FACULTY OF BUSINESS ADMINISTRATION

BACHELOR OF BUSINESS ADMINISTRATION (HONS) ISLAMIC BANKING

CRITICAL AND CREATIVE THINKING FOR INFORMATION TECHNOLOGY

PROJECT TITLE:
DESIGN INFORMATION TECHNOLOGY INNOVATION
(PROTOTYPE – MY WALLET PLANNER APPLICATION)

PROGRAMME CODE/GROUP:
BA249/5B

PREPARED BY:
AMERUL BIN MAT RUSOF (2021126217)
KHAIRINA ATIKAH BINTI MOHAMED REDZUAN (2021118019)
MUHAMAD AMIN AFHAM BIN KAMARUDIN (2021112453)
MUHAMAD ARIFF B. MAHAMAD REZALI (2021118927)

PREPARED FOR:
DR. AMRI BIN AB. RAHMAN

SUBMISSION DATE:
31st JANUARY 2023
 ACKNOWLEDGEMENT

First and foremost, we would like to express our gratitude to Allah S.W.T because he

has granted us with a good health and gives us opportunity to live and learn so many things in

this world. Without his bless we could not stand and finish the research as well as our

assignment at the right time.

On the other hand, a big thanks to our ICT500 lecturer, Dr. Amri Bin Ab. Rahman

because give us a lot of guides and comments as well as many inputs to make our reasearch

more interesting and complete. It is not easy for us to finish this study but with the support

from him, we finally can accomplish this task according to the requirement.

Besides, thanks to all the members of this group who had contribute their mentally and

physically effort. Your brilliants ideas and opinions had helping us in completing this research.

Thank you for clarifying your free time and had given your full commitment.

Finally, thanks to all people who had directly and indirectly involve and contribute to

this assignment. Only God can repay your kindness.

i
 TABLE OF CONTENTS

NO. SUBJECT PAGE

ACKNOWLEDGEMENT i

TABLE OF TABLES iii

TABLE OF FIGURES iv

1.0 INTRODUCTION 1-2

2.0 WORKSHOP 1 3 – 12

2.1 EMPATHISE

2.2 USER PERSONA

2.3 DEFINE

3.0 WORKSHOP 2 13 - 22

3.1 IDEATE

3.2 PROTOTYPE

4.0 THE TEAM 23

5.0 CONCLUSION 25

REFERENCES v

ii
 TABLE OF TABLES

TABLE SUBJECT PAGE

3.1.2 QADIM items description for Propose IT solution 16

3.2 The prototype for My Wallet Planner App 19

iii
 TABLE OF FIGURES

FIGURE SUBJECT PAGE

2.1.1 Emphaty map 3

2.2.1 User Persona – User 1 7

2.2.2 User Persona – User 2 8

2.2.3 User Persona – User 3 8

2.2.4 User Persona – User 4 9

2.2.5 User Persona – User 5 9

3.1.2 QADIM Diagrame. 15

4.0 My Wallet Planner App Team 23

iv
1.0 INTRODUCTION

A mobile wallet is an app that stores credit and debit card information, as well as loyalty

card information, on smartphones, smartwatches, and other compatible devices. In this world,

some people use their mobile wallets to pay for everything from coffee to movie tickets to

tennis shoes. Any pay terminal equipped with near-field communication known as NFC

technology can accept mobile wallet payments. Google Pay for Android, Apple Pay for iPhone,

and Samsung Pay are examples of popular mobile wallets for Samsung. People can use mobile

wallets to shop without carrying cash or credit cards. Each works slightly differently, but they

are all simple to use.

Besides, the use of Smartphones for cashless and contactless payment and money

transfer has become the new normal, and the transaction and purchasing process has been

revolutionised. However, as many researchers have pointed out, people who use mobile wallets

are more likely to overspend. According to one study by Shin (2009), people with the same

annual income who use mobile wallets spend 34% more than those who use other payment

methods.

