E-wallets generally represent the latest technology that offer consumers an electronic money storage service. The e-wallet system emerged from a variety of innovations in the course of changing the world’s saving system brought about by Industrial Revolution 4.0 and has escalated the advancement of financial technology to the present state. The issue of benefits provided by application publishers to e-wallet depositors has become a controversy in shariah laws, as some of these benefits were offered to e-wallet depositors when they deposited funds into their accounts. Hence, the objective of this study focused on e-wallet application software, namely the contract between publishers and e-wallet depositors involving the latter’s depositing of funds into their e-wallet accounts. It also analysed the legal status of benefits offered by publishers to e-wallet depositors. This qualitative study used the document analysis and participant observation analysis methods on the Touch ‘n Go eWallet and Shopee application software as a cased study to examine benefits offered after depositing funds. Hence, it can be concluded that deposits in e-wallet applications are a form of debt and benefits offered to e-wallet depositors are banned in Islam because it is usury which is prohibited in Islam.This study forms the basis for other studies related to the use of current financial technology such as blockchain, online currency exchange, and also online investment platforms that camply with shariah laws.
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In-Text Citation: (Ahmad & Latif, 2022)
To Cite this Article: Ahmad, S., & Latif, A. A. A. (2022). Controvesy Surrounding The Benefits of The E-Wallet Application Software. International Journal of Academic Research in Business and Social Sciences, 12(9), 1800– 1811.
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