Next Article in Journal
Is Citation Count a Legitimate Indicator of Scientific Impact? A Case Study of Upper (1974) “The Unsuccessful Self-Treatment of a Case of Writer’s Block” and Its Derivatives
Previous Article in Journal
Measuring Open Access Uptake: Methods and Metrics to Assess a Market Transformation
 
 
Font Type:
Arial Georgia Verdana
Font Size:
Aa Aa Aa
Line Spacing:
Column Width:
Background:
Article

Evolution and Trends in Digital Wallet Research: A Bibliometric Analysis in Scopus and Web of Science

by
Nieves del Pilar Pizzan-Tomanguillo
1,*,
Tony Venancio Pereyra-Gonzales
2,
Segundo Victor León-Ramírez
2,
Jhon Bautista-Fasabi
3,
Carlos Daniel Rosales-Bardalez
4,
Roel Dante Gómez-Apaza
5 and
Sandra Lucero Pizzán-Tomanguillo
6,*
1
Formative Research Department, César Vallejo University, Tarapoto 22202, Peru
2
Unidad de posgrado, César Vallejo University, Moyobamba 22001, Peru
3
Faculty of Business Sciences, César Vallejo University, Tarapoto 22202, Peru
4
Unidad de Posgrado, César Vallejo University, Tarapoto 22202, Peru
5
Unidad de Posgrado, Peruvian Union University, Juliaca 21101, Peru
6
Research Department, National University of San Marcos, Lima 15081, Peru
*
Authors to whom correspondence should be addressed.
Publications 2024, 12(4), 34; https://doi.org/10.3390/publications12040034
Submission received: 20 August 2024 / Revised: 28 September 2024 / Accepted: 1 October 2024 / Published: 11 October 2024

Abstract

:
Digital wallets have become a driving force in the global economy, with 2.4 billion users worldwide in 2020, a figure projected to reach 3.6 billion by 2026. This study conducts an in-depth bibliometric analysis to evaluate the current state and future trends of digital wallet research using scientific databases such as Scopus and Web of Science. A scoping review methodology was applied, in which we analyzed 778 documents, following an eligibility process with the following search terms: “digital wallet”, “mobile wallet”, and “e-wallet”. Results show that India, the United States, and China are leading research efforts in this field. Key factors influencing the adoption of digital wallets include data security, ease of use, and integration with traditional payment systems. While much research has focused on technological innovation and adoption, significant gaps remain in areas such as blockchain integration and AI-driven solutions. This article provides the first comprehensive bibliometric analysis of digital wallets, offering crucial insights into emerging trends such as “blockchain”, “electronic commerce”, and “digital payments” and their role in shaping the future of financial technology.

Graphical Abstract

1. Introduction

Over the past decade, the adoption of digital wallets has experienced exponential growth, driven primarily by the global trend toward cashless payments in multiple sectors. This phenomenon has been catalyzed by advances in mobile technology and a growing preference for digital transactions [1]. Additionally, with the implementation of economic policies, digital wallet users are projected to grow to 3.4 billion by 2022 and surpass 5.2 billion worldwide by 2026 [2]. A digital wallet is a technological tool that allows users to store, manage, and use electronic money securely through mobile devices and computers [3].
The first versions of digital wallets began to emerge in the early 2000s in countries such as Japan and South Korea, where the adoption of advanced mobile technologies boomed. The Indian government has actively promoted the use of digital payments through initiatives such as Digital India, which has led to the rapid adoption of digital wallets such as Paytm and Google Pay [4,5,6,7]. In Latin America, the adoption of digital wallets is gaining momentum, driven by emerging political and regulatory frameworks designed to enhance financial inclusion. These evolving policies reflect the region’s recognition of digital wallets as essential tools for modernizing financial systems and providing greater access to financial services, particularly for underserved populations [8].
Moreover, there has been an increase in research on digital wallets, driven by the expansion of electronic banking and payment systems. The key factors driving the adoption of digital wallets include the interplay between their intuitive design, perceived utility, and reliability, along with the socioeconomic trends and regulatory frameworks that influence decisions to adopt these innovative platforms [9,10]. They provide a modern solution for storing, managing, and transacting digital currency and stand out for their convenience, advanced security measures, and accessibility [11,12,13]. Additionally, the integration of such technologies facilitates transactions within the dynamic tourism industries of a country, offering tourists a secure and simple means of managing funds [14,15,16,17].
The Technology Acceptance Model (TAM) and the Unified Theory of Acceptance and Use of Technology (UTAUT) [18,19] provide valuable frameworks for understanding the adoption of digital wallets across different demographics and markets. These models emphasize perceived usefulness and ease of use, which are critical determinants in consumer behavior and technology adoption [20,21]. In the context of digital wallets, these theories help explain the factors that drive user engagement, especially as mobile payment platforms become increasingly integrated into daily life. In the context of COVID-19, mobile wallets have established themselves as innovative and contactless payment solutions and have become an essential tool for personal finance management [22,23]. However, previous studies have analyzed data privacy, cross-border transactions, and consumer protection, thus prompting discussions on how regulatory frameworks must adapt to the fast-evolving fintech landscape [24,25]. These debates are critical to understanding the broader impact of digital wallets, not only on users but also on traditional banking systems, as digital wallets continue to disrupt conventional financial services [26,27].
It is important to note that despite the perceived growing literature on digital wallets, no comprehensive bibliometric analysis has been conducted to synthesize the scientific development of this area. These aspects are essential for advancing knowledge and research in the field. This study aims to address this gap by providing a detailed analysis of publications on digital wallets from 2000 to May 2024, using the well-regarded Scopus and Web of Science (WoS) databases. Fundamental aspects, such as quantity, quality, geographical distribution, author contributions, and predominant themes in this field, are addressed to provide a comprehensive understanding of the current state and future trends of research on digital wallets. To achieve this purpose, we pose the following research objectives: (i) analyze the extent and depth of scientific research conducted to date on digital wallets; (ii) identify the main researchers and geographical areas that have the most investigated digital wallets; (iii) explore the facets of digital wallets that have been studied in the existing scientific literature; and (iv) identify emerging research topics related to digital wallets.
This article is structured as follows: Section 2 provides a detailed description of the methodology employed in the study. Section 3 presents the results, utilizing the Biblioshiny tool. The findings and the proposals for future research areas in this field are discussed in Section 4. Finally, the conclusions and main implications derived from the article are presented in Section 5.

