Advancing Towards a Cashless Society: The Acceptance of eWallet in Brunei Darussalam

The FinTech 3.5 and Its Impact to Mobile Financial Services

In addition to continuous technological advancement and the widespread Internet usage, The Global Financial Crisis of 2008 was a climacteric for the emergence of the FinTech 3.0 era (Arner, Barberis and Buckley, 2015). However Arner et al. (2015) clarified that the unfolding of the FinTech 3.5 era was deeply motivated by the emerging countries’ efforts in progressing economically. They also highlighted that the younger communities are typically equipped with smart devices earlier on and are technologically shrewd in this era (Arner et al., 2015). The Internet and mobile communications payments is noted to be a predominant focal point for FinTech 3.5 which provides opportunities to fintech companies. Furthermore, the continual and exponential rise in technological advancements may encourage merchants to provide alternatives to physical cash and cheque payments and opt for contactless payments to customers as this may help to reduce operating costs whilst simultaneously increase revenues. Hence, eWallet service is introduced as an alternative where it can store user details such as multiple credit and debit card account numbers, bank account information, passwords, loyalty cards and vouchers, whilst also allowing the user to make a transaction allowing for a more efficient payments between the customers and merchants.