Factors Affecting E-Wallet Adoption For Cashless Society In Malaysia: A Conceptual Paper

Abstract

In today's fast-paced technological landscape, e-wallet services are experiencing rapid growth globally, with Malaysia making significant strides towards a cashless society. This conceptual paper aims to contribute to existing knowledge and industry practices by investigating the factors influencing adoption, using Unified Theory of Acceptance and Use of Technology (UTAUT2) Model as a theoretical framework. The study seeks to address gaps in understanding consumers' adoption towards e-wallets in Malaysia, which have not been extensively explored in previous research. The research will examine three key variables namely trust, rewards, and digital literacy that influence e-wallet adoption. The study will employ quantitative research design with non-probability sampling using the purposive sampling method for data collection purposes. The findings are expected to provide insights into important consumer-related issues surrounding e-wallet adoption. The research also seeks to enhance comprehension of the factors influencing the adoption of new technologies from a consumer perspective. In terms of practical implications, e-wallet service providers should emphasize the rewards offered to consumers, as higher perceived value is associated with greater adoption intention. This suggests that the decision to adopt e-wallets is influenced not only by the users' confidence in utilizing them, but also the external advantages they offer. Therefore, market practitioners should regularly conduct market research to identify and address consumer needs, thereby enhancing their products and services to meet consumer expectations.