POWER SCHOOL OF TECHNOLOGY INC.

516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,

nd

Daang Amaya 1, Tanza, Cavite

Acceptance of Electronic Payment Systems of College Students in

Power School of Technology

SUBMITTED BY:

ALDOVER, DORIETHY
BANTA, ANGELICA T.
BAYNOSA, ROSE
PEDREZUELA, MICAELA JANE
PREDICALA, ROGINE
VINAS, RENCI JOY
 POWER SCHOOL OF TECHNOLOGY INC.
516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,
nd

Daang Amaya 1, Tanza, Cavite

Introduction/Background of the Study

It is often assumed that cash will someday become obsolete and that we will

live in a cashless society (Arvidsson and Markendahl, 2014). Digital payments,

enabled by fast-built-up digital platforms and infrastructure in the financial system,

have permeated each consumer's life and changed the way daily transactions are

conducted. The global economy's expanding digitization is transforming how

products and services are manufactured, distributed, and sold worldwide.

While financial digitization makes doing business easier, reduces transaction

costs, and improves market efficiency, it may also lead to consumers overpaying

because customers' budgeting becomes less important when there is no need to

exchange money. Moreover, with easy access to digital payment platforms, almost

anyone in different age groups can have an account or make one as long as they

have mobile phones. With mobility and convenience, consumers realize that these

factors are important to them in the fast-paced way of living, primarily in the metro.

The overall effect of this phenomenon can be seen in the gradual growth of the e-

commerce market in the Philippines in the past couple of years, particularly when the

Covid-19 virus entered the country.

Understanding this effect is critical given how quickly digital payments are

displacing cash. Despite anecdotal and survey data supporting this idea, identifying

this effect in studies of household spending practices is difficult.

On a particular scale, Early projections from the first half of 2020 predict that

digital payments increased to 17 percent of all monthly payments on a specific scale,

 POWER SCHOOL OF TECHNOLOGY INC.
516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,
nd

Daang Amaya 1, Tanza, Cavite

driven by payments made to merchants and person-to-person transfers. These

estimates are based on data provided by the Bangko Sentral ng Pilipinas. The

average monthly value of digital payments also slightly climbed from 24 to 25

percent at the same time. This growth and easy transition of people could be

attributed to the fact that E-Payment systems in the Philippines don't need bank

accounts and are simple to use with simply mobile phones. Filipinos can more easily

use digital payment and wallet systems to adjust to the changes in transactions

during lockdowns thanks to platforms like GCash and Maya.

The Power School of Technology offers courses for Bachelor of Science in

Business Administration majors in Marketing Management, Financial Management,

Human Resource Development Management, and Bachelor of Science in

Accounting Information Systems for college students. The school limits its enrolment

population to make certain that all students receive proper supervision. To enroll

before, students must come to the registrar's office to pay for their tuition fees and

will receive an original receipt. Since the pandemic started to happen, the school has

decided to accept electronic payment systems for its transactions in order to reduce

interaction. In this way, students can send their tuition fees through e-payment and

will receive an e-mail for confirmation. Even though the pandemic has begun to

lower its cases, the school decided to continue the method of transactions.

The researchers believe that using electronic payments benefits

administrators and students alike. It enables students to pay their fees on time and at

their convenience and obtain fee receipts and historical transactions. It enables
 POWER SCHOOL OF TECHNOLOGY INC.
516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,
nd

Daang Amaya 1, Tanza, Cavite

institutions and administrators to safeguard funds, save time, and transition to

paperless office operations.

This study will be targeting to identify if there is a significant role that digital

payment methods play in the transaction behavior of consumers while also giving

some awareness to ways one can control their habits if it is becoming detrimental to

their financial health. This study also sheds light on the overview of the chosen

respondents on their experience of using digital payment methods in purchasing

products and services in terms of cognition, design, and choice while giving regard to

what factors consumers consider essential for them to adopt such a system of

payment.
 POWER SCHOOL OF TECHNOLOGY INC.
516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,
nd

