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

Purpose: This study aims to explore the challenges and prospects of using e-wallets in Malaysia, and what it means for businesses and customers. Suggested here are strategies to leverage the strengths and opportunities as well as overcome the weaknesses and threats. Suggested here are strategies to...

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Bibliographic Details
Published in:Business Process Management Journal
Main Author: Alam M.M.; Awawdeh A.E.; Muhamad A.I.B.
Format: Article
Language:English
Published: Emerald Group Holdings Ltd. 2021
Online Access:https://www.scopus.com/inward/record.uri?eid=2-s2.0-85106317228&doi=10.1108%2fBPMJ-11-2020-0528&partnerID=40&md5=04cdd98f345cffa02acfe375741d2c8a
id 2-s2.0-85106317228
spelling 2-s2.0-85106317228
Alam M.M.; Awawdeh A.E.; Muhamad A.I.B.
Using e-wallet for business process development: challenges and prospects in Malaysia
2021
Business Process Management Journal
27
4
10.1108/BPMJ-11-2020-0528
https://www.scopus.com/inward/record.uri?eid=2-s2.0-85106317228&doi=10.1108%2fBPMJ-11-2020-0528&partnerID=40&md5=04cdd98f345cffa02acfe375741d2c8a
Purpose: This study aims to explore the challenges and prospects of using e-wallets in Malaysia, and what it means for businesses and customers. Suggested here are strategies to leverage the strengths and opportunities as well as overcome the weaknesses and threats. Suggested here are strategies to leverage the strengths and opportunities as well as overcome the weaknesses and threats. Design/methodology/approach: This study analyses the e-wallet phenomenon using a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis to assess Malaysian business development. It is supported with findings from the literature and secondary data. The relevant secondary data were collected from Bank Negara Malaysia and the World Bank. Findings: This study shows that e-wallets in Malaysia have still not achieved their purpose but there is huge potential to do so. The SWOT analysis identified several strengths (e.g. financial incorporation, easy to access, protection and safety, simple for other accounts to connect to, product and consumer service management, quick to implement/administer), weaknesses (e.g. lack of infrastructure and the “tapping” of devices already cornered by the mobile phone market, opportunities (e.g. eliminating fraud, better customer service, promotion/loyalty that can be built into customer experience) and threats (e.g. attacks from viruses, frequent inquiries whether multiple wallets can be used by clients, the concerns of reckless spending behaviour of the e-wallet users). Research limitations/implications: This study is crucial for assessing the current situation and the prospects of e-wallets in Malaysia. This study also offers significant insights for policymakers and e-wallet service providers to develop appropriate strategies to enhance e-wallet services in Malaysia. Originality/value: This paper is the first of its kind to integrate a SWOT analysis and the rapid development of the e-wallet market in Malaysia. Hence, the findings could broaden our knowledge on the fintech industry and enable firms to participate in the e-wallet market. © 2021, Emerald Publishing Limited.
Emerald Group Holdings Ltd.
14637154
English
Article
All Open Access; Green Open Access
author Alam M.M.; Awawdeh A.E.; Muhamad A.I.B.
spellingShingle Alam M.M.; Awawdeh A.E.; Muhamad A.I.B.
Using e-wallet for business process development: challenges and prospects in Malaysia
author_facet Alam M.M.; Awawdeh A.E.; Muhamad A.I.B.
author_sort Alam M.M.; Awawdeh A.E.; Muhamad A.I.B.
title Using e-wallet for business process development: challenges and prospects in Malaysia
title_short Using e-wallet for business process development: challenges and prospects in Malaysia
title_full Using e-wallet for business process development: challenges and prospects in Malaysia
title_fullStr Using e-wallet for business process development: challenges and prospects in Malaysia
title_full_unstemmed Using e-wallet for business process development: challenges and prospects in Malaysia
title_sort Using e-wallet for business process development: challenges and prospects in Malaysia
publishDate 2021
container_title Business Process Management Journal
container_volume 27
container_issue 4
doi_str_mv 10.1108/BPMJ-11-2020-0528
url https://www.scopus.com/inward/record.uri?eid=2-s2.0-85106317228&doi=10.1108%2fBPMJ-11-2020-0528&partnerID=40&md5=04cdd98f345cffa02acfe375741d2c8a
description Purpose: This study aims to explore the challenges and prospects of using e-wallets in Malaysia, and what it means for businesses and customers. Suggested here are strategies to leverage the strengths and opportunities as well as overcome the weaknesses and threats. Suggested here are strategies to leverage the strengths and opportunities as well as overcome the weaknesses and threats. Design/methodology/approach: This study analyses the e-wallet phenomenon using a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis to assess Malaysian business development. It is supported with findings from the literature and secondary data. The relevant secondary data were collected from Bank Negara Malaysia and the World Bank. Findings: This study shows that e-wallets in Malaysia have still not achieved their purpose but there is huge potential to do so. The SWOT analysis identified several strengths (e.g. financial incorporation, easy to access, protection and safety, simple for other accounts to connect to, product and consumer service management, quick to implement/administer), weaknesses (e.g. lack of infrastructure and the “tapping” of devices already cornered by the mobile phone market, opportunities (e.g. eliminating fraud, better customer service, promotion/loyalty that can be built into customer experience) and threats (e.g. attacks from viruses, frequent inquiries whether multiple wallets can be used by clients, the concerns of reckless spending behaviour of the e-wallet users). Research limitations/implications: This study is crucial for assessing the current situation and the prospects of e-wallets in Malaysia. This study also offers significant insights for policymakers and e-wallet service providers to develop appropriate strategies to enhance e-wallet services in Malaysia. Originality/value: This paper is the first of its kind to integrate a SWOT analysis and the rapid development of the e-wallet market in Malaysia. Hence, the findings could broaden our knowledge on the fintech industry and enable firms to participate in the e-wallet market. © 2021, Emerald Publishing Limited.
publisher Emerald Group Holdings Ltd.
issn 14637154
language English
format Article
accesstype All Open Access; Green Open Access
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