1

Chapter I

THE PROBLEM AND ITS BACKGROUND

Introduction

A business transaction is an economic event that

involves an interaction between two parties where something

is exchanged. The parties involved in a business transaction

could be two enterprises, or an enterprise and a person. It

may also include exchanging of money, products, information,

or service requests. The products sold by an enterprise can

be either tangible or intangible in nature.1

Business transactions can be conducted through different

transactions such as cash transaction, credit transaction,

non-cash transaction, external transaction, and internal

transaction. The most common type of transaction is cash

transaction and it is done using cash, debit card, or a cheque

as a mode of payment. Credit transaction refers to business

transaction by two or more parties, where one party owe or

has a payable amount to the seller party that may include an

1
Bernstein, P. A., & Newcomer, E. (2019). Business transaction. Business Transaction - an overview
| ScienceDirect Topics. https://www.sciencedirect.com/topics/computer-science/business-transaction
 2

interest and it is usually done by a business enterprise to

wider base of customers. Under non-cash transaction, it does

not involve any form of cash, but transactions are made

through electronic wallet. Lastly, external transaction

usually happens between two enterprises and they swap goods

or services for money, while internal transaction only

happens between internal departments of an enterprise.2

In relation with the types of business transactions,

long time ago, business transactions are only done through

traditional payment system that involves the exchange of

physical money. Due to the development of technology, people

are able to conduct transactions even there is no physical

exchange of money. People started adapting other form of

payments. 3

Nowadays, people do encounter numerous problems in

traditional payment method such as inconveniency, not

secured, costly, has slow processing time, and somehow

harmful for the environment. Taking these problems one by

2
Business transaction. Unacademy. (2022, May 17). https://unacademy.com/content/cbse-class-
11/study-material/accountancy/business-transaction/
3
Shyam, R. (2022, May 31). Traditional payment and digital payments-definition, methods, and
benefits. Abzer Technology Solutions. https://www.abzer.com/traditional-payments-digital-payments-
definition-options-benefits/
 3

one, people already live in digital age where convenience

matters. Usage of cash and cheques as mode of payment is

inflexible and inconvenient.

Moreover, in traditional payment method, physical

appearance of a person is a must for manual tracking and

record keeping, though it is hassling given that a person

needs to go in specific store or business enterprise in order

to pay. Traditional payment offers limited payment options

which makes it inflexible. Due to this inflexibility, a delay

may happen between the transaction of two or more parties.

Therefore, the traditional payment becomes less effective as

a mode of payment transaction.

In terms of traditional payment’ security, it is not

secured nowadays. Brought cash for payment transaction can be

stolen or lost. In addition, cheques can be forged, and credit

cards are hackable.

The traditional payment method is costly given that it

has high transaction fees for both businesses and customers.

Whenever a customer sends a money using cheque, there is a

fee for cheque and postage. In case of withdrawing a money

from ATM that is not associated with customer’s bank account,

service fee must be settled.

 4

When it comes to processing payments of traditional

method, the progress is slow. Depositing a cheque into

someone’s bank account takes several days for the funds to be

available. The traditional payment method is also harmful for

the environment since the production and disposal of paper

cheques, credit and debit cards have a significant

environmental footprint. Plastic production contributes to

greenhouse gas emission and it also cause environmental

pollution.4

Another type of payment method is E-wallet or electronic

wallet payment and it is an electronic card type that is used

for both physical and online transactions using a mobile

device. It must be linked on electronic wallet application in

order to make a transaction. It has two components namely the

software and information. The software component stores the

personal information of a user and provides security and

encryption of the data, while the information component is a

database of details given by the user which includes their

name, shipping method, payment method, amount to be paid,

electronic wallet details, etc. The main objective of

4
Traditional payment systems are outdated – here’s why. Waave. (2022).
https://www.waave.com/articles/traditional-payment-systems-are-outdated
 5

electronic wallet is simply to make paperless money

transaction easier.5

People are now living in modern life which involves

breaking free from traditional conventions and embracing

changes. Prior to the method of business transactions before

modern life, people always use physical cash for transactions

and they encountered numerous problems. In advance of modern

life, e-wallet payment method was invented for some reasons

including its objective to minimize the problems on business

transactions, and to make transactions more efficient.

The researchers conducted this study because shifting of

payment method from traditional method of payment to

electronic wallet payment is a matter of contention nowadays.

In addition to that, this topic is still relevant to the lives

of individuals, and a perfect topic for modern life adaption

of payment methods. The students are also part of the payment

method shifters, in fact there are many students who use

cashless payments. Lastly, studying the advantages of the e-

wallet will help the researchers to assess if it influences

5
What is e-wallets? definition of e-wallets, e-wallets meaning. The Economic Times. (2023, October
2). https://economictimes.indiatimes.com/definition/e-wallets
 6

the respondents to use e-wallet application as a mode of

business transaction.

One factor that pushed the researchers to study the usage

of electronic wallet application as a mode of business

transaction is the increasing number of local citizens of the

Philippines adapting electronic wallet in 2022. It was

reported that there were 58 million active electronic wallet

users who spent 4.4 million hours in total using e-wallet

applications. In addition, it was found out that there was a

26.7 million increased of e-wallet users in 2022 alone.6

For international-based shifting of payment method,

during the Covid-19 phase on 2020, the traditional consumer

behavior of cash payments shifted to digital. People have

adopted the use of mobile payments and wallet for business

transactions. One statistic this 2023 about digital payments

reveals that the size of global mobile payment market valued

at 52.21 billion dollars and estimated to be 67.51 billion

6
de Guzman, M. (2023, April 10). Report: 58-M Filipinos spent 4.4 million hours using e-wallets in
2022. Philstar.com. https://www.philstar.com/business/2023/04/10/2257834/report-58-m-filipinos-
spent-44-million-hours-using-e-wallets-2022
 7

dollars at the end of 2023. In simple words, as time passes

by, the number of electronic wallet users increases.7

Despite of numerous information provided, the

researchers would like to know how the students shift from

one payment method to another payment method, and what makes

them shift to other payment method. In simple words, what

influences them to use e-wallet application.

This study aims to determine what influences the senior

high school and college students of Our Lady of the Pillar

College-Cauayan, Inc. to use electronical wallet application

as their mode of business transaction. There will be key

determinants for the researchers to know what is very

influential and not at all influential factor to the students

in using electronic wallet application. This will serve as a

guide on what would be the recommendation and study all about.

7
Gohil, S. (2023b, August 28). 20 digital payments statistics for 2023: The definitive list. Meetanshi
Blog: Magento, Shopify, Ecommerce Marketing. https://meetanshi.com/blog/digital-payments-statistics/
 8

Conceptual Framework

Convenient Secured Accessible

The Advantages of
the E-wallet
application

Offers bonus
Effective Reliable
and rewards

The Advantages of the E-Wallet Application Model

The model above shows the advantages of the electronic

wallet application among the other payment methods. Its

advantages are divided into six namely conveniency, security,

accessibility, efficiency, reliability, and bonus and rewards

availability. All of these have different influences towards

the users of the e-wallet applications. Moreover, it has a

strong influence to be an ideal mode of business transaction

for people.
 9

In terms of Conveniency Advantages, an E-wallet

application provide unmatched convenience when it comes to

making online transactions since payment can be done anywhere

as long as there is an internet connection.8 It also enables

a user to store money that can be saved for future use and

stock funds in one place for payment transaction that can be

done anytime.9 The electronic wallet application is also known

because of its user-friendly quality, not only because it is

very simple to use, but also it is easy to distinguish its

features from one another. Lastly, through e-wallet feature,

a user can generate or scan QR code for faster transaction.

