ISSN: 2222-6990
Open access
Omni-present Internet access manipulates the current digital transformation. Digital wallet payment is one of the transformations that has reshaped the traditional payment methods and changed consumer’s behaviours in economic exchanges. The digital wallet has accelerated global digital payment volumes. With the situation of COVID-19 pandemic outbreak, the adoption of digital wallets has increased due to most consumers reduce the usage of money in the form of physical coins or banknotes as a medium of exchange for products and services. There is a need to identify the underlying factors that encourage consumers to adopt digital wallets as only few studies have focused on digital wallets adoption in Malaysia. Furthermore, most studies use demographic factors such as age, experience and gender to moderate the relationship between determinants and behavioural intention on the adoption of digital wallets. Still, the findings of digital wallet adoption are inclusive. Since COVID-19 wreaks havoc on both global health and economy, therefore, this study proposes a framework and emphasises on the adoption of digital wallets using COVID-19 risk as the potential moderator to extent the Technology Acceptance Model (TAM). Besides, in this study, the proposed determinants include perceived ease of use, perceived usefulness, attitude and behavioural intention. Questionnaire will be distributed to a total of 140 respondents and converted into Google Form for data collection as it is the best way to reduce the physical contact amid COVID-19 pandemic. The proposed research framework will be analysed using Structural Equation Modelling (SEM). The findings of the study are expected to provide insights and guidelines for government, retailers and future researchers for digital wallet adoption.
Aboelmaged, M. G., & Gebba, T. R. (2013). Mobile banking adoption: an examination of Technology Acceptance Model and Theory Planned Behavior. International Journal of Business Research & Development, 2(1), 35-50.
Aji, H. M., Berakon, I., & Husin, M. (2020). COVID-19 and e-wallet usage intention: a multigroup analysis between Indonesia and Malaysia. Cogent Business & Management, 7(1), 1-16.
Ajzen, I. (2002). Residual effects of past on later behavior: habituation and reasoned action perspectives. Personality & Social Psychology Review, 6(2), 107-122.
Al Nawayseh, M. K. (2020). FinTech in COVID-19 and beyond: what factors are affecting customers’ choice of FinTech applications?. Journal of Open Innovation: Technology, Market, & Complexity, 6(4), 1-15.
Alalwan, A. A., Dwivedi, Y. K., Rana, N. P., & Algharabat, R. (2018). Examining factors influencing Jordanian customers’ intentions and adoption of internet banking: extending UTAUT2 with risk. Journal of Retailing & Consumer Services, 40, 125-138.
Alkhowaiter, W. A. (2020). Digital payment and banking adoption research in Gulf countries: a systematic literature review. International Journal of Information Management, 53, 1-17.
Alshurideh, M. T., Al Kurdi, B., Masa’deh, R., & Salloum, S. A. (2021). The moderation effect of gender on accepting electronic payment technology: a study on United Arab Emirates consumers. Review of International Business & Strategy, 31(3), 375-396.
Alswaigh, N. Y., & Aloud, M. E. (2021). Factors affecting user adoption of e-payment services available in mobile wallets in Saudi Arabia. IJCSNS International Journal of Computer Science & Network Security, 21(6), 222-230.
Anouze, A. L. M., & Alamro, A. S. (2020). Factors affecting intention to use e-banking in Jordan. International Journal of Bank Marketing, 38(1), 86-112.
Arora, A., Jha, A. K., Alat, P., & Das, S. S. (2020). Understanding coronaphobia. Asian Journal of Psychiatry, 54, 1-6.
Attema, A. E., Haridon, O. L., Raude, J., Seror, V., & The Coconel Group (2021). Beliefs and risk perception about COVID-19: evidence from two successive French representative surveys during lockdowns. Frontiers in Psychology, 12, 1-16.
Baharuddin, Z., & Abu, S. N. A. (2020). COVID-19 Pandemic Accelerates Adoption of Cashless Transactions. Retrieved March 03, 2021, from
https://www.bernama.com/en/general/news_covid-19.php?id=1869084
Birruntha, S. (2021). Pandemic Pushes More Than 80% Growth for E-Wallet Players. Retrieved August 16, 2022, from https://themalaysianreserve.com/2021/10/18/pandemic-pushes-more-than-80-growth-for-e-wallet-players/
BOTS Team. (2021). #TECH: Mr DIY Gives RM300 e-Wallet Cash Aid to UM Students. Retrieved October 04, 2021, from https://www.nst.com.my/lifestyle/bots/2021/09/731633/tech-mr-diy-gives-rm300-ewallet-cash-aid-%C2%A0um-students
Cao, W., Fang, Z., Hou, G., Han, M., Xu, X., Dong, J., & Zheng, J. (2020). The psychological impact of the COVID-19 epidemic on college students in China. Psychiatry Research, 287, 1-5.