The researchers have identified several reasons for people using mobile wallets to

overspend. Mobile wallets provide first and foremost convenience and flexibility, allowing

consumers to transact online and offline seamlessly with time and space flexibility and the

ubiquity of cash. Convenience leads to impulse purchases, and the extreme flexibility of mobile

payments frequently influences overspending. Second, mobile wallets are protected by a

variety of screening processes such as biometric screening, iris recognition, fingerprint

recognition, facial recognition, and password number keys. Because no account number is

required in the transaction, the possibility of remote hacking is reduced. Customers are thus

more secure when using this payment method. Mobile wallets' high level of trust in handling

1
consumers' private data has a direct impact on the adoption of this technology platform.

Following that are loyalty programmes and promotions, in which consumers receive numerous

promotional offers and instant rewards and can accumulate points to receive loyalty benefits

for using mobile wallets, leading shoppers to spend more frivolously. Finally, Chawla (2019)

identified a few other reasons that lead to overspending as lifestyle compatibility, perceived

ease of use, usefulness, and facilitating conditions provided by mobile wallets.

Hence, mobile wallets are added as another digital payment option, allowing people to

shop or transfer money at any time and from any location. It provides a convenient shopping

experience, facilitates any purchase or checkout, and assists consumers in effectively managing

their finances. However, consumers should consider how to use them, how many items to

purchase, whether any item is worthwhile to purchase, and how to control the shopping spree.

We should be held accountable for our excessive spending, not the mobile wallet.

2
2.0 WORKSHOP 1

2.1 Empathise

Empathy is a core value if designers want to make something that is good for the people

who are going to use it. Personas assist designers in developing understanding and empathy

with end users. Designers can gain a user's perspective by using personas. Creating user

personas can assist designers in stepping outside of their comfort zone and recognising that

different people have different needs and expectations. Designers may be able to better infer

what a real person might need by thinking about the needs of a fictional persona. Furthermore,

identify with the user for whom they are designing. The more designers interact with user

personas and see them as real people, the more likely they are to think about them during the

design process and want to create the best product for them.

2.1.1 Empathy Map

Figure 2.1.1: Emphaty map.

3
2.1.1.1 Task

Every transaction should be saved and recorded. We can identify the source of our

"leaking" money by recording every financial transaction. We can easily patch back this "leak"

once we've identified the cause. Although this may appear insignificant, it has the potential to

have an impact on our financial situation. Furthermore, practise resisting lust. The current

currency situation is far from ideal. There comes a time when it will rise. There are times when

it falls. Many people are unwilling to drastically alter their lifestyle. However, it is preferable

to continuing to live the previous lifestyle, which obviously consumes a lot of duut. This is

connected to our ego.

2.1.1.2 Feeling

User personas with poor financial discipline may find it difficult to save money. It could

be because they are unable to commit to saving, are unmotivated to expand their financial

knowledge, or simply because it is a difficult habit to break. A lack of determination to improve

their finances will have a negative impact that will follow them into retirement. So, while time

is on their side, it's best to correct these. Furthermore, there is a lack of financial knowledge.

Another impediment to saving money is a lack of financial literacy. It is critical that they

expand their financial knowledge because simply putting all of their money in a savings

account is often insufficient. Learning more about investing and how to manage their finances

properly will help to build a good financial position for them and their future.

4
2.1.1.3 Influence

The influence of social networks on saving behaviour is widely held. The issue with

social media is that it instantly evokes certain emotions in us, causing us to "crave" something

even if we don't have a specific "need" for that product. This, in turn, leads to rash and often

regrettable purchasing decisions, as well as a drain on your savings. Social media provides a

simple mechanism for instant self-validation. It's simple to buy something to impress others or

to "fit in" with a specific group of users. While such actions provide immediate gratification,

they cloud your vision of long-term financial goals. Furthermore, self-awareness. Financial

self-awareness is not a superpower. Instead, it is the ability to manage all aspects of your

financial life. Nothing is left to chance with you. This includes an in-depth understanding of

your spending, saving, and investing habits. Increased awareness of your personal finances

benefits your financial wellness in a variety of ways.