2. Materials and Methods

Bibliometric analysis is a research methodology that is widely recognized and valued by academics worldwide [28,29]. Its growing adoption is due to several distinctive features, such as the ease of execution and availability of a wide range of specialized software, such as Biblioshiny (Version Beta 4.0),as well as access to highly regarded databases, such as Scopus and Web of Science. Additionally, bibliometric analysis allows researchers to handle large volumes of data, thereby providing the ability to identify significant trends and patterns in scientific production [30]

2.1. Data Source, Data Extraction, and Study Selection

Bibliometric evaluation was performed using the Scopus and Web of Science (WoS) databases. The search strategy was designed around key terms essential to the field of study: “digital wallet”, “mobile wallet”, and “e-wallet”. These terms were used to filter the documents, including their presence in the titles, keywords, and abstracts. The methodology and phases of the selection process are described using the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) framework, as illustrated in Figure 1. This framework provides an accurate and organized visualization of the information flow throughout the different stages of the literature review [31].

2.2. Search Strategy

The thematic selection of the research focused on seven areas of knowledge that are directly connected with the use and study of digital wallets: Business, Management, and Accounting; Economics, Econometrics, and Finance; Social Sciences; Decision Sciences; Computer Science; Engineering; and Psychology. Data were collected in May 2024. The search strategy was designed to maximize the retrieval of relevant literature, employing descriptors such as “digital wallet”, “mobile wallet”, and “e-wallet” and combining them with Boolean AND and OR operators to broaden the search. The specific equation used in Scopus for searching titles, abstracts, and keywords was as follows: TITLE-ABS-KEY “digital wallet” OR “mobile wallet” OR “e-wallet”. As for WoS, it was the following: TI = “digital wallet” OR “mobile wallet” OR “e-wallet”.
Despite the initial availability of a large volume of articles, the results indicated a scarcity of documents that met the criteria for scientific review. A total of 1246 documents were initially identified, which underwent a rigorous filtering process detailed in the “Screening” section. This process focused on articles published after 2000, with no restrictions on the language of publication. Following the removal of 84 duplicate entries, the final dataset comprised 778 documents. The screening process adhered to PRISMA guidelines, ensuring objectivity and transparency at every stage. Studies were evaluated based on predefined inclusion and exclusion criteria that targeted duplicate studies, those unrelated to the research questions, and those failing to meet peer-review standards. Titles and abstracts were further reviewed to ensure alignment with the research focus. Additionally, the Scoping Review methodology was integrated, mapping the available literature and identifying knowledge gaps, providing a comprehensive overview of the scope of the research.

2.3. Data Analysis and Visualization

The bibliometric review was conducted using RStudio (Version 4.4.0), with Biblioshiny and the Bibliometrix package facilitating a comprehensive analysis of quantitative data extracted from the literature. Biblioshiny, an interactive web interface, allowed for seamless exploration and visualization of bibliometrix data. The analyzed dataset comprised 778 documents from 499 different sources, contributed by 1988 authors. A total of 2209 “Plus” keywords and 1862 author-generated keywords were identified, highlighting the diverse terminology within the dataset. The dataset also demonstrated an annual growth of 12.88%, with an average of 11.16 citations per document, underscoring its academic impact. Additionally, 2158 references were cataloged, forming a robust foundation for ongoing and future research in this field.