Chawla, D., & Joshi, H. (2019). Consumer attitude and intention to adopt mobile wallet in India – an empirical study. International Journal of Bank Marketing, 37(7), 1590-1618.
Chresentia, S., & Suharto, Y. (2020). Assessing consumer adoption model on e-wallet: an extended UTAUT2 approach. International Journal of Economics, Business & Management Research, 4(06), 232-244.
Chua, J. J., & Ling, A. W. P. (2019). Acceptance of WeChat Pay among consumers in Malaysia. INTI Journal, 6, 1-9.
Cision. (2022). Asia-Pacific Digital Payment Forecast Report 2022: Over 65% of the Population in China is Forecast to Use Proximity Mobile Payments by 2025. Retrieved March, 18, 2022, from https://www.prnewswire.com/news-releases/asia-pacific-digital-payment-forecast-report-2022-over-65-of-the-population-in-china-is-forecast-to-use-proximity-mobile-payments-by-2025-301486341.html
Daragmeh, A., Lentner, C. & Sagi, J. (2021). FinTech payments in the era of COVID-19: factors influencing behavioral intentions of ‘‘Generation X’’ in Hungary to use mobile payment. Journal of Behavioral & Experimental Finance, 32, 1-12.
Daragmeh, A., Sagi, J., & Zeman, Z. (2021). Continuous intention to use e-wallet in the context of the COVID-19 pandemic: integrating the Health Belief Model (HBM) and Technology Continuous Theory (TCT). Journal of Open Innovation: Technology, Market & Complexity, 7(132), 1-23.
Davis, F. D. (1986). Technology Acceptance Model for empirically testing new end-user information systems: theory and results. Retrieved March 2, 2021, from
https://www.researchgate.net/publication/35465050_A_Technology_Acceptance_Model_for_Empirically_Testing_New_End-User_Information_Systems
Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319-340.
Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319-340.
Dryhurst, S., Schneider, C. R., Kerr, J., Freeman, A. L. J., Recchia, G., Van der Bles, A. M., Spiegelhalter, D., & Van der Linden, S. (2020). Risk perceptions of COVID-19 around the world. Journal of Risk Research, 23, 1-13.
Edeh, F. O., Aryani, D. N., Subramaniam, T., Kee, D. M. H., Samarth, T., Nair, R. K., Kannappan, T., Tan, Y. S., & Teh, Y. C. (2021). Impact of COVID-19 pandemic on consumer behavior towards the intention to use e-wallet in Malaysia. International Journal of Accounting Finance in Asia Pacific, 4(3), 42-59.
FinTech Singapore. (2021). E-Wallet Adoption in E-Commerce Still Low Despite Growth in Mobile Users. Retrieved January 12, 2022, from https://fintechnews.sg/58063/e-commerce/e-wallet-adoption-in-e-commerce-still-low-despite-growth-in-mobile-users/
Flavian, C., Guinaliu, M., & Lu, Y. (2020). Mobile payments adoption – introducing mindfulness to better understand consumer behavior. International Journal of Bank Marketing, 38(7), 1575-1599.
Foroughi, B., Iranmanesh, M., & Hyun, S. S. (2019). Understanding the determinants of mobile banking continuance usage intention. Journal of Enterprise Information Management, 32(6), 1015-1033.
Gao, J., Zheng, P., Jia, Y., Chen, H., Mao, Y., Chen, S., Wang, Y., Fu, H., & Dai, J. (2020). Mental health problems and social media exposure during COVID-19 outbreak. PLOS ONE, 15(4), 1 – 10.
George, A., & Sunny, P. (2021). Developing a research model for mobile wallet adoption and usage. IIM Kozhikode Society & Management Review, 10(1), 82-98.
Google, Temasek, Bain & Company (2020). E-Conomy SEA 2020: Resilient and Racing Ahead: Southeast Asia at Full Velocity. Retrieved August 16, 2022, from https://www.bain.com/insights/e-conomy-sea-2020/
Joshi, H. (2021). Perception and Adoption of Customer Service Chatbots Among Millennials: An Empirical Validation In The Indian Context. In Proceedings of the 17th International Conference on Web Information Systems & Technologies (WEBIST 2021), 197-208.
Karim, M. W., Haque, A., Ulfy M. A., Hossain, M. A., & Anis, M. Z. (2020). Factors influencing the use of e-wallet as a payment method among Malaysian young adults. Journal of International Business & Management, 3(2), 1-11.
Komba, K. J., & Razak, K. A. (2021). Factors influencing customer retention for electronic wallet services in Malaysia. International Journal of Social Science & Humanity, 11(2), 44-47.
