studies included, following an inductive, theory-informed approach. Rather than relying on automated bibliometric or topic-modeling tools, themes were identified through systematic reading, comparison, and interpretation of empirical findings reported in the selected articles. Recurrent constructs, explanatory variables, and outcome patterns were coded and grouped based on conceptual similarity and analytical relevance, drawing on established theoretical frameworks such as the Technology Acceptance Model (TAM), trust-based adoption models, and financial inclusion literature. This approach allowed for a nuanced integration of evidence across heterogeneous contexts and methodologies, ensuring that the resulting themes reflect substantive theoretical convergence rather than purely statistical co-occurrence.

4.1.1. Trust as the Cornerstone of Digital Wallet Adoption

One of the most consistent and robust findings across the reviewed studies is the central role of trust as the primary driver of digital wallet adoption. Multiple studies (S1-2, S1-6, S1-17, S2-2, S2-5, S2-19) demonstrate that trust not only has a direct effect on intention to use but also acts as a mediating mechanism between perceived security, perceived risk, and behavioral intention.

When MSEs transition from cash to electronic payments, they effectively exchange physical risk (such as theft or loss of cash) for digital risk, including concerns related to data privacy, transaction integrity, and system reliability. This transition occurs only when users perceive that digital wallet platforms are secure, transparent, and institutionally credible. Trust is therefore constructed through a combination of robust technical safeguards, provider reputation, transparent governance, and clear consumer protection policies.

Importantly, trust emerges as a multidimensional construct, encompassing technological trust (system security and reliability), institutional trust (regulatory frameworks and legal protection), and relational trust (past experiences and provider behavior). This finding reinforces the notion that strengthening trust requires coordinated efforts across technological design, regulation, and communication strategies.

4.1.2. Perceived Usefulness and Ease of Use as Pragmatic Adoption Drivers

The review confirms that perceived usefulness and perceived ease of use, as proposed in the Technology Acceptance Model (TAM), remain fundamental predictors of digital wallet adoption. However, their relative influence varies according to user experience, generational cohort, and contextual maturity.

In several contexts—such as Generation Z users in Vietnam (S1-5) and QR wallet users in Indonesia (S2-14)—ease of use did not emerge as a decisive standalone factor. Instead, its effect was largely indirect, operating through perceived convenience and usefulness. Once users become familiar with technology, functional benefits such as transaction speed, operational efficiency, and integration into daily business routines become more salient than interface simplicity.

This suggests that ease of use functions as a baseline requirement, while perceived usefulness represents the primary value-generating mechanism sustaining adoption. For MSEs, usefulness is closely linked to tangible business outcomes, including reduced transaction costs, improved cash flow management, and enhanced customer reach.

4.1.3. The Conditional Role of Promotions and Economic Incentives

Another relevant insight concerns the moderating role of promotions and economic incentives in driving adoption (S1-10, S2-6). While incentives such as discounts, cashback programs, and rewards can accelerate initial adoption, their effectiveness is significantly amplified when combined with high levels of perceived security and trust.

The evidence indicates that incentive-based strategies alone are insufficient to sustain adoption if users perceive the system as insecure or unreliable. Security acts as an enabling condition that legitimizes promotional efforts, whereas weak security perceptions undermine the credibility of incentives. Consequently, adoption strategies should prioritize security and trust as foundational elements, using promotions as complementary rather than primary drivers.

4.1.4. Ecosystem-Level Challenges and Systemic Risks

From an ecosystem perspective, the review highlights structural challenges arising from misalignments among key actors within the digital payment ecosystem. The study on the “dark side” of mobile money in Nigeria (S2-15) illustrates how issues such as fraud, digital exclusion, and financial vulnerability stem from failures in client–developer, client–agent, and developer–regulator relationships.

These findings underscore the necessity of adopting a systemic and governance-oriented approach to digital wallet implementation. Weak regulatory adaptation, insufficient oversight, and fragmented stakeholder coordination can erode trust and amplify risks, particularly in vulnerable populations. Therefore, effective adoption requires not only technological robustness, but also regulatory clarity, agent accountability, and institutional alignment tailored to local contexts.