3. Results

Bibliometric Analysis

Figure 2 illustrates the publication trend from 2000 to 2024, which demonstrates the notable interest and academic attention that scientific production on digital wallets has garnered. However, a decline is observed in 2023 and 2024. These findings underscore the emergence of digital wallets as a key research area and reflect their growing importance in the global digital economy.
Figure 3 presents a three-field plot that links countries, affiliations, and keywords, with a maximum of 20 entries per field. The figure illustrates the interconnections among the 14 countries, 19 keywords, and 19 affiliations. The most frequently used keywords include “e-wallet”, “digital wallet”, “mobile payment”, and “mobile wallet”. In terms of scientific production, the leading affiliations are Bina Nusantara University in Indonesia, UCSI University in Malaysia, the University of Bayreuth in Germany, and University Malaysia Kelantan in Malaysia, all of which have published the most documents on this topic.
Figure 4 illustrates the main sources related to the topic during the analyzed period. The leading source in terms of the number of publications was “Lecture Notes in Networks and Systems”, closely followed by the “ACM International Conference Proceeding Series” and the “Journal of Retailing and Consumer Services”. At the lower end of the list is the “International Journal of Data and Network Science”. This distribution indicates that the most influential and frequently cited works were published in journals and conference series recognized in the fields of technology and consumer services.
Figure 5 illustrates the geographic distribution of digital wallet research, with color coding to highlight the dominant roles of India, the United States, and China. The darker shades represent countries with higher research productivity in digital wallet technologies, while lighter shades indicate lower research output. India leads in research output, driven by government-led initiatives such as Digital India and UPI, which have significantly increased digital financial inclusion. In the United States, a well-established fintech ecosystem, backed by technological infrastructure and innovation, drives high research productivity. Meanwhile, China’s rapid adoption of mobile payments, through platforms like Alipay and WeChat Pay, has positioned it as a key contributor in this field. The international collaboration lines show a global network of cooperation, reflecting shared challenges and advancements in digital wallet technologies.
Figure 6 shows the scientific production of the top ten authors in the field of digital wallets over time. In this figure, the size of the circles indicates the number of articles published by each author, with larger circles representing more publications. Additionally, the color of the circles reflects the number of citations per year, with a darker color indicating a higher number of citations. The image shows not only the productivity of each author but also the impact of their work on the scientific community, providing a clear view of the most influential and prolific researchers in this field.
Table 1 lists the authors with the highest number of publications in the field of digital wallets between 2000 and 2024. Rao H. from the University of Texas and Sedlmeir J. from the University of Luxembourg led with eight publications each in the databases. Rao stands out, with a considerable number of citations in Scopus (14,350) and an H-index of 54, indicating a high impact on the scientific community. Sedlmeir also performed well, with 689 citations in Scopus and an H-index of 14. Other notable authors include Amoroso, Chawla, Hasan, Joshi, Sharma, Singh, Goel, and Kapoor, each contributing six to seven publications. Joshi and Singh, both from institutions in India, had high citation numbers in WoS (3121 and 6039, respectively) and strong H-indices (29(W) and 41(S), respectively), demonstrating their relevance and leadership in this field of study.
Figure 7 demonstrates the thematic evolution of digital wallet research from 2000 to 2023. In the early years (2000–2018), the focus was on foundational technologies like electronic money and commerce, reflecting the initial exploration of digital payments. By 2019–2019, attention shifted to mobile wallets and data privacy, indicating the rise of mobile payment systems and the growing concerns over user security. The themes of blockchain and cryptocurrency emerge prominently by 2020–2021, driven by the need for secure financial solutions. Finally, in 2022–2023, themes such as machine learning and digital wallets illustrate the maturity of the field, focusing on optimizing user experience through advanced technologies. This progression highlights how technological advancements and market dynamics have shaped the research landscape.
The results in Figure 8 highlight the evolving priorities in digital wallet research. Motor themes like “electronic money” and “e-wallet” reflect the global push toward cashless economies, accelerated by digital transformation and consumer demand for secure transactions, especially post-pandemic. The prominence of blockchain as a basic theme stems from its role in enhancing the security and transparency of digital payments, which has become a key concern in financial technology. Meanwhile, declining themes like “technology adoption” suggest that earlier concerns about user acceptance have diminished, as digital wallets are now widely adopted. Research has shifted towards optimizing functionality and addressing security risks rather than focusing on initial adoption barriers. This thematic distribution underscores the growing focus on technological stability and economic scalability in digital finance.
Figure 9 presents a keyword co-occurrence map that reveals significant patterns in digital wallet research from 2000 to 2024. Central nodes like mobile wallet and e-wallet show that adoption and usability are key themes, with frequent connections to perceived usefulness and security, highlighting the role of user trust in driving widespread acceptance. Blockchain and digital wallet are closely linked to terms like privacy and cryptocurrency, suggesting that researchers are increasingly focused on decentralized technologies to enhance transaction transparency and security. The map also reflects the integration of digital wallets into global commerce, emphasizing the shift from early security concerns to more advanced applications like smart contracts and digital identity, which are poised to reshape the future of financial systems. These connections demonstrate how the field is moving toward more complex and secure digital ecosystems.
Figure 10 displays a clustering-based coupling network, where the strongest connections are observed among sources within the economic domain, with the “ACM International Conference Proceedings Series” serving as the central node, notable for its high citation count in conjunction with other publications. This highlights the crucial role that research presented at these conferences plays in shaping interconnected studies, particularly in the realm of the digital economy, positioning them as key sources for the dissemination of knowledge related to technology and digital transformation. The density of the connections reveals a strong thematic coupling, extending to engineering journals, which points to an intersection between these two disciplines. This interdisciplinary convergence between economics and technological engineering reinforces the notion that these fields are increasingly intertwined in areas like technological innovation and information management, emphasizing the critical importance of these publications in advancing knowledge and fostering progress in both areas.

