Systematic Literature Review of E-Wallet: The Technology and Its Regulations in Indonesia

Abstract

In recent years, FinTech has developed very rapidly, especially in Indonesia. One of them is E-Wallet. The rapid development of E-Wallet makes understanding the related technologies even more important, such as Artificial Intelligence and Big Data. In this paper, we do a literature review and discuss how the use of Artificial Intelligence and Machine Learning help a lot in decision making, analysis security, and creating innovations that are useful in the FinTech industry, especially E-Wallet. The use of data mining and text mining in Big Data is also being discussed here. The technologies in E-Wallet are certainly very helpful, but the question is how secure the E-Wallet application is itself. There are a lot of cybercrimes including scamming, phishing, theft of personal data, and privacy losses that happened in the past few years. Therefore, we discuss the regulations in Indonesia regarding the E-Wallet and why it is not strong enough to protect the data or privacy of E-Wallet users. The readers will get the insight about the security of using E-Wallet and how the government, BI (Bank Indonesia), and OJK (Otoritas Jasa Keuangan) need to cooperate. That is because even though the regulations about data protection have been regulated here, there is no broader explanation about how the consumers should be informed about the processing of their data provided in the regulations. In this this paper, we use a Systematic Literature Review along with the research questions.