E-wallets and financial behavior: Understanding user preferences in digital transactions
List of Authors
  • Farida Bhanu Mohamed Yousoof , Shafinaz Ahmad Nazar

Keyword
  • E-Wallet, Behavioural Intention, Financial Technology

Abstract
  • The rapid technological advancements are reshaping global dynamics, notably in the financial sector. The evolution of Financial Technology (FinTech) is particularly striking, with e-wallets increasingly supplanting traditional cash and card transactions. This study aims to explore the pivotal factors influencing the behavioral intention of individuals to adopt e-wallets as their preferred financial technology. The investigation focuses on variables such as perceived ease of use, perceived usefulness, privacy and security concerns, public health awareness, and feature diversity. By employing a descriptive approach, a survey of 250 respondents was conducted, and the data analyzed using SPSS software. This research holds substantial significance for both government and industry sectors. For governments, understanding these factors can aid in designing policies that promote digital payment adoption, contributing to a more efficient, transparent financial system and reduced cash management costs. In the industry sector, insights from this study can guide businesses in optimizing their payment solutions, enhancing customer experience, and staying competitive in an increasingly digital economy.

Reference
  • 1. Birruntha, S. (2019, October 29). The best e-wallets in Malaysia, as ranked by users. Retrieved from The Malaysia Reserve Ibsite: https://themalaysianreserve.com/2019/10/29/the-best-e-wallets-in-malaysia-as-ranked-by-users/

    2. Chawla, D., & Joshi, H. (2020). Role of Mediator in Examining the Influence of Antecedents of Mobile Wallet Adoption on Attitude and Intention.

    3. Chua, C. J., Lim, C. S., & Aye, A. K. (2020). Consumers‘ Behavioural Intention to Accept of the Mobile Wallet in Malaysia. Journal of Southwest Jiaotong University, 55(1), 460. doi:10.35741/issn.0258-2724.55.1.3

    4. Chua, C. J., Lim, C. S., & Aye, A. K. (2020). Consumers‘ Behavioural Intention to Accept of the Mobile Wallet in Malaysia. Journal of Southwest Jiaotong University, 55(1), 460. doi:10.35741/issn.0258-2724.55.1.3

    5. Daisy M., An L., Ooi Z., Pavithara S., Kuan P., Sathyan KA, Sahana M. (February 2022). Have You Touched? A Case Study of Touch N Go E-wallet. Retrieved from: file:///C:/Users/DengJun/Downloads/1416-2986-2-PB%20(2).pdf

    6. Fenchi Melissa, C., Chamroeun, K., & Sivmey, T. (2018, December 21-22). Consumer Adoption of E-wallets: A Study of Millennials at the Institute of Foreign Languages, Cambodia. Conference proceedings of the 21st Asia-Pacific Conference on Global Business, Economics, Finance (AP18Taiwan Conference) Taipei-Taiwan. Retrieved from http://globalbizresearch.org/Taiwan_Conference_Dec_2018_2/docs/doc/2. %2 0Global%20Business,%20Economics%20&%20Sustainability/W812_Abs trac t.pdf

    7. Fernando, J. (23 February, 2021). Correlation Coefficient. Retrieved from Investopedia: https://www.investopedia.com/terms/c/correlationcoefficient.asp

    8. Gomes, V. (2022, February 28). E-Wallet: Digital payments pivotal to Malaysia‘s financial services industry. Retrieved from The Edge Markets Ibsite: https://www.theedgemarkets.com/article/ewallet-digital-payments-pivotal-malaysias-financial-services-indus

    9. Gomes, V. (2022, February 28). E-Wallet: Digital payments pivotal to Malaysia‘s financial services industry. Retrieved from The Edge Markets Ibsite: https://www.theedgemarkets.com/article/ewallet-digital-payments-pivotal-malaysias-financial-services-industry

    10. Hasan, M. K., Ismail, A. R., & Islam, M. F. (2017). Tourist risk perceptions and revisit intention: A critical review of literature. Cogent Business and Management, 4(1), 1-21. doi:10.1080/23311975.2017. 1412874

    11. Ibrahim, M. H., Hussin, R., & Hussin, H. (2019). Factors Influencing Malaysian Consumers' Intention to Use Quick Response (QR) Mobile Payment. Jurnal Pengurusan, (57)

    12. Kagan, J. (2020, August 27). Financial Technology – FintechDefinition. Retrieved from Investopedia Ibsite: https://www.investopedia.com/terms/f/fintech.asp.

