Search Results (34)

This paper examines the concepts, technologies, and services of various types of electronic wallets and compares and analyzes their security features. Additionally, it presents specialized security threats through cases of breaches of key information that need to be managed according to the type of electronic wallet. One of the main contributions of this paper is that, unlike existing studies, it provides explanations and discussions encompassing both traditional e-wallets and cryptocurrency-based wallets. It identifies and insightfully examines the functions of electronic wallets according to the type of digital asset while also incorporating scenario-based quantitative analysis to assess how effectively certain security requirements mitigate identified risks. In particular, the classification of wallet types in this paper is based on an analysis of the existing literature that has studied the services, functionality, and security of each wallet. Through this, we suggest a future direction for universal wallets by highlighting critical security requirements that may arise when identity (ID), payment, and cryptocurrency services converge in a single interface. Rather than proposing an exhaustive universal wallet architecture, this paper focuses on key technical elements that future e-wallet environments should consider to withstand the multifaceted threat landscape posed by integrated digital asset management. Full article

In pursuit of a higher-quality post-pandemic economic recovery, Chinese authorities have accelerated the development of the e-CNY. This study posits that the e-CNY distinguishes itself from other payment instruments through its controlled anonymity, programmability, and non-interest-bearing attributes. By analyzing patents filed by the Digital Currency Research Institute of the People’s Bank of China between 2016 and 2023, the paper elucidates potential implementation strategies for these distinctive features. The findings suggest that the e-CNY may facilitate a zero-interest accrual model within the prevailing legal framework. Restricted authority access and the anonymity ensured by encrypted data further allow users to maintain a high degree of confidentiality. Additionally, conditional automatic transfers—a prominent function in the e-CNY’s smart contracts—mirror traditional automatic transfers for directed fund utilization without impeding the circulation of fiat currency. The People’s Bank of China has sought to thoughtfully integrate these functionalities into its Central Bank Digital Currency framework, aiming to minimize potential conflicts with existing legal standards. Instead of relying solely on extensive legislative revisions, China’s experience illustrates how deliberate and incremental CBDC design choices can reconcile regulatory compliance with innovative technological advancements. Full article

The COVID-19 pandemic has precipitated several challenges, prompting the Indonesian government to enact rules aimed at minimizing direct contact to mitigate the spread of COVID-19, which has also affected transactional activities. Transactions conducted using a digital wallet represent a technological advancement that facilitates a cashless society lifestyle. Bank Indonesia established the Quick Response Code Indonesian Standard (QRIS) as a QR Code standard for digital payments using Electronic Money-Based (EU) servers, electronic wallets, or Mobile Banking. This study aims to identify the elements that affect consumer willingness to convert from cash payments to the QRIS during the COVID-19 epidemic. This study collected data through an online survey, distributing a 17-item questionnaire to QRIS users, yielding 568 valid responses. This research used a modified version of the Push-Pull-Mooring theory and an adaptation of the Unified Theory of Acceptance and Use of Technology (UTAUT2) model, concentrating on consumers’ intentions to transition from cash payments to QRIS utilization. This study employed the Hybrid SEM-ANN methodology with the SmartPLS and IBM SPSS Statistics 27 applications for data analysis. This investigation had 11 hypotheses, of which 4 were accepted. The findings indicated that alternative attractiveness, trust, critical mass, and traditional payment habits significantly influenced the intention to transition from cash payments to QRIS payments during the COVID-19 pandemic. Full article

The implementation of Central Bank Digital Currencies (CBDCs) faces significant challenges in achieving the same level of anonymity and convenience in offline transactions as cash. This limitation imposes considerable constraints on the development and widespread adoption of CBDCs. Unlike cash, digital currencies, similar to other electronic payment methods, necessitate internet or other network connectivity to verify payment eligibility. This study proposes a secure offline payment model for CBDCs that operates independently of internet or network connections by utilizing a Trusted Platform Module (TPM) to enhance the security of digital currency transactions. Additionally, the monotonic counter, the basic component of the TPM, is integrated into this model to prevent double spending in a completely offline environment. Our research presents a protocol model that combines these easily implementable technologies to facilitate the efficient processing of transactions in CBDCs entirely offline. However, it is crucial to acknowledge the security implications associated with the TPMs and near-field communications upon which this protocol relies. Full article

