The Industrial Revolution

tested on computer. Fourth industrial revolution build on the Digital revolution which technology becomes embedded within societies and even the human body.

Breakthrough of the technology in current era in the fields of robotics, artificial, biotechnology, numerous disciplines and also economies has the potential to improve quality of human’s life and raise global income level for populations around the world. Fourth industrial revolution will bring a lot of change such as change in employment, change in equality and change in privacy. According to Klaus Schwab (n.d.), we should place people first in future compare to those new technology. With the arrival of the Fourth Industrial Revolution, banking industry will get affected as well where bank perhaps is one of the industries that has seen leading indicators in this revolution. Digitization of banking services and processes is improving which not only in enabling smoother customer transaction process but also banks internal process as well. For example, online banking have bring a lot of benefit and convenience to customers nowadays. The future of banking will be truly digital where we will no more seeing people queuing in the bank to carry out their transaction. Mobile payment and E-wallets are the digitization of banking services. Mobile payment also known as mobile money, mobile wallet or mobile money and it refer to payment services operates under financial regulation and performed through mobile device. People will prefer paying through mobile compare to cash, cheque, or credit card since it is very convenience and effective. This kind of mobile payment system became widely available now a days due to the improvement of technology. There are various technologies support mobile payment include token transmission over the air (OTA) or through manual entry with a keypad. Others include Bluetooth, Wi-Fi, RFI, and Near Field Communication (NFC) (Meola, 2016). Mobile payment is very welcoming by consumer due to its convenience, time saving and it will help to improve the sales and also keep customer loyal. Consumer can easily use mobile device to complete payment transaction compare to stop at an ATM for cash or loading a wallet or purse with credit card. According to Farhan Cazi (2018), E-wallets also enable consumer to make payment but it work out of an app. Consumer can top up money into this E-wallets and use this app to settle the payment. There are different type of E-wallets like QR code scanning, In-app payment, Online payment or even Off line payment. These app are very common now a days as it able to build a connection between customer and merchant and bring the most benefit to targeted customer. While download this app customer will become loyal and they felt more convenience since they no need to bring a lot of cash while outing. QR code are most popular payment method and it used by many merchant like 99 Speedmart, Telekom Malaysia, SYABAS, DBKL Parking, Tea Live, TGV Cinema or even Touch n Go. Although this revolution can bring positive impact to banking industry but at the same time there are various legal or regulatory challenges may limit or affect the performance of banking industry. In short, all parties including banking industry, financial industry and even government have to figure out the way or method to resist with the negative impact that come from the Fourth Industrial Revolution. 2.0 Pros of Mobile Payments and E-Wallet It is significant to consider the pros and cons of mobile payment and e-wallets as these schemes are most probably will be used in the future to completely replace the physical cash in the shape of coins and banknotes. (Guadamuz, n.d) One of the pros of mobile payment and e-wallets is consumer convenience. Mobile payment can be done by using an electronic device such as smartphone that allow the consumers to make payment without using physical cash or even credit cards and debit cards. Nowadays, smartphones are literally used by everyone. Many of the transactions are now can be done by using online payment such as QR code scanning, WeChat Pay, in-app payment, online payment et cetera. Thus making payment with their ‘daily driver’ which is smartphone is much easier and more convenient for consumers as they do not need to carry a lot of cash for small transactions, like bus fares. (Guadamuz, n.d) The introduction of mobile payment and e-wallets systems can increase consumer confidence. Mobile payment and e-wallets are the systems with integrity that ensure no money will be taken from a user without explicit consent or authorization by that user. Some security requirements such as out-band authorization and password authorization are needed to complete the transaction when making mobile payment. With the out-band authorization, the authorizing party which is the money payer will be notified by bank and will need to confirm or deny the payment when making mobile payment. Meanwhile the password authorization requires users to include the cryptographic check value that computed using a secret only known by the authorizing party and verifying party. It can be the identification number, a six-digit PIN number or any form of password that created by the user. (Thakur, 2018) Besides, time savings also one of the pros of mobile payment and e-wallets systems. Transactions usually take only a few minutes to be completed at anytime, anywhere. It seems to be very convenient to the users especially in the sector of Business to Customer (B2C) commerce. Consumers can shop online, make order and payment without stepping out from their houses to visit any shop or store. They can also visit different online stores to compare the prices, promotions, qualities offered at the same time. (Yang, 2017) There are some advantages for money receiver. For instance, credit risk of the money receiver will be reduced. By depositing a certain amount into their online accounts, consumers are able to make mobile payment. At the same time, consumers are only allowed to spend not more than the total amount that they had topped up into their online account. In that case, consumers would not spend over the amount of the balance in their online account, so the possibility of credit risk of money receiver would be eliminated. Without using physical cash to make payment, money receiver do not need to worry that the money they received are counterfeit banknotes as well.  (Team, 2018) According to Zulhuda (2012), migration to mobile payment and e-wallets systems can help to promote a more eco-friendly environment.