2.1.1.4 Pain

One source of pain for the user persona is the rising cost of living and other expenses.

One of the most significant factors that makes saving money difficult is the cost of living.

people spend a lot of money on groceries, transportation, and other miscellaneous expenses.

When people add all these together, they will have less money to save, and no one can live

without these. Although money mismanagement is a pain point, it can be difficult to save

money because people frequently make financial mistakes, such as not setting aside enough

money each month and overspending on credit cards.

5
2.1.1.5 Goal

Long-term security has become the primary goal for user personas in order to overcome

their financial difficulties. Because the future is uncertain, it is even more important to save

money. Savings provide long-term security, and the more you save, the more secure you will

be. Without savings, one cannot weather the financial storms or emergencies that life throws

at them. Furthermore, with savings, one can consider various avenues of investment that can

generate profits for them, and with those profits, individuals can undoubtedly ensure long-term

security. Furthermore, is to reduce stress. Savings are unquestionably one of the most important

aspects of living a stress-free life. Knowing you have a certain amount of money saved gives

you a sense of relief and peace of mind. Saving money in a disciplined manner allows you to

achieve your long-term and short-term goals, plan your children's education, take better care

of your family, fund large purchases, prepare for unexpected events, and overcome most

financial difficulties. Thus, one must be convinced that saving money is a primary goal that

everyone should strive for. In addition, financial independence must be attained. Without

savings, one may feel trapped in a particular situation if they rely heavily on a pay check, but

with savings, the situation is completely different because funds for emergencies and

contingencies are set aside.

6
2.2 User Persona

A user persona is a semi-fictional character created to represent various types of

customers who use a company's products or services. User personas are imagined personas that

represent a company's core customer base. User personas are written as if the individual were

real, but they also reflect common characteristics shared by a group of people. They are semi-

fictional in the sense that they do not represent a specific person, but their characteristics should

be gleaned from observations of real-world users. Below are the user personas that designed to

provide a reliable and realistic representation of how we can expect a group of people to interact

with a product or service on My Wallet Planner Application:

2.2.1 User Persona – User 1

Figure 2.2.1: User Persona – User 1.

7
2.2.2 User Persona – User 2

Figure 2.2.2: User Persona – User 2.

2.2.3 User Persona – User 3

Figure 2.2.3: User Persona – User 3.

8
2.2.4 User Persona – User 4

Figure 2.2.4: User Persona – User 4.

2.2.5 User Persona – User 5

Figure 2.2.5: User Persona – User 5.

9
 Based on the figure 2.2.1 until figure 2.2.5 shows the user personas that collected from

real users who usually or always use e-wallet in their daily life. All personas are students of

higher education institutions at local universities in Malaysia. It was also found that they also

have a clear life goal. All their current commitments are full-time students and do not have jobs

that can generate monthly income. Which clearly shows that they have no opportunity and have

problems in making savings or saving for the future and spend a lot of money based on their

current commitments. In the end, they chose not to start saving because of the lack of income.

2.3 Define

E-wallet also known as digital wallet and it is one of electronic card which can be used

for online transaction that is through from computer or smartphone. It has same utility with

debit card or credit card. However, e wallet needs to be linked with user bank account to make

any payment. E-wallet is a type of prepaid account that is secure by password which the user

can store their money to make any of online transaction. With help E-wallet people may pay

anything such as bill payment, online transaction flight ticket and others anywhere anytime.

There are lot of E-wallet that has been used by people in Malaysia such as Boost, GrabPay,

TouchnGo, Setel, ShopeePay, Aeon Wallet, Starbucks card and others. There are 2 type of E-

wallet that are apply in Malaysia which are open-loop and closed-loop.