Under security advantages, the e-wallet application

ensures the safety of its user through the utilization of its

security features namely encryption technology where

information is converted into secret code, and biometric

authentication that verifies the identity of the user through

fingerprints, voice recognition, or facial features. Another

security feature of an e-wallet application is the two-factor

authentication that blocks nearly all automated bot-related

8
Ezeudu, A. (2023, April 24). The advantages of using E-Wallet Accounts: A comprehensive look.
payswix. https://payswix.com/the-advantages-of-using-e-wallet-accounts-a-comprehensive-look/
9
Five benefits of using Digital Wallets for money transfers. Fin.do. (2023, May 29).
https://www.fin.do/blog/247_five-benefits-of-using-digital-wallets-for-money-transfers
 10

attack attempts. Its main objective is to protect their

personal and financial information from potential threats,

specifically hacking, identity theft, and data breach.

In terms of accessibility advantage of electronic wallet

application, anyone can use e-wallet as a mode of business

transaction as long as they have valid account. Users can

check their funds anytime and do transaction whole day unless

the platform is under maintenance.10 Disability is not a

hindrance to access an e-wallet application, in fact a

specific application called GCash aims to become accessible

for all, and other platforms such as PayPal, Google Wallet,

and ApplePay are also part of accessible payment systems for

people with visual impairments. These e-wallet applications

consider the concept of right of equality and non-

discrimination, enabling anyone to be part of their platform.

In terms of efficiency advantages, money is easy to

transfer as always, in fact, the flow of payment transactions

is fast-moving meaning to say that sending or receiving of

10
Juyal, P. (2023, January 10). E-wallets- features, advantages, popularity and more. A
Comprehensive Guide to Money Transfer, Recharges, Bill Payments and Other Digital Payments | Paytm
Blog. https://paytm.com/blog/payments/mobile-wallet/digital-wallets-features-advantages-popularity-
and-more/#h-why-are-digital-wallets-popular-the-benefits
 11

money locally or internationally usually takes only seconds.

For money-conscious people, expenses can be tracked easily

and this feature makes them aware of their financial

condition. One competitive advantage of the e-wallet is its

cost-saving characteristic since transactions have low amount

to totally zero fees which can attract more people to use

electronic apps.

For reliability advantages, one common practice of e-

wallet application is never disclosing user’s information

including business transactions to ensure the safety of the

owner of the account. E-wallet platforms usually provides

accurate data in order to guide its users and protect them

from malicious activity. In addition to that, only verified

e-wallet platforms can operate, therefore it will be easier

for users to trust e-wallet transactions. Overall, e-wallet

applications ensure that its users are free from fraud with

the help of its improved security features, strong firewall,

and effective anti-virus.11

Last advantage of E-wallet is the availability of bonus

and rewards. Other payment method and platforms do not offer

11
Fin do (2023) op. cit.
 12

bonus and rewards, and this can be a method for the e-wallet

platforms to utilize their strength effectively and make this

as an opportunity. The e-wallet platforms offer different

source of earning points such as buying or acquiring products

and services, or playing games. Overall, with this advantage

against other payment methods, the e-wallet platforms can

ensure that its users will remain loyal to them and continue

to use their platform as a mode of business transaction.12

12
Lowry, C. (2023, March 1). Seven advantages of using a digital wallet. Blog | Western Union.
https://www.westernunion.com/blog/en/us/seven-advantages-of-using-a-digital-wallet/
 13

Paradigm of the Study

INPUT PROCESS OUTPUT
Identified
1. Profile of the
The used of factors
Respondents in terms survey influencing
of: questionnaires the E-Wallet
1.1. Age to gather data
1.2. Gender as a mode of
from the
1.3. Year Level business
Select Senior
1.4. Course or Strand transaction of
High School
1.5. Weekly Allowance and College OLPCC
1.6. Preferred E-Wallet respondents of students.
Application Our Lady of
1.7. Frequency of using the Pillar
E-Wallet as a mode of College- Wiser user of
business transaction Cauayan and E-Wallet
2. What are the items analyzation Applications
purchased or service and
acquired by the interpretation
students through E- of the data
Wallet Application? gathered.
3. What are the factors
influencing E-Wallet
application as a mode
of business transaction
of the students in
terms of:
3.1. Conveniency
3.2. Security
3.3. Accessibility
3.4. Efficiency
3.5. Reliability
3.6. Discount and Bonus
Availability

FEEDBACK
 14

The researchers made questions which will be answered by

the respondents of their study which is stated in input. These

questions are about the profile of the students such as age,

gender, year level, course or stand, weekly allowance, and

frequency of using e-wallet application, what items they

purchase or service acquire, and what influences them to use

e-wallet application as a mode of business transaction in

terms of conveniency, security, accessibility, efficiency,

reliability, and discount and bonus availability.

The researchers used questionnaire instrument and

provide survey questionnaires for the students to be

answered. The researchers distributed the survey

questionnaires to the Senior High School and College students

of Our Lady of the Pillar College-Cauayan, Inc. to gather

information and data about the study being conducted.

Lastly, after gathering data and information, the

researchers interpreted and analyzed the data collected. The

researchers compiled all the details to determine the factors

influencing e-wallet application as a mode of business

transaction of the respondents.

 15

Statement of the Problem

This study aims to determine the Factors influencing the

e-wallet application as a mode of business transaction of

select OLPCC students.

Specifically, it aims to answer the following specific

questions:

1. What is the profile of the respondents in terms of:

1.1. Age
1.2. Gender
1.3. Year Level
1.4. Course/Strand
1.5. Weekly Allowance
1.6. Preferred E-Wallet Application
1.7. Frequency of using E-Wallet Application as mode of
business transaction

2. What are the different items purchased or service

acquired by the students through E-Wallet Application?

3. What are the factors influencing the E-Wallet

Application as a mode of Business Transaction of OLPCC

students in terms of:

3.1 Conveniency
3.2 Security
3.3 Accessibility
3.4 Efficiency
3.5 Reliability
 16

3.6 Discount and Bonus Availability

Assumptions of the Study

The researchers considered the following assumptions:

1. The students feel convenient on using electronic

wallet applications for business transaction because

of its fast-processing transaction and

distinguishable features.

2. The E-wallet platforms are reliable and ensure that

its users are safe and secured.

3. The E-wallet platform is accessible to the students

regardless of what time it is or where they are.

4. The used of e-wallet application as a mode of business

transaction by the students is effective.

5. The availability of bonus and rewards offered by the

E-wallet platforms prolongs the loyalty of the

students on its platform.

Significance of the Study

This study focused on the factors influencing E-wallet

as a mode of business transaction of OLPCC students. The

results of this study will benefit the following:

 17

E-wallet Application Founder. This study enables the founder

of E-wallet application to identify their strengths to be

sustained and weaknesses to be developed in order to make its

users loyal to its application.

Business Owners. This study would business owners to realize

the importance of having a good partnership with electronic

wallet applications in operating their business.

Senior Highschool and College Students. This study would help

the Senior Highschool and College students of Our Lady of the

Pillar College - Cauayan to be a wiser consumer and literate

in electronic wallet application.