4. Discussion

One of the fundamental goals for researchers in all the academic fields is to keep up with the most recent literature and findings. The ability to synthesize knowledge from previous research is important for advancing and meaningfully contributing to one’s area of study. Bibliometric analyses are essential tools that offer an objective view of the literature, allowing researchers to contextualize studies within the academic framework. This allowed us to address our research objectives regarding scientific research on digital wallets.
Analyze the extent and depth of scientific research conducted to date on digital wallets.
The bibliometric analysis of scientific production on digital wallets reveals an accelerated growth in the last decade, especially since 2018. This surge coincides with the global expansion of financial technologies (fintech), the increasing penetration of smartphones, and the demand for contactless payment solutions driven by the COVID-19 pandemic. However, while the volume of publications has grown exponentially, research remains heavily concentrated on core topics such as technology adoption, usability, and security. This growth reflects not only academic interest but also the social and economic demand for digital payment technologies, particularly in emerging economies where digital wallets are driving financial inclusion. Future research should focus on underexplored topics, such as leveraging artificial intelligence to enhance user experience and the incorporation of advanced technologies like smart contracts and central bank digital currencies (CBDCs), which promise to radically transform the global financial landscape.
Identify the top researchers and geographies that have conducted the most research on digital wallets.
Geographically, India, the United States, and China dominate the scientific production on digital wallets. In India, the government’s Digital India initiative and the development of the Unified Payments Interface (UPI) have been pivotal in the mass adoption of digital payments, particularly among unbanked populations [32,33]. This suggests that India’s payment infrastructure is poised to continue evolving and serves as a key case study for future research on financial inclusion [34,35]. Meanwhile, the United States leads in technological innovation, particularly in fintech, thanks to its robust venture capital ecosystem, the presence of tech giants such as Google and Apple, and the development of platforms like Apple Pay and Google Wallet [8]. Although the adoption of digital wallets has been somewhat slower compared to other markets, this can be attributed to a broader range of payment options and the persistence of traditional financial systems [36,37,38]. Nevertheless, the U.S. remains a leader in technological research on data security and advanced technologies like blockchain, underscoring its critical role in the global evolution of digital wallets [39,40,41].
In China, the rapid growth and adoption of platforms such as WeChat Pay and Alipay have driven its leadership in digital payment research [42,43]. These platforms have not only facilitated e-commerce but have also fundamentally transformed how Chinese consumers engage in daily transactions. Academic research in China has followed this trend, focusing on technologies like blockchain and central bank digital currencies, positioning China as a key player in the development of decentralized payment systems [44,45,46,47,48].
Explore the facets of digital wallets that have been studied in the existing scientific literature.
The primary themes explored in the existing literature on digital wallets revolve around usability, security, and privacy. These are consistently aligned with fundamental user concerns, particularly in relation to data protection and trust in digital payment platforms. Numerous studies have highlighted the critical role of user experience, showing that ease of use significantly impacts the widespread adoption of digital wallets, especially in regions with less technological infrastructure. Research also points out that perceptions of security and transparency remain decisive factors in user acceptance, with trust in digital transactions being contingent on the perceived safety of financial data. The importance of reinforcing these factors through advanced encryption technologies and secure authentication methods, such as biometric verification, is a recurring finding in the literature.
Keyword analysis across the academic discourse shows a strong correlation between digital wallet adoption and perceived security, which further underscores the critical importance of technologies that enhance transactional transparency and confidentiality. These elements are not only pivotal for individual user satisfaction but also for building broader trust in digital financial ecosystems.
In addition to security, the growing integration of blockchain and cryptocurrencies has been identified as a key theme in literature. These technologies offer enhanced security features through decentralized financial architectures, providing innovative solutions for more transparent and tamper-proof transactions. Studies indicate that blockchain-enabled wallets are poised to disrupt traditional financial models by reducing reliance on centralized banking institutions, thus facilitating a structural shift in global financial systems.
Furthermore, financial inclusion is a prominent topic, as many studies emphasize how digital wallets can bridge the gap for unbanked populations, especially in emerging economies. Research suggests that digital wallets play a crucial role in extending financial services to underserved regions, where traditional banking infrastructure is often limited or inaccessible. This contribution to financial democratization has been widely discussed, with digital wallets seen as a tool to foster economic empowerment through accessibility and affordability of financial services.
Moreover, the literature highlights the increasing influence of digital wallets on global commerce. Studies have demonstrated that digital wallets are not merely facilitators of electronic payments but are integral to the broader expansion of e-commerce and the digital economy. This trend has been particularly notable in countries where mobile commerce has grown exponentially. In such contexts, digital wallets are facilitating seamless transactions, and their role is becoming even more critical as global markets digitize further. Scholars have underscored the need for continued research on how digital wallets can be optimized to better meet the demands of a rapidly digitizing global market, ensuring that they remain relevant and effective tools for both consumers and businesses alike.
In summary, while security, usability, and privacy remain foundational topics, the literature is evolving to reflect the broader impact of digital wallets on financial inclusion, blockchain integration, and their transformative role in the global digital economy [49,50,51].
Identify emerging research topics related to digital wallets.
In today’s vibrant financial ecosystem, digital wallets have become a key catalyst for global economic transformation. They are not only redefining the way users interact with money but are also opening new frontiers in research that demand deeper exploration. Among the most impactful emerging topics is financial inclusion. Digital wallets are breaking down barriers, enabling millions of people previously excluded from the financial system to access payment and savings services for the first time. This phenomenon is particularly relevant in developing regions, where traditional banking infrastructure is limited.
However, the impact of digital wallets extends far beyond financial access. Interoperability between payment platforms has become a crucial challenge, especially as these technologies seek to create seamless ecosystems that enable frictionless transactions at both local and international levels. This has opened a line of research focused on establishing global standards that can ensure consistent and accessible user experience.
Additionally, security and privacy are at the core of the academic debate. With the proliferation of these platforms, a fertile environment for cybersecurity innovations has emerged. Research into biometric authentication technologies and advanced cryptography seeks not only to protect users but also to build trust in a system increasingly reliant on digital infrastructure. In this context, the challenges and opportunities related to data protection are seen as a critical priority to ensure the sustainability of the ecosystem.
An emerging area of research gaining relevance is the integration of artificial intelligence (AI) into digital wallets, which allows for the personalization of financial services. Predictive analytics and automated finance are examples of how this technology is transforming the user experience, facilitating efficient resource management, and adapting to the consumers’ individual needs.
The rise of cryptocurrencies is also creating a new chapter in the future of digital wallets. The convergence of traditional finance and decentralized currencies has driven research into regulations, market volatility, and user perception, transforming the use of digital wallets into an issue of trust, adaptation, and economic evolution. As decentralized finance gains traction, new forms of direct financial interaction, without intermediaries, are being explored through smart contracts, creating a scenario that could redefine banking as we know it.
Lastly, but no less important, central bank digital currencies are beginning to integrate into this ecosystem, raising fundamental questions about their coexistence with cryptocurrencies and their influence on the global financial structure. This convergence of technologies presents both opportunities and challenges in terms of regulation and economic stability.
Practical Implications and Future Research.
This study reveals several practical opportunities for businesses and governments to drive innovation and financial inclusion through digital wallets. Companies should focus on integrating blockchain technology to enhance security and transparency, building stronger user trust. Additionally, the incorporation of artificial intelligence (AI) can revolutionize the user experience by enabling personalized services and real-time fraud detection, further enhancing adoption. The development of cross-border interoperability in digital wallets could also transform global trade, allowing seamless transactions across different financial systems. Policymakers should prioritize creating regulatory frameworks that support AI-driven innovations and public–private partnerships, ensuring the safe and efficient expansion of digital payment infrastructures, especially in underserved markets.
Future research should explore the integration of artificial intelligence in digital wallets to enhance user personalization and fraud detection capabilities. Investigating how machine learning algorithms can predict user behavior and tailor financial services could revolutionize the digital payment experience. Additionally, research on the potential of central bank digital currencies within digital wallets is essential, particularly in understanding how they can reshape national monetary policies and cross-border transactions. Studies should also examine the scalability of blockchain in supporting high-speed transactions while maintaining security, a critical factor for the growth of global commerce. Finally, interdisciplinary research combining behavioral economics, technology adoption, and cybersecurity will provide valuable insights into how digital wallets can continue to evolve, ensuring both widespread adoption and long-term user trust in different economic contexts.