Ladkoom, K., & Thanasopon, B. (2020). FACTORS INFLUENCING REUSE INTENTION OF E-PAYMENT IN THAILAND: A CASE STUDY OF PROMPTPAY. ICEIS 2020 - Proceedings of the 22nd International Conference on Enterprise Information Systems, 1, 743-750.
Lee, Y. (2021). Southeast Asia is World’s Fastest-Growing Mobile Wallet Market. Retrieved December 03, 2022, from https://www.bloomberg.com/news/articles/2021-07-08/southeast-asia-is-world-s-fastest-growing-mobile-wallet-market
Lee, Y. M. K., Jais, M., Chia, C. W., & Zaidi, N. S. (2020). Factor affecting adoption of e-wallet in Sarawak. International Journal of Academic Research in Accounting, Finance & Management Sciences, 10(2), 244-256.
Lee, Y. M. K., Jais, M., Chia, C. W., & Zaidi, N. S. (2020). Factor affecting adoption of e-wallet in Sarawak. International Journal of Academic Research in Accounting, Finance & Management Sciences, 10(2), 244-256.
Li, J., Yang, Z., Qiu, H., Wang, Y., Jian, L., Ji, J., & Li, K. (2020). Anxiety and depression among general population in China at the peak of the COVID-19 epidemic. World Psychiatry, 19(2), 249-250.
Lin, A., C. H., Pazos, R. V., Singson, T. C., Lee, P. J., & Thong, Y. J. (2021). How COVID-19 is Spreading Across the World. Retrieved October 05, 2022, from https://www.straitstimes.com/multimedia/graphics/2020/02/coronavirus-global-numbers/index.html
Lonare, A., Yadav, A., & Sindhu, S. (2018). E-wallets: diffusion and adoption in Indian economy. Indian Journal of Commerce & Management Studies, 9(2), 9-16.
Madan, K., & Yadav, R. (2018). Understanding and predicting antecedents of mobile shopping adoption: a developing country perspective. Asia Pacific Journal of Marketing & Logistics, 1(30), 139-162.
Mew, J., & Millan, E. (2021). Mobile wallets: key drivers and deterrents of consumers’ intention to adopt. The International Review of Retail, Distribution & Consumer Research, 31(2), 182-210.
Nortajuddin, A. (2020). E-Wallet Adoption on the Rise in ASEAN. Retrieved January 21, 2021, from https://theaseanpost.com/article/e-wallet-adoption-rise-asean
Ojo, A. O., Fawehinmi, O., Ojo, O. T., Arasanmi, C. & Tan, C. N. L. (2022). Consumer usage intention of electronic wallets during the COVID-19 pandemic in Malaysia. Cogent Business & Management, 9(10), 1-15.
Ong, J. (2020). 15 million Malaysians Getting RM50 Each in e-Wallet Funds to Boost Contactless Payments. Retrieved October 04, 2021, from https://www.malaymail.com/news/malaysia/2020/06/05/15-million-malaysians-getting-rm50-each-in-e-wallet-funds-to-boost-contactl/1872794
Pal, R., & Bhadada, S. K. (2020). Cash, currency and COVID-19. Postgraduate Medical Journal, 96, 427-428.
Persada, S. F., Dalimunte, I., Nadlifatin, R., Miraja, B. A., Redi, A. A. N. P., Prasetyo, Y. T., Chin, J., & Lin, S. C. (2021). Revealing the behavior intention of techsavvy Generation Z to use electronic wallet usage: a Theory of Planned Behavior based measurement. International Journal of Business & Society, 22(1), 213-226.
Phan, T. N., Ho, T. V., & Le-Hoang, P. V. (2020). Factors affecting the behavioral intention and behavior of using e-wallets of youth in Vietnam. Journal of Asian Finance, Economics & Business, 7(10), 295-302.
Rahi, S., Khan, M. M., & Alghizzawi, M. (2021). Extension of technology continuance theory (TCT) with task technology fit (TTF) in the context of Internet banking user continuance intention. International Journal of Quality & Reliability Management, 38(4), 986-1004.
Ramli, A. R., Chua, C., & Modhgil, P. (2021). Digital payment: e-wallet. Research by Kenaga: Thematic Report, 1-7.
Rantung, H. M., Tumbuan, W. J. F. A., & Gunawan, E. M. (2020). The determinants influencing behaviorial intention to use e-wallet during COVID-19 pandemic in Manado. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis & Akuntansi, 8(4), 352-360.
Razif, N. N. M., Misiran, M., Sapiri, H., & Yusof, Z. M. (2020). Perceived risk for acceptance of e-wallet platform in Malaysia among youth: SEM approach. Management Research Journal, 9, 1-24.
