Abstract
In recent years, there is a noticeable increase in cashless transactions due to financial technology development. With the enhancement of fin-tech products like e-wallet, most consumers shift from cash-based transactions to cashless. In particular, locked down Citizens of the country had no other choice than to stay at home due to the COVID-19 pandemic in Sri Lanka. The social distancing and avoidance of physical touch were the significant measures to escape from the COVID-19 virus. The use of digital transactions and electronic cash transfers was encouraged in every nook and corner of the country. The present empirical study aimed to investigate the significant predictors of behavioral intention on e-wallet usage during the COVID-19 period. This study adopted a practical research design to the online survey method to gather e-wallet users' perceptions in the study area by applying an extended technology acceptance model (TAM). The present study follows the quantitative approach to gathering data from 500 respondents using a Google Form. And collected data were analyzed using the regression model. The results indicate that Attitude, perceived usefulness, perceived ease of use, perceived cost, perceived Risk, and COVID – 19 are the positive and significant predictors of e-wallet usage. In contrast, perceived usefulness, Subjective norms, and facilitating conditions do not significantly influence e-wallet usage. Further, e-wallets usage should be encouraged to avoid unnecessary visits to banks, implement social distancing, avoid physical touch while exchanging cash amid the COVID-19 pandemic in Sri Lanka and create a positive attitude among citizens of the country towards the adoption of a cashless economy. Finally, this study helps the digital marketplace's service providers understand the usefulness of using e-wallet for transaction purposes.
Highlights
World internet turns the life easier for people
The present study explores the solutions to overcome the obstacles in the behavioral intention of the e-wallet users for usage purposes during COVID-19
Due to a lack of research on this topic and the growing importance, the present study contributes to the literature by examining the significant predictors of behavioral intention on e-wallet usage during the COVID-19 period in Sri Lanka
Summary
World internet turns the life easier for people. Payments made using smart devices. Apart from debit or credit cards, electronic cards enable consumers to store their physical card information and bank account number to perform specific actions towards payment (Ray, 2017). Many people currently access smart technology because it contains new applications, ease of use, security, and privacy options (Wood, 2013). In Sri Lanka, Before the crisis, the most popular payment methods were direct bank transfers (100%) and cash-on-delivery for payments (80%). Online payments using debit/credit cards are significantly low (17%) due to the high cost of payment gateways In these kinds of situations, the public cannot access banks and ATMs without mobile ATM usage. E-wallets will help eradicate the physical touch during pandemic conditions and eliminate the bank branch's importance to transfer or remit the bank account's money during the lockdown period
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