Daang Amaya 1, Tanza, Cavite

LITERATURE REVIEW

Diffusion of Innovation Theory

A cashless transaction refers to an economic setting whereby goods and

services are transacted without cash (Paul and Friday 2012), either through
electronic transfer or cheque payment. The effect of cashless payment on an
economy can be analysed by the Diffusion of Innovation Theory (DOI). According to
DOI, the adoption of a new idea or innovations is caused by interaction between
individuals through interpersonal networks. In this context, diffusion is the spread of
cashless payment where consumers seek improved and convenient transaction,
while businesses seek new profit opportunities. The diffusion of cashless payment
will result in the adoption of cashless transactions within the society or community,
subject to the types of innovation adopters and innovation-decision process. Since
the consequences of diffusion in cashless payment depend on how quickly the
society is willing to adopt cashless payment through different stages of innovation
processes, the consequences of the adoption of cashless payment differs in different
society. (Han Tee and Boon Ong, 2016)

Convenience

Electronic Payment System (EPS) has become the most acceptable means of
payments on today’s financial transactions across the world. This is due to its
efficiency, convenience and timeliness. (Ngereza, and Iravo, 2013). The study has
found that trust, ease of use, usefulness, security, convenience, cost, benefit,
awareness and attitude are the most recurring factors that influences e-Payment
adoption in prior studies.

In the extended models, we first consider the case when the e-tailer makes
product pricing as well as promotion efforts decisions together. Analytically derive
the optimal solution and find that the optimal pricing and promotion efforts depend on
e-payment convenience and privacy concern. Further extend the analyses to the
 POWER SCHOOL OF TECHNOLOGY INC.
516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,
nd

Daang Amaya 1, Tanza, Cavite

case when the e-tailer is risk averse and uncover that: 1) when the retail selling price
is exogenously given, the optimal promotion efforts between the risk-neutral and risk-
averse e-tailers are the same and 2) when the retail selling price is endogenous, the
corresponding optimal retail selling prices and promotion efforts between the risk-
neutral and risk-averse e-tailers are different. In particular, a higher degree of risk
aversion will lead to higher (lower) promotion efforts and a higher (lower) retail
selling price if demand volatility is sufficiently large (small). (Choi T. 2017)

Security

The study entitled “The Influence of Trust and Security in the use of Electronic
Payment System in Manado” (Tani 2015) investigated the trust, security, and
variables that have the greatest impact on using electronic payment systems.
According to the partial analysis, the study's findings show that all independent
variables (trust and security) have a beneficial effect on the dependent variable,
which is the use of electronic payment systems. In all information systems, the
security of data and information is of significant importance. Data Security involves
methodology, technology and practices which guarantee that data is secured from

i. alteration or unintentional change (integrity),

ii. unauthorized access (confidentiality), while
iii. promptly accessible (availability) to approved clients on demand.

The electronic payment systems need to have all the above security features; an e-
payment system which is not secured will not be trusted by its clients. And, trust is
extremely important to guarantee acceptance from the clients. As indicated by63, e-
banking and e-payment applications have security issues as they rely upon basic
ICT frameworks that make vulnerabilities in economic organizations, businesses and
can possibly hurt clients. (Masihuddin M et., al 2017)
 POWER SCHOOL OF TECHNOLOGY INC.
516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,
nd

Daang Amaya 1, Tanza, Cavite

Reliability

According to (Kundu and Datta, 2014), reliability is a broad phrase that is

frequently used as a performance metric. It refers to the consistency of performance
and dependability of companies. According to the findings, the reliability of e-
payment is connected with the availability of the payment website, appropriate
authentication when making e-payment, confirmation of the destiny of the e-payment
transaction, and correction of problems if they arise. Reliability is also assured by
ensuring the secrecy of the consumer's financial and personal information.