In Malaysia, open-loop E-wallet are widely used. This kind is probably what comes to

mind when think about E-wallet in general. For instance, Grab and TouchnGo E-wallet are

both open-loop systems. Here, open-loop E-wallet are usually prepaid, which means that rather

than linking immediately to people bank account, credit card and others. So, they must first be

topped up before the balance can be used. This kind of E-wallet can be used to make purchases

10
at specific businesses that have collaborated with the E-wallet issuer. Merchants can be the

typical restaurants and retail establishments, but it can also be charities and insurance

companies. In either case, people can use a centralised E-wallet to make purchases at a variety

of different places. It also goes without saying that you, the user, will find an open-loop E-

wallet to be more useful the more retailers an issuer offers.

Closed-loop eWallets, its less popular counterpart, are also prepaid, but they operate

significantly differently. You can only spend your funds for purchases at that merchant if you

have this type. Because it is restricted to a single entity, there is no requirement to obtain

permission or follow any laws in Malaysia. The loyalty programme at Starbucks is an excellent

illustration. A physical card is made available to you, which you can purchase and fill with

cash over the counter. You receive reward points for every dollar you spend at Starbucks, which

is subtracted from the remaining balance on your card.

2.3.1 The Problems

In using this ewallet, there are also many problems or shortcomings for individuals or

groups of organizations. Therefore, here is a list of problems involving ewallet.

2.3.1.1 E-Wallet Could Encourage Overspending

The convenience of having easier access to your cards can be a downside. It means your

impulse buying increases because you constantly have your digital wallet at your disposal. In

other words, when money is electronically-based instead of a physical item, some people

struggle with their spending habits. The money doesn’t feel real, so proper budgeting doesn’t

take place. If you are already struggling to maintain a budget with a traditional wallet, then an

electronic wallet might make that issue even worse.

11
2.3.1.2 Dependency on The Internet

This is because every digital payment gateway still relies on internet to verify any

transaction. Not having a stable internet connection will, make the process difficult or even

impossible the process been complete. Moreover, With the digital wallet being only available

and accessible on your devices, you run the risk of having no access to the wallet if your battery

dies or if you misplace your device.

2.3.1.3 Limited Merchants

Not all merchants have adopted to support digital wallets or payments, you will likely

still need to carry around some cash or cards in order to make some transactions. Which is

digital payment may no be accepted or compatible everywhere because not all businesses

accept the digital payments.

2.3.1.4 Exposed More into Security Risk

Every single transaction is done online, and it's impossible to know whether your bank

information is more secure there. There are occasional reports of hackers accessing

impenetrable payment systems. Your financial information is not only vulnerable to

cyberattacks if someone gains access to your smartphone, they can do so quickly. Moreover,

someone could steal your device and potentially access your digital wallet.

12
3.0 WORKSHOP 2

3.1 Design Thinking - Ideate

3.1.1 Propose IT Solution

In this case, to solve the problem of overspending of budget when using E-Wallet

among citizens we propose the IT solutions in create a apps called My Wallet Planner Apps

where we can plan our daily budget with record the target and estimated amount on that day.

There are a few features that we can plan and create it such as:

3.1.1.1 Link with the bank

The apps can link with the bank such as Bank Islam, CIMB, and Bank Muamalat. In

this case, the apps will ask the permission before any transaction is made to avoid from hacking

or any related unexpected issue in the future. As we see the issue of hack is increasing day by

days. So, we need to make sure the app is secure.

3.1.1.2 Notifications

The features of notification that remind the users to record daily target. The apps will

notice the user if he or she forget to record the estimate budget on that day. The feature of

notification is useful where it can appear on the screen of the user.

3.1.1.3 Download

The application can download on laptop, mobile phone in IOS and android. The user

can use the apps anytime and anywhere if they have strong internet connection because of the

transaction need to link with the bank.

13
3.1.1.4 High Security

The app has high security where the user needs to login using the email and will set the

secured password before proceeding to another step. This to avoid from the hack of account

from the scammer because nowadays many case that have happen especially to the students

that easy to believe with the big rewards.

3.1.1.5 Material of Reading

The others feature which is suggestion from financial advisors about financial planning

and some related credibility articles. The material easily read by the user at their leisure time

and easy to access without need to subscribe.