Present Researchers. This study serves as an opportunity for

the present researchers to be literate in electronic wallet

application.

Future Researchers. This study will serve as a guide for the

future researchers as conducting a new study related with

electronic wallet application. With this, they will be able

to identify some research gaps to be answered in the future.

 18

Scope and Delimitation

This study is conducted to select students of Our Lady

of the Pillar College-Cauayan, Inc. The researchers tend only

to know the factors that influence the E-Wallet Application

as a mode of Business Transaction of the respondents or simply

what influences them to choose E-Wallet Application as their

mode of payment. In order to gather and assess the data, the

researchers chose the Senior Highschool and College students

of Our Lady of the Pillar College-Cauayan, Inc. for academic

year 2023-2024 as respondents. There were 100 respondents of

this study consisting of 20 students from the Senior

Highschool Department and 80 students from the College

Department.

Definition Terms

The following words are being defined to better

understand the research.

Business Transaction. is a financial transaction of two or

more parties that exchanges goods, money or services.

E-Wallet. is a type of electronic card used for transactions

online through a computer or a smartphone.

 19

Traditional Payment Method. refers to transactions that

involve the exchange of physical money.

Items. is a tangible good that is sold by a business and

purchased by consumer.

Service. is an activity offered or rendered by a business to

a customer in exchange of money.

Conveniency. the state or quality of being suitable or

opportune.

Security. the state of being free from danger or threat.

Accessibility. the quality of being able to be reached or

entered.

Efficiency. the state or quality of being effective.

Reliability. the quality of being trustworthy or performing

consistently well.

Bonus and Reward Availability. the existence of bonus and

reward through purchasing items or acquiring services.

 20

Chapter II

REVIEW OF RELATED LITERATURE AND STUDY

The following pieces of literature and studies were some

of the gathered information made by the researchers, in

relation with this study. In this chapter, it deals with the

past studies and literature that are related to the current

study, for supplement ideas regarding the factors influencing

the e-wallet as a mode of business transaction of select OLPCC

students. Similarly, this chapter presents the concepts,

which are part of local and foreign studies by authorities in

this topic. The pieces of information were selected because

of their similarities and relevance to the present research

study. Specifically, the following related literature and

studies serve as factual information in connection between

past works which can provide adequate background for the

researchers to conduct this study.

 21

Foreign Literature
People in China use e-wallet applications because of its

effectiveness to pay for products or services through

scanning of a QR Code. Alipay, an e-wallet platform is

willingly to expand to East and Southern Asian tourists making

its application more accessible to all. In addition, WeChat

Pay platform also dominate the market in China since it brings

convenience to its users as they intend to use the platform

for purchasing or paying for something just like travelling

using e-bike without bringing physical cash, buying snacks

from vending machines, and purchasing mall items.13

Furthermore, in Australia, Australians use e-wallet

continuously because it is easy to operate and it brings

convenience at all times. E-wallets' unique features also

bring impact to people's decision to use e-wallet. The

Australians Securities and Investments Commission ensure that

e-wallet platforms are reliable and secured through

compliance of standards and regulations to ensure the

security and protection of its users. Specifically, e-wallet

platforms use robust encryption and security measures to

13
Malleck, J. (2023, September 19). Traveling in cashless China just got easier for foreign tourists.
Quartz. https://qz.com/alipay-expands-global-ewallet-network-digital-payments-1850852684
 22

protect user data from hacking and cyber-attacks. Moreover,

the other features of e-wallet platforms are also beneficial

just like splitting up bills, transferring funds, and

checking of funds, and as well as its benefits such as earning

loyalty points and rewards, ability to get discounts and

vouchers.14

In addition to that, there was a decline in consumers'

use of cash for payments. Several factors of this decline

were the rise of contactless card payment, electronic and

digital wallets, and bank transactions. The Australians

usually do transactions through electronic payment methods

rather than cash or traditional payment method. In fact, in

2022 to 2023, Australians made around 730 electronic

transactions per person on average. The rise of e-wallet

payment methods met the consumers demand where it is

convenient to use for business transactions, especially

during the pandemic, it supported contactless payments. Among

14
Get eWallet. (2023, March 29). Top E-wallets in Australia: A complete review 2023. Top E-Wallets
in Australia: A Complete Review 2023. https://www.getewallet.com/blog/australia
 23

the electronic wallet platforms, PayPal is the most used

application by the Australians for payment transactions.15

One latest research journal entitled “Factors Affecting

Adoption of E-Wallet in Sarawak” stated that the emergence of

e-wallet serves as an impetus for the country to move towards

the target of a cashless society. The study revealed that

conveniency, effectiveness, and security are the main factors

that attract more users in adopting E-wallet services. In

addition to that, rewards had also a significant positive

impact on the adoption of E-wallet services since it does not

only attract more users, but also prolongs the loyalty of its

users. Moreover, the respondents supported that e-wallet

applications contain these said factors.16

Similarly, a research journal entitled "Fintech As

Financial Inclusion: Factors Affecting Behavioral Intention

to Accept Mobile E-Wallet During Covid-19 Outbreak" revealed

15
Reserve Bank of Australia. (2023, September 27). The Evolving Retail Payments Landscape:
Payments System Board annual report – September 2023. Payments System Board Annual Report - 2023.
https://www.rba.gov.au/publications/annual-reports/psb/2023/the-evolving-retail-payments-
landscape.html
16
Ming, K. L. Y., Jais, M., Wen, C. C., Zaidi, N. S. (2020). Factors Affecting Adoption of E-Wallet in
Sarawak, International Journal of Academic Research in Accounting, Finance and Management Sciences 10
(2):
244-256, http://dx.doi.org/10.6007/IJARAFMS/v10-i2/7446, doi: 10.6007/IJARAFMS/v10-i2/7446.
 24

that consumers adopt the mobile e-wallet because it is more

convenient and accessible compared to traditional business

transaction methods. In addition to that, with the changes in

the way of living, it is essential for everyone to adopt a

method which process payments easier and faster. Moreover,

with the existence of difficulties nowadays, using mobile e-

wallet for transactions would be more convenient.17

Moreover, a similar research journal entitled "Factors

influencing the Use of E-Wallet as a Payment Method among

Malaysian Young Adults" revealed that consumers are shifting

from cash-based transactions to cashless transactions. There

was noticeable increase of cashless transactions, in fact

young adult consumers in 21st century is regarded as tech-

savvy as they were born in the era of smartphone technology.

The study found out that the effectiveness, conveniency,

reliability, and security aspect of e-wallet payment are the

17
Shaliza et al., “Fintech As Financial Inclusion: Factors Affecting Behavioral Intention to Accept
Mobile E-Wallet During Covid-19 Outbreak", Turkish Journal of Computer and Mathematics Education,
(2021):Vol.12 No.7, https://turcomat.org/index.php/turkbilmat/article/view/3356/2881
 25

reasons why consumers intend to use e-wallet platforms as a

mode of payment.18

Addressing the advantages of electronic wallet,

consumers find e-wallet easy to use, safe to use, and secured.

