Technology Assessment of Cloud-based E-wallet as a Technological Innovation in the Philippines

Abstract

This study assesses the technical innovation of cloud-based e-wallets in the Philippines, with an emphasis on performance improvements, operational advantages, challenges, and total added value. A qualitative case study methodology was used to collect data through Focus Group Discussions (FGDs) with selected members, managers, and unit heads of the Technology, Planning, and Innovation department of the currently widely used e-wallet provider in the Philippines. The findings show that cloud infrastructure significantly enhances e-wallet performance by increasing agility, scalability, and resilience, which allows quicker deployment and ongoing development. The significant advantages include exceptional operational efficiency, cost savings, and the potential for the company to shift its attention away from infrastructure maintenance and onto core service and product innovation. While challenges such as vendor lock-in and ambiguities in the shared responsibility model were discovered, the report recommends mitigating techniques such as a cloud-agnostic strategy and clearer operational frameworks. Cloud-based technology provides significant economic value and a competitive advantage by providing 24/7 availability and driving growth in the digital financial services ecosystem. Furthermore, the study emphasizes the cloud's function as a catalyst for future breakthroughs, such as the integration of AI, Machine Learning, Web3, and cryptocurrencies. The growing concern about environmental and economic sustainability in cloud operations is also discussed, emphasizing the importance of green efforts and transparent carbon footprint reporting. This research offers vital information for e-wallet providers, policymakers, and stakeholders, underlining cloud technology's revolutionary potential in promoting digital financial inclusion and sustainable operations in the Philippines.