5. Conclusions

This research underscores the significance of digital wallets as a key tool for financial transformation. The leadership of countries such as India, the United States, and China in digital wallet research reflects not only their technological capabilities but also their responses to local needs for financial inclusion and security. However, this study has certain limitations. Firstly, it relies heavily on data from Scopus and Web of Science, which may not capture all relevant research, especially from emerging regions or non-English publications. Additionally, the focus on bibliometric analysis may overlook deeper qualitative insights into user behavior and adoption barriers. Future research, both quantitative and qualitative, will be crucial in gaining a deeper understanding of how these technologies can continue to evolve to provide inclusive and secure financial solutions on a global scale. Addressing these limitations by incorporating a wider range of databases and methodologies will offer a more comprehensive view of the digital wallet landscape.

Supplementary Materials

The following supporting information can be downloaded at https://www.mdpi.com/article/10.3390/publications12040034/s1: File S1: Coded datasheet of the analyzed papers.

Author Contributions

Conceptualization, S.L.P.-T.; methodology, N.d.P.P.-T.; formal analysis, N.d.P.P.-T. and S.V.L.-R.; writing—original draft, C.D.R.-B., S.L.P.-T. and R.D.G.-A.; writing—review and editing, S.V.L.-R., N.d.P.P.-T. and J.B.-F.; supervision, T.V.P.-G. and R.D.G.-A.; project administration, T.V.P.-G., C.D.R.-B., N.d.P.P.-T. and S.V.L.-R. All authors have read and agreed to the published version of the manuscript.

Funding

This research received no external funding.

Data Availability Statement

All data are available in the manuscript and Supplementary File S1.

Conflicts of Interest

The authors declare no conflicts of interest.

