Security Features Available on The Best E-Wallet Applications in Malaysia
The rapid development of financial technology, especially in the aspect of cashless and contactless digital payments, increases the adoption of e-wallet applications among people from all walks of life. People are shifting from cash-based to cashless since it is convenient. This study explores and compares the characteristics and security features of current e-wallet applications available in the market to identify the three best e-wallet applications. The result is Boost, GrabPay, and Touch 'n Go eWallet. The purpose of this research is to in-depth analysis of the unique selling points and weaknesses of each e-wallet, enabling people to make informed decisions from the abundance of choices. The findings provide insight that all the three best e-wallets provide diverse features, including perceived ease of use, money transfer, loyalty program, pay later service, and so on. In terms of security, each e-wallet implements various security measures such as biometric authentication, data encryption, fraud monitoring, and secure transaction pins to reinforce safeguards against fraudulent transactions. Device binding also allows customers to link the account with a device to secure the account and prevent unauthorized account activities. The present study helps individuals to have a better understanding of the characteristics and security features of top contenders, assisting them to choose a secure and reliable e-wallet application.