Mobile payment that refer to paperless monetary transactions are done by using only electronic devices meanwhile without using paper, mobile payment and e-wallets systems contribute much in promoting the eco-friendly environment. At the same time, paperless transactions help to reduce costs such as printing cost in the area of B2C commerce as the buyer will pay online and seller would send an e-receipt online as well. There are many bribery, corruption and fraud cases recent years in Malaysia. The use of physical cash in government ministries undoubtedly is one of the contributors to these issues as cash couldn’t be tracked easily. According to Azih and Nonye (2015), with the implementation of mobile payment system in government ministries, it improves the transparency of all the money transactions in government ministries. It ensures that the fund are paid into or remitted from the public treasure appropriately as well as ensuring the data integrity, authenticity of money receivers, issuance of bank statement, accessibility of account information by approved signatories. For instance, there is a case of bribery that reported on 15 Nov 2018, the former Rural and Regional Development Ministry secretary-general Datuk Mohd Arif Ab Rahman was convicted of abetting his son which is Ahmad Zukhairi in accepting a RM627,833 bride from Syarikat Wazlina Sdn Bhd. It was an inducement for a hybrid solar system project which worth RM60 million. (Hamdan, 2018). With the implementation of mobile payment system, it can help to reduce these issues especially in government ministries as all the money transactions will be more transparent as the transaction records will be shown entirely when the transactions are done by using any electronic devices. 3.0 Cons of Mobile Payment and E-wallets In contrast, mobile payments and e-wallets also have their flaws. 

One of the cons of mobile payments and e-wallets is they’re easier to track. This is because when someone carry on the transaction, every of the transaction that had been carried on will then leave a digital record which will make some of the people concerned about their privacy. Although this privacy is not posted publicly, but people are still afraid of being hacked by those hackers (Harper, 2018). Besides, the criminals also able to access on people’s mobile banking PIN and other sensitive information easily if their mobile device is loss (Chandran, 2014). This will lead to people facing susceptible of identity theft easily (Ramya, Sivasakthi & Nandhini, 2017). This issue will make people feel very unsafe and unsecure. Moreover, the disadvantage of mobile payments and e-wallets is internet connectivity. Nowadays, internet connectivity is the main problem to most of the people. This is because people nowadays need internet connection to conduct a transaction. For example, if someone is going to a hill station today which the place does not have enough mobile towers to support the signal, this will lead to the speed of the internet become slower. With this, the transaction is hard to carry on because the speed is too slow (Patel, 2017). Besides that, most of the mobile banking apps require an internet connection to operate. Those people who live in a rural area or had experienced the internet connection problems will not able to access their accounts (Chandran, 2014). Therefore, internet connectivity is important for people to perform the transactions. However, many developing countries do not have a proper infrastructure to sustain a suitable internet connection to the people with a huge number (Patel, 2017). Furthermore, mobile payments and e-wallets are having compatibility issue. This is because they\’re only supported by certain phones. Nowadays, most of the mobile payment systems had used a technology called NFC (near-field communication) to send the transaction data to a payment terminal. This had make the transaction to the mobile payments become easily. However, not all the mobile devices can do it (Harper, 2018). The modern mobile devices such as Smartphone and tablets are more suitable for mobile banking compared to those old models of mobile phones and devices (Chandran, 2014). For example, if someone is using a windows smartphone which is on an old version of android OS, or even iPhone 5 or iPhone 5S, there will be some of the mobile wallets which are not able to support on the person’s mobile devices and he or she will not able to enjoy the services (Patel, 2017). In addition, he or she will also not able to carry on the transactions seem the mobile wallets are not supported on his or her mobile devices. In addition, device failure is also one of the cons of mobile payments and e-wallets. The mobile devices such as smartphones consists of hardware and software problems. For example, if there is not enough storage on the mobile devices, people are not able to download any of the mobile app. The problems of the phone’s battery will occur and the software compatibility will always remain. These device failures will lead to the use of mobile wallets being limited (Patel, 2017). Therefore, people will not able to perform the transactions well. In addition, if someone mobile devices are lost or stolen, he or she are not able to make any payments. While if the mobile devices’ battery dies, payments also cannot be make too. People only can make those purchases or make use of the services as long as the mobile devices is in a good condition (Mint2Save, 2017). According to the CGTN, another problem is when someone is shopping and the paying system is temporary malfunction or having a technical problem, at the same time the mobile devices is running out of battery, the person will not able to pay for any of the purchases items (Chi, 2018). Therefore, people need to always make sure that their phone is being charged all the time (Ramya, Sivasakthi & Nandhini, 2017). Besides, another cons of mobile payments and e-wallets is phishing attacks. All the mobiles have its own personal and corporate information about their customer which will brings sophisticated attacks to them. These attacks are normally through the phishing emails. Scammers will send an email to the users and act as it is an email service provider in order to let the users to change their email account passwords. This is a trap for those users to reveal their own personal and corporate information (Bosamia, 2017). For examples, according to Yahoo News, HSBC had issued a security update to its e-wallet app which had removed an option for users to change the related telephone number. This is because it was disclosed that there is about 20 client accounts were compromised in a phishing incident. Based on the cases reported, it was suspicious that the email accounts of users were first compromised by the phishing methods, which is where those scammers will send an email to the users and pretend that this is an email service provider in order to prompting them to change their email account passwords.

 Moreover, phishing attacks is also one of the important security concern in Hong Kong. This phishing attacks include spear-phishing, which that those attackers will used the users’ information that available in online to individualize their messages in order to make them more believe on the attackers. The Hong Kong Monetary Authority had published 10 warnings of fraudulent websites associated with banks and six warnings about phishing emails since the start of October (McCarthy, 2018). Next, the cons of mobile payment and e-wallet is cybersecurity risks. According to CGTN, in terms of security, it has become the target for those hackers and cybercriminals to access to one-person account and transfer the money with any agreement (Chi, 2018). Traditionally, data security had been one of the main inhibitors of mobile payment adoption. Many of the users have been worried about putting their sensitive personal and corporate information on the mobile devices because it can be easily lost or stolen. However, not only those physical devices will face the risks, there are still a large number of cyber risks that expand to the whole mobile payment process which will make the mobile payment touch upon a mobile device, a merchant, a POS system and a financial institution by issuing their cards to the users and processing those payments for merchants, and organizations. Also, cardholder data will have risk if there is an inadequate security that measures at any of these stages. If the cybercriminal obtains any access to a financial network through utilizing a vulnerability or using social engineering to compromise any of the stages in the payment process, this will lead to the loss of the users’ private personal data but also payment fraud such as criminals circumvent fraud detection systems. According to Nguyen-Duy, there are 14 percent of respondents to the Threat Landscape Report Q4 2017 reported that the mobile malware in their systems are exists (Nguyen-Duy, 2018). Based on Rahul Gochhwal, the co-founder of Trupay, the biggest security issue is users lack of second factor of authentication of the password while performing transaction. This will lead to the vulnerable of the gap of the level of system as the transactions can be generated systematically by a hacker without any password. Hence, users should create a personal password for making the mobile wallet transactions because our mobile devices might fall into wrong hands, who might use it to make fraudulent transactions seem a hacker can make thousands of fraudulent transactions at the same time (Kaushal, 2017). 

