Perceived risk for acceptance of E-wallet platform in Malaysia among youth: Sem approach
DOI:
https://doi.org/10.37134/mrj.vol9.sp.1.2020Keywords:
perceived risk, technology acceptance model, e-wallet, structural equation modellingAbstract
The payment technology such as e-wallet is important in this century for both consumers and providers. Following the trend, the e-wallet providers quickly connect with the banks to develop banking applications activities. As e-wallet is closely linked to online transaction, the trust of risk issue is prominent whereby most studies present a challenge in providing e-wallet solutions to encourage user acceptance. Therefore, this study investigates the perceived risk that reflects customer emotions on the uncertainty of possible adverse effect on the use of new technologies. 231 young adults in a range of 18 to 30 years old were involved in this study. The analysis started with distribution of the questionnaire and getting the factors involved by adopting Exploratory Factor Analysis. Structural equation modelling and existing technology acceptance model is used in order to determine the significant factors that been accepted by the users among young generation. Results found that there are several factors that have significant relationship with the acceptance of e-wallet platform, which are behavioral intention, perceived privacy risk, perceived usefulness, trust, perceived overall risk, and perceived performance risk. More respondents should be selected in the future to give their opinion on this e-wallet issue. Besides that, more factors should be investigated in order to provide in depth view of e-wallet to the providers and consumers.
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References
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https://www.imoney.my/articles/choosing-e-wallet
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Harris, J. (2010). Essentials of Marketing Research. Australasian Marketing Journal (AMJ).
Jarvenpaa, S. L., Tractinsky, N., Vitale, M., & Saarinen, L. (1999). Consumer Trust in an Internet Store : A Cross-Cultural Validation. Journal of Computer-Mediated Communication.
Kaiser, H. . (1974). Factor simplicity index and transformations. Psychometrika.
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Khalilzadeh, J., Ozturk, A. B., & Bilgihan, A. (2017). Security-related factors in extended UTAUT model for NFC based mobile payment in the restaurant industry. Computers in Human Behavior.
Kim, C., Tao, W., Shin, N., & Kim, K. S. (2010). An empirical study of customers’ perceptions of security and trust in e-payment systems. Electronic Commerce Research and Applications, 9(1), 84–95.
Kim, D. J., Ferrin, D. L., & Rao, H. R. (2008). A trust-based consumer decision-making model in electronic commerce: The role of trust, perceived risk, and their antecedents. Decision Support Systems.
Kousaridas, A. Parissis, G., & Apostolopoulos, T. (2008). An open financial services architecture based on the use of intelligent mobile devices. Electronic Commerce Research and Applications, 7(2), 232-246.
Lai, P. C. (2018). Security as an Extension to TAM Model: Consumers’ Intention to Use a Single Platform E-Payment. Asia-Pacific Journal of Management Research and Innovation, 13(3–4), 110–119.
Laukkanen, T. (2007). Internet vs mobile banking: Comparing customer value perceptions. Business Process Management Journal.
Lee, M. C. (2009). Factors influencing the adoption of internet banking: An integration of TAM and TPB with perceived risk and perceived benefit. Electronic Commerce Research and Applications.
Leong, L. Y., Hew, T. S., Tan, G. W. H., & Ooi, K. B. (2013). Predicting the determinants of the NFC-enabled mobile credit card acceptance: A neural networks approach. Expert Systems with Applications, 40(14), 5604–5620.
Lim, B., Lee, H., & Kurnia, S. (2007). Exploring the reasons for a failure of electronic payment systems: A case study of an Australian company. Journal of Research and Practice in Information Technology.
Linck, K., Pousttchi, K., & Wiedemann, D. G. (2006). Security Issues in Mobile Payment from the Customer Viewpoint. ECIS 2006 Proceedings.
Lutz, R.J., & Reilly, P.J. (1974). An exploration of the effects of perceived social and performance risk on consumer information acquisition. ACR North American Advances.
Madureira, A. (2017). Factors that hinder the success of SIM-based mobile NFC service deployments. Telematics and Informatics.
https://doi.org/10.1016/j.tele.2016.05.003
Mcmillan, B. J. (2018). Examining the Perceived Risks of Contactless Card Acceptance in the New Zealand Market Master of Commerce in Marketing.