References

  1. Sankaran, R.; Chakraborty, S. Factors Impacting Mobile Banking in India: Empirical Approach Extending UTAUT2 with Perceived Value and Trust. IIM Kozhikode Soc. Manag. Rev. 2021, 11, 7–24. [Google Scholar] [CrossRef]
  2. Yang, M.; Al Mamun, A.; Mohiuddin, M.; Nawi, N.C.; Zainol, N.R. Cashless Transactions: A Study on Intention and Adoption of e-Wallets. Sustainability 2021, 13, 831. [Google Scholar] [CrossRef]
  3. Uribe-Linares, G.P.; Ríos-Lama, C.A.; Vargas-Merino, J.A. Is There an Impact of Digital Transformation on Consumer Behaviour? An Empirical Study in the Financial Sector. Economies 2023, 11, 132. [Google Scholar] [CrossRef]
  4. Singh, N.; Sinha, N.; Liébana-Cabanillas, F.J. Determining Factors in the Adoption and Recommendation of Mobile Wallet Services in India: Analysis of the Effect of Innovativeness, Stress to Use and Social Influence. Int. J. Inf. Manag. 2020, 50, 191–205. [Google Scholar] [CrossRef]
  5. Adiani, W.; Aprianingsih, A.; Fachira, I.; Debby, T.; Maharatie, A.P. Social Influence, Financial Benefit, and e-Wallet Multi-Brand Loyalty: The Mediating Impact of Commitment. Cogent Bus. Manag. 2023, 11, 2290228. [Google Scholar] [CrossRef]
  6. Kumar, S.N.; Puttanna, K. Payments Transition in India—Consumer Preferences and Policy Shifts. Banks Bank Syst. 2018, 13, 17–30. [Google Scholar] [CrossRef]
  7. Bhatia-Kalluri, A. Fostering Adoption of Digital Payments in India for Financial Inclusion: Policies and Environment for Implementation. Lect. Notes Netw. Syst. 2023, 693, 673–682. [Google Scholar] [CrossRef]
  8. Bellido, G.; Bartolo, E. Billeteras Electrónicas: Una Herramienta Para El Emprendimiento En La Era Digital. Interconectando Saberes 2023, 15, 9–21. [Google Scholar] [CrossRef]
  9. Ilieva, G.; Yankova, T.; Dzhabarova, Y.; Ruseva, M.; Angelov, D.; Klisarova-Belcheva, S. Customer Attitude toward Digital Wallet Services. Systems 2023, 11, 185. [Google Scholar] [CrossRef]
  10. Hossain, A.; Quaresma, R.; Rahman, H. Investigating Factors Influencing the Physicians’ Adoption of Electronic Health Record (EHR) in Healthcare System of Bangladesh: An Empirical Study. Int. J. Inf. Manag. 2019, 44, 76–87. [Google Scholar] [CrossRef]
  11. Pal, D.; Vanijja, V.; Papasratorn, B. An Empirical Analysis towards the Adoption of NFC Mobile Payment System by the End User. Procedia Comput. Sci. 2015, 69, 13–25. [Google Scholar] [CrossRef]
  12. Oliveira, T.; Thomas, M.; Baptista, G.; Campos, F. Mobile Payment: Understanding the Determinants of Customer Adoption and Intention to Recommend the Technology. Comput. Hum. Behav. 2016, 61, 404–414. [Google Scholar] [CrossRef]
  13. Iscan, C.; Akbulut, F. Fraud Detection Using Recurrent Neural Networks for Digital Wallet Security. In Proceedings of the 2023 8th International Conference on Computer Science and Engineering (UBMK), Burdur, Turkiye, 13–15 September 2023; pp. 538–542. [Google Scholar] [CrossRef]
  14. Soodan, V.; Rana, A. Modeling Customers’ Intention to Use e-Wallet in a Developing Nation: Extending UTAUT2 with Security, Privacy and Savings. J. Electron. Commer. Organ. 2020, 18, 89–114. [Google Scholar] [CrossRef]
  15. Ajina, A.; Javed, H.; Ali, S.; Zamil, A. Are Men from Mars, Women from Venus? Examining Gender Differences of Consumers towards Mobile-Wallet Adoption during Pandemic. Cogent Bus. Manag. 2023, 10, 2178093. [Google Scholar] [CrossRef]
  16. Baxi, C.; Patel, K.; Patel, K.; Patel, V.; Acharya, V. Consumers’ Digital Wallet Adoption: Integration of Technology Task Fit and UTAUT. Int. J. Asian Bus. Inf. Manag. 2023, 15, 1–23. [Google Scholar] [CrossRef]
  17. Zaidan, H.; Shishan, F.; Al-Hasan, M.; Al-Mawali, H.; Mowafi, O.; Dahiyat, S.E. Cash or Cash-Less? Exploring the Determinants of Continuous Intention to Use e-Wallets: The Moderating Role of Environmental Knowledge. Compet. Rev. 2024. [Google Scholar] [CrossRef]
  18. Jadil, Y.; Rana, N.P.; Dwivedi, Y.K. A Meta-Analysis of the UTAUT Model in the Mobile Banking Literature: The Moderating Role of Sample Size and Culture. J. Bus. Res. 2021, 132, 354–372. [Google Scholar] [CrossRef]
  19. Gasanov, E.A.; Krasota, T.G.; Kulikov, A.V.; Pitsuk, I.L.; Primachenko, Y.V. A New Model Of Consumer Behaviour In The Digital Economy. Eur. Proc. Soc. Behav. Sci. 2022, 126, 314–322. [Google Scholar] [CrossRef]
  20. Al-Okaily, M.; Lutfi, A.; Alsaad, A.; Taamneh, A.; Alsyouf, A. The Determinants of Digital Payment Systems’ Acceptance under Cultural Orientation Differences: The Case of Uncertainty Avoidance. Technol. Soc. 2020, 63, 101367. [Google Scholar] [CrossRef]
  21. Alfie, N.; Sidi, J.; Junaini, S.; Chai, W.; Mit, E.; Gedat, R. Bridging the Digital Gap: A Systematic Review on UI/UX Design Considerations for Elderly-Friendly Digital Wallets. In Proceedings of the 2023 6th International Conference on Applied Computational Intelligence in Information Systems (ACIIS), Bandar Seri Begawan, Brunei, 23–25 October 2023. [Google Scholar] [CrossRef]
  22. Kapoor, A.; Sindwani, R.; Goel, M.; Shankar, A. Mobile Wallet Adoption Intention amid COVID-19 Pandemic Outbreak: A Novel Conceptual Framework. Comput. Ind. Eng. 2022, 172, 108646. [Google Scholar] [CrossRef]
  23. Michell, C.; Winarto, C.N.; Bestari, L.; Ramdhan, D.; Chowanda, A. Systematic Literature Review of E-Wallet: The Technology and Its Regulations in Indonesia. In Proceedings of the 2022 International Conference on Information Technology Systems and Innovation (ICITSI), Bandung, Indonesia, 8–9 November 2022; pp. 64–69. [Google Scholar] [CrossRef]
  24. Apanasevic, T.; Markendahl, J.; Arvidsson, N. Stakeholders’ Expectations of Mobile Payment in Retail: Lessons from Sweden. Int. J. Bank Mark. 2016, 34, 37–61. [Google Scholar] [CrossRef]
  25. Aria, M.; Cuccurullo, C. Bibliometrix: An R-Tool for Comprehensive Science Mapping Analysis. J. Informetr. 2017, 11, 959–975. [Google Scholar] [CrossRef]
  26. Johnson, V.L.; Kiser, A.; Washington, R.; Torres, R. Limitations to the Rapid Adoption of M-Payment Services: Understanding the Impact of Privacy Risk on M-Payment Services. Comput. Hum. Behav. 2018, 79, 111–122. [Google Scholar] [CrossRef]
  27. Iscan, C.; Kumas, O.; Akbulut, F.; Akbulut, A. Wallet-Based Transaction Fraud Prevention Through LightGBM With the Focus on Minimizing False Alarms. IEEE Access 2023, 11, 131465–131474. [Google Scholar] [CrossRef]
  28. Ellegaard, O.; Wallin, J.A.; Dk, S. The Bibliometric Analysis of Scholarly Production: How Great Is the Impact? Scientometrics 2015, 105, 1809–1831. [Google Scholar] [CrossRef] [PubMed]
  29. Waltz, M.; Matos, R.; Braga, L.A.; Batista, F.; Galvão, C. A Bibliometric and Descriptive Analysis of Inclusive Education in Science Education. Stud. Sci. Educ. 2021, 57, 241–263. [Google Scholar] [CrossRef]
  30. Niknejad, N.; Ismail, W.; Bahari, M.; Hendradi, R.; Salleh, A.Z. Mapping the Research Trends on Blockchain Technology in Food and Agriculture Industry: A Bibliometric Analysis. Environ. Technol. Innov. 2021, 21, 101272. [Google Scholar] [CrossRef]
  31. Farisyi, S.; Musadieq, M.; Al Utami, H.N.; Damayanti, C.R. A Systematic Literature Review: Determinants of Sustainability Reporting in Developing Countries. Sustainability 2022, 14, 10222. [Google Scholar] [CrossRef]
