ABSRJ 2023 Volume 14, Number 2

Digital wallet adoption: Worldcoin’s impact on financial technology

Tanpat Kraiwanit
Rangsit University, Thailand

Pongsakorn Limna
Rangsit University, Thailand

Peerapat Wattanasin
Rangsit University, Thailand

Papon Moolngearn
Rangsit University, Thailand

Atipon Satranarakun
Rangsit University, Thailand



This study investigates the adoption of digital wallet technology, particularly Worldcoin, in Thailand’s fintech sector. Qualitative research involving interviews was conducted with 10 digital wallet experts, revealing significant adoption factors like convenience, security, and trust. Digital wallets provide benefits such as simplified payment processes, reduced complexity, increased accessibility, cost savings, and improved financial management. However, newcomers like Worldcoin face challenges, including user scepticism, trust issues, the need to attain critical mass, and uncertainties related to cryptocurrency regulations. These digital wallets have a profound impact on the fintech industry, driving competition and innovation and expanding financial inclusion. Nevertheless, strict adherence to regulatory requirements is crucial. Worldcoin and similar digital wallets possess the potential to revolutionise the fintech landscape by offering convenience and benefits while also presenting challenges to the industry and businesses. Success hinges on addressing user needs, ensuring robust security measures, complying with regulations, and fostering trust and innovation.

Keywords: Adoption; digital wallet; Worldcoin; financial technology

Full Text (PDF)