Examining Factors Influencing the Adoption of E-Wallets among Malaysian Youth

Abstract

In Malaysia's transition to a cashless economy, e-wallet technologies are emerging to replace traditional cash transactions. However, the continued preference for cash among many puts into question the behavioural intention of the people in adopting e-wallet. This study focused on the youth behavioural intention particularly undergraduate students at private university. As those attending private universities are often overlooked. This study employs the Unified Theory of Acceptance and Use of Technology (UTAUT) to comprehend the factors influencing young individuals' intent to embrace e-wallet usage in Malaysia. Five independent variables were analysed: perceived usefulness, consumer confidence, price value, facilitating factors, and social influence. A total of 484 respondents participated in the study, providing valuable insight into this target group’s mindset. Results revealed a significant relationship between perceived utility, consumer confidence, and social influence with the intention to adopt e-wallets, while price value and facilitating conditions showed negligible impact. To promote e-wallet usage, it is suggested that universities and government organisations in Malaysia focus strategies on enhancing these behavioural intentions to accept digital payments.