Through e-wallet applications, people can be more comfortable

by cashing in their money in their smartphones. The electronic

wallet applications also offer built-in two-factor

authentication, tokenisation, and well-defined security

protocols to ensure that its users are safe and free from

identity theft and fraud.19

Moreover, an analysis of the effects of benefit on the

use of e-wallet revealed that convenience has a major

contribution to the use of mobile payment applications. It

stated that the respondents have experienced convenient

transactions in utilizing electronic wallets. Customers can

access e-wallet through their smartphones and use it

regardless the time or place. It is also easy to follow

18
Karim et al., "Factors Influencing the Use of E-Wallet as a Payment Method among Malaysian
Young Adults", Journal of International Business and Management, (2020):Vol. 3 No.2,
https://d1wqtxts1xzle7.cloudfront.net/62478254/JIBM-2020-2-2120200325-72624-cpu9ko-libre.pdf
19
Holland FinTech. (2022, June 21). Why do people love digital wallets?. Why Do People Love
Mobile Wallets. Retrieved November 4, 2023, from https://hollandfintech.com/2022/06/why-do-people-
love-digital-wallets/
 26

procedures on authenticating users, checking of balances,

making payments, sending and using bank services implying

that through e-wallet, transactions are faster and flexible.20

Transaction activities are now easier because of

digital-based financial services called E-Wallet. E-wallet

has become one of the instruments relied on by its users in

conducting transactions. Today, the use of E-Wallet can be

stated to be increasingly popular in society with its users

ranging from teenagers to adults because it can fulfill the

needs of people with the ease of transaction through E-wallet.

As a result, E-Wallet can show its existence as a payment

instrument product way quicker.21

In relation with the advantages of E-Wallet, a study

entitled “Understanding the Factors That Influence Consumer

Continuous Intention to Use E-Wallet in Malaysia” revealed

that convenience, cashback/rewards, and safety and security

have significant effect in consumer continuous intention to

20
Sentanu, W., Stefan, A., Dodi, M., & Gunadi, W. (2020) “Analysis of Effects of Benefit on the Use
of E-Wallet”, International Journal of Advanced Research in Engineering and Technology 11 (8):721-737,
Retrieved November 4, 2023, from https://d1wqtxts1xzle7.cloudfront.net/65236117/IJARET_11_08_070-
libre.pdf?
21
Soegoto T. (2020). E-wallet as a payment instrument in the millennial era . IOP Conference Series:
Materials Science and Engineering. https://iopscience.iop.org/article/10.1088/1757-899X/879/1/012139
 27

use E-Wallet. The payment process through mobile wallet with

simply tapping in the mobile device is convenient since

consumers no longer need to carry cash and physical cards for

making payment transactions. Consumers can receive rewards

such as a gift or free purchasing pay with the mobile wallet

which is offered by the platforms in order to attract more

customers to use mobile wallet payment. Mobile wallet

applications are secured because of PIN needed before making

transactions and E-Wallet also replace physical wallet to

avoid loss of money.22

Synthesis

From the different point of view of given literature,

factors such as conveniency, efficiency, reliability,

security, rewards availability, and accessibility do

influence the people's intention to use and to adopt e-wallet

as a payment method. It is also mentioned that e-wallet is

being adopted by different countries because it is convenient

to use. In addition to that, the said factors are also the

22
Wong, C. Y., & Pakir Mohamed, M. I. (2021). Understanding The Factors That Influence Consumer
Continuous Intention To Use E-Wallet In Malaysia. Research in Management of Technology and Business,
2(1), 561–576. Retrieved from
https://publisher.uthm.edu.my/periodicals/index.php/rmtb/article/view/1938
 28

advantages of e-wallet as indicated in the different

literature. Moreover, the researchers also do believe that

conveniency is a top factor why users should adopt e-wallet

as a payment method.

Foreign Studies
Analyzing the adoption of e-wallet, a recent study

entitled “Factors Affecting the E-Wallet Adoption in a

Cashless Society” examined the factors that influence the 600

people of Malaysia’s Klang Valley on using E-wallet. The study

revealed that among the numerous factors, only convenience,

and efficiency were the most relevant factors that influence

the respondents to use E-wallet. In addition to that, the

respondents also considered that security is also an

important factor that can influence them to use electronic

wallet for cashless transactions. Moreover, on the basis of

the overall findings in Chapter Four, it can be concluded

that E-wallet adoption is influenced by convenience,

23
security, and effective fast-moving transactions.

23
Misbah N. (2022, February). Factors Affecting the E-Wallet Adoption in a Cashless Society.
Retrieved October 16, 2023, from https://kmc.unirazak.edu.my/wp-content/uploads/2022/06/Master-
Thesis-Nizar.pdf
 29

Considering the intention of users, another research

study entitled “Factors influencing consumers’ intention to

use e-wallets” revealed that the perceived technology

benefits, namely the conveniency and accessibility

advantages, affect the adoption of e-wallet by the consumers.

The development of new innovations affects the acceptance of

the service users. With this, service users will intend to

use the e-wallet platforms for business transactions.24

Going back to e-wallet adoption, a study entitled "A

study on E-Wallet Adoption among Customers and Businesses in

Delhi" revealed that younger generation find electronic

wallets secured. Majority of the respondents influenced by

discounts and cashbacks offers are students. It was also found

out that the consumers will prefer to continue using e-wallets

because it is effective, secured, convenient, and offers

discounts too.25

In addition to that, another study entitled “Factors

Affecting Adaptation of E-Wallet among Students in Private

24
Wongkangwan A. (2021, July 07). Factors Influencing Consumers' Intention to Use E-Wallets.
Retrieved October 16, 2023, from http://www.ijbts-
journal.com/images/main_1366796758/ZU22_21_Arunroong%20Wongkangwan.pdf
25
Bhagat S. (2020, August 17). A study on E-Wallet Adoption Among Customers and Businesses in
Delhi. Retrieved October 16, 2023, from https://norma.ncirl.ie/4559/1/shreybhagat.pdf
 30

Higher Education" reported that the effectiveness of e-

wallet, specifically its ease to operate is the strongest

predictor of e-wallet adoption among the students. It was

also found out that the use of e-wallet as a mode of business

transaction is time-saving for the respondents. Lastly, e-

wallet platforms were also regarded as secured platform by

the students for business transactions.26

Moreover, many people started to adopt E-wallet

transaction during the pandemic. A study entitled “Factors

Affecting the Intention to Use E-Wallets during the COVID-19

Pandemic” revealed that e-wallet platform is not only used

during the pandemic because it is more secured, but it also

has the crucial factor to intensify the attitude of consumers

toward e-wallet which is its effectiveness. There are many

functions available in e-wallet that can help the user perform

different types of transactions, such as paying utility

bills, telephone bills, and ordering food. As a result, users

would consider e-wallets to be useful and convenient payment

method and use them repeatedly in the future. Therefore, the

26
Vasudevan et al., Factors Affecting Adaptation of E-Wallet among Students in Private Higher
Education. Retrieved October 16, 2023, from https://resmilitaris.net/menu-
script/index.php/resmilitaris/article/view/2458
 31

provision of multifaceted knowledge to potential users about

e-wallets is essential to highlight the effectiveness of an

e-wallet.27

Going back to users’ intention, a study entitled

“Factors Affecting The Behavioral Intention of E-Wallet Use

during Covid-19 Pandemic in DKI Jakarta” revealed that effort

expectancy, price value, and social influence have no

influence on behavioral intention of e-wallet users during

the covid-19 pandemic. It reported that the e-wallet’s

performance is effective as expected by the users and this

aspect benefits them. Therefore, this can have an influence

28
on behavioral intention of e-wallet users.