14
3.1.2 QADIM Diagrame

In this study, we have chosen to use the Qadim technique for ‘My Wallet Planner Apps’.

QADIM is an acronym that stands for Quick and Dirty Innovative Method. The figure below

shows the QADIM technique that apply in our project.

Figure 3.1.2: QADIM diagrame.

QADIM Items Description

Increase size (1,1) We increase the size of storage where more information can

upload & update into the apps and more free space is available

to upgrade the systems.

Add a feature (1,2) We add a feature of reading material where the user can read

the short information that related with financial advice and

strategic plan that can apply in daily budget. For instance, the

material from website, books, and journal.

15
Embed existing product We embed existing product into another product such having

into another product (1,3) spending/expenses tracker on WhatsApp.

Combine two products We combine two products into one which is the user can listen

into one (2,1) to the song in that apps that recommended by the Spotify.

Spotify is a digital music, podcast, and video service that

provides users with access to millions of songs and other pieces

of material from creators all over the country.

Existing product (2,2) The existing product of Spending tracker that provided by

Maybank where it can track monthly expense automatically.

But it only allows to the user that have the account of

Maybank.

Separate existing product We separate existing product into two which separate the MAE

into two (2,3) App Spending Tracker to MAE App Income Planner.

Embed another product We embed another product into existing product where the

into existing product (3,1) user can track their daily step (StepsApp) using the My Wallet

Planner Apps. At the same time, the user also can set their

goals, count steps & burn calories for their health.

Remove the features (3,2) We remove the features such remove the shop features to make

sure buying unnecessary things.

Reduce size (3,3) We reduce size which is limit the use of QR Pay for only 3

times a day.

Table 3.1.2: QADIM items description for Propose IT solution.

16
3.2 Prototype

Prototype Explanation

After downloading the app through app store or play store, the

user can sign in or sign up into the apps. Sign up button is for

the first-time user that never make account for my wallet

planner apps. The prototype shows that the page of apps after

we download in mobile phone.

To make the process of sign in or sign up easy and save the

time, the user can automatically sign in using the Facebook or

google account. The user also can sign up with email where

some information that related with personal identification of

user need to insert such as full name, date of birth and so on to

make sure the information is true.

17
After the process of sign in is complete, the front page will

appear on the screen where there are a few categories that user

can use such as summary of the account, transactions of the

days, accounts balance, estimated budget, Spotify for play the

music, reading some related articles, steps for health, and

setting the app.

The summary tells the user about the income and expense that

have user use for every month. This makes the user can

differentiate the expenses that have use in last month and this

month. From that, he or she can plan the strategic in manage

their allowance in the future and make a good decision in plan

the budget.

18
The page of transaction shows the record of inflow and outflow

of the money in a year. This can detect where the user has used

the money.

For the page of accounts, the user can check their ewallet

balance that have in account like TnG eWallet apps.

19
The page of budget is to make sure the user can record their

estimated budget amount by category such as food/drinks,

transportation, entertainment and many more. The user can

select the category and key in the budget that they plan either

for 1 week, 1 month, 1 year and other.

The page of Spotify makes the user can listen to the song based

on their favourite genre. There will also have recommendation

of music from Malaysia and outside the country such as Korea,

Indonesia, and many more.

20
On this page, the user can read the financial advice from

website, books, and journal. This material is all credibility, and

the user can follow the tips based on their income.

The steps page to easy the user records their exercise in that

days, week, or month. The apps can show how much step has

user do, the burn calories, the metre that user work and how

long it takes the time to finish the exercise. It is because,

although we have good in plan our financial but we also need

the good health to make sure our life is smooth.

21
 The feature of setting where the user can set their app based on

their needs. There are a few categories which is basic settings,

general settings, and other. For basic settings, the user can set

the language such as want in Malay, English or others while

for currency the user can choose USD, MYR, SGD, and many

more. Besides, for general settings, the user can set for

security, backup data, and reminder and lastly for other, the

user can give a feedback & ask a support from customer

service, setting the privacy, invite friends to join in

downloading the app and a few terms of service that have use

in the app.

