Electronic Money Institution and Protection Framework

  • Nassar Nordin Universiti Sains Islam Malaysia (USIM)
  • Syahidawati binti Shahwan Universiti Sains Islam Malaysia (USIM)
  • Norhazlina binti Ibrahim Universiti Sains Islam Malaysia (USIM)
  • Norita Mohd Nasir Monash University Malaysia
  • Nurulbahiah binti Awang Universiti Tenaga Nasional (UNITEN)


This study aims to address a notable gap in the existing literature concerning electronic money (e-money) in Malaysia. While numerous studies have explored advantages and disadvantages of e-money, consumer behaviors and general issues on e-money, there remains limited understanding of e-money-related institutions and the protective measures they afford. Employing a structured interview guide, primary data were gathered from professionals actively engaged in the e-money sector, who concurrently serve as users. Additionally, secondary data were extracted and analysed from official government websites. Semi-structured interviews formed the primary data collection method, and an in-depth thematic analysis was conducted using Computer Assisted Qualitative Data Analysis Software (CAQDAS), specifically Atlas.ti version 22. The study identifies four key institutions contributing to e-money consumer protection: government entities, private organizations, nongovernmental institutions (NGOs), and international entities. Moreover, it delineates five types of protection extended to e-money consumers during payment transactions. These protections encompass security measures, safeguards provided by the Central Bank of Malaysia, merchant-based protections, measures enacted by Telecommunications Companies (TELCOs) and Electronic Money Institutions (EMIs) as well as non-governmental organisations (NGO). The findings of this research offer valuable insights for practitioners and policymakers involved in the e-money ecosystem. Understanding the diverse institutions and protection mechanisms is crucial for fostering a secure and reliable e-money environment for consumers. This research contributes significantly to the current body of literature by presenting insights derived directly from experts with firsthand experience in e-money institutions and protective measures. The study enriches our understanding of the multifaceted landscape of e-money consumer protection, filling a crucial research gap in the existing knowledge base.

Author Biographies

Syahidawati binti Shahwan, Universiti Sains Islam Malaysia (USIM)

Associate Professor, Faculty of Economics and Muamalat (FEM), Universiti Sains Islam Malaysia (USIM)



Business Ethics, Islamic Economics, Other Religions, Qualitative Social Research

Norhazlina binti Ibrahim, Universiti Sains Islam Malaysia (USIM)

Senior Lecturer, Faculty of Economics and Muamalat (FEM), Universiti Sains Islam Malaysia (USIM)



Accounting Scholarship, Business Administration, Financial Economics

Norita Mohd Nasir, Monash University Malaysia

Senior Lecturer in Accounting, and Deputy Director of Undergraduate Studies at the School of Business, Monash University Malaysia. Her current research interests are in the area of environmental sustainability, education sustainability and financial reporting.

Nurulbahiah binti Awang, Universiti Tenaga Nasional (UNITEN)

Senior Lecturer, Department of Social Science & Humanities



Civil Law, Legal Fundamentals


Skills and expertise:

Law and Legal Studies, Legal Analysis, Legal Theory, Human Rights and Democracy, Legislation


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How to Cite
NORDIN, Nassar et al. Electronic Money Institution and Protection Framework. International Journal of Business and Technology Management, [S.l.], v. 6, n. 2, p. 50-69, june 2024. ISSN 2682-7646. Available at: <https://myjms.mohe.gov.my/index.php/ijbtm/article/view/26657>. Date accessed: 22 july 2024.
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