FACTORS AFFECTING THE ADOPTION OF E-WALLETS AMONG FEMALES IN MALAYSIA

Asia Pacific Journal of Emerging Markets, Vol. 7, No. 1, 2023 ISSN: 2706-5634

Authors: Chien Rou Lim, Vikneswaran Manual

ABSTRACT

Due to the evolution of financial technology, payment methods have evolved from cash to cashless. Electronic wallet (e-wallet) is one of the cashless payments that arises in recent years, and it provides a lot of benefits to consumers such as allowing consumers to perform rapid transactions and track transaction histories. Despite that the Malaysian government and ewallet service providers have put in much effort in promoting e-wallet, the adoption rate remains low. Therefore, this research paper aims to identify the unique factors which influences the uptake of e-wallets specifically among the females in Malaysia. The proposed factors include perceived ease of use, perceived usefulness, perceived security, and age group. This research has adopted the Technology Acceptance Model and intends to fill the research gap in the literature. A total of 100 surveys were administered to Malaysian women across various age groups. The collected data gathered were analysed using SPSS software. It was found that all four factors proposed impose significant effects with different strengths towards the adoption of e-wallets. The findings of this study can give valuable insights to various parties so that they can implement strategies to increase the adoption rate of e-wallets…..

INTRODUCTION

As technology advances, consumers are increasingly turning to digital alternatives, shifting from cash to cashless transactions. Fintech-driven cashless payments, notably electronic wallets (e-wallets), have surged in recent years. E-wallets are mobile apps that store funds, enable quick transactions and track payment histories. They consist of software for secure transactions and an information component for user data. Globally, the rise of mobile internet apps has boosted e-wallet adoption. In China, over 65 percent of the population is expected to use e-wallets by 2025, while Malaysia experiences substantial growth, driven by government initiatives like ePemula and support from providers like Boost and Touch ‘n Go (Nawi et al., 2022). The central bank, “Bank Negara Malaysia (BNM), has issued electronic money licenses to encourage e-wallet usage” (BNM, 2022)….

Keywords:  Financial Technology, Electronic Wallet; Malaysian Women

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