Electronic Payment

Most e-payment systems in the Philippines may be accessed via mobile

phones without the need for a bank account. It is simpler for Filipinos to use digital
payment platforms because to systems like GCash and PayMaya. E-payment
solutions, which do not require bank accounts, have great promise in a low bank
country like The Philippines. The technology acceptance model (TAM) was primarily
employed as a framework in earlier studies on electronic payments. TAM, however,
only contains a few consumer attitude measurements. In order to provide a more
suitable justification for the use of e-payment systems, this study is based on TAM
and Theory of Reasoned Action. Data from the BSP shows that in 2018, more
Filipinos adopted e-wallet or e-payment systems than credit cards. Filipinos have the
opportunity to conduct digital financial transactions without real currency or credit
cards thanks to platforms like G-Cash and PayMaya (Zoleta, 2021). More Filipinos
are becoming aware of contactless payments and understanding the advantages of
such services, according to further statistics. According to the Visa Consumer
Payment Attitudes research, 80% of respondents were aware of e-payment methods
(Visa, 2019). However, the BSP's Financial Inclusion Survey found that the actual
number of e-payment accounts fell to 8.6 million from 11.4 million in 2018, despite
the fact that Filipino consumers are aware of the advantages of digital payment
systems. In order to better understand the variables influencing Filipinos' acceptance
of e-payment systems, this study offers to look into them. (Raon C et., al 2021).
 POWER SCHOOL OF TECHNOLOGY INC.
516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,
nd

Daang Amaya 1, Tanza, Cavite

Cash, the physical form of money in currency, has been part of each
individual's day-to-day transactions for the last couple of years; however,
technological advancements have shifted consumers' modes of payment from cash
to the digital ones, primarily credit and debit cards, mobile payments, electronic bank
transfers, and e-wallets. Dakila Jr. (2022) stated that while cash remains the primary
mode of payment in the Philippines, accounting for 80 percent of total payment
transactions, it is set to decline in the following years. Digital wallets have grown in
usage and popularity in the past few years. It was first recognized as an instrument
for saving money.
A digital (or electronic) wallet is an online platform that allows users to make
purchases conveniently and easily in online shops, withdraw cash from ATMs, and
transfer or share money with other users, giving the consumers more flexibility and
convenience in payment choice. Eventually, it became popular among consumers
as it can provide a convenient medium to the online population in storing funds and
shopping for products. According to Handayani and Novitasari (2020), in their study
of digital wallets as a transaction media in the community, the development and
adoption of e-wallets have made a remarkable change in transaction activities in the
community of consumers. Moreover, this fast-paced improvement in digital
transactions has also spread to other rural regions, not just to urban areas. With the
internet almost consistently improving every day, transactions using online platforms
have become easier.
In their National Strategy for Financial Inclusion, the Central Bank of The
Philippines aims for digital innovations in digital finance to improve the access of
financial services to the low-income mass market and small businesses. In a study
conducted by Ching (2017), this initiative to enhance the adoption of cashless
payments was affirmed. The results show that convenience was the most prominent
reason Filipinos continuously engage in online transactions. However, the trust in the
security of e-Commerce was only found among females, not males. Improvements
regarding the user-friendly aspect of the application, protection of the system, and
 POWER SCHOOL OF TECHNOLOGY INC.
516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,
nd

Daang Amaya 1, Tanza, Cavite

flexibility in payment schemes will encourage more Filipinos to adopt this new
payment method.
Consequently, the increase in usage and popularity of e-wallets affects not
just the ease of living of consumers but also their spending patterns and behaviors.
For example, Kurniawan, Wahyuni and Valentina (2019) found that Indonesia's e-
commerce and electronic payment users had increased relatively year to year, even
before the global pandemic hit. This would mean that digital payment was substantial
in changing public spending patterns as more people, especially those using the
internet, preferred to shop online due to the convenience it brings to them.

Considering that e-commerce markets and businesses are the practical use of
digital wallets, evidence is mounting that the emergence of ICT is dramatically
influencing a new consumer demographic, especially young people, who exhibit
different behaviors in terms of their consumption and purchase decisions,
Simangunsong (2018). Researchers have given this new generation a variety of
names. They are referred to as the Net Generation by Tapscott (2012), as they
exhibit good control of information and communication technologies. Because they
were born in the computer age, some scholars like Prensky (2001) point to them as
"digital natives." They are referred to as "the Google generation" by Rowlands et al.
(2008) since they were born after 1993 and were raised in an online world. For the
purpose of this study, we refer to this said generation as young adults, which is
based on the Federal Interagency Forum on Child and Family Statistics’ description
of individuals aged 18-24.