4.0 REGULATION OF LAW ON E-PAYMENT 4.1 Legislation on E-payment System in Jordan Jordan is once of the developing country which facing the problem of lack of legal legislation in the protection of electronic payment. With the consideration of the rise of information technology revolution, cyber crimes, the treat to all users which formed by the increase of the use of internet for data transmission between individual and institutions. Hence, the special law has to be issued with the purpose to protect the privacy of citizens and institutions and their moral and financial (Al-Ma\’aitah, 2013). There are two main types of Cyber crime in Jordan. The first type is the use of electronic media as a tool to commit the crime (as it is threatened by libel or slander or electronic means and others.) The second types is the crimes that aimed electronic means or their contents the ruin of the information system or steal the information from a website or network or electronic information system or infringing on confidentiality and privacy (Al-Ma\’aitah, 2013). The government of Jordan issued the Information Systems Crimes Act No.30 on years 2010 to limit the crimes that occurs by the use of internet due the large spread and rapid development on Communications and information Technology. The Information Systems Crimes Act which aim to protect the personal legal right and privacy as well as financial would affect the security and stability of the country through the way of selecting the sanction to control or curb the excesses of the internet users and/ or the violations (Al-Ma\’aitah, 2013). The crimes addressed by Jordan Information Systems and Cyber Crime Law is include piracy, illegal access to information system or network computers, send viruses through internet, impersonate capacity, edit the information stored or transmit by electronic means, steal personal information from information stored by electronic means, denial of Services, destruction of information that available to public, sabotage devices and systems remotely, or using electronic systems, infringe the personal email site(Al-Ma\’aitah, 2013) . The Jordan Information Systems and Cyber Crime Law has been divided into 17 articles. Legal articles 5, 6, 7 are states about the electronic crimes: Articles 5: Any person who intentionally captures or intercept or eavesdrop on what is sent through the Internet or any information system shall be punished by imprisonment for not less than one month nor more than one year or a fine of not less than (200) two hundred dinars and not more than (1000 ) thousand dinars, or both penalties. Articles 6: A. All of intentionally got without a permit through the Internet or any information system, data or information related to credit card data or information to be used in the implementation of financial transactions or electronic banking is punishable by imprisonment for a term not less than three months and not exceeding two years or a fine not less than (500) five hundred dinars and not more than (2000) thousand dinars, or both penalties. B. B. All of the used through the Internet or any information system intentionally without a legitimate reason data or information regarding the credit card or the data or information to be used in the implementation of financial transactions or electronic banking for himself or to other data, information or money or services belonging to others punished imprisonment for a term not less than one year and a fine of not less than (1000) thousand dinars and not more than (5000) five thousand dinars.? Articles 7: Doubled the punishment for the crimes stipulated in Articles (3) to (6) of this law, the right of every person who committed any of them while doing his job or his work or exploitation of any of them. This are the Jordan Information Systems and Cyber Crime Law which issued by Jordan Government to protect the security of e-payments in Jordan after the Industry Revolution 4.0 to secure their citizens interest, public interest as well as country interest.

4.2 Legislation on E-payment System in Malaysia After the Industry Revolution 4.0, the primary legislation on electronic payment system in Malaysia is found in the Payment Systems Act (‘PSA’) 2003 (ACT 627) which effective on 1st November 2003. This act is aimed to provide a legal framework for the regulation and supervision of the payment instrument and payment systems in Malaysia with the born of e-payment system. According to the Centrat Bank Gorvernor, it emphasized that the purpose to study the legal framework and regulation is to “to facilitate greater development of such system in the country and to specifically provide the mandate to the Central Bank of Malaysia to effectively oversee and to enhance the efficiency of payment system ”( Aziz, 2003). The objectives of PSA 2003 is to promote the monetary stability and a sound of financial structure ((Bank Negara Malaysia, 2007). There are two types of system providers in PSA 2003 which included the operator of designated payment system (DPS) and the operator of designated payment instrument (DPI). Certain obligation are also imposes by PSA 2003 on this two categories of operators, it included the obligation in relation to governance requirements, operational requirement and secrecy and confidentiality. This shows that the virtue of Section 3 “shall apply to a person outside Malaysia who is an operator of a payment system if such payment system accepts payment or settlement instructions from participants in Malaysia unless otherwise prescribed by the Bank” is noteworthy in term of application. The payers interest are legally protected. In Part Two of PSA 2003, it provides the designation, requirement and finality of a payment system. Part Three elaborates the designation and requirement of payment instrument. Part Four are about the power of the bank. 

