University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Chapter 5
E-wallet Payment System
Dr. Tran Van Hai Trieu
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
Learning objectives
• Modern Payment System
• Concepts and features of E-wallet.
• Classification of E-wallets.
• Current status of E-wallets in the World and
Vietnam.
• Requirements of E-wallet Security.
• Payment Processes of E-wallet.
• Case Study 2
“Thực trạng sử dụng thanh toán qua ví điện tử tại
Việt Nam – Một số vấn đề pháp lý và giải pháp”.
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Modern Payment System
Source: “Fintech: Shaping the world”, Gary Gensler, 2020
Dr. Tran Van Hai Trieu
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
1. Concepts and Features of E-wallet
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
What is an E-wallet?
• An E-wallet is a software-based system that
allows
individuals
to
make
electronic
transactions.
• E-wallets can also be used to transfer money
from one bank account to another, providing a
convenient and secure alternative to physical
wallets.
• By using An E-wallet, individuals can access
their financial information and make transactions
without the need for cash or credit cards.
Source: https://paytm.com
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
How does an E-wallet work?
• An E-wallet allow users to make quick and easy
payments online.
• E-wallets can be used for a wide range of
transactions as follows:
➢ Booking train/flight tickets.
➢ Completing mobile recharges.
➢ Paying electricity bills.
➢ Booking gas cylinders.
➢ Others.
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
How does an E-wallet work? (Cont.)
• To use an E-wallet, a user must first add money
from a linked bank account.
• E-wallets are secure and can be used for all sorts
of transactions.
• To complete transactions using an E-wallet, we
must have a smartphone, a payment app, and an
internet connection.
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
What are the Features of E-wallets
• There are many features that make digital
wallets a popular choice among consumers.
• These features may vary depending on the
specific payment application, but they typically
include the ability to easily make transactions,
transfer funds, access payment history, and
others.
• Some digital wallets may also offer additional
features, such as the ability to make payments
online and in-store, and the ability to conduct
transactions from anywhere in the world.
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
What are the Features of E-wallets (Cont.)
• Some key features
➢ Social login and
signup
➢ Integrated CRM
System
➢ Push Notifications
➢ Real Time Analytics
➢ QR Code
➢ E-Commerce
Integration
➢ Managing personal
expenses
➢ User Loyalty
Programs
Source: https://customerthink.com
➢ Online bills and
recharges
➢ Others
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
What are the Features of E-wallets (Cont.)
• Some key advanced features
➢ Geographic Location.
➢ Calendar.
➢ Synchronized data.
➢ In app camera.
➢ Cloud operations.
➢ Wearable integration.
➢ Digital receipt.
➢ Others.
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
2. Classification of E-wallets
Dr. Tran Van Hai Trieu
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
What should the classifications of
E-wallets be?
• Classified by where E-wallet information is
stored (Client side vs. Server side).
• Classified by E-wallet openness (Closed Wallet,
Semi-closed Wallet, Open Wallet).
• Classified by demands (i.e., Vehicle booking
service Grab/Moca, E-commerce / ShopeePay,
SendPayment / Momo, etc.)
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
Types of E-wallets
• Closed Wallet
➢ A closed wallet is a payment method that allows
users to make transactions through an app or
website.
➢ These wallets are typically created by businesses
for their customers to use.
➢ Users can only use the funds stored in the wallet
to complete transactions with the wallet’s issuer.
➢ If a transaction is canceled or a refund is issued,
the entire amount is returned to the wallet.
➢ It does not allow users to make payments outside
of the wallet’s issuer.
Source: https://paytm.com
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
Types of E-wallets (Cont.)
• Semi-closed Wallet
➢ A semi-closed wallet is a payment method that
allows users to easily perform transactions at
certain merchants.
➢ These wallets have a limited coverage area,
meaning they can only be used at merchants that
accept the wallet of issuer’s contract or
agreement.
➢ To accept payments from a semi-closed wallet,
merchants must agree to the contract or
agreement with the issuer.
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
Types of E-wallets (Cont.)
• Open Wallet
➢ Banks offer open wallets, which allow users to
perform any type of transaction.
➢ Open wallets offer flexibility, allowing users to
easily transfer funds.
➢ Payments can be made online and in-store at any
time.
➢ Open wallets can be used to conduct transactions
from anywhere in the world, as long as both the
sender and receiver have accounts on the same
application.
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Types of E-wallets (Cont.)
• Other Wallets
➢ Mobile Wallet.
➢ Online Wallets.
➢ Prepaid Wallet.
➢ Bank-Linked Wallets.
➢ Cryptocurrency Wallets.
➢ Peer-to-Peer (P2P) Wallets.
➢ Others.
Source: https://geniusee.com
Dr. Tran Van Hai Trieu
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
3. Current Status of E-wallets
in the World and Vietnam
Dr. Tran Van Hai Trieu
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Top 10 of E-wallets in Global
• E-wallets in the World
Source: https://geniusee.com
Dr. Tran Van Hai Trieu
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Global Payment Trend
Source: https://geniusee.com
Dr. Tran Van Hai Trieu
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
E-wallet Payment Trend in Vietnam
• E-wallet brand that users used the most in Vietnam
in the second quarter of 2023, by generation
Source: https://www.statista.com
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
E-wallet Market Share in Vietnam
• E-wallet market in Vietnam estimated to reach 50
million users by July 2024, 100 million users by May
2026, and 150 million by July 2030.
