Mobile Wallets and Digital Payments: Assessing the Impact on Financial Inclusion and Consumer Trust in Pakistan
DOI:
https://doi.org/10.47067/ramss.v8i3.557Keywords:
Mobile Wallets, Financial Inclusion, Consumer Trust, Perceived Security, User Challenges, Digital Payments, Regression Analysis, PakistanAbstract
This quantitative study examined the relationships between mobile wallet usage, consumer trust, perceived security, user challenges, and financial inclusion among employees in Pakistan (N = 350). The demographic profile revealed that 60% of respondents were male and 40% female, with the majority aged between 26 and 35 years (41.4%). Using SPSS for analysis, the findings demonstrated a strong positive correlation between mobile wallet usage and financial inclusion (r = 0.684, p < 0.001), indicating that higher digital payment engagement enhances access to financial services. Regression results confirmed that mobile wallet usage significantly predicted financial inclusion (? = 0.712, t = 17.48, p < 0.001), explaining 46.8% of the variance (R² = 0.468), with the model being statistically significant (F = 305.46, p < 0.001). Similarly, consumer trust (r = 0.642, R² = 0.412, ? = 0.695, p < 0.001) and perceived security (r = 0.611, R² = 0.373, ? = 0.658, p < 0.001) were found to be strong predictors of mobile wallet adoption, highlighting that trust and security perceptions are central to user behavior. Conversely, user challenges demonstrated a moderate negative relationship with adoption (r = –0.487, R² = 0.237, ? = –0.514, p < 0.001), suggesting that technical barriers and limited digital literacy hinder usage. Overall, the findings validate that mobile wallets and digital payment systems substantially improve financial inclusion when supported by consumer trust and perceived security, while infrastructural and user challenges remain key obstacles to broader adoption across Pakistan.
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