  32. Nileshkumar, R. Digital Payment System in India—Pathway to Digital India. Peer Rev. Ref. J. 2024, 1, 55–58. [Google Scholar] [CrossRef]
  33. Sharma, P.; Sharma, S. Mapping the Intellectual Structure of Mobile Payment Research: A Bibliometric Analysis. SAGE Open 2023, 13, 21582440231200329. [Google Scholar] [CrossRef]
  34. Chawla, D.; Joshi, H. Consumer Perspectives about Mobile Banking Adoption in India—A Cluster Analysis. Int. J. Bank Mark. 2017, 35, 616–636. [Google Scholar] [CrossRef]
  35. Hassan, M.; Iqbal, A.; Iqbal, Z. Factors Affecting the Adoption of Internet Banking in Pakistan: An Integration of Technology Acceptance Model and Theory of Planned Behaviour. Int. J. Bus. Inf. Syst. 2018, 28, 342–370. [Google Scholar] [CrossRef]
  36. Aji, H.; Adawiyah, W. How E-Wallets Encourage Excessive Spending Behavior among Young Adult Consumers? J. Asia Bus. Stud. 2022, 16, 868–884. [Google Scholar] [CrossRef]
  37. Bagla, R.K.; Sancheti, V. Gaps in Customer Satisfaction with Digital Wallets: Challenge for Sustainability. J. Manag. Dev. 2018, 37, 442–451. [Google Scholar] [CrossRef]
  38. Behera, C.; Kumra, R. Two Decades of Mobile Payment Research: A Systematic Review Using the TCCM Approach. Int. J. Consum. Stud. 2024, 48, e13003. [Google Scholar] [CrossRef]
  39. Lo, W.W.; Kulatilleke, G.K.; Sarhan, M.; Layeghy, S.; Portmann, M. Inspection-L: Self-Supervised GNN Node Embeddings for Money Laundering Detection in Bitcoin. Appl. Intell. 2023, 53, 19406–19417. [Google Scholar] [CrossRef]
  40. Sedlmeir, J.; Buhl, H.U.; Fridgen, G.; Keller, R. The Energy Consumption of Blockchain Technology: Beyond Myth. Bus. Inf. Syst. Eng. 2020, 62, 599–608. [Google Scholar] [CrossRef]
  41. Chawla, D.; Joshi, H. Role of Mediator in Examining the Influence of Antecedents of Mobile Wallet Adoption on Attitude and Intention. Glob. Bus. Rev. 2023, 24, 609–625. [Google Scholar] [CrossRef]
  42. Sahi, A.M.; Khalid, H.; Abbas, A.F.; Khatib, S.F.A. The Evolving Research of Customer Adoption of Digital Payment: Learning from Content and Statistical Analysis of the Literature. J. Open Innov. Technol. Mark. Complex. 2021, 7, 230. [Google Scholar] [CrossRef]
  43. Loh, X.M.; Lee, V.H.; Tan, G.W.H.; Ooi, K.B.; Dwivedi, Y.K. Switching from Cash to Mobile Payment: What’s the Hold-Up? Internet Res. 2021, 31, 376–399. [Google Scholar] [CrossRef]
  44. Balakrishnan, V.; Shuib, N.L.M. Drivers and Inhibitors for Digital Payment Adoption Using the Cashless Society Readiness-Adoption Model in Malaysia. Technol. Soc. 2021, 65, 101554. [Google Scholar] [CrossRef]
  45. Hilpert, H. China’s Currency Campaign: The Challenge of Internationalisation and Digitalisation of the Renminbi. SWP Res. Pap. 2024. [Google Scholar] [CrossRef]
  46. Miglionico, A. Digital Payments System and Market Disruption. Law Financ. Mark. Rev. 2022, 16, 181–196. [Google Scholar] [CrossRef]
  47. Huang, Y.; Wang, X.; Wang, X. Mobile Payment in China: Practice and Its Effects. Asian Econ. Pap. 2020, 19, 1–18. [Google Scholar] [CrossRef]
  48. Torre, D.; Xu, Q. Digital Payments in China: Adoption and Interactions among Applications. J. Open Ed. 2020, 172, 55–82. [Google Scholar] [CrossRef]
  49. Sakalauskas, E.; Bendoraitis, A.; Lukšaite, D.; Butkus, G.; Vitkutė-Adžgauskienė, D. Tax Declaration Scheme Using Blockchain Confidential Transactions. Informatica 2023, 34, 603–616. [Google Scholar] [CrossRef]
  50. Ramayanti, R.; Rachmawati, N.A.; Azhar, Z.; Nik Azman, N.H. Exploring Intention and Actual Use in Digital Payments: A Systematic Review and Roadmap for Future Research. Comput. Hum. Behav. Rep. 2024, 13, 100348. [Google Scholar] [CrossRef]
  51. Teng, S.; Khong, K.W. Examining Actual Consumer Usage of E-Wallet: A Case Study of Big Data Analytics. Comput. Hum. Behav. 2021, 121, 106778. [Google Scholar] [CrossRef]
Figure 1. PRISMA diagram.
Figure 1. PRISMA diagram.
Publications 12 00034 g001
Figure 2. Annual trend of scientific research on digital wallets (2000–2024) in WoS and Scopus, analyzed with R-Studio and bibliometrix.
Figure 2. Annual trend of scientific research on digital wallets (2000–2024) in WoS and Scopus, analyzed with R-Studio and bibliometrix.
Publications 12 00034 g002
Figure 3. Three-field diagram relating countries, affiliations, and keywords in WoS and Scopus using R-Studio and bibliometrix.
Figure 3. Three-field diagram relating countries, affiliations, and keywords in WoS and Scopus using R-Studio and bibliometrix.
Publications 12 00034 g003
Figure 4. Leading publication sources in WoS and Scopus, analyzed using R-Studio and bibliometrix.
Figure 4. Leading publication sources in WoS and Scopus, analyzed using R-Studio and bibliometrix.
Publications 12 00034 g004
Figure 5. Geographic distribution of scientific production analyzed using R-Studio and bibliometrix in WoS and Scopus.
Figure 5. Geographic distribution of scientific production analyzed using R-Studio and bibliometrix in WoS and Scopus.
Publications 12 00034 g005
Figure 6. Temporal evolution of author production in the field of digital wallets.
Figure 6. Temporal evolution of author production in the field of digital wallets.
Publications 12 00034 g006
Figure 7. Analysis of thematic evolution in WoS and Scopus using R-Studio and bibliometrix.
Figure 7. Analysis of thematic evolution in WoS and Scopus using R-Studio and bibliometrix.
Publications 12 00034 g007
Figure 8. Thematic map of research in WoS and Scopus, analyzed with R-Studio and bibliometrix.
Figure 8. Thematic map of research in WoS and Scopus, analyzed with R-Studio and bibliometrix.
Publications 12 00034 g008
Figure 9. Detail of the co-occurrence keywords, using R-Studio and Bibliometrix.
Figure 9. Detail of the co-occurrence keywords, using R-Studio and Bibliometrix.
Publications 12 00034 g009
Figure 10. Source clustering by coupling of publications on digital wallets using Biblioshiny.
Figure 10. Source clustering by coupling of publications on digital wallets using Biblioshiny.
Publications 12 00034 g010
Table 1. Authors with the highest number of publications in the field of study between 2000 and 2024.
Table 1. Authors with the highest number of publications in the field of study between 2000 and 2024.
AuthorInstitutionCountryNumber of Publications on the Subject in Both DatabasesNumber of Publications Scopus (S) WoS (W)Number of Citations Scopus (S) WoS (W)H-Indices Total Scopus (S) WoS (W)
RAO H.The University of TexasUSA8320(S) 231(W)14.350(S) 9.505(W)54(S)
45(W)
SEDLMEIR J.University of LuxembourgLuxembourg836(S)
21(W)
689(S)
360(W)
14(S)
9(W)
LOVING D.Auburn University, MontgomeryUSA780(S)
21(W)
813(S)
307(W)
12(S)
9(W)
CHAWLA D.Government Medical College and HospitalIndia7173(S) 21(W)1732(S)
360(W)
23(S)
9(W)
HASAN M.Hashemite UniversityJordan73(S)
2(W)
0(S)
0(W)
1(S)
0(W)
JOSHI H.Institute of Technology RoorkeeIndia763(S) 190(W)724(S)
3121(W)
15(S) 29(W)
SHARMA S.Central Drug Research Institute, IndiaIndia756(S)
46(W)
1415(S)
361(W)
20(W)
10(W)
SINGH A.University of DelhiIndia7151(S)
3(W)
6039(S)
36(W)
41(S)
3(W)
GOEL M.Pomona CollegeUSA64(S)
2(W)
39(S)
1(W)
3(S)
1(W)
KAPOOR A.University of Science & TechnologyIndia6O(S)
5(W)
0(S)
40(W)
0(S)
3(W)
Disclaimer/Publisher’s Note: The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of MDPI and/or the editor(s). MDPI and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content.

