International Journal of Advanced Research in Technology and Innovation
e-ISSN: 2682-8324 | Vol. 4, No. 4, 30-39, 2022
http://myjms.mohe.gov.my/index.php/ijarti
Technology Acceptance Model in E-Wallet Adoption Among
Generation Z Students: The Covid-19 Endemic Phase in Malaysia
Nor Fauziana Ibrahim1*, Nor Hasliza Mat Hasan1, Putri Nurul ‘Aainaa Rusli2,
Javad Shahreki1, Mohamad Aidil Hasim3
1
Faculty of Business, Multimedia University (MMU), Ayer Keroh, Melaka, Malaysia
2
Faculty of Management, Multimedia University (MMU), Cyberjaya, Selangor, Malaysia
3
Faculty of Technology Management and Technopreneurship, University Teknikal Malaysia Melaka (UTeM),
Durian Tunggal, Melaka, Malaysia
Accepted: 15 December 2022 | Published: 31 December 2022
DOI: https://doi.org/10.55057/ijarti.2022.4.4.3
_________________________________________________________________________________________
Abstract: The current pandemic has significantly changed society's lifestyle, particularly in
terms of financial transactions. The popularity of e-wallets has grown significantly in Malaysia
particularly during the global outbreak which leads Malaysia closer to be a cashless society
by 2022. Meanwhile, recent statistics reported that 78 percent of Malaysians prefer cash over
other payment options. Hence, this paper examines the factors correlated to the adoption of e-
wallet through the TAM model among generation z students at the endemic phase in Malaysia.
The data were analysed by using SPSS and structural equal modeling version 4. The finding
revealed evidence for the adoption of the TAM model (“perceived ease of use” and “perceived
usefulness”) having a strong positively significant to adoption of e-wallet. This research will
assist marketers and policymakers foster the adoption of e-wallets among Malaysian
consumers and eventually will lead to realization of a cashless society.
Keywords: Adoption of e-wallet, Technology Acceptance Model, Generation z, Students
___________________________________________________________________________
1. Introduction
The Malaysia Digital Economy (MyDigital) blueprint spells out that Malaysia’s long-term
vision is to create a cashless society through electronic payment by 2022. As part of the agenda,
RM1.2 billion was allocated to boost the Malaysian economy to stimulate spending, and
encourage digital financial transaction adoption (Aziz, 2022). The government introduced the
“e-Tunai Rakyat” programme and the “ePENJANA” project in the year 2020, which provide
cash giveaways to consumers who are using e-wallets payment methods including Grab,
Shopee Pay, Touch 'n Go (TNG) and Boost. Basically, the term "electronic" in the context of
e-payment describes to a transaction procedure that does not need physical cash (Yaakup et at.,
2021; Shane et al., 2022). On the other hand, Grab Pay, Boost, credit cards, debit cards, Lazada
Wallet, Shopee Pay, T n G eWallet, Maybank QR and WeChat Pay, are all popular types of e-
payment in Malaysia (imoney, 2020; Yaakup et at., 2021).
“e-wallet” is a platform that permits consumers to purchase products and services from anyone
or business in a convenient and technologically efficient approach (Carlos, Miguel & Yuntao,
2020). This payment option allows the retailer to collect their customer's payment using QR
code or their business account details (Subramaniam, Kolandaisamy, Jalil, & Kolandaisamy,
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International Journal of Advanced Research in Technology and Innovation
e-ISSN: 2682-8324 | Vol. 4, No. 4, 30-39, 2022
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2020). Furthermore, e-wallet function same as conventional wallets which are applied to collect
information such as e-money, credit and debit card numbers and other contact information such
as owner identification, shipment, or invoicing address when it is available from e-commerce
sites (Junadi, 2015).
The current global pandemic has had a significant impact on society's lifestyle, particularly in
terms of monetary transactions. During the peak of Malaysia's Movement Control Order
(MCO), 3 million new e-wallet service memberships were recorded (Aziz, 2022). Since of the
ease of E-wallet services, there is no need to exchange currency because e-Wallets allow you
to operate by do not require close contacts. Referring to the statistic provided by Bank Negara
Malaysia (BNM) stat, the average number of digital payment transactions has risen compared
to last ten years, growing from 49transactions in 2011 to over 221. In fact, more than 7.2 billion
business transactions were processed through e-wallet in Malaysia in year 2021, representing
a 30 percent year-on-year (YoY) growth which leads to the fastest-rising year since 2006. E-
wallet acceptance has increased dramatically in Malaysia over the last decade, but the cashless
transformation fully took off during the COVID-19 outbreak. Hence, make Malaysia to be a
cashless country.
