The fast development of mobile wallets has changed the digital financial sphere, but the level of their adoption is not even since most users still have some doubts about safety, riskiness, and the degree of digital literacy. This paper forms and estimates a full Structural Equation Model (SEM) to investigate the interactive effects of digital financial literacy and risk awareness on security behavior and, finally, mobile wallet adoption. The study is based on the knowledge of Technology Acceptance Model (TAM), Unified Theory of Acceptance and Use of Technology (UTAUT), and behavioral finance, hypothesising that digital financial literacy improves the security practices of the users directly, as well as increases the impact of risk awareness on the protective behaviours. Based on primary survey data of digital payment users and analyzed with SEM, it can be concluded that both digital financial literacy and risk awareness have a strong impact on the security behavior of users, i.e. the level of utilization of biometric authentication, monitoring transactions, and avoiding fraud, which, in turn, has a positive effect on the intention and actual use of digital payment. The role of trust is also a key moderator, which reduces the perceived risks and instills greater confidence in mobile wallet systems. The research highlights that access to technology is not enough but good adoption should be followed by knowledge and awareness of the users to navigate digital financial landscapes safely. This research has practical implications to fintech developers, financial institutions, and policymakers: digital financial literacy promotion, improved risk disclosure, and built-in strong security are the key measures to be taken to encourage safe and inclusive use of mobile wallets......