Table 3.2: The prototype for My Wallet Planner App.

22
4.0 THE TEAM

Figure 4.0: My Wallet Planner App Team.

The team started with general manager as the leader of the business. Mr. Amerul Mat

Rusof plays important role in plan the strategy of the business in achieve the vision and mission

of the business and achieve the goals of business in the long term. He also has the responsibility

in reviews the job of his staff including in finance department, human resource department,

marketing department and many more. He as a leader of the business has create this idea in

give the convenience to the user in use the apps to plan their daily budget with efficiency and

effectiveness.

Next, Khairina Atikah Mohamed Redzuan as a financial manager where the duties are

to record the inflows and outflow of money in developing the apps. She also has the

23
responsibility in find the solution in minimising the financial risk of the company. The financial

manager in the company is needed to ensure that the fund of business is use wisely and have a

good financial statement year by year to achieve the target profit. She also has the responsibility

in providing advice about financial decisions and other related duties of financial manager.

Besides, Muhamad Amin Afham as an Information technology manager where the

duties is to control the system of the apps and plays important roles in make sure the apps is

run smoothly. He also has the responsibility in performing routine network and data security

testing to ensure the apps is free from hacking and spam of the advertising that disturb the user.

He has a few staff that will help him in make sure the information technology department

smoothly every time the user uses my wallet planner apps.

Lastly, Muhamad Ariff as marketing manager where the responsibility is marketing the

apps through various channels and segment to ensure the customer know about the apps and

want to download it in their phone or laptop. Marketing manager also create marketing and

pricing strategies, produce new business leads, and manage the marketing department's

employees. He also manages marketing expenditures and do trend analysis.

24
5.0 CONCLUSION

In conclusion, we are now in an era where technology and the internet have become the

present age. Every business-minded individual takes their business online. In fact, almost every

business has an application developed to help the movement and activities of potential buyers

or company visitors. Good financial management is a very important life skill. Like other skills,

it requires knowledge, patience, perseverance and needs to be practiced consistently in order

to achieve financial goals. This My Wallet Planner financial application can help us manage

money, and build an emergency fund. If you have trouble managing your monthly

commitments, it's not wrong to use some financial apps that can make managing your personal

finances easier. On the featured prototype, the My Wallet Planner application was introduced

as the latest digital wallet innovation. In general, we can use any of the listed financial

applications to help us plan all our expenses, loans, and debts according to our creativity and

needs. What is important is self-discipline in managing finances in order to be more systematic

and prudent to ensure financial sustainability. Measuring financial ability before spending is a

wise move to avoid financial deficit and debt problems in the family and community. That is

the innovation and favorite service of My Wallet Planner App digital wallet users.

25
REFERENCES

Chawla D, Joshi H (2019), “Consumer attitude and intention to adopt mobile wallet in India –

An empirical study”, International Journal of Bank Marketing, Emerald Publishing

Limited, DOI 10.1108/IJBM-09-2018-0256

Shin, D.-H. (2009), “Towards an understanding of the consumer acceptance of mobile wallet”,

Computers in Human Behaviour, Vol. 25, pp. 1343-1354.

Editor-Idayu. (2022, July 5). Apa Itu Ewallet? Portal Rasmi Majlis Perbandaran Klang (MPK).

Retrieved from https://www.mpklang.gov.my/ms/apa-itu-ewallet

Gaille, B. (2018, August 24). 13 electronic wallets advantages and disadvantages.

BrandonGaille.com. Retrieved from https://brandongaille.com/13-electronic-wallets-

advantages-and-disadvantages/

Myayan.com. (2022, January 31). The advantages and disadvantages of Digital Wallet.

myayanblog. Retrieved https://www.myayan.com/advantages-and-disadvantages-of-

digital-wallet

Types of ewallets in Malaysia. eWhallet. (n.d.). Retrieved from

https://ewhallet.com/blog/post/types-of-ewallets-in-malaysia