Despite recent claims that Malaysia is moving toward a cashless society, cash remains the
country's leading payment option and the evidence shows 11% decrease of adoption o e-wallet
since the endemic began ("Malaysia is a Cash-driven Society, "2022). According to recent
research performed by PayNet Digital Payments Insights Study, 78 percent of Malaysians
prefer cash over other payment options, with 48 percent using it daily. Refer to Stickpay 2021
research, just 14% of e-commerce transactions were performed using an e-wallet in Malaysia,
compared to 29% in Indonesia, 20% in Singapore, 20% in the Philippines, and 19% in
Thailand. Yaakup et al. (2021) saipoint out d that e-wallet acceptance is focused on advertising
and promotions which somehow forcing many users to download e-wallet apps but never use
them.
To boost the cashless economy and improve e-wallet adoption among Malaysian consumers,
the marketers and cashless payment providers must first understand market needs and demand.
Therefore, this research intended to explore push factors of adoption of e-wallet among
generation z students by underpinning the TAM model. Report verifies that 71% of e-wallet
adoption in Malaysia is from Generation Z in their 20’s and many of them are pursuing studies
which make up 26% of Malaysian population (Stikpay, 2021). The findings of this study are
vital to the marketer and policy makers to foster endless, sustainable usage of e-wallets among
Malaysian consumers.
2. Literature Review
2.1 Technology Acceptance Model (TAM)
Technology acceptance model has been utilized over past researchers to study the determinants
influencing the adoption of e-wallets. This model is the most impactive theory which has been
adopted to explain and forecast the adoption and acceptance of consumers in a new system
(Hubert et al, 2019). Technology acceptance model (TAM) was developed by Davis (1989) to
investigate the acceptance of consumers in different new technologies.). The main purpose of
TAM is to trace how the internal beliefs, attitudes, and intentions will be affected by external
variables (Sargolzaei S, 2017)
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TAM model development is acceptable in explaining recent development of e wallet payment
services. TAM can bring advantages in analyzing the e-wallet payment as it has been proofed
and tested in many different areas of studies (Sarmah, Dhiman & Kanojian, 2021). It becomes
one of the valid conceptual models for exploring the adoption of new “information system
technology” (Nur & Panggabean, 2021). This model includes 2 main determinants which are
perceived ease of use and perceived usefulness that influence the users in adopting a new
system. TAM was centered on theory of reasoned action and has been applied in describing
individuals in their behaviour of acceptance. The conceptual framework model of TAM is
utilised to predict consumers behavioural intention towards acceptance and usage of digital
technology (Wong & Mohamed, 2021).
2.2 Perceived ease of use (PEU)
Perceived ease of use is stated by (Effendy et al., 2021) as a trust that an effortless experience
can be gained by using a new technological system. Meanwhile, Al Amri et al., (2018)
mentioned that a simple yet robust guide on how to use an e-wallet will strengthen users' belief
in service providers, improving their reputation. Similarly, the operational process of e-wallet
is believed to be simple to learn and easy to use. As a result, positive user experience can then
be achieved. Consumers will also be more interested in adopting and using e-wallets in general.
Wardana et al., (2022) discovered that the “perceived ease of use” among generation Z in
Surakarta, Indonesia on e-wallet resulted in a significant positive effect.
Another study by (Normayanti et al., 2021) on the influence of “perceived of ease of use” on
students’ interest in using the e-wallet resulted in positive and significant influence among
students. Dewi et al., (2021) discovered that “perceived ease of use” of e-wallet amongst the Y
generation has a significant positive effect on behavioural intention to use. According to an
investigation study by Yaakop et al., (2021) on “perceived ease of use” of e-wallet adoption
during endemic periods among Malaysian youth resulted in a positive effect. Hence, based on
the earlier findings by the above scholars, the investigation to study the “perceived ease of use”
of e-wallet among generation z students throughout endemic periods is required.
2.3 Perceived Usefulness (PU)
Rooted earlier from the TAM model by (Davis et al., 1989), “perceived usefulness” is
understood by the user’s improved job performance through a degree of confident usage of a
particular system. From the perspective of an online system, usefulness is reflected by the use
of a technology that can aid a user’s task performance (Natarajan et al., 2017). In the case of
mobile payment, Denaputri et al., (2019) discovered that the “perceived usefulness” represents
a significant and major influence factor to use mobile payment among consumers for the
mobile payment purpose. The finding showed that perceived usefulness made a positive impact
on technology acceptance.
Meanwhile, (Aji et al., 2020), perceived usefulness is linked to the consumer intention when it
comes to a new application or system. During the period of social distancing due to the outbreak
of COVID-19 virus, e-wallet is seen to be a useful payment method for users. Another study
by Yaakop et al., (2021) discovered that there is a large correlation between “perceived
usefulness” and intention to use the e-wallet among Malaysian youth. The finding also stated
that the e-wallet market particularly among Malaysian youth aged 18 – 25 is said to have on
average five e-wallets they benefited from the government support through the usage of
Touch’s N Go payment application. Based on the above studies, perceived usefulness
represents a vital factor of influence towards the decision to adopt mobile payment applications
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International Journal of Advanced Research in Technology and Innovation
e-ISSN: 2682-8324 | Vol. 4, No. 4, 30-39, 2022
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which leads for this study to further investigate in the perspective of the endemic period of
COVID-19.
2.4 Adoption of e-wallet
The adoption of e-wallet has now developed extremely popular and drawn much attention from
scholars and researchers. E-wallets is the short term for electronic wallets or digital wallets. An
e-wallet is also recognized as a digital wallet that can make payments without paying cash or
money (Punwatkar & Verghese, 2018, White, 2019; Subaramaniam, Kolandaisamy, Jalil &
Kolandaisamy (2020)). Through online prepaid accounts, users can deposit their money into
the electronic wallet for future transactions (Mohamed Ali & Gopalan, 2018). E- wallets are
used like physical wallets, users can top-up through the mobile banking services of different
financial institutions by linking their credit cards, debit cards or bank out to the e wallet.
The adoption of e-wallets is specified as the application of mobile payment system by
consumers through with e-wallets (Liébana-Cabanillas et al., 2018). E-Wallet can carry out
personal electronic transactions, including online shopping or physical store transactions
(Hassan, Shukor & Hasan; 2021). Researchers found that the use of electronic wallets is
favored by many people because of its flexibility and ease of use (Osakwe & Okeke, 2016;
Osman, 2021). Furthermore, the e-wallet system benefits both buyers and sellers due to its
effective service delivery and shortest time. It also provides users the convenience and fast
payment transaction where there is no physical cash or card required.
3. Methodology
3.1 Research Design
This is a quantitative study since it demonstrates systematic exploration of phenomena through
data collection and statistical analysis. In this article, a survey was done because it is the most
appropriate way for measuring respondents' views and perceptions (Babbie, 2020).
3.2 Sampling procedure
Purposive sampling was used to select a sample of responders. This is a cross-sectional study;
208 respondents completed a Google form survey. According to Bougie and Sekaran (2019), a
sample size of larger than 30 and fewer than 500 respondents is appropriate for most social
scientific research. As a result, the number of respondents for this survey is sufficient and valid
for statistical analysis.
3.3 Research Instrument
The questionnaire was allocated into three parts, Section A was the “demographic profile” of
the respondents, which included age, gender, education, type of education institution, and
consent from the respondents. Section B contains items for each of the independent variables,
namely “perceived ease of use” and “perceived usefulness”, which were adapted and modified
from (Sarmah et al., 2021; Shin et al., 2021), whereas Section C contains items for the adoption
of e-wallet services, which were adapted and modified from (Shane et al., 2022; Sarmah et al.,
2021; Shin et al., 2021). This study used a five-point Likert-type scale, with 1 being “strongly
disagree” and 5 being “strongly agree”.
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4. Result
Table 1: Demography Profile of Respondent's
Demographic Frequencies Percentage (%)
Age Below 20 years 63 30.3
20-29 years 145 69.7
Above 30 years
Gender Male 50 24
Female 158 76
Education Postgraduate 1 0.5
Degree 5 2.4
Diploma 192 92.3
Foundation 10 4.8
Type of education Public (IPTA) 148 67.8
institution
Private (IPTS) 67 32.3
Table 1 displays the demographic profile results. According to the above data, the majority of
respondents (145 or about 70%) were between the age group of 20 and 29. Secondly, the
majority of the students in this study are female, with 115 or 76% being female, and most of
the respondents are diploma programme students. According to the distribution of Higher
Education Institutions (HEI), the majority of respondents (148) represent IPTA, while 67
belongs to IPTS.
Table 2: Measurement model
Research PLS Cronbach's Composite Average Loading
Construct Code Alpha Reliability Variance Factor
Item Extracted
(AVE)
Adoption of e- UE1 0.891 0.903 0.691 0.852
Wallet UE2 0.854
UE3 0.849
UE4 0.800
UE5 0.800
Perceived ease of PEU1 0.893 0.907 0.756 0.884
use PEU2 0.856
PEU3 0.860
PEU4 0.876
Perceived PU1 0.885 0.890 0.686 0.835
usefulness PU2 0.853
PU3 0.849
PU4 0.830
PU5 0.772
All the items in Table 2's measurement model are viable, reliable, and consistent because the
value exceed the “Cronbach Alpha (0.7)”, “Composite Reliability (0.7)”, “AVE (0.5)”, and
“Loading Factor (0.7)” values (Hair et al. 2019; Quoquab et al. 2017). As a result, all the factor
loadings in Figure 1 reveal that this study met all of the instruments' requirements for
34
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International Journal of Advanced Research in Technology and Innovation
e-ISSN: 2682-8324 | Vol. 4, No. 4, 30-39, 2022
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“Adoption of e-Wallet, Perceived ease of use, and Perceived usefulness” from the first round
PLS analysis.
Figure 1: Measurement Model
The “square root” of each construct's AVE score has outstripped its correlation with other
constructs. This suggests that the research model is acceptable to ensure “discriminant validity”
at the construct level (Fornell & Larcker, 1981). Table 3 displays the “loading and cross-
loadings” for the measurement model used in this research. All items were very well loaded in
relation to their respective variables and low in relation to the other variables
Table 3: Loadings and cross-loadings for the measurement model
Adoption of e-Wallet Perceived Ease of Use Perceived
Usefulness
UE1 0.852 0.465 0.654
UE2 0.854 0.478 0.643
UE3 0.849 0.447 0.632
UE4 0.800 0.389 0.445
UE5 0.800 0.389 0.445
PEU1 0.545 0.884 0.617
PEU2 0.438 0.856 0.508
PEU3 0.384 0.860 0.490
PEU4 0.434 0.876 0.551
PU1 0.560 0.561 0.835
PU2 0.602 0.456 0.853
PU3 0.632 0.514 0.849
PU4 0.573 0.573 0.830
PU5 0.491 0.507 0.772
The “bootstrap approach” was then employed to determine the statistical impact of the
structural model's path coefficients. Table 3 demonstrates the clear correlation between
35
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e-ISSN: 2682-8324 | Vol. 4, No. 4, 30-39, 2022
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“perceived ease of use” (β=0.149, p>0.05) and “perceived usefulness” (β=0.600, p<0.001) have
strong relationship with adoption of e-Wallet among youth in this study, especially students.
Table 3: Results of the hypothesis testing
Hypothesi Path Beta Value Standard t – Value p – Value Result
s Deviation
H1 Perceived Ease 0.149 0.065 2.296** 0.022 Supported
of Use →
Adoption of e-
Wallet
H2 Perceived 0.600 0.065 9.208*** 0.000 Supported
Usefulness →
Adoption of e-
Wallet
**p<0.01,*p<0.05, p<0.001*** Bootstrapping
5. Discussion
The results reveal hypothesis 1 by establishing that the “perceived ease of use” increases
student adoption of E-wallets. When generation z students believe the technology is simple to
use, they are more likely to adopt e-Wallet services. This is confirmed by previous research,
which has shown that ‘perceived ease of use” is one of the motivators for e-wallet adoption
(Hasim et al., 2022; Dewi et al., 2021; Malik et al., 2021). The findings by Do et al. (2020) in
Vietnam and Pertiwi et al. (2020) in Indonesia are consistent with the current study in Malaysia
that E-wallets are being adopted due to the convenience and ease of using cashless payment
for daily activities for example like paying utilities bills, buying groceries or shopping.
Furthermore, hypothesis 2 “perceived usefulness” is positively associated to student e-wallet
adoption. Karim et al. (2020), perceived usefulness recognises individual trusts that using a
specific system will increase his/her capacity to perform a task. Individuals are more prone to
embrace an e-wallet if they believe the system or cashless technology is useful and does not
require extra effort (Saadon et al., 2020; Malik et al., 2021).
The TAM framework hypotheses that “perceived ease of use and perceived usefulness” have a
direct positive relationship with social behaviour purpose to adopt the technology (Hasim et
al., 2022; Hong et al., 2021). Our findings align with previous study on the TAM
Model (Effendy et al., 2021) that “perceived usefulness and perceived ease of use” are the core
elements that play a crucial part in e-wallet adoption (Yang,et al., 2021). Indeed, students who
consider an e-wallet to be more beneficial than traditional methods of making payment
transactions are more likely to accept an e-wallet as part of their everyday financial
transactions. Otherwise, students may reject cashless payment if it is difficult to use.
36
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6. Conclusion
Based on the research findings, the independent variables “perceived usefulness and perceived
ease of use” have a positive significant relationship with e-wallet adoption among Malaysian
generation z students, which is related to the TAM model. This study made a theoretical
contribution and provided a deeper understanding of customers' electronic wallet adoption
during the Covid-19 endemic phase. Marketers, mainly e-wallet providers may grasp the
“needs and wants” of Malaysian consumers by determining their attitude and
behaviours through this research. Furthermore, the study will help nurture the adoption of e-
wallet payment in the long run which aligns with the Malaysian government's agenda to be a
cashless nation. Future studies should consider exploring other generations including
generation x and baby boomers to get more generalisation results of adoption of e-wallet in
Malaysia.
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