Building upon the previous paragraphs, one recent study

entitled “Factors Affecting Adoption of E-Wallets Among

Youths in Malaysia” revealed that factors such as

conveniency, security and effectiveness were the important

determinants that influence the intention of using e-wallets.

It stated that the security is an advantage of an e-wallet

27
Ming K. & Jais M., Factors Affecting the Intention to Use E-Wallets during the COVID-19
Pandemic. Retrieved October 26, from https://jurnal.ugm.ac.id/gamaijb/article/view/64708/33205
28
R. T. Tedja, Y. Tjong & K. Deniswara, Factors Affecting The Behavioral Intention of E-Wallet Use
during Covid-19 Pandemic in DKI Jakarta. Retrieved October 17, 2023, from
https://ieeexplore.ieee.org/document/9535062
 32

given that it provides barriers for non-users to be not able

to engage any transaction in e-wallet application. With this,

e-wallet platforms are reliable for business transactions.

Besides security, the respondents believed that e-wallet

application is convenient to use as it does not require

physical transaction, and transactions can be made easily and

faster.29

A similar research study approach entitled "Factors

Influencing the Use of E-Wallet among Millennium Tourist"

examined the millennial tourist adoption of e-wallet in Kuala

Lumpur. The study revealed that the ease of use or convenient

to use of E-wallet among millennial tourists proved to be the

most substantial cause why they use e-wallet platforms.

Another factor which influences the tourists to use e-wallet

is its effective fast-moving transaction aspect. However,

security got the least substantial cause that can influence

the tourists to use e-wallet applications, though it does not

30
imply that it is not important.

29
Teo S. et al., "Factors Affecting Adoption of E-Wallets Among Youths in Malaysia. Retrieved
October 17, from http://www.jistm.com/PDF/JISTM-2020-19-12-04.pdf
30
Osman, S., Jabaruddin, N., Suria Zon, A., Jifridin, A., & Zolkepli, A. (2021). Factors Influencing the
Use of E-Wallet among Millennium Tourist. Retrieved October 17. 2023, from
https://journal.ut.ac.ir/article_83114_cc5b0b8019ada958356f9c352a42ba04.pdf
 33

Furthermore, a study entitled “Factors Affecting

Adoption of E-Wallet Among Gen Y in Pahang” found out that

there were three major factors that the respondents consider

as they adopt e-wallet. First factor is conveniency where

respondents believe that utilizing a new service is

straightforward, easy, and seamless. Secondly, an e-wallet

must maintain and protect the privacy of its users and it

must be safe and secure area where users can establish long-

term partnership. Lastly, the effective fast-moving

transaction of e-wallet affect the decision making of the

respondents, specifically the youth toward acceptance of the

E-wallet.31

Nevertheless, another study entitled "Analysis of

factors affecting the acceptance or use of e-wallet in

Jakarta" revealed that intention to use an e-wallet is

determined by the benefits received by the respondents. The

effectiveness and conveniency factors have positive and

significant effect on respondents' behavioral intention to

use an e-wallet. In addition to that, based from the data

31
Azman, H. binti, Sheau Lih, C. ., & Yahaya, S. N. . (2021). Factors Affecting Adoption Of E-Wallet
Among Gen Y In Pahang. Retrieved October 17, 2023, from
https://jtmt.utem.edu.my/jtmt/article/view/6046
 34

provided by the respondents, they most likely to use an e-

wallet if it is easy to use and has efficient features.32

Synthesis
Hinge on the different foreign studies provided, the

factors that influence people to adopt and use e-wallet as a

payment method are convenience, security, reliability,

accessibility, rewards availability, and efficiency. The

similarity of these studies is that convenience is the common

factor that influence the people to adopt e-wallet platforms.

In addition to that, it is also indicated that these factors

are also the advantages of e-wallet platforms. Moreover, the

researchers do believe that in using an e-wallet platform for

payment transactions, security and reliability aspect should

be considered important too since transactions are all

conducted through online.

Local Literature
The pandemic spurred the adoption of electronic

wallet payments, both by merchants and consumers. It was also

revealed that convenience and ability to earn rewards and

loyalty points were the top reasons for them to switch to e-

32
Pradipta, I. A., & Tresia, M. (2021). Analysis of factors affecting the acceptance or use of e-wallet
in Jakarta. Journal of Economics and Business Letters, 1(4), 27–32. https://doi.org/10.55942/jebl.v1i4.129
 35

wallet payments. Moreover, GCash application is the most

trusted e-wallet application platform for money transfers. It

was also cited that through e-wallet, it is easier to transfer

funds from one place to another, which makes e-wallet more

functions and benefits.33

For Filipinos, e-wallets provide benefits such as

convenience, speed, security, cost-effectiveness, and rewards

and discounts. Electronic wallets provide users with the

convenience of making transactions anytime and anywhere using

their mobile devices whether they shop online, pay bills, or

purchase load. Comparing e-wallet payment method to other

payment methods, e-wallet is time-saving since transactions

are done quickly and in terms of security, e-wallets ensure

that transactions and personal information are secured and

employ encryption technology to safeguard user's financial

account. It also offers low or zero transaction fees compared

to other payment methods. The availability of rewards and

discounts is also being prioritized by providing programs or

33
Cudis C. (2019, October 03). GCash strengthens dominance in PH. Retrieved October 18, 2023,
from https://www.pna.gov.ph/articles/1082215
 36

making partnerships with merchants in order to offer users

exclusive rewards, cashback, and discounts.34

In relation with the advantages of E-wallet, a local-

based blog supported that e-wallet is convenient and easy to

use which makes it effective, reliable in terms of how it is

secured and prevent fraud, and also ensures that it is

accessible. E-wallets allow users to conduct financial

transactions like payments and transfers anytime and anywhere

and also ensures that its apps are easy to navigate and use.

It also employs advance encryption technologies to protect

its users from data breach and fraud. Lastly, it empowers

more people to participate in the financial system, allowing

users to conduct transactions through e-wallet application.35

Furthermore, e-wallet is differed in their registration

process as it adds a layer of security and validity to user's

account. E-wallets has scan-to-pay feature to make

transaction both online and offline quicker. What makes e-

34
Lumina. (2023, May 19). How safe are ewallets in the Philippines? | lumina homes. e-Wallets in
the Philippines. https://www.lumina.com.ph/news-and-blogs/blogs/how-safe-are-ewallets-in-the-
philippines/
35
Tookitaki Blog. (2023, May 17). Empowering inclusion: Benefits of Electronic Wallets in the
Philippines. Anti-Money Laundering (AML) Solutions. https://www.tookitaki.com/blog/benefits-digital-
wallets-philippines-tookitaki-solutions
 37

wallets reliable is it is being partnered with merchants and

banks as well for different types of business transactions.

Since some e-wallets are partnered with shopping platforms,

exclusive offers are also available such as cashback,

discounts, and vouchers.36

E-wallets in the Philippines possess a lot of features

to make financial transactions of users easier and effective.

Using e-wallet for payment transaction is convenient since

payment can be done either online or offline anytime. Most of

the e-wallet applications offer exclusive deals and discounts

to their users to prolong their loyalty. During the pandemic,

e-wallet application became more effective since people do

not need to contact physically for business transactions. It

also enables its users to track and monitor their spending by

logging in the application.37

Moreover, e-wallet applications such as PayMaya, GCash,

GrabPay, BanKo, and Dragonpay are part of the best e-wallet

applications in the Philippines. Both PayMaya and GCash do

36
myBest. (2023, July 14). 10 best E-wallets in the Philippines 2023: GCash, Paymaya and more. 10
Best E-Wallets in the Philippines 2023 | GCash, PayMaya and More. https://ph.my-best.com/16091
37
Pagkatotohan, J. (2023, January 5). 10 best E-wallets in the Philippines for smoother transactions.
10 Best E-Wallets in the Philippines for Smoother Transactions. https://www.moneymax.ph/personal-
finance/articles/mobile-wallet-philippines
 38

not only focus on payment feature but also transfer of funds,

purchase of mobile loads, and pay bills. Since these apps are

affiliated with other financial institutions, it is easier to

cash-in and cash-out funds conveniently. These applications

also provide QR code for quick-scan to pay for a good or a

service. What makes these e-wallets beneficial is it easy to

use and transactions can be done faster.38

Focusing on e-wallet's security, efficiency, and

conveniency, it allows users to access different features

such as transfer of money, online or offline payments, bill

payment, and more. Expenses are easier to track and there is

no need for its users to track down different physical

receipts. The two-factor authentication and OTP make e-wallet

applications secured and reliable. Somehow, it is still

advisable that users must create a unique password, and verify

the legitimacy of the message they receive.39

38
Lumina. (2023, January 16). 10 best E-wallets in the Philippines | lumina homes. 10 Best E-Wallets
in the Philippines. https://www.lumina.com.ph/news-and-blogs/blogs/10-best-e-wallets-in-the-
philippines/
39
Bankers Association of the Philippines. (2023, May 18). Are you an e-wallet user? here are 5 ways
to keep your e-wallets safe. Bankers Association of the Philippines. https://bap.org.ph/cybersecurity/are-
you-an-e-wallet-user-here-are-5-ways-to-keep-your-e-wallets-safe/
 39

Moving on, regardless of the differences of e-wallet and

traditional means' features, it is clear that e-wallets

provide convenience in terms of seamless transactions. Given

this advantage, it is only a matter of time until e-wallet

replaces the traditional means of payment. The Bangko Sentral

ng Pilipinas established three ways of ensuring the safety of

consumers such as the Section 4 of BSP Circular No. 649 that

requires electronic money issuers to maintain a record-

keeping system, Circular No. 808 to tighten cybersecurity

protocols, and BSP also requires electronic money issuers to

maintain a redress mechanism which would allow customer to

file complaints. With that being said, e-wallet platforms are

reliable, convenient to use, and ensure that its users are

always safe and secured since it complies with the Bangko

Sentral ng Pilipinas.40

Electronic wallet is not only expanding at the

provincial level, but also extends its services

internationally. A specific e-wallet app called GCash is

being used by other international countries such as Japan,

Italy, Australia, and soon will rise in US. It is considered

40
Office Lamp. (2023, January 26). Safety of E-wallets in the Philippines. Digital Freedom Network.
https://digitalfreedom.ph/safety-of-e-wallets-in-the-philippines/
 40

a super app since transactions of payments and fund transfers

are both fast-moving and in addition to that, e-wallet also

ensures that transactions are secured. E-wallet provides many

effective services to its users, in fact Filipino overseas

can conduct money transfer to their families in the

Philippines, and also pay directly to someone on behalf of

their family members.41

A national survey on smartphone usage revealed that

among the 90% of Filipino smartphone users, many of them use

these devices for e-wallet payment transactions. The GCash

and PayMaya applications are leading the utilization of e-

wallets in the Philippines. It was also reported that the

accessibility of transferring money and making real-time

payments at retail stores has also increased. Local and cross-

border payments are both available in e-wallet platforms, in

fact it is more affordable compared to other payment methods.

Moreover, the government made initiatives to encourage the

use of e-wallet payments in the Philippines with the help of

41
Kaur, D. (2023, May 3). Here’s how globe is advancing 5G and e-wallet adoption in the Philippines.
Tech Wire Asia. https://techwireasia.com/2023/05/heres-how-globe-is-advancing-5g-and-e-wallet-
adoption-in-the-philippines/
 41

the promotion of Bangko Sentral ng Pilipinas through program

promotions.42

Synthesis

Based from the local literature, the e-wallet platforms

have different advantages such as convenient, secured,

effective, offer rewards and bonus, accessible, and reliable.

These advantages are also the reason why Filipino users of e-

wallet are continuously using e-wallet platforms for payment.

In addition to that, the efficiency factor of e-wallet is the

most influential factor as stated on the different literature

provided. For the researchers, the said advantages are all

true and all of these influence people to use e-wallet

continuously.

Local Studies
One latest study entitled "The Essence of E-Wallet Usage

Among The Residents of Lagro Quezon City During the Pandemic

for its Future as a Major Monetary Payment System" revealed

that electronic wallet is easily accessible, thus Filipinos

can engage with the utilization of e-wallet platforms just

42
Philippines Market Research. (2023, February 20). The future of E-wallet Payments in the
Philippines. Market Research Philippines. https://www.philippinesmarketresearch.com/insight/the-future-
of-digital-payments-in-the-philippines
 42

like GCash, GrabPay, and PayMaya. In addition, these

platforms enable Filipinos to transact without the use of

physical which makes it more convenient. Moreover, E-wallet

platforms let its users to conduct transaction regardless of

what time is it or where they are. With that being said,

Filipinos are about to adopt e-wallet payment system

continuously until it becomes a major monetary payment system

in the future.43

The emergence of the COVID-19 pandemic and the

implementation of different health protocols have boosted the

digitalization of payment. One recent study entitled

"Mitigating the COVID-19 Economic Freeze: How E-Wallets

Propel Business Productivity in Tacloban City" revealed that

the main determinants of using e-wallets as an additional

payment method were its conveniency, security, and

accessibility advantages. The electronic wallet payments

reduced physical contact with others, especially during the

pandemic. Moreover, e-wallet payment is also a safer payment

43
Sucic, D. (2023, September 30). The essence of E-wallet usage among the residents of Lagro
Quezon City during the pandemic for its Future as a Major Monetary Payment System.
https://www.studocu.com/ph/document/university-of-saint-anthony/bachelor-of-science-in-nursing/the-
essence-of-e-wallet-usage-among-the-residents-of-lagro-quezon-city-during-the-pandemic-for-its-future-
as-a-major-monetary-payment-system/36813625
 43

method since it is done through pure cashless transactions.

Lastly, the arrival of electronic wallet promotes

accessibility, where anyone can do e-wallet transactions as

long as they have an account.44

On the other hand, a different approach of study entitled

"A Tale of Two Billfolds: A Comparative Study on Behavioral

Intention of Filipino Consumers in Using E-Wallet and Cash

During In-Store Transactions" revealed that in terms of

effectiveness, the respondents concluded that e-wallet

transactions are better than cash transactions. The

respondents also added that the e-wallet is more secured

compared to cash transactions. What makes e-wallet

interesting is it brings convenience to its users as stated

by the respondents because they enjoy using e-wallet because

of its user-friendliness. Generally, this study concludes

that e-wallet has more advantages compared to physical cash

44
Acol, M., Mergal, C., & Vy, S. (2022, May). Mitigating the COVID-19 Economic Freeze:How E-
Wallets Propel Business Productivity in Tacloban City, Philippines.
https://www.bsp.gov.ph/Pages/ABOUT%20THE%20BANK/Events/By%20Year/2022/Research-Fair-
2022/Research_4_Day_2_Mitigating_the_COVID-19_Economic_Freeze_How_E-
Wallets_Propel_Business_Productivity.pdf
 44

transactions, specifically during the in-store

transactions.45

Delving deeper into E-Wallet Adoption, a study entitled

"Adoption of E-Payment Systems in the Philippines" revealed

that among their respondents, the students are the most

frequent e-wallet platform users. It also mentioned that

security, reliability, and its convenience were the top

priority of the respondents when paying only. Simultaneously,

the only problem that the respondents have encountered on

using e-wallet was the delay processing of application due to

device problem or internet connection problem. Moreover, the

study concludes that the respondents are most likely to adopt

the use of e-wallet because of its secured, reliable, and

convenient services.46

Focusing on e-wallet adoption, a local-based study

entitled “An Assessment of e-wallet adoption among the

finance employees of selected Philippine government agencies”

examined the factors that may influence the respondents to

45
Ortiz, J., Pilapil, K., Purugganan, J., Ramano, J., & Co, D. (2023, March 7). A Tale of Two Billfolds:
A Comparative Study on Behavioral Intention of Filipino Consumers in Using E-Wallet and Cash During In-
Store Transactions. https://ieomsociety.org/proceedings/2023manila/479.pdf
46
Raon, C., De Leon, M., & Dui, R. (2021). Adoption of E-Payment Systems in the Philippines.
https://ojs.uajy.ac.id/index.php/jik/article/download/3197/2176/11732
 45

adopt e-wallet. These factors were trust or reliability,

security, efficiency, convenience, infrastructure, perceived

risk, and perceive cost. Among these said factors, only

efficiency, convenience, and reliability significantly affect

the behavioral intention of the respondents to adopt e-

wallets. Moreover, as the baseline assessment on the level of

acceptance of finance government employees with e-wallets,

these three constructs are the main variables of

consideration.47

Similarly, a study examined the factors influencing the

behavior intention of Generation X to use and adopt e-wallet,

specifically GCash Services. The factors that may influence

the respondents to adopt e-wallet were security, conveniency,

and discount offered by GCash Services. Moreover, the study

revealed that all of these factors have a positive effect on

generation X's behavioral intention to adopt GCash and there

is also a significant relationship between the influencing

47
Aborot, J. E., Dela Rosa, R. M., Galang, D. A., & Pabello, P. G. (2023). An assessment of e-wallet
adoption among the finance employees of selected Philippine government agencies. Retrieved from
https://animorepository.dlsu.edu.ph/etdb_acc/51
 46

factors and the behavioral intention of the respondents to

adopt GCash e-wallet.48

Moreover, during the pandemic, e-wallet applications

have revolutionized consumers' shopping experience by giving

another convenient money transfer. A study entitled "The

Impact of COVID-19 Pandemic on Consumer Usage Intention of

Electronic Wallets in the Philippines" examined the

consumers' perception of using e-wallets in the National

Capital Region. It was revealed that the reliability of e-

wallet, its security, conveniency, and effectiveness have a

significant impact on the respondents’ usage intention of

electronic wallet.49

Going back to e-wallet adoption, one recent local study

examined the perception of e-wallets as the mode of payment

in Marinduque State College. The study revealed that e-wallet

applications a mode of payment transaction is convenient to

use and effective. With the use of e-wallets, transactions

48
Cacas, A., Diongson, M. B. A. ., & Olita, G. M. . (2022). Influencing Factors on Mobile Wallet
Adoption in the Philippines: Generation X’s Behavioral Intention to Use GCash Services.
https://doi.org/10.32996/jbms.2022.4.1.18
49
Moreno, D. E., Maniclang, I., Tongson, Y. D., Trinidad, K., Vicuña, A., & Belviz, J. K. (2022). The
Impact of COVID-19 Pandemic on Consumer Usage Intention of Electronic Wallets in the Philippines.
https://doi.org/10.32996/jbms.2022.4.3.3
 47

for individuals both online and offline can now be done

without the need to move, thus reducing the processing time.

In addition to that, for online transaction, strong

connectivity of data connection or wi-fi is the only

requirement to conduct a transaction which makes e-wallet

convenient since it can be used anytime and anywhere.50

Furthermore, another study entitled "E-wallets as

Forefront of Future Payment Platforms: Technology Adoption

and Utilization of Businesses in Central Luzon" revealed that

utilization and adoption of e-wallets among the respondents

are influenced by effectiveness, and security and

reliability. The study showed that security and reliability

of an e-wallet are the most influential aspect of consumer

intent. Overall, through e-wallet, it is easier to track and

manage expenses and it also improves the operation of

transaction since features are fast-processing.51

In addition to that, a study entitled "An Application

Hierarchy Process in the Comparison of the Use of GCash,

50
Perez, R. (2022, June 8). Perception of e-wallets as the mode of payment for online enrollment
in Marinduque State College.https://doi:10.46223/HCMCOUJS.econ.en.13.2.2272.2023
51
Vitug, E. (2023, May 27). E-wallets as Forefront of Future Payment Platforms: Technology
Adoption and Utilization of Businesses in Central Luzon. https://romanpub.com/resources/ijaet%20v5-2-
2023-12.pdf
 48

PayMaya, and Debit Card Applications as a Payment Method

Option in the Philippines" aimed to identify which among the

payment method is most beneficial in terms of

benefits/rewards, ease of use, convenience, range of

transactions, security, and service fees. The study revealed

that PayMaya, an E-Wallet application obtained the highest

number of global weight in the calculation, making it as the

most beneficial mobile application as a payment option in

completing transactions based on the satisfaction met by the

respondents. The security aspect of an e-wallet application

is highly prioritized and considered by its users. The study

also highlighted that the users reported that using an e-

wallet application for transactions is convenient, especially

during the COVID-19 pandemic.52

Synthesis

In the Philippines, effectiveness, convenience,

accessible, reliability, availability of rewards, and

security of an e-wallet do influence people to use its

52
Delos Reyes, J., Dural, L., Mangaoang, J., Victor, G., & Borres R., (2021, August 5). An Application
Hierarchy Process in the Comparison of the Use of GCash, PayMaya, and Debit Card Applications as a
Payment Method Option in the Philippines. Retrieved November 4, 2023, from
https://ieomsociety.org/proceedings/2021rome/637.pdf
 49

platform as a payment method. It is also indicated in the

different studies that the factors that do influence the

people to use e-wallet are also the advantages of the e-

wallet. On the other hand, the bonus availability has the

least influential factor since only one study concluded that

this factor is important for its users to consider in using

an e-wallet. The researchers agree that all of these factors

are influential in using an e-wallet for payment method and

also consider that bonus availability offered by e-wallet has

a big factor to attract more users.

 50

Chapter III

METHODS AND PROCEDURES

This chapter encompassed the research design and

methodology, including sampling, respondents, data collection

or gathering, data gathering procedure, and data analysis

procedure used in this research.

Method of Research Used

This study used a descriptive method to systematically

and accurately assess the facts and as well as the profile of

the respondents to assess the Factors influencing the

respondents to use E-wallet application.

