The Moderating Role of Structural Assurance in the Unified Theory of Acceptance and Use of Technology (UTAUT): A Study of E-wallet Behavioural Intention of Users and Non-users Among Adults in Malaysia

• Published in: Malaysian Journal of Consumer and Family Economics
• Main Author: Shukri A.F.M.; Leong T.P.; Rashid A.A.; Hanif A.
• Format: Article
• Language: English
• Published: Malaysian Consumer and Family Economics Association 2024
• Online Access: https://www.scopus.com/inward/record.uri?eid=2-s2.0-85211127901&doi=10.60016%2fmajcafe.v33.18&partnerID=40&md5=75513eb52472f01da4cbbf3e9ef97bfe

Despite Malaysia's aim to establish a cashless society by 2020, e-wallet adoption has lagged, with fluctuating transaction rates from 2020 to 2022. Transactions peaked at 251.5 million in December 2021, dropping to 208.2 million by February 2022. This volatility indicates barriers to widespread acceptance. Research highlights the significance of structural assurance— adequate security measures, supportive legal frameworks, and reliable regulation—in technology adoption. Ensuring these factors can enhance consumer confidence and drive higher adoption rates of digital financial services in Malaysia, addressing current impediments to e-wallet usage. This study integrates structural assurance within the Unified Theory of Acceptance and Use of Technology (UTAUT) to explore e-wallet adoption in Peninsular Malaysia, targeting both users and non-users through quota sampling. Using a questionnaire, valid responses were gathered from 377 participants, comprising 224 e-wallet users and 153 non-users. The research employs a quantitative methodology to examine the behavioural intentions related to e-wallet usage. Initial data analysis involved assessing demographic profiles, checking variable reliability, and examining correlation patterns. Further, a multigroup analysis using partial least square – structural equation model (PLS-SEM) was conducted to differentiate these groups based on their e-wallet usage behaviours. The findings underscore the pivotal role of structural assurance in influencing e-wallet adoption across Malaysia. The study reveals how trust and security concerns are crucial in encouraging both current users and potential adopters to switch from traditional payment methods to digital solutions. The implications suggest that regulatory bodies and e-wallet providers should prioritise structural assurance to boost adoption rates. By enhancing trust and security measures, stakeholders can significantly motivate users to embrace e-wallets, fostering a robust digital economy. This research enriches the existing literature on technology adoption, providing insights into the determinants of e-wallet adoption in Malaysia and highlighting the importance of structural assurance in digital payment systems. © 2024, Malaysian Consumer and Family Economics Association. All rights reserved.