Promoting Sustainable Financial Services Through the Adoption of eWallet Among Malaysian Working Adults

Abstract

This study investigated the effect of perceived usefulness, perceived ease of use, social influence, facilitating conditions, compatibility, and perceived trust on the intention and adoption of electronic wallet (eWallet) among working adults in Malaysia. The cross-sectional research design was adopted to gather quantitative data from 1,156 working adults via Google form link shared across the social media platform. The collected data were analyzed with partial least square structural equation modeling (PLS-SEM) tool using SmartPLS 3.1. The study outcomes revealed that perceived usefulness, perceived ease of use, facilitating conditions, compatibility, and perceived trust displayed significantly positive effect on both the intention to use and the adoption of eWallet. Additionally, the intention to use eWallet mediated the relationships of perceived usefulness, perceived ease of use, social influence, facilitating conditions, compatibility, and perceived trust with adoption to use eWallet. Household income significantly moderated the relationship between compatibility and intention to use eWallet. eWallet service providers and financial development policy making in Malaysia should focus on promoting the application of eWallet to uplift its social influence, besides enhancing consumer security to harness the adoption of eWallet amidst the public. Essentially, the intention-behavior gap needs to be bridged by exploring new factors that can affect the behavior.

Reconnoitering the Effects of Risk and Knowledge on Use Intention for E-money Services Among Saudi Arabian Residents

“…Individual attitude formed with the availability of multiple technology-related attributes harnesses the exhibition of intention to use technology like e-commerce or e-money services (Pandey & Chawla, 2019). The intention is the proxy of the performance of actual behavioral adoption (Nawi et al, 2022).…”

Determinants of digital wallet adoption and super app: A review and research model

“…The UTAUT is one of the most influential information technology research frameworks to predict the behavioural intention to use and technology use in various study fields, such as smartphone adoption, e-learning and social learning systems, as well as mobile payment systems, e-commerce, and digital wallets (Che Nawi et al, 2022). Venkatesh et al (2003) developed the UTAUT by synthesising the prior eight theories of technology acceptance, including the Theory of Reasoned Action (TRA), Theory of Planned Behaviour (TPB), Technology Acceptance Model (TAM), Combination TAM and TPB (C-TAM-TPB), Model of Personal Computer Utilisation (MPCU), Innovation Diffusion Theory (IDT), Motivational Model (MM), and Social Cognitive Theory (SCT).…”

“…This theory had higher prediction power of behavioural intention to use and technology use than the previous technology acceptance theories (Venkatesh et al, 2003). Although UTAUT was originally studied in an organisational context, many other scholars applied it to wider technology domains, including digital wallet payment (Che Nawi et al, 2022). Since most studies in this field were conducted by quantitative method, business analytics required statistical assessments, such as regression analysis, structural equation modelling (SEM), and partial least squares structural equation modelling (PLS-SEM) techniques (Loh et al, 2021;Malik et al, 2019;Singh & Sinha, 2019).…”

“…Behavioural intention to use (BI) refers to the degree of one's intention to perform a plan or a specific behaviour (Madan & Yadav, 2016). Several empirical studies confirmed a significantly positive relationship between BI and digital wallet adoption (Che Nawi et al, 2022;Yang et al, 2021). This means that with a higher degree of BI, there is a higher digital wallet adoption.…”

“…Financial technology firms (Fintech) also innovated the digital wallet as an omnichannel payment with various payment channels integrated on the back-end system to form a single platform in a smartphone application (Alam et al, 2021). Users can preload an amount of money and store bank account, debit card, and credit card data in the application for electronic payments instead of using cash (Che Nawi et al, 2022;Omarini, 2018). Hence, merchants can integrate online shopping and payment experiences for customers.…”