Mekovec, R., & Hutinski, Ž. (2012). The role of perceived privacy and perceived security in online market. MIPRO, 2012 Proceedings of the 35th International Convention.
Mitchell, V. (1999). Consumer perceived risk: conceptualisations and models. European Journal of Marketing, 33(1/2), 163–195.
Mokhtar. S.F., Md Yusof, Z. & Misiran, M. (2012), Factors Affecting Students’ Performance in Mathematics, Journal of Applied Sciences Research, 8(8), 4133-4137
Mondego, D., & Gide, E. (2018). the Effect of Trust on Mobile Payment Adoption: a Comprehensive Review of Literature. International Journal of Arts & Sciences, 11(1), 375–390. Retrieved from
https://www.researchgate.net/publication/330439207
Morosan, C., & DeFranco, A. (2016). It’s about time: Revisiting UTAUT2 to examine consumers’ intentions to use NFC mobile payments in hotels. International Journal of Hospitality Management.
Nguyen, T. D., & Huynh, P. A. (2018). The roles of perceived risk and trust on e–payment adoption. International Econometric Conference of Vietnam, 926-940, Springer, Cham.
Niranjan, T.T., Rao, S., Sengupta, S., & Wagner, S.M. (2014). Existence and extent of operations and supply management departmental thought worlds: an empirical study. Journal of Supply Chain Management, 50(4), 76-95.
Nizam, F., Hwang, H.J., Valaei, N. (2018, July), Measuring the effectiveness of e-wallet in Malaysia. in 3rd IEEE/ACIS International Conference on Big Data, Cloud Computing, and Data Science Engineering (pp. 59069). Springer, Cham.
Nunkoo, R., & Ramkissoon, H. (2013). Travellers' E-purchase intent of tourism products and services. Journal of Hospitality Marketing & Management, 22(5), 505-529.
Pandy, S. M., Ph, D., & Crowe, M. (2017). Choosing a Mobile Wallet : The Consumer Perspective.
Pinchot, J., Mishra, S., … K. P.-I. I. I., & 2016, undefined. (2016). Exploring Barriers To Adoption of Mobile Payments for University Students: Lack of Awareness, Lack of Availability, and. Pdfs.Semanticscholar.Org, 17(Iii), 20–30. Retrieved from
https://pdfs.semanticscholar.org/b487/57f4bbf4f78464632094bd0d2cc22facb634.pdf
Punwatkar, S., & Verghese, M. (n.d.). Adaptation of e-Wallet Payment: An Empirical Study on Consumers’ Adoption Behavior in Central India. Ijamtes.Org, 8(Iii), 1147–1156. Retrieved from
http://www.ijamtes.org/gallery/154 conf-mba.pdf
Ross, I. (1975). Perceived Risk and Consumer Behaviour: A Critical Review. Advances in Consumer Research.
Roy, S., & Sinha, I. (2017). Factors affecting Customers’ adoption of Electronic Payment : an Empirical Analysis. 19(12), 76–90.
Sainani, K. L. (2014). Introduction to Principal Components and Factor Analysis. PM & R : The Journal of Injury, Function, and Rehabilitation.
Salah Uddin, M., & Yesmin Akhi, A. (2014). E-Wallet System for Bangladesh an Electronic Payment System. International Journal of Modeling and Optimization.
Sappri, M.M., Baharudin, A.S., Raman, S. (2016). The moderating effect of user involvement and self-readiness and factors that influence information system net benefits among Malaysian public sector employees. International Journal of Applied Engineering Research, 11(18), 9659-9673.
Schierz, P. G., Schilke, O., & Wirtz, B. W. (2010). Understanding consumer acceptance of mobile payment services: An empirical analysis. Electronic Commerce Research and Applications.
Statista. (2019). FinTech (Malaysia). Retrieved from Statista Website:
https://www.statista.com/outlook/295/122/fintech/malaysia
Steiger, J. H. (1990). Structural Model Evaluation and Modification: An Interval Estimation Approach. Multivariate Behavioral Research.
