The Impact of E-Wallets Proliferation on Traditional Banking Transactions
Abstract
The study aimed to explore the impact of the widespread use of E-wallets on traditional banking transactions, by examining the economic and technological effects of e-wallet proliferation on traditional banking transactions. The core problem of the study focuses on how this impact affects the bank's customer base, geographical reach, operational costs, profitability, and the facilitation of customer service. The significance of the study arises from the shift in banking culture among people in Palestine, in conjunction with the rapid spread of technology and the younger generation’s growing interest in financial technology. It also examines the criteria for replacing certain traditional banking procedures and the mechanisms for regulating these E-wallets. In addition, the study emphasizes the importance of achieving success for E-wallets, maintaining their market share amidst competition, and ensuring they meet profitability goals. To achieve its objectives, the study utilized both descriptive and analytical approaches. A stratified random sample of 125 participants, representing 10% of the study population, was selected. Questionnaires were distributed electronically, and 121 valid responses were analyzed. The study’s results showed that E-wallets provide valuable insights into customer behaviors and enable integration with other applications, offering greater convenience to users and facilitating the management of their finances. This indicates that economic and technological improvements associated with the spread of E-wallets significantly enhance traditional banking interactions. The study also affirmed that improvements in banking transfer and clearing processes boost the effectiveness and spread of E-wallets. Furthermore, the widespread use of E-wallets positively affects all aspects of traditional banking transactions. The study concluded with several key recommendations, including the need for regular analysis of E-wallets to assess their economic impact, performance, and growth. It also emphasized the importance of continuously updating E-wallet systems and developing their programs to mimic all traditional banking services.
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