RISK PERCEPTIONS AND TRUST IN MOBILE WALLETS DURING ECONOMIC CRISES: A COMPARATIVE STUDY OF PUBLIC AND PRIVATE PLATFORMS

Abstract

Economic crises often reshape consumer behaviour, influencing trust and risk perceptions associated with financial technologies. Mobile wallets, a cornerstone of digitalization, have gained prominence as secure and convenient alternatives to cash transactions, especially during the COVID-19 pandemic when contactless payments became essential. This study examines the risk perceptions and trust dynamics in mobile wallet usage, focusing on a comparative analysis of public and private sector platforms. Data collected from 127 users were analyzed using SPSS to uncover trends in adoption and user confidence. Findings reveal that trust in private sector mobile wallets significantly surpasses that of public sector counterparts, driven by perceptions of superior service quality and technological innovation. The study underscores the importance of robust risk communication strategies and enhanced security measures to build user trust in times of economic uncertainty.