CASHLESS FUTURE
Effectiveness of digital wallets on payment, savings, and investing among SBA students
Abstract
Digital payment methods, including online credit card payments, mobile wallets, electronic cash, and contactless payments, have revolutionized financial transactions in recent years. This study explored the effectiveness of digital wallets in facilitating payments, savings, and investments. A descriptive research approach was employed, utilizing a Google Form survey to collect data on financial behaviors, focusing on using digital wallets for various financial activities. The results revealed that peer-to-peer transfers were frequently used for transactions through digital wallets. Additionally, students agreed on the convenience of digital wallets, although technical issues were identified as a highly challenging usage aspect. The study also found that savings habits and financial literacy were highly efficient in promoting better financial practices, indicating the potential for digital wallets to enhance financial decision-making. Based on these findings, a financial literacy brochure titled DigiWISE was developed to improve digital wallet skills and encourage secure financial practices. This brochure aims to provide valuable insights and practical tips to support the effective use of digital wallets. This study contributes to the growing body of knowledge on digital financial tools, emphasizing their importance in shaping the future of cashless societies. By exploring the effectiveness of digital wallets in promoting financial literacy and responsible behavior, the study highlights the evolving role of technology in advancing financial inclusion and empowerment.
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