Stroborn, K., Heitmann, A., Leibold, K., & Frank, G. (2004). Internet payments in Germany: A classificatory framework and empirical evidence. Journal of Business Research.
Szymanski, D.M., & Hise, R.T. (2000). E-satisfaction: an initial examination. Journal of retailing, 76(3), 309-322.
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http://techgenix.com/digital-wallets-fintech/
Thompson, B. (2004). Exploratory and confirmatory factor analysis: Understanding concepts and applications. [References]. In (2004).
Trivedi, J. (2017). Factors Determining the Acceptance of E-Wallet. 1(December 2016).
Tsiakis, T., & Sthephanides, G. (2005). The concept of security and trust in electronic payments. Computers & Security, 24(1), 10-15.
Upadhyay, P., & Jahanyan, S. (2016). Analyzing user perspective on the factors affecting use intention of mobile based transfer payment. Internet Research.
Venkatesh, V., & Davis, F. D. (2003). A Theoretical Extension of the Technology Acceptance Model: Four Longitudinal Field Studies. Management Science.
Yang, Y., Liu, Y., Li, H., & Yu, B. (2015). Understanding perceived risks in mobile payment acceptance. Industrial Management and Data Systems.
Yousafzai, S.Y., Pallister, J.G., and Foxall, G.R. (2003), A proposed model of e-trust for electronic banking, Technovation, 23, 847-860.
Yusof, Z.M., Misiran, M., Lee, P.P., Ho, T.T. (2014), Factors affecting students’ satisfaction towards bus services in university, Research Journal of Applied Sciences, Engineering and Technology, 8(4), 664-667.
Zhou, T. (2011). The effect of initial trust on user adoption of mobile payment. Information Development, 27(4), 290-300.
Abrazhevich, D. (2004). Electronic Payment Systems : a User-Centered Perspective and Interaction Design. In Technische Universiteit Eindhoven.
Al-Alak, A.M., & Alnawas, A.M. (2010). Mobile marketing: Examining the impact of trust, privacy concern and consumers' attitudes on intention to purchase. International Journal of Business and Management, 3(5), 28-41.
Almousa, M. (2014). the Influence of Risk Perception in Online Purchasing Behavior : a Multi Dimensional Perspective. 4(12), 373–382.
Kustono, A. S., Nanggala, A. Y. A., & Mas’ud, I (2020). Determinants of the Use of E-Wallet for Transaction Payment among College Students. Journal of Economic, Business and Accountancy, Ventura, 23(1).
Amoroso, D. L., & Magnier-Watanabe, R. (2012). Building a research model for mobile wallet consumer adoption: The case of mobile Suica in Japan. Journal of Theoretical and Applied Electronic Commerce Research.
Aransyah, M.F., Roy, J., & Aprianti, Y. (2020). Innovation resistance and perceive novelty on e-wallet services. in proceeding miceb (mulawarman international conference on economics and business)(vol 2, pp. 115-122).
Baganzi, R., & Lau, A. K. W. (2017). Examining trust and risk in mobile money acceptance in Uganda. Sustainability (Switzerland), 9(12).
Bagozzi, R. P., & Foxall, G. R. (1996). Construct validation of a measure of adaptive-innovative cognitive styles in consumption. International Journal of Research in Marketing.
Bauer, R. A. (1960). Consumer behavior as risk taking. Risk Taking and Information Handling in Consumer Behavior.
Bauman, A., & Bachmann, R. (2017). Online consumer trust: Trends in research. Journal of technology management & innovation, 12(2), 68-79.
Bentler, P. M., & Bonett, D. G. (1980). Significance tests and goodness of fit in the analysis of covariance structures. Psychological Bulletin.
By, T., Santine, L., & Pay, C. X. (2017). The Rise of e-Wallets and Their Benefits in the Payments Ecosystem. (4).
Cao, W. (2016). FinTech Acceptance Research in Finland-Case Company Plastc. Retrieved from
https://pdfs.semanticscholar.org/e8ce/fe083ad1c5487b0fc3cf789708c0f26219a4.pdf
Carlin, B., Olafsson, A., & Pagel, M. (2017). Technology Adoption Across Generations: Financial Fitness in the Information Age. NBER Working Paper.