• By July 2030, the market share of active users will
include as follows: Momo 47.3%, ViettelPay 30.2%,
ZaloPay 16.5%, VNPT Pay 5.6%, Moca 0.4%.
Source: https://en.vietnamplus.vn
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
4. Requirements of E-wallet Security
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
Common Threads of E-wallet
• Five main common threats of digital wallets that
are associated with human interaction and
software were identified.
➢ Social engineering.
➢ Reserve engineering.
➢ Phishing attacks.
➢ Publish Wi-fi.
➢ Malware.
Source: Review of Digital Wallet Requirement, Md Arif Hassan and Zarina Shukur, 2020.
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
Common Threads of E-wallet (Cont.)
• Social engineering
➢ Social engineering is a way of controlling users'
systems or data instead of breaking or using
technical hacking techniques; it exploits human
psychology.
• Reserve engineering
➢ Reverse
engineering
attacks
hardcoded
passwords and encryption keys like data.
➢ This kind of technique involves the extraction of
source code in an E-wallet and various resources
from APK files.
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
Common Threads of E-wallet (Cont.)
• Phishing attacks
➢ Phishing link is a one of the fake access points
such as financial lottery, credit card numbers, and
SMS in which attackers can get users’ sensitive
data and personal information easily.
• Publish Wi-fi
➢ Performing digital wallet payment transactions
over public Wi-Fi can help third parties to interfere
with communication and potentially interfere with
payment through MITMF, Wi-Fi sniffing, and DNS
Spoofing.
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
Common Threads of E-wallet (Cont.)
• Malware
➢ Malware is the most common user threat
nowadays.
➢ Malware attacks on applications have threatened
to protect the user's money.
➢ An attacker can inject malware to attack the
digital wallet app and collect details from his
phone to abuse it.
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
Security Requirement of E-wallet
• Security considerations are an important part of
digital wallet.
➢ Integrity: Ensuring that information will not be
exchanged or damaged during the transaction
time or transmission time.
➢ Authentication: An authentication is a method to
verify the buyer’s identity before payment is
authorized.
Source: Review of Digital Wallet Requirement, Md Arif Hassan and Zarina Shukur, 2020.
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
Security Requirement of E-wallet (Cont.)
• Security considerations are an important part of
digital wallet.
➢ Non-repudiation: Security has been provided
buyers and refunds merchants have been denied.
➢ Encryption: An encryption is a process to unread
messages without having an authorized
decryption key.
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Security for E-wallet Usage
• Some critical issues for the security of E-wallet
Source: https://www.personalfn.com
Dr. Tran Van Hai Trieu
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
Functional Requirement of E-wallet
• Enrollment such as photo, information, and
fingerprint on an E-wallet.
• User authentication to digital wallet with a
fingerprint or PIN number.
• Transfer funds to and from E-wallet to E-wallet.
• Shopping via E-wallet by using a QR code.
• Adding or modifying credit cards saved onto Ewallet.
• Others.
Source: Review of Digital Wallet Requirement, Md Arif Hassan and Zarina Shukur, 2020.
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
Non-Functional Requirement of E-wallet
• The non-functional requirement for an E-wallet
can be classified into the following four
categories.
➢ Usability.
➢ Security.
➢ Performance.
➢ Reliability.
Source: Review of Digital Wallet Requirement, Md Arif Hassan and Zarina Shukur, 2020.
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
Non-Functional Requirement of E-wallet (Cont.)
• Usability
➢ Usability includes easy to use, efficiency,
learnability, safety, and user satisfaction
experience.
• Security
➢ Security system features ensure that the wallet
should be protected from unwanted or deadly
damage and unauthorized access.
➢ Some common standards in communication
protocol can be used as follows: SSL, SET,
Tokenization, Near Field-Communication (NFC),
and Encryption database.
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
Non-Functional Requirement of E-wallet (Cont.)
• Performance
➢ Performance refers to the capacity of an E-wallet
to process the transaction each second, as it
deposits without any failure.
➢ The standards measure the quality of the testing
system, as well as the use of such scalability,
reliability, and wealth.
• Reliability
➢ Infrastructure reliability and speed are needed to
ensure customer acceptance.
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
5. Payment Processes of E-wallet
Dr. Tran Van Hai Trieu
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Payment Processes by E-wallet
•
ViPay payment process
Source: https://cdgdbentre.edu.vn
Dr. Tran Van Hai Trieu
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
Payment Processes by E-wallet (Cont.)
•
VTCPay payment process
Source: https://vtcpay.vn
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Payment Processes of Apple Pay
Source: Security of Mobile Payments and Digital Wallets, Enisa, Dec 2016
Dr. Tran Van Hai Trieu
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
Payment Processes of Apple Pay (Cont.)
Source: Security of Mobile Payments and Digital Wallets, Enisa, Dec 2016
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
Case Study 2
“Thực trạng sử dụng thanh toán qua ví điện tử
tại Việt Nam
Một số vấn đề pháp lý và giải pháp”
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
In conclusion
• Modern Payment System
• Concepts and features of E-wallet.
• Classification of E-wallets.
• Current status of E-wallets in the World and
Vietnam.
• Requirements of E-wallet Safety.
• Payment Processes of E-wallet.
• Case Study
Understand
University of Information Technology – Vietnam National University, Ho Chi Minh City
Faculty of Information Systems
Dr. Tran Van Hai Trieu
THANK YOU
FOR YOUR ATTENTION
Q&A