Design of Secure, Privacy-focused, and Accessible E-Payment Applications for Older Adults

Abstract: E-payments are essential for transactional convenience in today's digital economy and are becoming increasingly important for older adults, emphasizing the need for enhanced security, privacy, and usability. To address this, we conducted a survey-based study with 400 older adults aged 60 and above to evaluate a high-fidelity prototype of an e-payment mobile application, which included features such as multi-factor authentication (MFA) and QR code-based recipient addition. Based on our findings, we developed a tailored \b{eta} version of the application to meet the specific needs of this demographic. Notably, approximately 91% of participants preferred traditional knowledge-based and single-mode authentication compared to expert-recommended MFA. We concluded by providing recommendations aimed at developing inclusive e-payment solutions that address the security, privacy, and usability requirements of older adults.