Carmines, E., & McIver, J. (1981). Analyzing models with unobserved variables: Analysis of covariance structures. In Social measurement: Current issues.
Chellappa, R. K., & Pavlou, P. A. (2002). Perceived information security, financial liability and consumer trust in electronic commerce transactions. Logistics Information Management.
Cox, D. F., & Rich, S. U. (2006). Perceived Risk and Consumer Decision-Making: The Case of Telephone Shopping. Journal of Marketing Research.
Davis, F. D. (2006). Perceived Usefulness, Perceived Ease of Use, and User Acceptance of Information Technology. MIS Quarterly.
Davis, F. D., Bagozzi, R. P., & Warshaw, P. R. (1989). User Acceptance of Computer Technology: A Comparison of Two Theoretical Models. Management Science.
Dospinescu, O. (2012). E-Wallet . A New Technical Approach. Acta Universitatis Danubius.
Mikkonen, T., Kuivanen, J., & Engineering, E. (2013). Jagannatha Modupalli Extending Mobile Wallet That Utilizes Nfc. (December).
Featherman, M. S., & Pavlou, P. A. (2003). Predicting e-services adoption: A perceived risk facets perspective. International Journal of Human Computer Studies.
Fong, V. (2018, July 18). Fintech Malaysia Report 2018 – The State of Play for Fintech Malaysia. Retrieved March 10, 2019, from CK Finanzpro GmbH:
https://fintechnews.my/17922/editors-pick/fintech-malaysia-report-2018/
Forsythe, S. M., & Shi, B. (2003). Consumer patronage and risk perceptions in Internet shopping. Journal of Business Research.
Gazi, F. (2019, July 17). What Is An E-Wallet And How Is It Different From A Credit Card? Retrieved from iMoney.my websites:
https://www.imoney.my/articles/choosing-e-wallet
Gefen, D., Karahanna, E., & Straub, D. W. (2003). Trust and tam in online shopping: AN integrated model. MIS Quarterly: Management Information Systems.
Gia-Shie Liu, & Pham Tan Tai. (2016). A Study of Factors Affecting the Intention to Use Mobile Payment Services in Vietnam. Economics World.
Hair, J F, Anderson, R. E., Tatham, R. L., & Black, W. C. (1998). Multivariate Data Analysis, Multivariate Data Analysis. Multivariate Data Analysis, Multivariate Data Analysis B2 - Multivariate Data Analysis, Multivariate Data Analysis.
Hair, Joseph F., Ringle, C. M., & Sarstedt, M. (2013). Partial Least Squares Structural Equation Modeling: Rigorous Applications, Better Results and Higher Acceptance. Long Range Planning.
Harris, J. (2010). Essentials of Marketing Research. Australasian Marketing Journal (AMJ).
Jarvenpaa, S. L., Tractinsky, N., Vitale, M., & Saarinen, L. (1999). Consumer Trust in an Internet Store : A Cross-Cultural Validation. Journal of Computer-Mediated Communication.
Kaiser, H. . (1974). Factor simplicity index and transformations. Psychometrika.
Kauffman, R., Nguyen, C., Chinh, P. D., Danh, V. T., Pointer, L., Khai, H. V., … Khoi, P. D. (2018). The 2018 Uhd-Ctu-Uel International Economics And Business Conference Editors : Ralph Kauffman Chu Nguyen Pham Duc Chinh Vo Thanh Danh Lucille Pointer Huynh Viet Khai Tran Thi Hong Lien Phan Dinh Khoi (Vol. 9329).
Khalilzadeh, J., Ozturk, A. B., & Bilgihan, A. (2017). Security-related factors in extended UTAUT model for NFC based mobile payment in the restaurant industry. Computers in Human Behavior.
Kim, C., Tao, W., Shin, N., & Kim, K. S. (2010). An empirical study of customers’ perceptions of security and trust in e-payment systems. Electronic Commerce Research and Applications, 9(1), 84–95.
Kim, D. J., Ferrin, D. L., & Rao, H. R. (2008). A trust-based consumer decision-making model in electronic commerce: The role of trust, perceived risk, and their antecedents. Decision Support Systems.
Kousaridas, A. Parissis, G., & Apostolopoulos, T. (2008). An open financial services architecture based on the use of intelligent mobile devices. Electronic Commerce Research and Applications, 7(2), 232-246.
Lai, P. C. (2018). Security as an Extension to TAM Model: Consumers’ Intention to Use a Single Platform E-Payment. Asia-Pacific Journal of Management Research and Innovation, 13(3–4), 110–119.
Laukkanen, T. (2007). Internet vs mobile banking: Comparing customer value perceptions. Business Process Management Journal.
Lee, M. C. (2009). Factors influencing the adoption of internet banking: An integration of TAM and TPB with perceived risk and perceived benefit. Electronic Commerce Research and Applications.
Leong, L. Y., Hew, T. S., Tan, G. W. H., & Ooi, K. B. (2013). Predicting the determinants of the NFC-enabled mobile credit card acceptance: A neural networks approach. Expert Systems with Applications, 40(14), 5604–5620.
Lim, B., Lee, H., & Kurnia, S. (2007). Exploring the reasons for a failure of electronic payment systems: A case study of an Australian company. Journal of Research and Practice in Information Technology.
Linck, K., Pousttchi, K., & Wiedemann, D. G. (2006). Security Issues in Mobile Payment from the Customer Viewpoint. ECIS 2006 Proceedings.
Lutz, R.J., & Reilly, P.J. (1974). An exploration of the effects of perceived social and performance risk on consumer information acquisition. ACR North American Advances.
Madureira, A. (2017). Factors that hinder the success of SIM-based mobile NFC service deployments. Telematics and Informatics.
https://doi.org/10.1016/j.tele.2016.05.003
Mcmillan, B. J. (2018). Examining the Perceived Risks of Contactless Card Acceptance in the New Zealand Market Master of Commerce in Marketing.
Mekovec, R., & Hutinski, Ž. (2012). The role of perceived privacy and perceived security in online market. MIPRO, 2012 Proceedings of the 35th International Convention.
Mitchell, V. (1999). Consumer perceived risk: conceptualisations and models. European Journal of Marketing, 33(1/2), 163–195.
Mokhtar. S.F., Md Yusof, Z. & Misiran, M. (2012), Factors Affecting Students’ Performance in Mathematics, Journal of Applied Sciences Research, 8(8), 4133-4137
Mondego, D., & Gide, E. (2018). the Effect of Trust on Mobile Payment Adoption: a Comprehensive Review of Literature. International Journal of Arts & Sciences, 11(1), 375–390. Retrieved from
https://www.researchgate.net/publication/330439207
Morosan, C., & DeFranco, A. (2016). It’s about time: Revisiting UTAUT2 to examine consumers’ intentions to use NFC mobile payments in hotels. International Journal of Hospitality Management.
Nguyen, T. D., & Huynh, P. A. (2018). The roles of perceived risk and trust on e–payment adoption. International Econometric Conference of Vietnam, 926-940, Springer, Cham.
Niranjan, T.T., Rao, S., Sengupta, S., & Wagner, S.M. (2014). Existence and extent of operations and supply management departmental thought worlds: an empirical study. Journal of Supply Chain Management, 50(4), 76-95.
Nizam, F., Hwang, H.J., Valaei, N. (2018, July), Measuring the effectiveness of e-wallet in Malaysia. in 3rd IEEE/ACIS International Conference on Big Data, Cloud Computing, and Data Science Engineering (pp. 59069). Springer, Cham.
Nunkoo, R., & Ramkissoon, H. (2013). Travellers' E-purchase intent of tourism products and services. Journal of Hospitality Marketing & Management, 22(5), 505-529.
Pandy, S. M., Ph, D., & Crowe, M. (2017). Choosing a Mobile Wallet : The Consumer Perspective.