Blockchain technology is an important technical basis for ensuring carbon trading and plays a fundamental role in maintaining fairness in the carbon trading market. This paper proposes a carbon emission metering and settlement method and a system based on blockchain technology which creates the digital identity of electric meters and stores it in the blockchain. Verifiable credentials are generated based on the digital identity, energy data, and time stamp. The system records the energy data read by the verified meter to the blockchain cloud platform for carbon emission statistics. In the payment and settlement stage, through application of the blockchain and its combination with a digital payment wallet, the regional energy network consumption settlement value is generated according to the regional power supply and electricity consumption, and the settlement value is used as the benchmark to measure the carbon emissions in the region. Through the data analysis of practical application cases in an industrial park in China, this study concludes that the carbon emission statistical settlement method based on blockchain technology solves the problems of untrustworthiness, unreliability, and inconsistency in the statistical and settlement methods during the statistical settlement of electric energy statistics and energy consumption carbon emissions. Full article

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. Full article

The transportation industry has been recognized as one of the industries that can benefit from investment in blockchain-based systems and services that enable distributed data management and improve the effectiveness and efficiency of the transportation sector. However, the literature needs a guiding framework for integrating blockchain in issuing and preserving public transportation transactions in a technical environment that is secure, efficient, and transparent. This study proposes a blockchain-based transportation wallet (BTW) framework that facilitates the main digital transactions across diverse public transportation services. BTW embodies leveraging blockchain technology, which provides a decentralized and immutable ledger that records and verifies transactions, ensuring trust and reducing the risk of fraud. The framework has been validated by developing a blockchain-based public transportation smart wallet named “RideChain”. This serves as a single decentralized point for making public transportation transactions and payments, as well as identity authorizations and management. RideChain enhances passengers’ and service providers’ experience through a secure and authentic platform for offering several reliable public transportation transactions efficiently. In this study, we implemented a smart contract to establish a protocol between passengers and journey services. The testing methodologies used in this study comprise unit testing, integration testing, performance testing, and user acceptance testing. The findings suggest that BTW has been successfully verified to demonstrate its capability for secure transactions, authenticity of monetary transactions, automated smart contracts, decentralized identity authentication, and effortless payments. Full article

Cryptocurrencies have now become an emerging blockchain-based payment technology; among them, bitcoin is the best known and most widely used. Users on these networks are pseudo-anonymous, meaning that while all transactions from an address are transparent and searchable by anyone, the users’ true identities are not directly revealed; to preserve their privacy, users often use many different addresses. In recent years, some studies have been conducted regarding analyzing clusters of bitcoin addresses that, according to certain heuristics, belong to the same entity. This capability provides law enforcement with valuable information for investigating illegal activities involving cryptocurrencies. Clustering methods that rely on a single heuristic often fail to accurately and comprehensively cluster multiple addresses. This paper proposes Bitcoin Address Clustering based on multiple Heuristics (BACH): a tool that uses three different clustering heuristics to identify clusters of bitcoin addresses, which are displayed through a three-dimensional graph. The results lead to several analyses, including a comparative evaluation of WalletExplorer, which is a similar address clustering tool. BACH introduces the innovative feature of visualizing the internal structure of clusters in a graphical format. The study also shows how the combined use of different heuristics provides better results and more complete clusters than those obtained from their individual use. Full article