For instance, The Central Bank (BSN) has the general power to require the payment operator to set itself as a legal corporate entity according to corporate law in Malaysia( Section 30). The bank may also require the payment operator to submit particular document and information for the purpose of effectively oversight ( Section 31). Section 32 is refer to the crucial power reserve by the bank over the designated Payment Systems and designated Patment Instruments. The section mention that the bank may require an operator of designated payment system or issuer of a designated payment instrument by written notice, to make modifications or alterrations to the designated payment system or designated payment instrument including governance arrangements (section 13 or 27); operational arrangements (section 14 or 28); documents and information submitted under subsection 5(3) or 25(1); and any other documents relating to the designated payment system or designated payment instrument. Section 33 of the PSA 2003 mentioned that to safeguard the public interest from any potential contingencies and disaster caused by the irregularities of e-payment system are the role of Central Bank. Section 34 in PSA 2003 elaborates about the power of examination and assuming control by bank. It refer to the bank is necessary to carry out its function under this act, examine the premises, apparatus, machinery, equipment, books or other documents, information and accounts of an operator or issuer and any of his offices in or outside Malaysia, with or without any prior written notice. Therefore in order to compliment this power, section 35 which aimed to examine any necessary books, documents, information and account required for the purpose of section 34. Section 36-40 are mentioned the purpose of protecting the public interest rely on the e-payment system. There are new acts such as new Central Bank of Malaysia Act 2009 are issued to comply with the incompetency of PSA 2003. This act outlines in section 5, the principle object of Bank Negara Malaysia (BNM) shall be promote monetary stability and financial stability coincidence with the sustainable growth of the Malaysia economy. The principal functions of the bank is to formulate and conduct monetary policy; to exercise oversight over payment systems and to regulate and supervise financial institutions which are legally enforced by the Bank. This section clearly mention that the authority on the payment systems in Malaysia lies with the central bank. To ensure the successfully executed of oversight over payment systems, the BNM has to collaborate and do it in harmony with the financial institutions who own or operate the system itself. Hence Section 45 of the Central Bank of Malaysia Act 2009 is act as an important legal basis for in payment system of Malaysia. It mentions that the bank “shall use its best endeavours in co-operation with financial institutions in Malaysia to (a) promote and maintain banking and financial services for the public; and (b) to foster high standards of banking and finance in Malaysia”. 4.3 Global Payment Regulation By referring to the e-payment regulation of various country, it clearly shows that there is a need to put more effort to reach the global common goal and agreement to standardized the global e-payment or e-wallet approach internationally. E-Commerce payment system framework is an operational framework that necessary to global payment regulation. The system also known as Electronic Data Interchange (EDI). EDI is a standardized format for the electronic interchange of personal and financial information for every transaction. It also act as an electronic communication method between individual and business. It allows the electronic interchange of personal data or business data in every financial transaction such as the business document or funds needed in that payment transaction EDI standards divided into various type according to different regions and industries that may make the complication in the global payment process. However, the transaction of such sensitive data may make it vulnerable to the theft, hence various e-payment security have been added into the system. Stringent regulations law for transaction security and safety have been added to the system with a country’s financial, government institutions and credit and debit card issuers ( John, 2016). Regulations focus on secure payment process is also needed in every country to standardize the global e-commerce system. For instance, some countries have the regulation of certificate process which define the need for a certificate from a certification authority. The certification process provides public-key infrastructure