Quantitative research is a systematic process of

collection and analyzation of numerical data. Some of its

usages are for finding patterns and averages, testing causal

relationships, making predictions, and generalization of

results to wider populations.53

53
Bhandari, P. (2020, November 27). What Is Quantitative Research?: Definition, Uses and
Methods. Retrieved September 16, 2023, from https://www.scribbr.com/methodology/quantitative-
research/
 51

Descriptive method describes a population, situation, or

phenomenon that is being studied. It does not make accurate

predictions nor determine cause and effect.54

Respondents of the Study

The respondents of the study have been conducted among

the students of Our Lady of the Pillar College-Cauayan

academic year 2023-2024. A total of 100 students were included

in this study, 20 students from Senior Highschool Department

and 80 students from College Department.

Instruments Used

The researchers made use of one instrument in the study.

The researchers used questionnaire instrument to assess the

factors influencing the E-Wallet Application as a mode of

business transaction of select OLPCC students. Questionnaires

consist of a series of questions accompanied by a set of

answer choices, which can be assigned a numeric value. Closed

ended questions are used in this type of method and are

54
McCombes, S. (2020, September 03). Descriptive Research Design: Definition, Methods and
Examples. Retrieved September 16, 2023, from https://www.scribbr.com/methodology/descriptive-
research/
 52

assigned numerical values for the responded to choose from;

such as allowing participants to choose their age groups

Data Gathering Procedures

The researchers were guided by the following procedures:

1) The researchers will pass a letter of permission to the

thesis adviser requesting the conduct of the study, upon the

permission of the principal and the respondents in order to

start the study.

2) The researchers will formulate questionnaires and make a

letter for the respondents involve in conducting the study.

3) The researchers will give the respondents questionnaires

and will retrieve after answered.

4) After floating questionnaires, the researchers will

organize, analyze, and interpret the data.

Statistical Tools Used

In order to analyze the data gathered for this study,

the researchers used the following statistical tools:

Frequency and Percentage. This will be used to determine the

profile of the respondents. This tool is used to reduce the

different sets or number or common frequencies of a

comparative sets of numbers. It is employed as a form of

 53

numerical analysis. This was utilized to determine the

proportion of the responses of the respondents in each

category.

𝑓
𝑝= × 100
𝑛

Where:

p = Percentage

f = Frequency

n = Total of Respondents

100 = gives or constant

Mean (x̄ ). This formula was used in determining the average

perception of the respondents. Mean was used to determine the

average answer of the respondents in the assessment of the

project.

x̄

∑𝑥
x̄ =
𝑛

Where:

x̄ = Mean

x = Score of respondents

n = Total number of Respondents

 54

Likert Scale. This was used to determine the level on how the

different determinants influence the usage of e-wallet

application as a mode of business transaction.

Option Intervals Interpretation

4 3.25-4.00 Very influential

3 2.50-3.24 Slightly

influential

2 1.75-2.49 Influential

1 1.00-1.74 Not at all

influential
 55

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 61

Our Lady of the Pillar College-Cauayan

College Department
San Fermin, Cauayan City, Isabela
S.Y 2023-2024

Questionnaire

To the Respondents of the Study

You are earnestly requested to answer the following

questions honestly and objectively. Your answers will assist
the researchers in a survey of the Factors Influencing the E-
Wallet Application as a mode of Business Transaction of Select
OLPCC Students. Rest assured that your answers will be kept
confidential. Thank you for your cooperation.

1. Profile of The Respondents

1.1. Age
( ) 18-19 Years Old ( ) 20-21 Years Old
( ) 22-23 Years Old

1.2. Gender
( ) Male ( ) Female

1.3. Year Level

( ) Grade 11 ( ) 2nd Year College
( ) Grade 12 ( ) 3rd Year College
( ) 1st Year College ( ) 4th Year College

1.4. Course or Strand

If College Student:
( ) BSA-IS ( ) BSEd
( ) BSBA ( ) BSCrim
( ) BSN ( ) BSIT-CE
( ) BSHM
 62

If Senior Highschool Student:

( )ABM ( )STEM
( )HUMSS

1.5. Weekly Allowance

( ) 500 – 699 Pesos ( ) 900 – 1099 Pesos
( ) 700 – 899 Pesos ( ) 1100 Pesos and
Above

1.6. Preferred E-Wallet Application

( ) GCash ( ) Pay Maya
( ) Grab Pay ( ) All Easy
( ) ShopeePay ( ) Lazada Wallet
If other (please specify): ____________________

1.7. Frequency of using E-Wallet Application as a mode

of Payment
( ) Once a month ( ) Thrice a month
( ) Twice a month ( ) More than thrice
 63

2. The following are the items purchased and service

acquired by the OLPCC Students. Check as many as possible
if the item is related to you.
A. PRODUCTS
Fast-food or take away
Coffee shop purchases
Grocery shop
Apparel items
Bags
Device accessories
Foot wear
Cosmetics
Skin care products (such as facial wash, toner,
moisturizer, and sunscreen)
Hygiene products (soap, shampoo, mouth wash, dental
floss)
Stuffed toys
Figure toys
Books and E-Books
School supplies
Electronic and gadgets
House supplies
In-game purchases
Online games top-up

B. SERVICES
E-load service
Internet service
Mobile phone repair
Electricity and water service
Utility Service
Music streaming subscription
Videos streaming subscription
Charitable donation
Gift card on vouchers
E-gifts
Gym membership
Health supplements
Online consultation
Salon or spa services
Flight tickets
Tour packages
 64

3. The following statements are the different determinants

that influence the e-wallet application usage of the
respondents.

Directions: Please put a check (/) on the column that

corresponds to your answer on how influential these
statements.
1 – Not at all influential
2 - Slightly influential
3 - Influential
4 - Very influential
A. Conveniency 4 3 2 1
1. The user friendliness of e-wallet
platform.

2. The distinguishable structure and the

features of the e-wallet platform.
3. The ability to store money for long
period in e-wallet.
4. The QR Code generation or scan method
for faster transaction.
5. The ability to transact anytime and
anywhere.

B. Security 4 3 2 1
1. Biometric features of e-wallet
platforms.
2. Two factor authentication and log-in
attempt notifications of the e-wallet
platform.
3. The private nature of all transactions
on the e-wallet platform.
4. The individualized password feature of
the platform.
5. The presence of anti-virus and firewall
in the e-wallet platform.
 65

C. Accessibility 4 3 2 1
1. The platforms accessibility for people
with disabilities.
2. The readability and understandability of
information provided by the e-wallet
platform.
3. The 24/7 transaction capability of the
e-wallet.
4. Additional features (bank transfer,
money transfer, bill payment) of the
platform.
5. The ability to check funds anytime.

D. Efficiency 4 3 2 1
1. Fast processing features like online
shopping, and bill payment of the e-wallet
application.
2. The cost saving nature of transactions
in the e-wallet application.

3. The ease of transferring of money using

the platform.

4. The ease of tracking money in the

platform.
5. The smooth and fast-moving nature of
payment transaction.

E. Reliability 4 3 2 1
1. The verification status of e-wallet
platforms.
2. The fraud free software assurance of the
e-wallet platform.
3. The timeliness scheduled transaction in
the platform.
4. The platform’s commitment to not
publicizing user’s information.
5. The accuracy of information provided by
the e-wallet application.
 66

F. Discounts and Bonus Availability 4 3 2 1

1. Product or service voucher discounts
offered by the platform.
2. Shipping fee discounts provided by the
platform.
3. Bonus point system in the platform.

4. The option to exchange points for products

or services.
5. Promotions like buy one take one and piso-
deal in the platform.