Share and Cite

MDPI and ACS Style

Pizzan-Tomanguillo, N.d.P.; Pereyra-Gonzales, T.V.; León-Ramírez, S.V.; Bautista-Fasabi, J.; Rosales-Bardalez, C.D.; Gómez-Apaza, R.D.; Pizzán-Tomanguillo, S.L. Evolution and Trends in Digital Wallet Research: A Bibliometric Analysis in Scopus and Web of Science. Publications 2024, 12, 34. https://doi.org/10.3390/publications12040034

AMA Style

Pizzan-Tomanguillo NdP, Pereyra-Gonzales TV, León-Ramírez SV, Bautista-Fasabi J, Rosales-Bardalez CD, Gómez-Apaza RD, Pizzán-Tomanguillo SL. Evolution and Trends in Digital Wallet Research: A Bibliometric Analysis in Scopus and Web of Science. Publications. 2024; 12(4):34. https://doi.org/10.3390/publications12040034

Chicago/Turabian Style

Pizzan-Tomanguillo, Nieves del Pilar, Tony Venancio Pereyra-Gonzales, Segundo Victor León-Ramírez, Jhon Bautista-Fasabi, Carlos Daniel Rosales-Bardalez, Roel Dante Gómez-Apaza, and Sandra Lucero Pizzán-Tomanguillo. 2024. "Evolution and Trends in Digital Wallet Research: A Bibliometric Analysis in Scopus and Web of Science" Publications 12, no. 4: 34. https://doi.org/10.3390/publications12040034

APA Style

Pizzan-Tomanguillo, N. d. P., Pereyra-Gonzales, T. V., León-Ramírez, S. V., Bautista-Fasabi, J., Rosales-Bardalez, C. D., Gómez-Apaza, R. D., & Pizzán-Tomanguillo, S. L. (2024). Evolution and Trends in Digital Wallet Research: A Bibliometric Analysis in Scopus and Web of Science. Publications, 12(4), 34. https://doi.org/10.3390/publications12040034

Note that from the first issue of 2016, this journal uses article numbers instead of page numbers. See further details here.

Article Metrics

Back to TopTop