During the COVID-19 pandemic, many consumers have resorted to contactless payment via e-wallet. This study aims to look into the acceptance of e-wallet applications among Malaysian university students. It investigates the relationship between lifestyle compatibility, perceived usefulness, perceived ease of use and trust and security in terms of their intention to use an e-wallet as a form of payment. Data was collected from 217 respondents in Malaysia using purposive sampling through an online survey. Modified Partial Least Square (PLS) version 3.3.5 was used to test all hypotheses. Trust and security are not the primary driver of e-wallet adoption among Malaysian university students, as most consumers are still hesitant to use mobile payments due to concerns about security. Nonetheless, it is discovered that the other parameters studied, which are lifestyle compatibility, perceived usefulness and perceived ease of use, have a positive influence on Malaysian university students’ willingness to use e-wallets. This study gives e-wallet developers useful insights into how to improve their e-wallet application by taking into account the factors deemed important by users, especially since it was conducted during the pandemic when consumers preferred contactless payments.
Amin, M., Rezaei, S., and Abolghasemi, M. (2014), “User satisfaction with mobile websites: the impact of perceived usefulness (PU), perceived ease of use (PEOU) and trust”, Nankai Business Review International, Vol. 5 No. 3, doi: 10.1108/NBRI-01-2014-0005.
Ardiansah, M. N., Chariri, A., & Januarti, I. (2019). Empirical Study on Customer Perception of E Commerce: Mediating Effect of Electronic Payment Security. Jurnal Dinamika Akuntansi, 11(2), pp.122-131
Barry, M., and Jan, M. T. (2018), “Factors influencing the use of M-commerce: an extended technology acceptance model perspective”, International Journal of Economics, Management and Accounting, Vol. 26 No. 1, pp. 157-183.
Blockchains. (2018). Growing use of digital wallets [Summary of studies by country]. Retrieved November 5, 2021, from http://bcmy.io/blog/growing-use-of-digital-walletssummary-of-studies-by-country/
bnm.gov.my. (2022). List of Non-bank E-money issuers. Retrieved from www. https://www.bnm.gov.my/non-bank-e-money-issuers (accessed 5 May 2022)
Chawla, D., and Joshi, H. (2020), “The moderating role of gender and age in the adoption of mobile wallet”, foresight, Vol. 22 No. 4, pp. 483-504, doi: 10.1108/FS-11-2019-0094.
Chawla, D., and Joshi, H. (2021), “Importance-performance map analysis to enhance the performance of attitude towards mobile wallet adoption among Indian consumer segments”, Aslib Journal of Information Management, doi: 10.1108/AJIM-03-2021-0085.
Chopra, A., and Ranjani, K. S. (2020), “Adoption of digital transaction model by micro enterprises to target millennials in India: an exploratory study”, Social Business, doi: 10.1362/204440820X15813359568318.
Cobanoglu, C., Yang, W., Shatskikh, A., & Agarwal, A. (2015). Are Consumers Ready for Mobile Payment? An Examination of Consumer Acceptance of Mobile Payment Technology in Restaurant Industry. Hospitality Review, 31(4).
Cohen, J. (1988). Statistical Power Analysis for the Behavioral Sciences (2nd ed.). Hillsdale, NJ: Lawrence Erlbaum Associates, Publishers.
Dahlberg, T., Guo, J., & Ondrus, J. (2015). A critical review of mobile payment research. Electronic Commerce Research and Applications, Vol. 14, No. (5), pp. 265–284. doi: https://doi.org/10.1016/j.elerap.2015.07.006.
Davis, F. D. (1989), “Perceived usefulness, perceived ease of use, and user acceptance of information technology”, MIS Quarterly, Vol. 13 No. 3, pp. 318-339, doi: https://doi.org/10.2307/249008.
Quoquab, F., Pahlevan, S., Mohammad, J., & Ramayah, T. (2017). Factors affecting consumers' intention to purchase counterfeit product: empirical study in the Malaysian market, Asia Pac. J. Mark. Logist. 29 (4) 837e853.
Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18(1), 39-50.
Gokilavani, R., Kumar, D. V., Durgarani, M., & Mahalakhsmi, R. (2018). Can India Move Towards Digital Sovereign Currency? A Study on Perception of Consumers Towards. International Journal of Pure and Applied Mathematics, 119(17), 2167–2175.
Hair, J. F., Ringle, C. M., & Sarstedt, M. (2013). Partial Least Squares Structural Equation Modeling: rigorous applications, better results and higher acceptance. Long Range Planning, 46(1-2), 1-12.
Hanafizadeh, P., Behboudi, M., Koshksaray, A. A., and Tabar, S. J. M. (2014), “Mobile banking adoption by Iranian bank clients”, Telematics and Informatics, Vol. 31 No. 1, pp. 62-78, doi: 10.1016/j.tele.2012.11.001.
Hussain, M., Mollik, A. T., Johns, R., and Rahman, M. S. (2019), “M-payment adoption for bottom of pyramid segment: an empirical investigation”, International Journal of Bank Marketing, Vol. 37 No. 1, pp. 362-381.
Karim, M. W., Haque, A., Ulfy, M. A., Hossain, M. A., and Anis, M. Z. (2020), “Factors influencing the use of E-wallet as a payment method among Malaysian young adults”, Journal of International Business and Management, Vol. 3, No. 2, pp. 1-12, doi: 10.37227/jibm-2020-2-21.
Liao, C., Palvia, P., Chen, J. L. (2009), Information technology adoption behavior life cycle: toward a technology continuance theory (TCT), International Journal of Information Management 29, pp. 309-320.
Luo, X., Li, H., Zhang, J., and Shim, J. (2010), “Examining multi-dimensional trust and multi-faceted risk in initial acceptance of emerging technologies: an empirical study of fintech services”, Decision Support Systems, Vol. 49 No. 2, pp. 222-234, doi: 10.1016/j.dss.2010.02.008.
Morosan, C. (2014), “Toward an integrated model of adoption of mobile phones for purchasing ancillary services in air travel”, International Journal of Contemporary Hospitality Management, Vol. 26 No. 2, doi: 10.1108/IJCHM-11-2012-0221.
Mycert.org.my. (2022). Incident Statistics. Retrieved from https://www.mycert.org.my/portal/statistics-content?menu=b75e037d-6ee3-4d11-8169-66677d694932&id=77be547e-7a17-444b-9698-8c267427936c (accessed 30 May 2022)
Nizam, F., Hwang, H. J., & Valaei, N. (2018). Measuring the Effectiveness of E-Wallet in Malaysia. 3rd IEEE/ACIS International Conference on Big Data, Cloud Computing, and Data Science Engineering (pp. 59-69). Springer, Cham.
Ramayah, T., and Lo, M. C. (2007). “Impact of shared beliefs on “perceived usefulness” and “ease of use” in the implementation of an enterprise resource planning system”, Management Research News, Vol. 30 No. 6, doi: 10.1108/01409170710751917.
Reddy, T. T., and Rao, B. M. (2019), “The moderating effect of gender on continuance intention toward mobile wallet services in India”, Indian Journal of Marketing, Vol. 49 No. 4, pp. 48-62, doi: 10.17010/ijom/2019/v49/i4/142976.
Rogers, E. M. (1983), “Diffusion of Innovations”, The Free Press, New York.
Rosnidah, I., Muna, A., Musyaffi, A. M., & Siregar, N. F. (2019). Critical factor of mobile payment acceptance in millennial generation: Study on the UTAUT model. International Symposium on Social Sciences, Education, and Humanities (ISSEH 2018). Atlantis Press.
Sarmah, R., Dhiman, N., & Kanojia, H. (2021). Understanding intentions and actual use of mobile wallets by millennial: an extended TAM model perspective. Journal of Indian Business Research Vol. 13 No. 3, 2021 pp. 361-381, doi: https://doi.org/10.1108/JIBR-06-2020-0214.
Sharma, S. K., Sharma, M. (2019), Examining the role of trust and quality dimension in the actual usage of mobile banking services: empirical investigation. International Journal of Information Management, Vol. 44. pp. 65-75, doi: 10.1016/j.ijinfomgt.2018.09.013.
Saura, J. R., Palos-Sanchez, P., and Velicia-Martin, F. (2020), What drives volunteers to accept a digital platform that supports NGO projects? Frontiers in Psychology, Vol. 11, p. 429, doi: 10.3389/fpsyg.2020.00429.
Shin, S., & Lee, W. (2014), The effect of technology readiness and technology acceptance on NFC MPS in Korea. Journal of Applied Business Research (Jabr), Vol. 30, No. 6, pp. 1615 –1625. doi: https://doi.org/10.19030/jabr.v30i6.8873.
Shaw, N., Sergueeva, K. (2019), The non-monetary benefits of mobile commerce: Extending UTAUT2 with perceived value, International Journal of Management, Vol 45, pp. 44-55.
Singh, N., Sinha, N., and Liebana-Cabanillas, F. J. (2020), “Determining factors in the adoption and recommendation of mobile wallet services in India: analysis of the effect of innovativeness, stress to use and social influence”, International Journal of Information Management, Vol. 50, pp. 191-205, doi: 10.1016/j.ijinfomgt.2019.05.022.
theedgemarkets.com. (2022), 51,631 online fraud cases in Malaysia from 2019 to 20121, involving over RM1.61b in losses, Dewan Rakyat told. Retrieved from https://www.theedgemarkets.com/article/51631-online-fraud-cases-malaysia-2019-2021-involving-over-rm161b-losses-dewan-rakyat-told# (accessed 30 May 2022)
Vafaei-Zadeh, A., Ng, S. X., Hanifah, H., Teoh, A. P., Nawaser, K. (2021), Safety technology adoption: Predicting intention to use car dashcams in an emerging country, International Journal of Innovation and Technology Management, doi: org/10.1142/S021987702150022X.
We Are Social & Hootsuite. (2021). Digital 2021: Malaysia. https://datareportal.com/reports/digital-2021-malaysia
Wulantika, L., & Zein, S. R. (2020). E-Wallet Effects on Community Behavior. In IOP Conference Series: Materials Science and Engineering (Vol. 879, No. 1, p. 012121). IOP Publishing.
Yang, M., Mamun, A. A., Mohiuddin, M., Nawi, N. C., & Zainol, N. R. (2021). Cashless transactions: A study on intention and adoption of e-wallets. Sustainability, 13(2), 831.
Yang, Y., Wang, X. (2019), Modeling the intention to use machine translation for student translators: An Extension of Technology Acceptance Model, Computer and Education, Vol. 133, pp. 116-126, doi: 10.1016/j.comedu.2019.01.015.
Zhou, W., Tsiga, Z., Li, B., Zheng, S., and Jiang, S. (2018), “What influence users’ e-finance continuance intention? The moderating role of trust”, Industrial Management and Data Systems, Vol. 118 No. 8, pp. 1647-1670, doi: 10.1108/imds-12-2017-0