that aim to secure every credit and debit transaction. This process have been standardized in North America and part of the Europe, but still many of the countries such as Pakistan and India currently facing the problem of lack of security protocols or a regulatory framework in order to safeguard the e-payment transaction (John, 2016). A smart card known as EMV. EMV smart card is a technical standard used in various payment terminal, ATMs and smart payment cards. It typically a high quality plastic card such as visa and MasterCard. Smart card is also called as ship cards which contain and integrated circuit alongside the magnetic stripe that purposely keep of the card holder data (Olga Weis, 2017). These card enable the electronic transfer rather than currency note transfer. These type of payment cards ensure an standardized capacity in the global payment regulation. Payment requirements of e-payment are also a needed to standardized the global payment regulation. By referring to the Global Payments Guide which mention about the cross-currency payment over 150 countries, the diversity in requirement and law between various countries can be observed. The International Bank Account Number (IBAN) establish by the International Organization for Standardized (ISO) created a unique way to make the verification of every transaction. A set of procedures and standards for cross-border payments also created by the Single Euro Payments Area (SUPA) for intention to standardized the e-payment system. Some specific information such as telephone number and explanation of transaction is required in some others countries. Payment Card Industry Data Security Standard (PCI DSS) in U.S. establish by JCB, MasterCard, Visa and American Express is a main regulatory framework in business transaction by debit and credit card.  Hence, this diversity of payment requirement across various country provide a need to standardized the global payment regulation (John, 2016). A potential global payment solutions is a need to standardized the global payment system. For instance, Paypal has fulfill the need of the security and standardized payment through network. However, occurs many issues in term of fee charges, abuse, wrongful behavior and theft by mediaries. Net banking which do not involve the physical card transaction is more easy and safe to regulate than debit and credit card. For example, India and Netherlands are using this payment method. The appearance of E-wallets offer by Google and Apple companies, Cryptocurrency, bitcion and other digital coins gain ground as a solution of global e-paymeny system. The issue is some of the country are still searching the way to regulate the Cryptocurrency and some is banned this type of method. Thus, global payment standardized regulation is needed (John, 2016).

4.4 Issues and challenges on mobile payment Although mobile payment has gained its popularity in many region due to its convenient but it still faces many issues and challenges. 

First of all, according to Wang, Hahn and Sutrave (2016) said that malware detection is one of the main threat to mobile payment system. Although there are many cautions have been used to detect and prevent malware spreading. However malware issues still exist and cannot be solve effectively. In 2014, Symantec has identified more than 1 million apps that are classified as malware. Zeus is one of the malware designed to steal one-time passwords sent by banks to authenticate mobile transactions. It appears to be part of Trusteer’s Rapport software and assures that users are securely login into their bank’s online portal and Zeus will monitor them and lead them into malicious website. Next, Rachna and Singh (2013) mentioned that users perception regarding electronic payment systems is another issues that limit the usage of mobile payment. User’s acceptance is a key factor determine the success or failure of any information system project. The lack of awareness and trust of consumer on electronic payment system cause them avoid to use mobile payment. Although making an online payment seem like an easy task, but there are some educated people face problems in making payment with their mobile devices. Security issues and fraud problem cause consumer do not trust in mobile payment and they prefer to make payment by using cash. Thus, the success or failure of using electronic payment system is depend on the need of users and the market. Strong and long-lasting business relationships have always been depended on trust. Furthermore, mobile payment do not offer special incentives also one of the challenges. Most of the mobile payment services and wallets do not offer enough add value to attract customers. 

