In today's growing Malaysian economy, the tourism industry has grown to be an important component of economic activity. Because of COVID-19, tourism companies face various challenges when they do not expect cash inflows for at least three months due to ongoing national movement control (MCO) orders to prevent the spread of the COVID-19 virus. So, financial technology (Fintech) has differentiated itself from traditional businesses by breaking down barriers and bringing financial services to the public during COVID-19. The objective of this study is to identify the impact of COVID-19 on the use of Fintech in managing the financial needs of tourism companies. This study will be conducted using quantitative methodology with the involvement of the Unified Theory of Acceptance and Use of Technology (UTAUT) model as a proposed framework to study the factors that can influence consumer intention to use technology. The model was empirically tested through survey data obtained from 480 respondents. As a result, 3 out of 5 factors that have a positive relationship with behavioural intention to use Fintech, which are performance expectancy, effort expectancy, and trust, were analysed in this research. Through this study, Fintech influences tourism companies to use Fintech by trusting the service given. Several important recommendations for the government, policymakers, private sector, researchers, and knowledge are formulated.
Ahmad, S., Tajul Urus, S., & Syed Mustapha Nazri, S. N. F. (2021). Technology Acceptance Of Financial Technology (Fintech) For Payment Services Among Employed Fresh Graduates. Asia-Pacific Management Accounting Journal, 16(2), 27–58. Https://Doi.Org/10.24191/Apmaj.V16i2-02
Al-Saedi, K., Al-Emran, M., Ramayah, T., & Abusham, E. (2020). Developing a general extended UTAUT model for M-payment adoption. Technology in Society, 62(January), 101293.
Andreas, C. (2012). Utaut And Utaut 2: A Review and Agenda for Future Research. The Winners, 13(2), 106–114.
Shankar, A. C. (2020, March 30). Covid-19: Malaysia Smes See Zero Cash Inflow For At Least Three Months Due To Mco | The Edge Markets. The Edge Markets. Https://Www.Theedgemarkets.Com/Article/Covid19-Malaysia-Smes-See-Zero-Cash-Inflow-Least-Three-Months-Due-Mco.
Artiga, S., Garfield, R., & Orgera, K. (2020). Communities Of Color At Higher Risk For Health And Economic Challenges Due To Covid-19. San Francisco, Ca.
Asyraf, M., Farique, M., Aiman, M., & Fauzi, M. (2021). Implikasi Pandemik Covid-19 Terhadap Ekonomi Global Dan Ekonomi Malaysia Implications Of Covid-19 Pandemic On Global Economy And Malaysian Economy. 2(1).
Ashby, B. (2022). Investors Need To Get A Lot Smarter About Fintech | The Star. Https://Www.Thestar.Com.My/Business/Business-News/2022/01/01/Investors-Need-To-Get-A-Lot-Smarter-About-Fintech
Beaton, R. (2020). The Promise Of Fintech: Financial Inclusion In The Post Covid-19 Era. International Monetary Fund.
Cao, X., Yu, L., Liu, Z., Gong, M., & Adeel, L. (2018). Understanding Mobile Payment Users' Continuance Intention: A Trust Transfer Perspective. Internet Research, 8(2), 456-476.
Compeau, D. R., & Higgins, C. A. (1995). Computer self-efficacy: development of a measure and initial test. MIS Quarterly, 19 (2), 189-211.
Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319-340.
Dwivedi, Y. K., Shareef, M. A., Simintiras, A. C., Lal, B., & Weerakkody, V. (2016). A generalised adoption model for services: A cross-country comparison of mobile health (m-health). Government Information Quarterly, 33(1), 174–187.
Farah, M. F., Hasni, M. J. S., & Abbas, A. K. (2018). Mobile-Banking Adoption: Empirical Evidence From The Banking Sector In Pakistan. International Journal Of Bank Marketing, 36(7), 1386–1413
Feyen, E., Frost, J., Gambacorta, L., Natarajan, H., & Saal, M. (2021). Fintech And The Digital Transformation Of Financial Services: Implications For Market Structure And Public Policy. In Bis Papers (Vol. 117, Issue 117).
Galanakis, C. M., Rizou, M., Aldawoud, T. M. S., Ucak, I., & Rowan, N. J. (2021). Innovations And Technology Disruptions In The Food Sector Within The Covid-19 Pandemic And Post-Lockdown Era. Trends In Food Science And Technology, 110(February), 193–200. Https://Doi.Org/10.1016/J.Tifs.2021.02.002
Bunyan, J. (2020). "Pm: Malaysia Under Movement Control Order From Wed Until Apr. 14, All Shops Closed Except For Essential Services". The Malay Mail. Archived From The Original On Mar. 16 2020. Retrieved Mar. 16 2020.
Junger, M., & Mietzner, M. (2019). Banking Goes Digital: The Adoption Of Fintech Services By German Households.
Kagan, J. (2020). Financial Technology–Fintech. Datum Pristupa Dokumentu, 13(6), 2020.
Keong, M. L., Ramayah, T., Kurnia, S., & Chiun, L. M. (2012). Explaining intention to use an enterprise resource planning (ERP) system: an extension of the UTAUT model. Business Strategy Series, 13(4), 173 - 180.
Lee, S. (2017). Evaluation of mobile application in user's perspective: case of P2P lending apps in fintech industry. KSII Transactions on Internet & Information Systems, 11(2), 1105-1117.