Nowadays, transactions carried out with digital currencies are increasing. Modern societies are asked to respond to growing challenges related to the management of digital currencies in their daily lives. However, due to the lack of digital skills of users, the management of digital currencies hides risks. To the best of our knowledge, the originality of the current research lies in the act of combining the concept of digital skills with the use of digital currencies. After all, the use of digital currencies is constantly increasing, which means that citizens should familiarize themselves with their use, an element that makes this study valuable for digital societies. Digital skills effectively contribute to the development of digital societies because they increase the employment of citizens, facilitate access to information, and contribute to the social inclusion of individuals through digital communication, while also increasing efficiency and productivity in the workplace. Also, the government and banking institutions can more effectively sensitize citizens to digital skills for more effective use of digital currencies. In this way, tax payments will be facilitated, the use of e-wallets will be safer, and e-governance will be greatly promoted, while the quality of banking services will be improved. The methodology of this study was based on the Digital Competence Framework for Modern Societies (DigComp) and was applied through a questionnaire completed by 443 respondents. The main objective was to evaluate their digital skills from the perspective of digital currency use. The analysis of the responses was carried out by using Structural Equation Modeling (SEM). The most important result from this research reveals that users of digital currencies are significantly capable of developing communication to solve everyday problems. At the same time, users of digital currencies mostly detect digital threats and effectively manage fake news without being affected by them. However, users of digital currencies consider that security issues are important, but only for transactions and not for their supporting functions. The study concludes with suggestions for improving the experience of digital currency users through individual actions, thus having a positive impact on the state and banking institutions. Full article

In the current study, we sought to construct an integrated model to identify various elements and evaluate the impact of these identified factors on customers’ behavioral intention to use or not use specific M-wallets for payment. To this end, we proposed and validated a conceptual model. In all, 600 questionnaires were distributed, and 482 responses were deemed usable. Structural equation modeling was used to demonstrate the stability of the proposed model and to test the research hypotheses. Perceived value, trust, compatibility, and social influence were all found to have a substantial influence on behavioral intention; however, consumers are less likely to use an M-wallet on the basis of perceived enjoyment. We also found that trust, followed by compatibility, has a stronger influence on customers’ behavioral intentions in the context of M-payments. This study only included six M-wallets and was restricted to a certain age group in a single city. Understanding the many characteristics of behavioral intention can help M-wallet providers gain consumer trust and increase the frequency with which consumers use M-wallets for M-payments. The findings suggest that M-wallet service providers should consider and manage all influencing elements as proactive strategies for M-wallet intention. This strategy can be used to create an M-wallet-user behavioral intention model that will assist enterprises/companies in managing the establishment of their users’ behavioral intentions. Full article

This research has undertaken a systematic literature review (SLR) of articles focusing on the acceptance of fintech payment services by identifying 84 peer-reviewed articles published in international scientific journals from 2015 to April 2023. This paper uses the Scientific Procedures and Rationales for Systematic Literature Reviews (SPAR-4-SLR) protocol to gather relevant articles and the theory, context, constructs, and methodology (TCCM) framework to analyse them. The conducted SLR has several findings. First, the Technology Acceptance Model (TAM) is the main theory used to examine consumers’ acceptance of fintech payment services. Second, studies in this area have been conducted in 24 countries, with a focus on Indonesia, Malaysia, and China. The study themes identified include fintech payment apps, Buy Now Pay Later (BNPL), mobile payment, fintech services, e-wallet, and Islamic Fintech. Third, the perceived usefulness, trust, perceived ease of use, and attitude are the four main constructs found to have a significant association with behavioural intention. Finally, most studies (64) rely on quantitative methods, particularly questionnaires. Based on the findings, this study identifies research gaps and provides a future research agenda. The review also has practical implications for policymakers and corporations in developing strategies and policies promoting the acceptance of fintech payment services. Limitations include B2C focus, exclusion of B2B behavior, lack of targeting specific user demographics, and reliance on secondary data. These present opportunities for further research. Full article