4.1.5. Digital Wallets as Enablers of Financial Inclusion and MSE Sustainability

The reviewed evidence consistently demonstrates that digital wallet adoption generates tangible benefits for financial inclusion and MSE sustainability. Studies conducted in Somalia (S1-1) and India (S1-18) show that digital wallets enhance transactional efficiency while facilitating access to formal financial services for previously excluded groups, including women, informal entrepreneurs, and low-income populations.

Digital wallets function as gateways to the formal financial system, enabling savings, credit access, and financial traceability. For MSEs, these tools contribute to operational resilience, improved financial planning, and greater participation in digital economic ecosystems, particularly in fragile and developing environments.

4.2. Integrative Implications of the Review

Taken together, the findings suggest that the migration toward digital wallets among MSEs in Latin America and Asia should not be interpreted merely as a technological trend, but as a complex socio-technical transformation. Adoption outcomes depend on the dynamic interaction of user perceptions, social influence, technological design, and regulatory frameworks.

The evidence clearly indicates that no single, unilateral strategy (whether technological, promotional, or regulatory) is sufficient on its own. Instead, successful adoption requires a holistic and context-sensitive approach that integrates:

(i)

clear communication of practical usefulness and business value;

(ii)

sustained trust-building through security, transparency, and governance;

(iii)

adaptation to local socio-economic and cultural conditions.

4.3. Policy Recommendations

Based on the synthesized evidence from this PRISMA 2020–compliant systematic review, several policy-relevant recommendations can be derived to support the effective, secure, and inclusive adoption of digital wallets among micro and small enterprises (MSEs) in emerging economies. These recommendations address regulatory design, institutional coordination, capacity building, and inclusive governance.

4.3.1. Strengthen Regulatory Frameworks Focused on Trust and Consumer Protection

Policymakers should prioritize the development and enforcement of clear, adaptive, and user-centered regulatory frameworks that enhance trust in digital wallet ecosystems. Regulations should explicitly address data protection, transaction security, fraud prevention, and dispute resolution mechanisms. Transparent consumer protection policies (including liability allocation and accessible complaint channels) are essential to reduce perceived digital risk and increase adoption confidence among MSEs.

Given the fast pace of financial technological innovation, regulatory agility is critical. Sandbox-based approaches and iterative regulation can help regulators balance innovation with risk mitigation, particularly in markets where institutional trust remains fragile.

4.3.2. Promote Ecosystem Coordination and Institutional Alignment

The findings highlight the need for improved coordination among key ecosystem actors, including digital wallet providers, financial institutions, agents, and regulators. Policymakers should foster interoperability standards and shared governance mechanisms to reduce fragmentation and inefficiencies within digital payment systems.

Public–private partnerships can play a strategic role in aligning incentives, clarifying responsibilities, and ensuring accountability across the ecosystem. Strong institutional alignment reduces systemic risks such as fraud, service discontinuity, and exclusion of vulnerable users.

4.3.3. Support Digital and Financial Literacy for MSEs

Adoption policies should go beyond infrastructure deployment and include targeted digital and financial literacy programs for MSE owners. Training initiatives should focus not only on how to use digital wallets, but also on understanding security practices, transaction records, and basic financial management enabled by digital tools.

Such programs are particularly important for informal entrepreneurs, women-led businesses, and first-time users of formal financial services. Capacity-building interventions increase perceived usefulness, reduce uncertainty, and improve long-term sustainability of adoption.

4.3.4. Design Incentive Schemes Aligned with Security and Long-Term Use

While economic incentives can accelerate initial adoption, policy-led incentive schemes should be conditional on minimum security and transparency standards. Subsidies, tax benefits, or transaction fee reductions should prioritize platforms that demonstrate strong consumer protection and regulatory compliance.