Najib, M., Ermawati, W. J., Fahma, F., Endri, E., & Suhartanto, D. (2021). Fintech In The Small Food Business And Its Relation With Open Innovation. Journal Of Open Innovation: Technology, Market, And Complexity, 7(1).
Najib, M., Fahma, F. (2020). Investigating the adoption of digital payment system through an extended technology acceptance model: An insight from the indonesian small and medium enterprises. Int. J. Adv. Sci. Eng. Inf. Technol., 10, 1702–1708.
Nangin, M. A., Barus, I. R. G., & Wahyoedi, S. (2020). The Effects Of Perceived Ease Of Use, Security, And Promotion On Trust And Its Implications On Fintech Adoption. Journal Of Consumer Sciences, 5(2), 124–138
Nassar, A. A. M., Othman, K., & Nizah, M. A. B. M. (2019). The impact of the social influence on ICT adoption: Behavioral Intention as mediator and age as moderator. International Journal of Academic Research in Business and Social Sciences, 9(11).
Nur, T., & Panggabean, R. R. (2021). Factors Influencing The Adoption Of Mobile Payment Method Among Generation Z: The Extended Utaut Approach. Journal Of Accounting Research, Organization And Economics, 4(1), 14–28.
Patil, P., Tamilmani, K., Rana, N. P., & Raghavan, V. (2020). Understanding consumer adoption of mobile payment in India: Extending Meta-UTAUT model with personal innovativeness, anxiety, trust, and grievance redressal. International Journal of Information Management, 54(February), 102144.
Pavlou, P. A. (2003). Consumer acceptance of electronic commerce: Integrating trust and risk with the technology acceptance model. International Journal of Electronic Commerce, 7 (3), 101–134.
Septiani, R., Handayani, P. W., & Azzahro, F. (2017). Factors that affecting behavioral intention in online transportation service: Case study of GO-JEK. Procedia Computer Science, 124, 504–512
Senyo, P. K., & Osabutey, E. L. C. (2020). Unearthing Antecedents To Financial Inclusion Through Fintech Innovations. Technovation, 98(June), 102155.
Shah, A. U. M., Safri, S. N. A., Thevadas, R., Noordin, N. K., Rahman, A. A., Sekawi, Z., Ideris, A., & Sultan, M. T. H. (2020). Covid-19 Outbreak in Malaysia: Actions Taken by The Malaysian Government. International Journal of Infectious Diseases, 97, 108–116.
Shin, D. H. (2009). Towards an understanding of the consumer acceptance of mobile wallet Original Research Article. Computers in Human Behavior, 25, 1343-1354. doi: 10.1016/j.chb.2009.06.001.
Simanjuntak, M., Putri, N. E., Yuliati, L. N., & Sabri, M. F. (2020). Enhancing Customer Retention Using Customer Relationship Management Approach In Car Loan Bussiness. Cogentbusiness & Management, 7(1), 1738200.
Staniforth, J. (2020). Covid-19 Update: Worker Health, Absenteeism Present Largest Risks To U.S. Food Supply Chain [Online]. Https://Www. Foodqualityandsafety.Com/Article/Covid-19-Update-Worker-Health-Andabsenteeism-Present-Largest-Risk-To-U-S-Food-Supply-Chain. Accessed On Mar. 20, 2020.
Tun-Pin, C., Keng-Soon, W. C., Yen-San, Y., Pui-Yee, C., & Hong-Leong, Julian Teh Shwu-Shing, N. (2019). An Adoption Of Fintech Service In Malaysia. South East Asia Journal Of Contemporary Business, Economics And Law, 18(5), 73–92.
Untwo (World Tourism Organization). (2020). International Tourist Numbers Could Fall 60–80% In 2020 [Online]. Https://Www.Unwto.Org/News/ Covid-19-International-Tourist-Numbers-Could-Fall-60-80-In-2020. Accessed On Jul. 22, 2020.
Valle, B., & Zeng, Y. (2019). Marketplace Lending: A New Banking Paradigm? The Review of Financial Studies, 32(5), 1939–1982.
Varga, D. (2018). Fintech , The New Era. Budapest Management Review, December, 22–33.
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User Acceptance Of Information Technology: Toward A Unified View. 27(3), 425–478.
World Health Organuzation WHO (2020), Strategic preparedness and response plan: https://www.who.int/docs/default-source/coronaviruse/srp-04022020.
Xie, J., Ye, L., Huang, W., & Ye, M. (2021). Understanding Fintech Platform Adoption?: Impacts Of Perceived Value And Perceived Risk. 1893–1911.
Yohanes, K., Junius, K., Saputra, Y., Sari, R., Lisanti, Y., & Luhukay, D. (2020). Unified Theory Of Acceptance And Use Of Technology (Utaut) Model Perspective To Enhance User Acceptance Of Fintech Application. Proceedings Of 2020 International Conference On Information Management And Technology, Icimtech 2020, August, 643–648.
(Ismail, rt al., 2024)
Ismail, A. F. F., Sam, M. F. M., Suprapto, B., Mohamed, N. H., Taib, M. S. M., Alias, S. N. A., & Bisho, A. H. A. I. (2024). The Impact of Covid-19 on the Use of Fintech in Managing the Financial Needs of Tourism Industry. International Journal of Academic Research in Business and Social Sciences, 14(8), 2145–2156.
Copyright: © 2024 The Author(s)
Published by Knowledge Words Publications (www.kwpublications.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode
