'Comparative analysis of an existing and newly designed e-wallet smartphone application among the elderly in the Philippines

Abstract

Fintech solutions are becoming increasingly present in societies today as people accept related innovations into existence and use them daily, where various financial services have been digitalized and integrated into smartphones. From mobile banking to digital payment solutions, AI integration, and e-wallets, these are examples of famous fintech solutions commonly used worldwide today. Focusing on the latter, e-wallets are products of fintech that utilize smartphones to conduct various daily financial transactions. However, as innovations in ICT continue to evolve, there are still sectors among societies that generally need help to accept and use such modern digitalized solutions. This paper aims to analyze the usage and acceptance of e-wallet applications in the Philippines among senior citizens by comparing an existing application with an application designed by the proponents. The study measures the acceptance and usage of senior citizens on said e-wallet applications based on their visual interface and interaction through its Design, Security, Navigation, Process Efficiency, and Language. Non-parametric statistical analysis tools (Wilcoxon Signed-Rank Test and Kendall Rank Correlation) were used to interpret the gathered data from thirty-five senior citizens who utilize e-wallet applications and reside around the National Capital Region. The Kendall Rank Correlation revealed the degree of relationships between variables (showing relationships between Acceptance and Display, Navigation, Process Efficiency, and Language, and between Usage and Display, Navigation, and Process Efficiency). In contrast, our Wilcoxon Signed-Rank Test showed statistical preference over the newly designed e-wallet application over the market-existing e-wallet initially compared with. The need to address such issues enables communities, establishments, developers, and companies to become more financially and digitally inclusive, especially toward senior citizens. This study may provide valuable insights toward a more technologically welcoming environment.

Keywords: Senior citizens, E-Wallets, Financial Technology, Digital Literacy, Financial Literacy, Financial Inclusion, Digital Inclusion

DOI: 10.54941/ahfe1005454