In addition to the adoption of digital payment, in the Philippines, according to

Raon et al. (2021), the wide-range usage of digital platforms for payments will be
challenging as most people still use cash as a mode of payment when doing
transactions as they still prefer the tangibility of physical money. Furthermore,
considering that the used sample size is relatively small, and the frequency of
respondents aged 29 and above is about 70%, age, and digital literacy can be a
factor in adopting this mode of payment in the country. On the other hand, issues
 POWER SCHOOL OF TECHNOLOGY INC.
516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,
nd

Daang Amaya 1, Tanza, Cavite

such as delays in processing and lack of user-friendliness of platforms kept few

respondents from changing to this model. They also found out that respondents
prioritize trust and security more than the platform's ease of use.

In a recent study conducted by Delos Reyes, Dural, Mangaoang, Victor, and

Borres (2021), they identified seven factors that all digital payment and e-wallet
applications in the Philippines must have to be considered usable by the consumers.
The following include ease of use, aesthetics, range of transactions, loading
convenience, service fees, security, and benefits/rewards. Among these factors and
features, the most significant concern of consumers in using and adapting to the new
transaction system is security in terms of mobile payment applications. With risks
and assaults such as viruses, identity theft, and fraud associated with mobile
banking applications, security solutions assure user authentication and prevent
malware attacks. Moreover, according to Selvanathan, Tan, Bow, and Supramaniam
(2016), users would accept or continue to utilize mobile banking because of its
convenience. Since mobile payment is accessible around-the-clock, every day of the
week, customers prefer it to in-person banking transactions. However, depending on
the user's age group, this can differ. Similarly, according to Finder's 2021 Digital
Wallet Adoption survey, 66% of respondents said they use e-wallets because it's
more convenient than carrying cash and credit cards, 14.8% cited it's because of the
increased security that digital wallets offer, and 9.9% stated it's because of the ease
of using e-wallets for tracking expenses.

On the other hand, according to Arslan and Fröjdh (2019), mobile payment
apps have more intricate functionalities than the average smartphone app; however,
this is partly due to the nature of the functions. The demand for usability and a
"decent" design instills a sense of security is higher because the functions concern
money. Many of the consumers the researchers tested it with found the concept of
an e-wallet and its functionality puzzling. Users, in particular, struggled to understand
how currencies were stored and transactions took place. They found out that the
 POWER SCHOOL OF TECHNOLOGY INC.
516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,
nd

Daang Amaya 1, Tanza, Cavite

most crucial thing to do and the major problem was to present new concepts,
vocabulary, and functionalities so that users could understand and relate to them.
Furthermore, the study from Delos Reyes et al. (2021) also stated that the
Philippines was considered one of the pioneers who started using mobile money or
digital payments. Platforms such as GCash and PayMaya will emerge as two of the
most extensive applications that offer this kind of service. These applications will
dictate how successful e-commerce will be, as more people would be more willing to
buy products and services if they support a particular type of payment. The study of
Delos Reyes et al. (2021) found that among these two popular applications,
PayMaya was the one that offered better services based on the criteria they
provided, especially in terms of security. Security in a digital mode of payment will
always be the most important factor to consider before adopting these technological
changes. The associated risks, such as viruses, identity thefts, and fraud, will be
prevented with application systems that ensure customer authentication.

Excellent coverage is hindered by a misunderstanding or lack of knowledge of

digital money, especially among the underserved and unbanked in rural areas
(Llanto, Rosellon & Ortiz, 2018, p. 25). Due to its benefits for Filipinos, e-money
accounts and transaction values are growing. However, there is still a low digital
adoption rate, especially when it involves payments using mobile devices. In the
study of Cristobal, Malayang, Sampan, and Solina (2018), only 18% own e-wallets,
and almost none of which is utilized regardless of the range of spending amount.
The low number of E-wallet users among Filipinos is due to Filipino adults' barriers to
transacting, such as lack of awareness of how to transact. The option does not suit
their requirements and preference, and the lack or absence of required documents.
Financial education/literacy is crucial to reduce hesitation in using digital services,
especially in the older/more minor tech-savvy population segment.