    13. Karim, M. W., Chowdhury, M. A. M., & Haque, A. A. (2022). A Study of Customer Satisfaction Towards E-Wallet Payment System in Bangladesh. American Journal of Economics and Business Innovation, 1(1), 1-10.

    14. Karim, W., Haque, A., Ulfy, M., Hossain, A., & Anis, Z. (2020). Factors Influencing the Use of E-wallet as a Payment Method among Malaysian Young Adults Graduate School of Management. Journal of International Business and Management, 3(2). https://doi.org/10.37227/jibm-2020-2-21

    15. Khalid, S. (2022, January 6). E-money transactions in Nov 2021 highest in five years. Retrieved from The Edge Markets Ibsite: https://www.theedgemarkets.com/article/emoney-transactions-nov-2020- highest-five-years

    16. Miladinovic, J., & Hong, X. (2016). A study on factors affecting the behavioral intention to use mobile shopping fashion apps in SIden. (Bachelor thesis). Jonkoping University.

    17. Mombeuil, C. (2020, July). An exploratory investigation of factors affecting and best predicting the renewed adoption of mobile wallets. Journal of Retailing and Consumer Services, 55, 102-127. doi:10.1016/j.jretconser.2020.102127

    18. Naderifar, M., Goli, H., & Ghaljaei, F. (2017). Snowball Sampling: A purposeful method of sampling in qualitative research. Strides in Development of Medical Education, 1-7.

    19. Ohri, A. (2021, March 19). What are product features? A simple overview (2021). Retrieved from https://www.jigsawacademy.com/blogs/productmanagement/product-feature

    20. Olivia, M., & Marchyta, N. K. (2022). The influence of perceived ease of use and perceived usefulness on E-wallet continuance intention: intervening role of customer satisfaction (Doctoral dissertation, Petra Christian University).

    21. Punwatkar, S., & Verghese, M. (2018). Adaptation of e-wallet payment: an empirical study on consumers’ adoption behavior in central india. International Journal of Advanced in Management, Technology and Engineering Sciences, 8(3), 1147-1156.

    22. Revathy C. & Balaji P. (2020, June) DETERMINANTS OF BEHAVIORAL INTENTION ON E-WALLET USAGE: AN EMPIRICAL EXAMINATION IN AMID OF COVID-19 LOCKDOWN PERIOD. Retrieved from: https://www.researchgate.net/profile/Revathy-

    23. Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill building approach. John Wiley & Sons.

    24. Shankar, A., & Datta, B. (2018). Factors Affecting Mobile Payment Adoption Intention: An Indian Perspective. 19(3), 72-89. doi:10.1177/0972150918757870

    25. Singh, G. (2019). A Review of Factors Affecting Digital Payments and Adoption Behaviour for Mobile e-wallets. International Journal of Research in Management & Business Studies, 89-96

    26. Singh, G. (2019). A Review of Factors Affecting Digital Payments and Adoption Behaviour for Mobile e-wallets. International Journal of Research in Management & Business Studies,89-96.

    27. Singh, N., Sinha, N., & Liebana-Cabanillaw, 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, 191-205.

    28. Taherdoost, H. (2016). Sampling methods in research methodology; how to choose a sampling technique for research. International Journal of Economics and Management Systems, 2, 10-18.

    29. Tan, K. O., Aziz, F. b., Ong, C. H., Goh, C. F., Lim, K. Y., Saadon, M. S., & Choi, S. L. (2020). E-Wallet Acceptance among Undergraduates in Malaysia. Test Engineering & Management, 12990-12998.

    30. Tedja, R. T., Tjong, Y., & Deniswara, K. (2021, August). Factors Affecting The Behavioral Intention of E-Wallet Use during Covid-19 Pandemic in DKI Jakarta. In 2021 International Conference on Information Management and Technology (ICIMTech) (Vol. 1, pp. 574-579). IEEE.

    31. Touch n' Go. (2021, November). Are there any limitations for wallet usage? Retrieved from Touch 'n Go eWallet Help Centre Ibsite: https://support.tngdigital.com.my/hc/en-my/articles/360036093773-Are-there-any-limitations-for-wallet-u

    32. Vagias, W.M., 2006. Likert-type scale response anchors. Clemson International Institute for Tourism & Research Development, Department of Parks, Recreation and Tourism Management. Clemson Universiti

    33. Vicki Hyman (2022). DeFi, DAOs and CBDCs: 8 crypto innovators on what‘s next. Retrieved from: https://www.mastercard.com/news/perspectives/2022/crypto-innovatorson-what-is-next/