Sahi, A. M., Khalid, H., Abbas, A. F., & Khatib, S. F. A. (2021). The evolving research of customer adoption of digital payment: learning from content and statistical analysis of the literature. Journal of Open Innovation: Technology, Market & Complexity, 7(230), 1-24.
Sakala, L., & Phiri, J. (2019). Factors affecting adoption and use of mobile banking services in Zambia based on TAM model. Journal of Business & Management, 7(3), 1380-1394.
Sivathanu, B. (2019). Adoption of digital payment systems in the era of demonetization in India: an empirical study. Journal of Science & Technology Policy Management, 10(1), 143-171.
Tan, J. (2021a). COVID-19 A Game Changer for Digital Payments. Retrieved April 18, 2022, from https://www.businesstimes.com.sg/asean-business/covid-19-a-game-changer-for-digital-payments%C2%A0
Tan, M. (2021b). One in Two People to Use Mobile Wallets by 2025, Led by South-East Asia. Retrieved April 18, 2022, from https://www.businesstimes.com.sg/global-enterprise/one-in-two-people-to-use-mobile-wallets-by-2025-led-by-south-east-asia
Tang, W., Hu, T., Hu, B., Jin, C., Wang, G., Xie, C., Chen, S., & Xu, J. (2020). Prevalence and correlates of PTSD and depressive symptoms one month after the outbreak of the COVID-19 epidemic in a sample of home-quarantined Chinese university students. Journal of Affective Disorders, 274, 1-7.
The Asian Banker. (2021). Mobile Wallets Will Reach 2.6 billion Users in Asia Pacific by 2025. Retrieved April 18, 2022, from https://www.theasianbanker.com/updates-and-articles/mobile-wallet-will-reach-2.6-billion-users-in-asia-pacific-by-2025
Trivedi, V. (2021). Digital Wallets Users to Exceed 4.4B Globally By 2025, Study Finds. Retrieved April 18, 2022, from https://www.paymentsdive.com/news/digital-wallets-usage-pandemic-juniper/596883/
UNCTAD. (2021) How COVID-19 Triggered the Digital and E-Commerce Turning Point. Retrieved August 16, 2022, from https://unctad.org/news/how-covid-19-triggered-digital-and-e-commerce-turning-point
Undale, S., Kulkarni, A., & Patil, H. (2021). Perceived e-wallet security: impact of COVID-19 pandemic. Vilakshan - XIMB Journal of Management, 18(1), 89-104.
UOB. (2022). Shifting Consumer Habits Drive Malaysia FinTech Growth. Retrieved August 16, 2022, from https://www.uobgroup.com/techecosystem/news-insights-consumer-research-malaysia.html
Venugopal, P., Jinka, S., & Priya, S. A. (2016). User acceptance of electronic health records: cross validation of UTAUT Model. Sona Global Management Review, 10(3), 42-54.
Vinitha, K. (2021). A model of behavioural intention on usage of e-wallet amid the pandemic COVID-19. Natural Volatiles & Essetials Oils, 8(5), 9909-9919.
World Health Organisation. (2021). Coronavirus Disease (COVID-19) Advice for the Public. Retrieved June 15, 2021, from https://www.who.int/emergencies/diseases/novel-coronavirus-2019/advice-for-public
Xiang, Y. T., Yang, Y., Li, W., Zhang, L., Zhang, Q., Cheung, T., & Ng, C. H. (2020). Timely mental health care for 2019 novel coronavirus outbreak is urgently needed. The Lancet Psychiatry, 1-2.
Xiong, J., Lipsitz, O., Nasri, F., Lui, L. M. W., Gill, H., Phan, L., Chen, D. L., Lacobucci, M., Ho, R., Majeed, A., & Mclntyre, R. S. (2020). Impact of COVID-19 pandemic on mental health in the general population: a systematic review. Journal of Affective Disorder, 1-32.
Yang, M., Mamun, A. A., Mohiuddin, M., Nawi, N. C., & Zainol, N. R. (2021). Cashless transactions: a study on intention and adoption of e-wallet. Sustainability, 13 (831), 1-18.
Zhao, Y., & Bacao, F. (2021). How does the pandemic facilitate mobile payment? an investigation on users’ perspective under the COVID-19 pandemic. International Journal of Environmental Research & Public Health, 18(3), 1-22.
In-Text Citation: (Lee & Thoo, 2022)
To Cite this Article: Lee, W. Q., & Thoo, A. C. (2022). Extended Technology Acceptance Model for Digital Wallet Usage. International Journal of Academic Research in Business and Social Sciences, 12(8), 1490 – 1503.
Copyright: © 2022 The Author(s)
Published by Human Resource Management Academic Research Society (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non0-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode