Journal of International Conference Proceedings (JICP) Vol. 6 No. 2, pp.

136-146,
June, 2023
P-ISSN: 2622-0989/E-ISSN: 2621-993X
https://www.ejournal.aibpmjournals.com/index.php/JICP

Exploring User Intentions: An Investigation of Factors

Influencing Digital Wallet Adoption using the Technology
Acceptance Model (TAM)
Farizka Shafa Nabila1, Arry Widodo2
Telkom University1,2
Jalan Telekomunikasi No.1, 40257, Bandung, Indonesia
Correspondence Email: farizkashafan@student.telkomuniversity.ac.id

ARTICLE INFORMATION

Publication information ABSTRACT

Research article The objective of this investigation is to

scrutinise the inclinations of users towards
HOW TO CITE the adoption of digital wallets. The present
Nabila, F. S., & Widodo, A. (2023). study involves an examination of diverse
Exploring User Intentions: An factors, namely perceived utility, ease of
Investigation of Factors Influencing Digital use, compatibility, innovation, social
Wallet Adoption using the Technology influence, and insecurity. Digital wallets
Acceptance Model (TAM). Journal of have become an innovative payment
International Conference Proceedings, alternative that provides users with ease,
6(2), 136-146 security, and easy and fast financial
activities. The Bank Indonesia program
DOI: GNNT (National Non-Cash Movement),
https://doi.org/10.32535/jicp.v6i2.2393 which seeks to establish a cashless
society, supports the use of digital wallets.
Copyright@ 2023 owned by Author(s). However, e-wallet usage consistency
Published by JICP remains low and unsatisfactory. The
current study aims to investigate how
perceived technological innovation affects
the relationship between behavior intention
and sustained adoption of digital wallets.
This study employs the Technology
This is an open-access article. Acceptance Model (TAM) theory to
License: Attribution-Noncommercial-Share investigate the behavioral determinants
Alike (CC BY-NC-SA) that prompt consumers to sustain their
utilization of digital wallets. It is expected
Received: 22 April 2023 that this conceptual paper will identify the
Accepted: 20 May 2023 factors that will help service providers in
Published: 27 June 2023 developing payment service processes
using digital wallets, so that the public is
more inclined to use them.

Keywords: Behavioral Intention, Digital

Wallets, Finance, Perceived Technological
Innovativeness, Technology Acceptance
Model

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June, 2023
P-ISSN: 2622-0989/E-ISSN: 2621-993X
https://www.ejournal.aibpmjournals.com/index.php/JICP

INTRODUCTION

As we reach the era of the digital economy, the financial sector is one of the areas
affected by technological advancements, hence the term Financial Technology or
Fintech (Das & Das, 2022). Fintech is a financial services industry innovation that
provides various digital operational processes, such as payment methods, money
transfers, lending, and asset management (Demir, Pesqué-Cela, Altunbas, & Murinde,
2022). Electronic money is one of the fintech products used as a payment method in
digital transactions. There are two varieties of electronic currency: E-Money and E-Wallet
(digital wallet) (Zhu, Lan, & Chang, 2017). E-money is a form of electronic money where
the money is in the form of cards with embedded processors, whereas e-wallets are
server-based electronic money in the form of mobile phone applications that can be
accessed through the internet network (Panos & Wilson, 2020). Then, financial
technology induces favorable modifications in the delivery of financial services and
encourages consumers without bank accounts to join their financial system (Yu, Kywe,
& Li, 2018). Digital financial services provide the unbanked with numerous opportunities.

E-wallets seek to reduce monetary transactions so that a cashless society can be

established. A cashless society is defined as a state in which physical currency is absent
and financial transactions are conducted through electronic means (Odoom & Kosiba,
2020). Aligned with the initiative of Bank Indonesia, the GNNT (National Non-Cash
Movement) programme was launched in 2014 to establish a secure, efficient, and
streamlined payment system. The objective of the program is to enhance the efficacy
and productivity of the domestic financial system. GNNT has the potential to mitigate
hindrances in currency payments, such as the non-receipt of money due to its
deteriorated state, and enhance transactional efficiency by eliminating the need for
individuals to transport significant amounts of cash. Therefore, it has the potential to
improve the effectiveness of transactions by mitigating the occurrence of computational
and human errors.

As per a report published, the number of individuals utilizing the internet in Indonesia
had reached 212.9 million as of January 2023 (Rizaty, 2023). This implies that
approximately 77% of the populace in Indonesia possesses the capacity to utilize the
internet. There were 3.85 percent more internet users in January 2023 than in January
2022. 205 million people used the internet in 2022 (Rizaty, 2023). According to a report
cited by CNBC Indonesia towards the end of 2022, Bank Indonesia observed a 42.06
percent year-on-year surge in the value of electronic money transactions (EU) during the
first quarter of 2022. According to recent data, there was a significant annual increase of
38.58 percent in electronic money transactions within the European Union during the
second quarter of 2022. Although there was a slowdown in the appreciation of electronic
monetary transactions during Q3 2022, there was a YoY increase of 35.79% during the
same period. And in November 2022, BI reported that the value of electronic money
transactions had increased by 12.84 percent year-over-year to 35.5 trillion Indonesian
Rupiah. Obviously, the growth of electronic money is greater than the growth of currency
in circulation (UYD), which increased by only 7.77 percent (year on year/yoy) (Sopiah,
2022).

According to a study titled "Customer Preference Toward Banking and E-Wallet Apss"
Jakartans are the most likely to use the technology (43%), followed by Bandung (10%)
and several other cities on the island of Java, such as Surabaya and Semarang
(Laucereno, 2022). As per the aforementioned study, a majority of 54% of users fall
within the age bracket of 18 to 25 years, while 31% of users belong to the age group of
26 to 35 years. Thirteen percent of the population falls within the age range of 36 to 45,
while only two percent fall within the age range of 46 to 55 (Laucereno, 2022). According
to data from the Statista Research Department about the predominant electronic wallet

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utilised by consumers in Indonesia during the year 2022 which included 1000
respondents, Gopay holds the top spot with an 88% share of respondents, followed by
Funds in second place with an 83% share, OVO, Shopee pay, and LinkAja, which each
have shares of respondents of 79%, 76%, and 30% (Statista, 2022). Then, as of
November 2022, according to the Indonesian Fintech Association (AFTECH), based on
data from Bank Indonesia regarding Quick Response Code Indonesian Standard (QRIS)
users, there were over 25 million people (Hikam, 2022).

The electronic wallet industry is currently in its nascent stage, with several contenders
investing significant amounts to secure a customer base. Previous studies have
indicated that certain individuals exhibit hesitancy in embracing or utilising e-wallet
applications due to the adverse emotions associated with such applications, which have
consequently impacted their behavioural inclinations towards e-wallet applications
(Yong, Yew, & Wee, 2018). The adoption of electronic wallets is contingent upon a
multitude of factors, including perceived efficacy, performance expectations, ease of use,
and perceived compatibility, which exert considerable influence (Ariffin, Abd Rahman,
Muhammad, & Zhang, 2021).

The current body of empirical evidence is inadequate to establish a correlation between

several factors, including perceived usefulness, ease of use, compatibility, personal
innovation, social influence, a sense of security, and technological innovation, and the
intention of consumers to sustain their use of e-wallets. Regarding consumer behavior,
it is essential to investigate human behavior in relation to behavioral intention, perceived
value, and behavioral control, which determine consumer attitudes toward a company's
products and services.

The objective of this study is to examine the factors that could impact consumers'
propensity to continue using digital wallets, while considering both system characteristics
and consumer attitudes. Additionally, the study aims to determine whether these factors
have a positive and significant impact on the long-term adoption of digital wallets. The
objective of this inquiry is to analyse the association between technological progress and
the sustainable utilisation of digital wallets. This study employs the Technology
Acceptance Model (TAM) to examine the behavioural factors that influence the continued
adoption of digital wallets among consumers.

LITERATURE REVIEW

Perceived Usefulness
The Technology Acceptance Model (TAM) aims to elucidate the relationship between
perceived benefits and usability, and their impact on behavioural intentions (Davis,
1989). The term pertains to the efficiency and efficacy of the information system, as well
as the users' perception that utilizing the system can enhance their productivity (Lim et
al., 2022). The notion of perceived usefulness refers to the efficacy of a technological
system as it is subjectively perceived by its users, who are capable of achieving their
intended objectives through its utilisation (Ventre & Kolbe, 2020). The concept of
perceived usefulness pertains to the level of assurance that individuals possess
regarding the capacity of a particular system to improve their overall performance (Davis,
1989). The statement conveys the user's cognitive anticipation of a system's
functionality. It is widely believed by users that utilization of the system can facilitate the
achievement of their financial and lifestyle goals, while concurrently enhancing the
efficiency of executing diverse transactions (Lim et al., 2022). Perceived utility refers to
the extent to which technology or information systems can be trusted to enhance the
work performance of users (Aji, Berakon, & Md Husin, 2020). The intention to use e-
wallets is significantly influenced by perceived utility, perceived risk, perceived usability,
and attitudes (Yan, Tan, Loh, Hew, & Ooi, 2021). Prior studies have suggested that the

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perceived usefulness of electronic wallets serves as a significant predictor for the

inclination to embrace them (Aji et al., 2020). Mun, Khalid, and Nudarajah (2017)
conducted research which revealed that the primary factor that affects customer adoption
of digital wallets is the perceived utility. Schmidthuber, Maresch, and Ginner (2020) posit
that the perceived usefulness level is a pivotal factor in persuading customers to adopt
sustainable technology.
H1a: The inclination to adopt digital wallets is contingent upon their perceived utility.
H1b: The continued utilisation patterns of digital wallets are indirectly impacted by the
perceived usefulness of these tools, which is in turn determined by the behavioural
intention to employ them.

Perceived ease of use

The perceived ease of use is a component of the Technology Acceptance Model (TAM)
theory. The degree of comfort a person feels using information systems is known as
perceived ease of use (Khafit, Sulastri, & Fauzan, 2020). The concept of perceived ease
of use pertains to the subjective perception of users regarding the level of effort required
to operate a given system (Davis, 1989). Perceived ease of use is a term used in
academic literature to refer to the extent to which consumers perceive technological
systems to be user-friendly and uncomplicated (Chaveesuk, Wutthirong, &
Chaiyasoonthorn, 2018). Perceived ease of use, as defined by Singh, Sinha, and
Liébana-Cabanillas (2020), refers to an individual's perception of the potential success
of a technology in facilitating or accomplishing a business task. As per the Technology
Acceptance Model (TAM), the perception of simplicity has a positive impact on the
perceived utility, as stated by Davis in 1989. The aforementioned perception exhibits a
noteworthy and constructive correlation with the users' inclination to utilise the
application, as supported by statistical analysis. The findings of a study carried out by
the "Payment and Clearing Association of China" indicate that a significant proportion of
consumers, specifically 95.6%, opt for digital wallet payment services owing to their user-
friendly nature and the convenience they offer. It is imperative to promote the adoption
of contemporary technology among users. Ease of use of technology is of utmost
importance as the complexity of the system can discourage individuals from utilizing it.
The impact of perceived ease of use on the intention to use e-wallets has been found to
be significant (Abdul-Halim, Vafaei-Zadeh, Hanifah, Teoh, & Nawaser, 2022). Hence, it
is imperative for digital wallet providers to understand the impact of user-friendliness on
their customers' inclination and allegiance towards sustained utilisation.
H2a: A correlation exists between the perceived usability of digital wallets and the
behavioural intention to utilize digital wallet.
H2b: A correlation exists between the perceived ease of use and the sustained utilisation
of digital wallets, as evidenced by the behavioural intention to utilise digital wallets.

Perceived Compatibility
The concept of perceived compatibility pertains to the degree to which an innovation is
perceived to align with the prevailing values, prior experiences, and requirements of
potential users (Belanche, Flavián, & Pérez-Rueda, 2020). The notion of compatibility
has been deemed a crucial expansion to the Technology Acceptance Model (TAM) and
has been extensively examined in relation to TAM factors within the realm of mobile
technologies, such as digital wallets (Chandran & Pitchandi, 2020).

Compatibility can influence a person's daily behavior and selection of products and
services (Belanche et al., 2020). In a comparable study, it was found that consumers'
prior experience with digital products influences their compatibility with these products
(Schmidthuber et al., 2020). The greater the compatibility of an individual's e-wallet with
their values, needs, and experiences, the greater their desire to experiment with this
technology (Schmidthuber et al., 2020). Currently, many consumers are so reliant on
mobile applications (including e-wallets) that they have entirely intertwined their lives with

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them, exhibiting a high level of dependency (Chandran & Pitchandi, 2020). Based on
previous research conducted by Chandran and Pitchandi (2020), incompatibility is one
of the variables that will affect an innovation's applicability.
H3a: A correlation exists between the perceived compatibility and the intention to adopt
digital wallets.
H3b: A correlation exists between the perceived compatibility of digital wallets and the
sustained utilisation of such wallets, as indicated by the behavioural intention to utilise
them.

Perceived personal innovativeness

The concept of personal innovation, as viewed through the lens of a consumer, pertains
to the manner in which individuals advocate for the discontinuation of a particular
product, or alternatively, how they opt to modify or adapt to innovations or substitutes
(Shams, Brown, & Alpert, 2020). The concept of an innovative mindset pertains to the
inclination of individuals to experiment with novel technologies and innovations, as
viewed through the lens of technology acceptance. The degree of innovativeness
exhibited by individuals is contingent upon the dimensions of their personality, which are
inherent to all individuals to varying extents (Krey, Chuah, Ramayah, & Rauschnabel,
2019). Individual creativity is the propensity to test every novel information system
(Balakrishnan & Shuib, 2021). The level of innovativeness of an individual can be inferred
from their perception of the benefits associated with the adoption of new technology
(Xuan, Truong, & Qu, 2023). These consumers are typically more committed to adopting
new technology (Krey et al., 2019). Individuals with a greater propensity for innovation
tend to adapt technology more quickly than those with a lower propensity (Alkawsi, Ali,
& Mohamed, 2021). Prior research has demonstrated that perceived personal innovation
positively influences intentions to use e-wallet payment services (Balakrishnan & Shuib,
2021).
H4a: A correlation exists between the perceived level of personal innovation and the
inclination to adopt digital wallets.
H4b: A correlation exists between an individual's perceived level of personal
innovativeness and their sustained usage of digital wallets, as evidenced by their
behavioural intention to utilise such wallets.

Perceived Social Influence

Social influence refers to the impact of social pressure on an individual's intention to
engage in a particular behavior or event. Specifically, the perception of social pressure
on one's decision to participate in an incident can be considered a manifestation of social
influence. This pertains to the extent to which individuals perceive that others ought to
embrace and employ novel technological advancements (Lim et al., 2022). Multiple
research studies indicate that social factors play a beneficial role in the acceptance and
implementation of a technological innovation, alongside the perceived usefulness of the
technology. The phenomenon of social influence refers to the effects, both direct and
indirect, that individuals exert on the attitudes, emotions, and behaviours of their peers
(Ly, Khuong, & Son, 2022). The notion of social influence relates to the extent to which
individuals are incentivized to embrace specific technologies. In addition, Sobti (2019)
Research suggests that there exists a positive correlation between perceived social
influence and behavior intentions (Curtale, Liao, & van der Waerden, 2021). The findings
of the study suggest that the perceived ease of use, perceived usefulness, and perceived
social influence play a significant role in shaping the intention to adopt e-wallets (Singh
et al., 2020).
H5a: The perceived social influence has a noteworthy effect on the intention to
implement digital wallets.
H5b: The sustained usage of digital wallets is subject to an indirect perceived social
influence, which can be gauged by the behavioural intention to utilise digital wallets.

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Perceived Insecurity
The term pertains to the activities deemed appropriate by the application provider in
safeguarding shared information against security breaches on mobile devices (Balapour,
Nikkhah, & Sabherwal, 2020). Perceived security, as perceived by users, is closely
linked to their perceptions regarding the purpose and control of their data on a given
online platform (Patel & Patel, 2017). When employing a technology such as a digital
wallet, it is common to encounter barriers such as apprehensions regarding privacy
(Phonthanukitithaworn, Sellitto, & Fong, 2016). Lack of user confidence can hinder the
adoption of this payment service (Chaveesuk et al., 2018). According to recent research,
individuals who engage in digital wallet payment processes and activities exhibit a lack
of trust towards the entities involved. The reason for this phenomenon is that these
individuals intentionally disclose personal details, such as telephone numbers, dates of
birth, and credit card numbers, to providers of digital wallet services during payment
transactions (Chaveesuk et al., 2018). Insecurity is one of the obstacles to the adoption
of a technology; however, consumer insecurity can be reduced by offering a positive
experience (Abdul-Halim et al., 2022). It has been demonstrated that trust in a
technology influences behavioral intentions that can increase digital wallet usage
(Phonthanukitithaworn et al., 2016).
H6a: The decision to adopt digital wallets is impacted by the perception of insecurity.
H6b: A correlation exists between the perceived level of insecurity and the continued
utilisation of digital wallets, as determined by the behavioural intention to utilise such
wallets.

The Present Study Aims to Investigate the Correlation Between Behavioural

Intention and Continued Usage of E-Wallet
The measurement of behavioral intention is based on whether an individual intends to
resume using the mobile internet in the future or not (Venkatesh, Thong, & Xu, 2012).
The concept of behavioral intention pertains to the user's knowledge of the novel system,
its functionality, advantageous attributes, and the opinions of others regarding the
system. These factors significantly influence the user's decision to either adopt or reject
the new system (Alamanda, Wibowo, Munawar, & Nisa, 2021). Previous research has
indicated a noteworthy and advantageous correlation between behavioural intention and
the enduring implementation of digital wallets (Thakur & Srivastava, 2014). In instituting
e-wallets, researchers found that behavioural intention has a positive impact and
influences sustainable use behaviour (Patel & Patel, 2017). Favorable Behavioral
intentions are indicative of conative loyalty, as posited by Zhu et al. (2017). These
intentions encompass favorable word-of-mouth communication (i.e., recommendation),
willingness to pay a premium price, increased spending with the company, and sustained
loyalty. Previous research has operationalized behavioral intentions through the
utilization of three distinct variables, namely the intention to return, willingness to
recommend, and word of mouth. According to Zhu et al., (2017), there exists a correlation
between customer experience and intentions. There is a positive correlation between a
customer's experience and their willingness to reuse a service. Customer loyalty is often
indicated by positive intentions. The attainment of customer loyalty is a significant
objective within the consumer marketing domain, owing to its pivotal role in ensuring the
long-term viability of a company. The act of gauging loyalty has the potential to enhance
comprehension of customer retention. Maintaining the loyalty of current customers
typically entails a lower cost in comparison to acquiring new ones.
H7: There is a correlation between the intention to engage in a specific behaviour and
the sustained utilisation of digital wallets.

The moderating effect of technological innovation perception

Technological innovation is the degree of perceived novelty and enhancement relative
to existing options (Lowe & Alpert, 2015). Typically, firms that promote their technological

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advancements have the ability to convince a greater number of consumers to adopt said
technology (Ramos-de-Lunam, Montoro-Ríos, & Liébana-Cabanillas, 2016).
H8: Perceived technological innovation moderates considerably the effect of behavioural
intention on digital wallet usage persistence.

The research seeks to determine, from the perspective of Indonesian users, the
behavioral intention of users to implement a sustainable digital wallet in payment service
technology. To support this research, researchers employ the Technology Acceptance
Model's integrated framework. (TAM).

The Technology Acceptance Model (TAM) was formulated with a specific emphasis on
the perceived ease of use and perceived usefulness. These two factors are considered
to be significant indicators of individuals' attitudes towards the adoption of information
technology systems (Davis, 1989). The Technology Acceptance Model (TAM) was
formulated to investigate and comprehend the factors that influence the adoption of
technology for practical purposes (To & Trinh, 2021). The Technology Acceptance Model
(TAM) is a theoretical framework that utilises a behavioural theory perspective and is
extensively utilised to examine the phenomenon of information technology adoption
(Schmidthuber et al., 2020). Following the prior discussion, the subsequent research
framework has been developed.

Figure 1. Conceptual Framework

RESEARCH METHOD

The utilization of the quantitative explanatory research approach endeavors to elucidate

and rationalize the underlying factors contributing to a particular phenomenon, and is
grounded on a theoretical framework or hypothesis (Ricardianto et al., 2022). This study
concentrates on Jakarta, Bandung, and Surabaya, the three largest cities in Indonesia
that have adopted the use of digital wallets among 18-25-year-olds. To acquire primary
data, the researcher employed a structured quantitative questionnaire survey form.
Online distribution of a Google form is used to capture data for research purposes. This
research utilizes an interval scale for measurement purposes. The questionnaire
employs an ordinal or Likert scale for measurement. The study employed a quantitative
approach wherein the participants were presented with five options for each variable,
with a scale ranging from 1 (Strongly Disagree) to 5 (Strongly Agree). Participation in this
research is voluntary, and respondents are assured that their information will remain

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confidential. This study employs Partial Least Square (PLS), one of the statistical
methods of SEM (Structural Equation Modelling) that examines the predictive
relationship between constructs by determining whether there is a correlation or
influence between them.

CONCLUSION

The employment of technology has been shown to have a crucial impact on enhancing
the quality of financial services (Ramos-de-Luna et al., 2016). The evolution of digital
wallets and other digital payment systems has been significant. In recent decades,
payment methods for products and services have shifted to digital and cashless
transactions (Balakrishnan & Shuib, 2021). The transition in payment systems can be
attributed to a variety of factors, such as economic changes, advancements in internet
technology, and the widespread accessibility of mobile devices (de Luna, Liébana-
Cabanillas, Sánchez-Fernández, & Muñoz-Leiva, 2018). Notwithstanding the potential
benefits of digital wallets, their widespread adoption continues to face various obstacles,
such as apprehensions regarding security, perceived usefulness, ease of use,
compatibility, innovation, and social influence. The primary objective of this conceptual
manuscript is to ascertain the determinants that can facilitate service providers in
devising payment service procedures through digital wallets, thereby enhancing the
likelihood of their adoption by individuals.

ACKNOWLEDGMENT
The authors would like to thank Magister Business Administration, Telkom University
and Regular 1 members.

DECLARATION OF CONFLICTING INTERESTS

The authors declared no potential conflicts of interest

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