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Title: E-WALLET ADOPTION: A CASE IN MALAYSIA |
Authors: Teoh Teng Tenk, Melissa*, Hoo Chin Yew, Lee Teck Heang |
Abstract: In line with the rapid growth in internet access, Fintech, online shopping and cross border trading in
recent years, mobile payment transactions are expected to be the most prevalent means to complete
sales transactions. A RM30 incentive of the use of E-wallet was announced for the Malaysia Budget
2020 to spur the use of E-wallet in Malaysia, while the central bank of Malaysia (BNM) has launched
the Financial Sector Blueprint 2011-2020 aiming to eliminate the issuance of cheques and to increase
e-payments, which accelerate the speed of transformation into a cashless society and stimulate the
shift towards the electronic payment era. This paper contributes by examining the E-wallet adoption
behavior of Malaysian smartphone users. The UTAUT model has been used. Data from 210
respondents were collected through an online survey. The findings show that three quarter of
Malaysians have tried or started to use E-wallet, despite that it is still not a very common payment
option. Half are spending less than RM100 per month using E-wallet with the average amount per
transaction of not more than RM50. Partial-least-squares-structural-equation-modelling (PLS-SEM)
is applied. The results reveal performance expectation, effort expectation and social influence have
positive impact on the use behavior of E-wallet, whilst the perceived risk and perceived costs have no
significant influence. Being at the infant stage of E-wallet in Malaysia, the regulators and retailers
should focus their efforts on promoting the benefits brought by E-wallet, while enlarging the support
network to facilitate the ease of use E-wallet in the society.
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Keywords: E-wallet, electronic payment, consumer intention, adoption |
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