SYNTHESIS

A cashless transaction is one in which products and services are exchanged

without the need of actual cash, according to Paul and Friday. Han Tee and Boon
 POWER SCHOOL OF TECHNOLOGY INC.
516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,
nd

Daang Amaya 1, Tanza, Cavite

Ong's study looks at the effects of accepting cashless payments in five EU nations.
According to the findings, although implementing cashless payment has a major
long-term influence on the economies of the five EU countries, there is short-run
causality. This study is similar to the current study since they both aim to determine
the acceptance of e-payment systems. The difference is that Han Tee and Boon
Ong's study applied the Pedroni residual cointergration and Panel Vector Error
Correction Model (VECM), whereas the current study employed a survey
questionnaire to do it.

In the study of Ngereza and Iravo, electronic payment systems have become
the most frequently recognized means of payment in today's global financial
transactions. According to the study, the most recurring elements that influence e-
Payment acceptability in prior studies include trust, simplicity of use, usefulness,
security, convenience, cost, benefit, awareness, and attitude. This is similar to this
study since the researcher wants to know how the respondents accept the e-
payment system in today’s environment. The difference is that the previous study
was examined using theories, whereas the current study used a survey
questionnaire.

Tani, discovered that the adoption of electronic payment systems in Manado

is most influenced by trust and security. When selecting a payment method, the
consumer takes into account both the independent variables of trust and security.
This study is similar to the current study because both investigations focused on
respondents who utilized an e-payment method to pay their bills. The difference is
that the previous study was a causal study, whereas the current study is a
quantitative study.

Kundu and Datta, developed a framework for reliability of e-payment to know

what affects reliability while transacting over an electronic payment system. This
study is similar to the current study since they are both quantitative studies and aim
is to determine the reliability of e-payment systems. The difference between the two
studies is the sampling procedure used to obtain the target population.
 POWER SCHOOL OF TECHNOLOGY INC.
516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,
nd

Daang Amaya 1, Tanza, Cavite

RESEARCH QUESTIONS

Generally, this study aims to determine the acceptance of electronic payment

systems in the Power School of Technology.
Specifically, this study will seek answers to the following questions:

1. What is the demographic profile of college students of Power School of

Technology in terms of:
1.1. Age;
1.2. Course; and
1.3. Socioeconomic status?

2. What types of e-payment systems do respondents prefer?

2.1 GCash;
2.2Net Banking;
2.3 PayPal and
2.4 PayMaya

3. What is the level of acceptance of respondents to the e-payment system based on

the following factors?
3.1. Convenience;
3.2. Security; and
3.3. Reliability?

4. Is there a significant difference in the respondent's level of acceptance on the

following factors when grouped by demographic profile?

H0= There is no significant difference in the respondent's level of acceptance on the

following factors when grouped by demographic profile.

SCOPE AND LIMITATIONS

The aim of this study is to determine the level of acceptance of e-payment

systems. This study will be conducted on college students at Power School of
Technology during the academic year 2021–2022.
The study will use quantitative research methods approaches to collect data,
such as survey-questionnaires, to collect information. Each student's personal
information is taken into account in this study. The same survey-questionnaire is
given to each of the respondents to complete. It consists of four (4) questions. This
study ensured that all information received from respondents would be kept
confidential. The study obtains the agreement and approval of the respondents in
this circumstance. The data acquired in this study will be examined using thematic
network analysis.
 POWER SCHOOL OF TECHNOLOGY INC.
516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,
nd

Daang Amaya 1, Tanza, Cavite

The study's findings will determine the significance of accepting e-payment

systems and how college students at the Power School of Technology use them on
a regular basis.

RESEARCH METHODOLOGY

The descriptive research design under the quantitative methodology is chosen

to describe the acceptance of the respondents' on using e-wallet payment systems
that is observable through the gathered numeric data from the self-administered
online survey questionnaire. Following Coghlan and Brydon-Miller (2014), the
quantitative method of research analyzes trends in phenomena and occurrences
observed from a quantifiable set of information. The acquired data primarily
addresses the main purpose of the research, which is to analyse the acceptance of
an e-payment system at the Power School of Technology and its impact on student
spending growth.

This allows the researchers to generalize the findings on the chosen sample
population, particularly young people e-wallet users living in Tanza Cavite,
Philippines. In addition, the descriptive design is used to describe the characteristics
of a population by examining the relationships among uncontrolled variables
(Research Connections, n.d.). The study primarily assesses the acceptances of the
respondents and whether there is a significant difference in using e-wallets as their
method of payment.

SAMPLING

To obtain the sample population, the researchers will employ a sampling

procedure. Random sampling is a probability sampling in which the researcher
randomly selects a subset of participants from a population. Each member of the
population has an equal chance of being selected. Data is then collected from as
large a percentage as possible of this random subset.

The study's respondents were college students from all academic tracks at
Power School of Technology, including Marketing Management, Financial
Management, Accounting Information System, and Human Resources Development
Management. Researchers seek to conduct a small-scale initial survey because they
are unsure about the target audience's views, beliefs, and values. And random
sampling is an excellent method of accomplishing this.
 POWER SCHOOL OF TECHNOLOGY INC.
516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,
nd

Daang Amaya 1, Tanza, Cavite

ACCEPTANCE OF ELECTRONIC PAYMENT SYSTEMS OF

COLLEGE STUDENTS IN POWER SCHOOL OF
TECHNOLOGY
ACADEMIC NUMBER OF RESPONDENTS
TRACK/COURSES
BSBA in Marketing 186
Management
BSBA in Financial 68
Management
BSBA in HRD Management 107
BS in Accounting Information 35
System
TOTAL 396 population
Sample Size 196 respondents

The respondents of this study were 396 different kinds of academic

track/courses which are BSBA in Marketing Management, BSBA in Financial
Management, BSBA in HRD Management and BS in Accounting Information System
in Tanza Cavite. Random sampling is a probability sampling technique was used to
determine the respondents. Using Slovin’s formula with a 5% margin of error, 396
total respondents. The researchers have chosen this research population and
research locale because these would be. The total number of 396 college students
of different kind of academic track/courses who were utilized as respondents. The
table represents the four categories of academic track. The sample population for
the study was obtained by using the Slovin’s formula the sample size is 196
respondents

RESEARCH INSTRUMENT

The researchers will draft the self-made questionnaire through google forms
for comments and suggestions by the thesis adviser and validated by 1-2 experts
regarding to the content. The suggestions will have served as the guidelines for
revision of the questionnaire. Prior to the conduct of the study, the researchers will
send a letter to Ms. Jonna F. Joson for approval the researcher administered the
instruments to the target respondents. The quantitative research methods using
Likert scale will be used in order to rate the acceptance of electronic payment
systems in the Power School of Technology. The survey questionnaire will be
divided into three sections. The permission form is the initial section in which the
researchers formally requests the respondents' voluntary involvement in the study.
 POWER SCHOOL OF TECHNOLOGY INC.
516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,
nd

Daang Amaya 1, Tanza, Cavite

The second section is for the profile, in which responders will be asked about them.
The third section examines the acceptability of e-payment systems in relation to the
three mentioned variables.

VALIDITY TEST

The researchers created the survey questionnaire based on the values and
views of the students. The survey questionnaire's content was validated by a
Certified Public Accountant, who determined that the questionnaire was appropriate
for distribution to assess and answer the current research study.

RELIABILITY TEST

To assess the research instrument's reliability, the researcher administered

the pre-test survey questionnaire to college students as they, too, use e-payment
systems in their daily lives. Afterwards, the study’s pilot testing took place with a
minimum of 20 respondents to complete the requirements for the instrument’s
reliability Their responses were subjected to a validation test, yielding a 0.857 with 9
items validity level using Cronbach Alpha .05. After validation and a permission from
the thesis adviser to conduct the survey, the researchers collected data by means of
a digitized standardized survey questionnaire utilizing google forms. The
dissemination of questionnaires took place within various social media channels to
reach the intended sample based on their age, course and socioeconomic status.
Since privacy and anonymity of respondents are of significant importance, the
confidentiality of information and anonymity of their identities were taken into
consideration and respected by the research group.

DATA COLLECTION

The researchers will employ the distribution of the survey forms through
contacting teachers through google form questionnaires that are implementing it in
order for clear communication with the subjects and to be able to ensure that all
subjects Have taken the survey questionnaire. The survey questionnaires will be
taken by the respondent whenever it is convenient for them and may last for 2-3
days.