Rather than short-term promotional campaigns, policymakers should encourage incentive structures that support continued productive use, such as rewards linked to transaction history, savings behavior, or access to complementary financial services.

4.3.5. Advance Digital Wallets as Tools for Financial Inclusion

Governments should explicitly integrate digital wallets into national financial inclusion strategies, recognizing their role as gateways to formal financial services. Policies should encourage wallet designs that accommodate low-income users, limited connectivity environments, and diverse literacy levels.

Special attention should be given to reducing gender and income-based digital divides by supporting inclusive onboarding processes, simplified user interfaces, and agent-assisted models where appropriate.

4.3.6. Encouragement-Sensitive and Evidence-Based Policymaking

Finally, policymakers should avoid one-size-fits-all solutions. The reviewed evidence underscores that digital wallet adoption is highly context dependent. Policies should be grounded in local socio-economic realities, usage patterns, and institutional capacities.

Continuous monitoring, data collection, and impact evaluation are essential to refine policies over time. Leveraging empirical evidence from systematic reviews, such as the present study, can support evidence-informed decision-making and reduce the risk of policy failure.

4.4. Limitations

Despite strict adherence to the PRISMA 2020 guidelines and the application of rigorous inclusion and exclusion criteria, the findings of this systematic review must be interpreted with caution due to several substantive limitations that affect the scope, depth, and generalizability of the evidence.

First, the evidence base is inherently constrained by database, geographical, linguistic, and accessibility restrictions. The review includes only studies indexed in Scopus and Web of Science, published between 2021 and 2025, written in English or Spanish, conducted in seven selected emerging economies, and available in open access format. While these criteria ensured methodological quality, transparency, and cross-contextual comparability, they inevitably excluded potentially relevant empirical studies published in regional databases, local journals, subscription-based outlets, or other languages. As a result, the synthesized findings should be understood as reflecting patterns within high-impact and readily accessible academic research rather than providing an exhaustive representation of global evidence on digital wallet adoption among microentrepreneurs.

Second, the predominance of cross-sectional quantitative designs among the included studies constitutes a significant methodological limitation. Most primary studies focus on adoption intention and early-stage usage, with limited use of longitudinal, experimental, or mixed-method approaches. Consequently, this review cannot robustly assess causal relationships, behavioral evolution over time, or the long-term business effects of digital wallet adoption, such as sustained profitability, productivity growth, or enterprise resilience. This limitation restricts the ability to draw conclusions about persistence and dynamic impacts in real-world microenterprise settings.

Third, substantial heterogeneity in theoretical frameworks and construct operationalization further limits comparability across studies. Core constructs such as trust, perceived security, perceived usefulness, perceived risk, and social influence are conceptualized and measured inconsistently, reflecting the application of multiple models, including TAM, UTAUT, TPB, and various extended or hybrid frameworks. Although this theoretical diversity enriches conceptual understanding, it precludes quantitative aggregation and meta-analytic synthesis. Accordingly, the conclusions of this review rely on thematic convergence and qualitative pattern identification rather than standardized effect-size estimation.

4.5. Future Research

Building on the findings and limitations of this PRISMA 2020-compliant systematic review, future research should move beyond intention-based models and address empirically grounded questions related to sustained digital wallet use and firm-level outcomes among micro and small enterprises (MSEs) in emerging economies.

First, future studies should employ longitudinal and panel research designs to examine how digital wallet adoption evolves over time and to identify causal relationships between usage intensity and business performance indicators. Specifically, researchers should track microentrepreneurs across multiple periods to assess changes in sales growth, operating costs, cash-flow stability, tax compliance, and financial resilience, rather than relying solely on self-reported adoption intention.

Second, researchers should expand geographical and institutional coverage by incorporating underrepresented regions, particularly additional Latin American, African, and Middle Eastern economies. Comparative cross-country studies should explicitly model differences in regulatory frameworks, interoperability standards, levels of informality, and digital infrastructure quality, enabling systematic evaluation of how institutional environments condition adoption and outcomes.

