Understanding digital wallet adoption and switching behavior in Peru: A multi-attribute conceptual framework

Digital wallets have become one of the most relevant platforms in the contemporary transformation of payment systems, particularly in emerging economies, where they offer the promise of transactional efficiency, traceability, and financial inclusion. However, the rapid expansion of these solutions does not necessarily imply sustained adoption or homogeneous use across users and contexts. In markets like Peru, where high rates of informality, connectivity gaps, unequal access to financial services, and a fragmented payment ecosystem coexist, it is necessary to understand not only whether users adopt digital wallets but also digital wallets as multi-attribute systems, including the services they offer. Accordingly, this study proposes a conceptual framework of digital wallets’ internal attributes and service assortment that may impact intention to use and willingness to switch providers. Unlike traditional approaches focused on latent variables, this study adopts a multi-attribute perspective and develops a conjoint-based framework to understand user preferences. The proposed conceptual framework includes internal attributes such as wallet origin, bank account linkage, connectivity method, security mechanism, interoperability availability, and currency compatibility. It also offers a range of services, including international payments, promotions, e-commerce integration, investment services, utility payments, transportation, and foreign exchange. This research aims to contribute to theory by developing a multi-attribute conceptual framework of digital wallets. In addition, it aims to contribute to the design of policies and strategies to develop more interoperable, competitive, and inclusive payment ecosystems.