Multi-criteria assessment of the financial preparation of Lithuanian electronic shops for implementing the functionality of e-wallet

Abstract

The article deals with the aspects of e-wallet, as to be considered as a fintech innovation, and determine factors influencing and encouraging the emergence of e-wallet in Lithuania’s e-business. The article discusses the architecture and security issues of e-wallet following arguments for and against this service and provides the comparative analysis of e-stores and physical shopping centres. Subsequently, the leading circumstances surrounding the introduction of e-wallet services in Lithuanian e-shops are presented. The research aims to propose the multi-criteria assessment model of the financial readiness of electronic shops for implementing the functionality of e-wallet. The proposed model was empirically checked using the data of selected Lithuanian e-shops employing TOPSIS and EDAS methods and allowed to determine which e-shop is the most financially sufficient to implement the service of e-wallet. The limited availability of corporate data has a major impact on the research methods chosen and the results obtained. The results of the carried-out analysis reveal that e-business in Lithuania is not ready for the implementation of a new e-wallet innovation. The main factors influencing the results are financial instability, as all analysed e-shops are loss-making, and the fact that no e-store in Lithuania offers e-wallet service.