Pinchot, J., Mishra, S., … K. P.-I. I. I., & 2016, undefined. (2016). Exploring Barriers To Adoption of Mobile Payments for University Students: Lack of Awareness, Lack of Availability, and. Pdfs.Semanticscholar.Org, 17(Iii), 20–30. Retrieved from
https://pdfs.semanticscholar.org/b487/57f4bbf4f78464632094bd0d2cc22facb634.pdf
Punwatkar, S., & Verghese, M. (n.d.). Adaptation of e-Wallet Payment: An Empirical Study on Consumers’ Adoption Behavior in Central India. Ijamtes.Org, 8(Iii), 1147–1156. Retrieved from
http://www.ijamtes.org/gallery/154 conf-mba.pdf
Ross, I. (1975). Perceived Risk and Consumer Behaviour: A Critical Review. Advances in Consumer Research.
Roy, S., & Sinha, I. (2017). Factors affecting Customers’ adoption of Electronic Payment : an Empirical Analysis. 19(12), 76–90.
Sainani, K. L. (2014). Introduction to Principal Components and Factor Analysis. PM & R : The Journal of Injury, Function, and Rehabilitation.
Salah Uddin, M., & Yesmin Akhi, A. (2014). E-Wallet System for Bangladesh an Electronic Payment System. International Journal of Modeling and Optimization.
Sappri, M.M., Baharudin, A.S., Raman, S. (2016). The moderating effect of user involvement and self-readiness and factors that influence information system net benefits among Malaysian public sector employees. International Journal of Applied Engineering Research, 11(18), 9659-9673.
Schierz, P. G., Schilke, O., & Wirtz, B. W. (2010). Understanding consumer acceptance of mobile payment services: An empirical analysis. Electronic Commerce Research and Applications.
Statista. (2019). FinTech (Malaysia). Retrieved from Statista Website:
https://www.statista.com/outlook/295/122/fintech/malaysia
Steiger, J. H. (1990). Structural Model Evaluation and Modification: An Interval Estimation Approach. Multivariate Behavioral Research.
Stroborn, K., Heitmann, A., Leibold, K., & Frank, G. (2004). Internet payments in Germany: A classificatory framework and empirical evidence. Journal of Business Research.
Szymanski, D.M., & Hise, R.T. (2000). E-satisfaction: an initial examination. Journal of retailing, 76(3), 309-322.
TechGenix. (2018, August 31). Rise of Digital Wallets and what they mean for the Fintech Industry. Retrieved from TechGenix Website:
http://techgenix.com/digital-wallets-fintech/
Thompson, B. (2004). Exploratory and confirmatory factor analysis: Understanding concepts and applications. [References]. In (2004).
Trivedi, J. (2017). Factors Determining the Acceptance of E-Wallet. 1(December 2016).
Tsiakis, T., & Sthephanides, G. (2005). The concept of security and trust in electronic payments. Computers & Security, 24(1), 10-15.
Upadhyay, P., & Jahanyan, S. (2016). Analyzing user perspective on the factors affecting use intention of mobile based transfer payment. Internet Research.
Venkatesh, V., & Davis, F. D. (2003). A Theoretical Extension of the Technology Acceptance Model: Four Longitudinal Field Studies. Management Science.
Yang, Y., Liu, Y., Li, H., & Yu, B. (2015). Understanding perceived risks in mobile payment acceptance. Industrial Management and Data Systems.
Yousafzai, S.Y., Pallister, J.G., and Foxall, G.R. (2003), A proposed model of e-trust for electronic banking, Technovation, 23, 847-860.
Yusof, Z.M., Misiran, M., Lee, P.P., Ho, T.T. (2014), Factors affecting students’ satisfaction towards bus services in university, Research Journal of Applied Sciences, Engineering and Technology, 8(4), 664-667.
Zhou, T. (2011). The effect of initial trust on user adoption of mobile payment. Information Development, 27(4), 290-300.
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Published
2020-09-22
How to Cite
Mohd Razif, N. N., Misiran, M., Sapiri, H., & Md Yusof, Z. (2020). Perceived risk for acceptance of E-wallet platform in Malaysia among youth: Sem approach. Management Research Journal, 9, 1–24. https://doi.org/10.37134/mrj.vol9.sp.1.2020
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