Go Cashless: A Proposed Conceptual Framework for e-Wallet Acceptance

Abstract

Developments in digital finance help vulnerable communities access financial services, particularly in developing countries. Financial technology offers advancements to the financial industry and consumers that make their transactions less complex and more convenient. E-wallet is a great platform that will positively impact the economy and social fabric of the nation in pursuit of the government’s aspirations of transforming into a cashless society, contactless payment, and digital economy. It was proven that Malaysia's emergence of financial technology has contributed to increasing improvement in Malaysia's technology productivity. In the context of the study, the level of consumer acceptance of e-wallets especially among the lower-income group in Malaysia is still low in contrast with the potential benefit of technology. If this issue persists, the country's aspiration to become a cashless nation by 2050 and to be a regional leader in the digital economy by 2025 is hard to be achieved. Since the literature examining the determinants of e-wallet acceptance among Malaysians is relatively scarce, therefore, this study aims to fill the gap without omitting the community. Thus, this study seeks to subsidize the pertinent past literature and establish a conceptual framework that determines e-wallet acceptance and further amplifies the methodology that will be used in this study. This framework is based on Technology Acceptance Model as underpinning theory and the past studies using systematic literature review with the timeline between 2017 and 2021. Findings of these activities reveal that various variables have been compiled as a component in the proposed framework which are perceived usefulness, perceived ease of use, security, trust, attitude as a mediator, and e-wallet acceptance. This framework can serve as a theoretical basis for future research and practice.