For example, mobile payment users typically cannot redeem any loyalty or bonus point when making their purchases. However, there are some branded mobile apps with payment features have successfully tied their customers with loyalty programs and point redemption, for examples Starbucks’s mobile apps (Martin, 2016). In addition, Martin also mentioned about modern mobile payment experience is inconsistent. Consumers have many mobile payment and wallet option nowadays which including Apple Pay, Android Pay, Samsung Pay, Pay Pal and bank-branded mobile wallets. This diversify of offering slows down the adoption of mobile payments because consumers are confuse by them. Consumers just want the payment system that are simple, easy to use and always works. Moreover, money laundering also contribute to mobile payment issues. Money laundering refer to the act of disguising the origin or ownership of illegal gained funds to make them appear legitimate. The amount of money is obtained from illegal activities and has been linked to nearly all kinds of crime for profit. This money must be laundered in order to escape from law enforcement and handed to government. Money laundering was first declared as a crime under the Money Laundering Control Act of 1986. The profit that gained from organized crime include drugs, gambling, and prostitution will slipped into banking system before the money is save to be spent. Thus, bank staff have responsibility to report when detect doubt of potential money laundering to banking regulators and financial enforcers (Raja, Velmurgan & Seetharaman, 1970). Last but not least, data leakage is another main challenges. There are two new players are involved in the mobile payment process compared to the traditional payment and process. For example, when a user makes a purchase using a mobile wallet at a mobile, there are 5 players involved in the process which including mobile wallet service provider, mobile payment as POS service provider, merchant, acquiring bank and issuing bank. All the players are require to collect the transaction data and make a purchase. The conditions are requires all the parties to secure payment data in the payment process (Wang, Hahn & Sutrave, 2016). Brodie (2016) support this point saying that not all platforms are created equal. Some companies understand the risk of data leakage but other do not. Process like custom password reset questions or multi-factor authentication contribute to platform security. In other word, the larger the platform, the greater the target. 5.0 Recommendations Based on the cons, issues and challenges of the mobile payment, there are several recommendations suggested to overcome it. First of all, Rachna and Singh (2013) suggested to build firewalls. Firewall is an integrated collection of security measures which designed to prevent unauthorized electronic access to a networked computer system in order to protect network and individuals machines. Firewall can help to solve and reduce malware issue. Next, digital signatures also suggested to all the parties that involve in mobile payment to ensure authentication of the transaction process. At least one digital signatures must be created to verify the process because it helps to assure integrity of the data and the identity of the originator.

In addition, mobile payment solution provider (MPSP) and bank should limit the authentication attempts and time out in the mobile payment system. For example wrong PIN entries, MPSP should limit the maximum number of failed authentication and temporarily or permanently blocked that account when exceed the login limit. Instead of this, protection of sensitive payment data and personal data should be done by MPSP and bank as well and not easily reveal to other third parties (European Central Bank). Rachna & Singh (2013) suggested that Bank or MPSP should request more identification in case of doubts. It is important to collect sufficient customers detail where customers’ name, credit card number are not enough. Furthermore, the enhancement of payment system should be done at least every month in order to prevent hackers from stealing customers’ money and personal data. The hardware and software should be enhance when new feature of enhancing system is available. Moreover, consumers and customers need to expose themselves to the adoption of electronic payment system in order to gain experience and increase trust to the payment system. They can attending seminar or talk that relate on the usage of electronic payment system. They also need to keep track on the balance especially after each transaction and notify the issuer when detect fraud or loss immediately. According to Porche (2017), he advise to avoid clicking on those links, email or text messages from unfamiliar sources and recommend to install anti-virus software on our phone as an extra safeguard. 6.0 Conclusion In short, from the evolution of industrial, it “created” e-wallet and e-payment, although they bring a lot of convenience and benefit to us, but in the same time, they also having their cons to us. The final purposes for these systems are to build or create a cashless society. Cashless society mean, the society transaction will no more involve in physical money paper or coin, all the payment and transaction will done by visual type money. Compare with other first world country (eg, China, America), our country Malaysia still unmature in this field. From our study, we found that, in our country have a lot of different e-wallet and e-payment software. We suggest that, our government can monopolize the system, to make it in one, and give some protection on it. This not only can give much confidence to the users but also can make senior citizen to use in due the system is protected by government. Beside, our Prime Minister Tun Dr. Mahathir bin Mohamad mentions that, if our country can replace the physical paper money into visual money, it will help country to reduce the corruption cases.  This is because, through the visual money transaction, government can have all the record and statement if some investigations need to carry out. Here also have another advice to policy maker, since our e-payment and e-wallet still unmature, policy maker can discuss and create some of the policy or law to protect the users of these systems. Since we have the PSA 2003, but this act is only protecting on the payment. Though e-wallet and e-payment not only involve payment, but also involve in some of the investment and also transaction made. So that, to strengthen the policy only can give much more protection to the users and also encourage the people to use.