Third, future research should prioritize the standardization and validation of measurement instruments for core constructs such as trust, perceived security, perceived risk, perceived usefulness, and social influence. Developing harmonized scales tailored to microenterprise contexts would facilitate replication, cross-study comparability, and meta-analytic synthesis, thereby strengthening cumulative knowledge and theory development.

Fourth, greater use of mixed-method and qualitative approaches is needed to capture contextual and institutional dynamics that quantitative models may overlook. In-depth interviews, case studies, and field-based ethnographic research should focus on informal business practices, trust-building mechanisms, merchant–customer interactions, and technology-mediated power asymmetries within microenterprise ecosystems.

Fifth, future studies should explicitly examine the post-adoption phase, including habit formation, user loyalty, platform switching, and discontinuance behavior among microentrepreneurs. Research designs should distinguish between initial adoption, sustained use, and abandonment, identifying economic, technological, and regulatory factors that influence long-term engagement with digital wallet platforms.

Finally, interdisciplinary research designs integrating perspectives from information systems, economics, regulation, and social inclusion are strongly encouraged. Future studies should analyze the interactions between fintech providers, traditional financial institutions, regulators, and microentrepreneurs, particularly in contexts characterized by high informality and low institutional trust. Such approaches would support the design of inclusive, secure, and context-sensitive digital payment ecosystems that align technological innovation with development objectives.

5. Conclusions

This study sets out to synthesize and critically analyze the scientific evidence on the migration of commercial transactions from cash to digital wallets among microentrepreneurs in Asia and Latin America. By applying the PRISMA 2020 protocol and reviewing 39 empirical studies published between 2021 and 2025, the review provides an integrated overview of adoption patterns, geographical research concentration, and the main determinants influencing digital wallet use in microentrepreneurial contexts. Overall, the findings confirm that digital wallet adoption represents a structural transformation in how micro and small enterprises conduct transactions, manage risk, and interact with the formal financial system.

In relation to the research questions posed in the introduction, the results of this systematic review provide clear answers. First, regarding the question of what scientific research exists on the migration of commercial transactions toward digital wallet use by microentrepreneurs, the evidence shows a growing body of empirical studies focused on adoption, acceptance, and continued use of digital wallets in emerging economies. Although a considerable share of the literature adopts a consumer-level perspective, its findings are frequently extended to microentrepreneurial settings, as transaction behaviors, trust formation, and perceived risks are directly connected to everyday business operations.

Second, with respect to the geographical distribution of research, the results reveal a strong concentration of scientific production in Southeast Asia, particularly in India, Indonesia, Malaysia, and Vietnam, while Latin America is mainly represented by Colombia and Peru. This distribution reflects both the rapid diffusion of digital payment technologies in these regions and the structural conditions that characterize their microenterprise sectors, including high levels of informality, reliance on cash-based transactions, and limited access to traditional banking services.

Third, concerning the most important findings derived from the reviewed literature, the synthesis indicates that digital wallet adoption among microentrepreneurs is primarily driven by perceived usefulness, ease of use, trust, and perceived security. In contrast, perceived risk, regulatory uncertainty, and institutional weaknesses emerge as key barriers to adoption and sustained use. Across both regions, the evidence suggests that adoption is not merely a technological decision, but a socio-technical process that affects transaction efficiency, physical and digital security, and, in several cases, business performance and income stability. Taken together, these findings directly address the research questions and confirm that the transition from cash to digital wallets among microentrepreneurs is shaped by behavioral, institutional, and contextual factors rather than by technology alone.

Despite these contributions, this study has certain limitations. The review is restricted to articles indexed in Scopus and Web of Science and to publications written in English or Spanish, which may exclude relevant evidence published in other languages or databases. In addition, the predominance of consumer-oriented studies limits the extent to which firm-level outcomes can be fully assessed. Future research should therefore prioritize microentrepreneur-focused empirical designs, longitudinal analyses, and comparative studies across regions to deepen understanding of the long-term economic and institutional impacts of digital wallet adoption.