Digital Wallet Ecosystem in Promoting Financial Inclusion

Abstract

Digital wallet is expanding largely driven by the evolution of internet and smartphone penetration. Numerous digital wallet providers have risen in many countries including Brunei Darussalam. However, the level of adoption is still low, and cashless society is still far from an expected target. There's no magic formula in deploying a guaranteed successful digital wallet, but developing a digital wallet ecosystem that is tailored to the local markets will be expected to increase digital culture and cashless society. The research assesses the existing digital wallet ecosystem, then analyses the extent of compatibility of local market demand. Furthermore, it introduces an improved digital wallet ecosystem model in order to support financial inclusion achieved through a holistic digital wallet ecosystem. The chapter also examines external factors that contribute to the digital wallet ecosystem's width of usage.