Unified Finance: Balancing Mobile Wallets and Traditional Payment Methods

Abstract

Omnichannel banking is challenged with the integration of digital wallets and credit cards in terms of security issues, user adoption, and interoperability. Literature emphasises how technological innovation supports improved financial transactions, security, and customer experience. This study employs an explanatory research design supported by secondary qualitative and quantitative data. Results highlight the growing adoption of digital payment platforms, enhancing financial inclusion and operational effectiveness. Financial institutions and banks need to invest in cybersecurity infrastructure, intuitive payment systems, and regulatory adherence to facilitate a harmonious coexistence of credit cards and digital wallets. Successful integration is vital to creating innovation and providing a safe, efficient, and customer-focused banking experience.