The researchers will be providing a consent letter with information regarding

the study as well as a permission letter to be approved by the adviser. Upon
Approval, the researchers will obtain the list of persons deprived of liberty. To obtain
authorization to conduct the study, a letter of request will be submitted to the school
head of the Power School of Technology. The researcher will administer the
 POWER SCHOOL OF TECHNOLOGY INC.
516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,
nd

Daang Amaya 1, Tanza, Cavite

students once they have been approved. The researcher will write a formal letter to
the students in order to acquire personal information and to formally request their
consent. The respondents will be given the consent letter and they may choose
when they will take the survey questionnaire. Furthermore, researchers will use a
Likert scale; Strongly Agree= 5(SA) Agree= 4 (A), Moderately Agree= 3 (MA),
Disagree= 2 (DA), Strongly Disagree = 1(SD). The research questionnaire consisted
of three parts: The first part dealt with the demographic profile of the respondents in
terms of age, course; and socioeconomic status of the respondents. The second part
dealt with types of e-payment systems do respondents prefer. And the last part dealt
with the level of acceptance of respondents to the e-payment system. The gathered
data were recorded, analyzed and interpreted accordingly.

ETHICAL ISSUES

The primary premise of the study is integrity, autonomy, and secrecy, and
these principles are the foundation of the technique and flow of the research study.
The integrity of the research will be accomplished through a succession of studies to
unearth, and the assessment and verification of information. The autonomy will be
accomplished by allowing the participants the chance to withdraw involvement from
the study at any point. Their routines and customs are respected. Lastly,
confidentiality will be taken to the highest degree of research by not releasing the
participants' information and identity. There will be no possible ethical health and
safety issues prior to the inquiry. The researchers will give an informed consent letter
to every participant. In case of bad consequences, the researchers will bear total
responsibility for the individuals under the research's circumstances. If any
unpleasant situations occur, the researchers will swiftly take off their engagement in
the study if such circumstance becomes negative and damaging to the participant.
Prior to any of this, the study will be evaluated by the Institutional Ethics Review
Board. It rests confident that the researchers observe the principles of ethics to the
highest degree that it may reach. This study's respondents are college students in
power school of technology. The respondents should have first-hand interactions
and acceptances of electronic payments. As participants, they will be requested to
complete the survey questions that will aid in the assessment of acceptance of
electronic payment. There are no known dangers linked with taking part in this
research. The respondents have not lost their right to legal remedies in the event of
research-related loss by considering participation in this study. However, as the
survey questionnaires are anticipated to take at least 10-15 minutes to complete, the
participants may find it onerous to perform the following activities. They may rest
assured that they have the choice of declining to participate in this study with or
without providing a reason. There will be no monetary or incentives for taking part in
this study. The study, on the other hand, may yield considerable data that would aid
in the evaluation of burnout and acceptances of electronic payment. Considering that
the perception of college student in acceptance of electronic payment, this study
would help the governments and society in analyzing and further developing
alternative approaches to meet these problems. The decision whether to or not to
join this study is voluntary. It is for the respondents to decide whether to or not to
 POWER SCHOOL OF TECHNOLOGY INC.
516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,
nd

Daang Amaya 1, Tanza, Cavite

take part in this survey. If the respondents would prefer to take part in this study,
they will be prompted to sign a consent form. They are allowed to withdraw at any
point without consequence even after you sign the authorization form. If they
withdraw from the study before the data collection is done, their data will not be any
longer part of the research. Withdrawing from this study will not impact the
relationship they have, if any, with the researchers. If they have opted to quit from
this study, they must notify the researchers as soon as possible, with or without
justification. The researchers promise that all materials obtained during the data
collection would be held in strict confidence by them. Every piece of information
gathered over the course of this investigation will be always treated with the utmost
discretion. Any reports or publications that come out of the study will not include any
information that might be used to identify the participants. Surveys questionnaires
are only the data collection instruments that are categorized and archived separately
from any participant identity. Only researchers will have access to the data, and
those with a compelling need to examine names or other identifying information will
be the only ones who will have access to such names and information. When the
study is done, all the data that was gathered and correctly analyzed will be
shredded.