In this paper, we have presented the design and implementation of a blockchain-based approach for ensuring reliable supply chain management for commodities transported through smart containers. To administer interactions between the sender and receiver, our developed system makes use of the Ethereum blockchain’s smart contract features. Smart containers equipped with Internet of Things (IoT)-enabled sensors are used to monitor shipping conditions to check predefined shipping requirements. Smart contracts on Ethereum are used to automate payments, validate receivers, and give refunds in the case of violation of predefined requirements. We have also implemented our designed front-end decentralized WebApp and wallet that allows the sender and receiver to communicate with Ethereum smart contracts. Full article

Blockchain is a revolutionary technology that is constructively transforming many traditional industries, including financial services. Blockchain demonstrates immense potential in bringing substantial benefits to the remittance industry. Although the remittance industry has crossed the mark of USD 600 billion in 2021, remittance cost is still substantially high, around 6% on average, indirectly limiting financial inclusion and promoting de-risking. The involvement of multiple intermediaries in global remittances makes cross-border payments more expensive. Many projects, including Ripple and Stellar, employ blockchain technology to provide alternative infrastructure for cross-border payments. However, the decentralization of blockchain networks in both solutions is debatable. This paper examines the market characteristics impacting remittance cost, a prominent factor driving the evolution of the remittance industry. A truly decentralized blockchain framework viz. LayerOneX, which provides remittance services at a reduced cost, is proposed in this paper. Devices with low computation and memory capacity can act as transaction validators in this solution. A universal wallet across homogeneous and heterogeneous blockchains is proposed to facilitate fast and inexpensive remittance services. Thus, a novel framework for true decentralization of blockchain-based remittance services, resulting in reduced cost and, therefore, better financial inclusion, is proposed in this paper. Full article

The goal of this study is to examine and identify the factors influencing customer attitude toward and intention to use digital wallets (electronic wallets, e-wallets) during and after the COVID-19 pandemic. A total of 257 correctly fulfilled questionnaires from an online survey were summarized. The main features of e-wallet payment systems were classified with a focus on consumer satisfaction via the integration of classic and modern data analysis methods. Structural Equation Modeling (SEM) was preferred to reveal the dependencies between the variables from e-wallets users’ perspective. The designed model can discover and explain the underlying relationships that determine the e-wallets’ adoption mechanism. The obtained results lead to specific recommendations to stakeholders in the value chain of payment processing. Financial regulatory authorities could employ the presented results in planning the development of payment systems. E-commerce marketers could utilize the proposed methodology to assess, compare and select an alternative way for order payment. E-wallet service providers could establish a reliable multi-criteria system for the evaluation of digital wallet adoption. Being aware of the most important components of e-wallets value, managers can more effectively run and control payment platforms, enhance customer experience, and thus improve the company’s competitiveness. As the perceived value of customer satisfaction is subjective and dynamic, measurements and data analysis should be conducted periodically. Full article

The proliferation of digital payments has paved the way for the greater use of E-wallets or mobile payments in over-the-counter (OTC) retail transactions. Nevertheless, given its economic and accessibility benefits over NFC forms of mobile payment, relatively little is known about QR-code E-wallet (QREW) adoption from the consumer–brand relationship perspective. The study aims to address this knowledge void by augmenting brand equity elements (perceived value, brand image, and brand awareness) to comprehensively analyze consumers’ QREW usage intention in the OTC retail environment. A structural equation modeling analysis was performed on 305 consumers in the greater Klang Valley, Malaysia. The empirical findings suggest that brand awareness positively affects QREW usage intention and mediates the effects of both perceived quality and brand image on the outcome. Moreover, the results reveal a serial mediation effect involving all of the examined factors. Theoretically, this study supplements the literature on mobile payments from the consumer–brand relationship view, in which the predictive nature of brand equity factors is examined separately. In practical terms, considering that the Malaysian market QREW is in a relatively early growth stage, the findings should offer QREW providers insights into how to capitalize on brand equity mechanisms for attracting consumers to utilize their offerings. Full article