Efficacy of Using Digital Wallet as Transaction Payment to Small Enterprise (SE) Along Novaliches Bayan, Quezon City

Vol.3, No.1A

Abstract

Using digital payment solutions promotes corporate productivity and improves overall business operations in today's modern international culture. Novaliches Bayan in Quezon City has one of the highest populations of digital wallet users. Because of the numerous benefits, many clients and business owners in Novaliches Bayan, Quezon City, have used digital wallets as a form of transaction payment. Furthermore, a digital wallet is more beneficial for Small enterprises regarding usefulness, flexibility, structural assurance, security, and privacy. A qualitative research method was used in this study. The study's respondents were fifteen (15) small business owners from Novaliches Bayan in Quezon City. In this research, purposeful sampling was used. The data was totaled and analyzed using frequency, percentage, and weighted mean.

Most Small Businesses use GCash for payment transactions, with only a few using Hellomoney App, Coins PH, Paymaya, and Moneygment; additionally, the majority use 1-2 digital wallets, with no one using five or more digital wallets. Finally, most of them are in the merchandising industry (retail clothing, grocery stores, and bookstores), with no one in the service industry. Except for the weighted mean of structural assurance, all variables on using a digital wallet as a transaction payment to SE were highly effective. The majority of the issues SE encounters are that the account must be verified using a government ID before sending money; however, they have a customer service hotline to find alternative solutions if you do not have a government ID. SE should be confident that the Gcash application will always be available. SE should strengthen its legal resources to protect its users better. The customers should be able to converse with customer service at their used digital wallet company and immediately verify their accounts, even if they do not have a government ID. The proposed transaction payment strategies require SE and customers to create accounts in digital wallet applications such as Gcash, Paymaya, and HelloMoney App. They can choose which digital wallet they want to use based on the availability of the digital wallet used by the users. Furthermore, due to the similarity of the digital wallets used by the SE and customers, it can assist SE and customers in avoiding many charges when sending money. As a result, both users can save a significant amount of money by employing this strategy.