The resilience of e-wallet adoption among millennials in Malaysia

As smartphones dominate our daily lives and mobile apps soar in popularity, a wave of innovative e-wallets is transforming and has become an essential tool for many, particularly among younger generations. In this context, understanding what influences the acceptance of e-wallets is essential, as it offers insights into the future of financial technology. This study concentrated on three important factors: perceived security (PS), perceived ease of use (PEU), and social influence (SI) to determine their relationship towards e-Wallet adoption (EWA) among millennials in Malaysia, with four hypotheses were formulated. The Unified Theory of Acceptance and Use of Technology (UTAUT) was employed. 390 data were collected via purposive sampling and a survey questionnaire, and analyzed using Smart PLS (Partial Least Squares). The findings revealed that both PS and PEU have a significant influence on EWA. However, the research found that SI has no moderating effect on the relationship between PEU and PS toward EWA at the 5% significance level, with p-values of 0.122 and 0.692, respectively. This concludes that PEU and PS catapulted e-wallet adoption in Malaysia to a whole new level regardless of SI. Future studies could investigate why SI is not significant in this situation and examine additional moderators or mediators. This could raise public awareness and offer unique perspectives on e-wallet adoption trends, laying the groundwork for further research in the rapidly evolving field of digital money.

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