E-Wallets vs. Traditional Banking: A Comparative Study

The evolution of financial technology has revolutionized how individuals conduct financial transactions. E-wallets, as digital alternatives to conventional banking, have grown in popularity due to their ease of use, accessibility, and integration with smartphones. This study compares e-wallets and traditional banking services across key dimensions such as convenience, security, accessibility, cost, and consumer satisfaction. Using primary data collected from 250 respondents through structured questionnaires, the study analyzes user preferences and perceptions regarding both systems. Results indicate that while e-wallets offer superior convenience and speed, traditional banks retain trust for large transactions and long-term financial management. The paper concludes with practical recommendations for financial service providers and policymakers to promote an inclusive, secure, and efficient digital economy.