DIGITAL WALLET ADOPTION: A REVIEW OF GLOBAL TRENDS AND IMPACTS

Abstract

This review paper examines the global trends and impacts associated with the adoption of digital wallets. It explores the rapid growth of digital wallet usage driven by technological advancements, increasing smartphone penetration, and shifts in consumer payment behavior. The study analyzes factors influencing adoption, including security concerns, convenience, and regulatory frameworks across different regions. Additionally, it evaluates the socio-economic and financial implications, such as enhanced financial inclusion, changes in consumer spending patterns, and challenges related to data privacy and cybersecurity. The paper concludes with insights into future prospects and strategies to encourage broader adoption worldwide.