PLAN FOR DATA ANALYSIS

The owing procedure will be undertaken in the process of validity of the

questionnaire. After being granted the approval to conduct the study the researchers
will distribute the consent letter with information regarding the study and they may
choose to sign and participate in the study. It will be administered in person for clear
communication with the subjects and to be able to ensure that all subjects have
taken the survey questionnaire. The survey questionnaire will be answered by the
respondent on the same day that it was given to them and may last for 10-15
minutes. Data must be collected from one of the following manners using google
forms interview The researchers will retrieve the forms and the results of all the
questionnaires will be encoded, computed, tabulated, and used to determine the
acceptance of electronic payment systems of college students’ in power School of
technology and at the same time, to see if there is significant difference in the
respondent's level of acceptance on the following factors when grouped by
demographic profile of the respondents. The data will be analyzed and interpreted to
be used as possible output and a basis of our conclusions. The researchers will
protect the anonymity of research participants and disclose all affiliations, funding
sources, and potential conflicts of interest. The researchers will conduct any form of
research-related communication with transparency and honesty.

Statistical Treatment of Data

 POWER SCHOOL OF TECHNOLOGY INC.
516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,
nd

Daang Amaya 1, Tanza, Cavite

After the data was collected from the questionnaire, it was then compiled,

analyzed, and tallied using a computer to establish the correct evaluation of the

results and to easily determine the difference of each data from one another.

The data was analyzed using the following statistical tools:

1. Frequency Distribution. It was used to provide a visual representation

that displays the number of observations within a particular test. Both

graphical and tabular format of frequency distribution will be used to

easily present the data gathered.

2. Simple Percentage. To analyze and interpret the demographic profile

variables, the percentage will be computed using the following formula:

P= (100)

Where:

P = Percentage

F = Frequency

N = number of respondents
 POWER SCHOOL OF TECHNOLOGY INC.
516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,
nd

Daang Amaya 1, Tanza, Cavite

3. Weighted Mean. The central value of each variable will be calculated

using this statistical method. The following formula will be used

(Calmorin, 2007):

WM =

Where:

WM = Weighted Mean

= Sum of the product of the frequency and rating scale

= Sum of all the frequency

4. ANOVA. To find the significant difference of e-wallet systems to the

spending behavior of the respondents, the following formula will be

used:
 POWER SCHOOL OF TECHNOLOGY INC.
516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,
nd

Daang Amaya 1, Tanza, Cavite

5. Ranking. After applying the appropriate statistical treatment to every

data, it will then be ranked in an ascending manner to show which

response is answered the most by the respondents.

6. Likert Scale. The Likert Scale has been used to determine the

spending behavior of the respondents with e-wallet systems in terms of

Cognition, Design, and Choice. A scale containing five points was

used; with each area representing a Likert item.

Point Scoring Scale Verbal Interpretation

5 4.21 - 5.00 Strongly Agree

4 3.41 - 4.20 Agree

3 2.61 - 3.40 Neutral

2 1.81 - 2.60 Disagree

1 1.00 - 1.80 Strongly Disagree

 POWER SCHOOL OF TECHNOLOGY INC.
516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,
nd

Daang Amaya 1, Tanza, Cavite

REFERENCES

INTERNET SOURCES

(Phillips, 2020). The Evolution of the Electronic Payment System Until 2020Retrieved
from:https://www.tokenex.com/blog/evolution-electronic-payment-systems-until-
2020

(Zoleta, 2021). Adoption of E-payment Systems in the Philippines Retrieved

from:https://ojs.uajy.ac.id/index.php/jik/article/download/3197/2176/11732

(Han Tee and Boon Ong, 2016). Cashless payment and Economic Growth Retrieved
from:https://jfin-swufe.springeropen.com/articles/10.1186/s40854-016-0023-z

(Ngereza, and Iravo, 2013). Analysis of Factors that Influence Electronic Payment Adoption
Retrieved from:
https://www.academia.edu/41474065/Analysis_of_Factors_that_Influence_Electro
nic_Payment_Adoption

(Tani, 2015). The Influence of Trust and Security in the use of Electronic Payment System in
ManadoRetrieved from: https://www.semanticscholar.org/paper/THE-
INFLUENCE-OF-TRUST-AND-SECURITY-IN-THE-USE-OF-Tani/
348db88adf7615977caa444d1be4a5006fb6b6ce

(Kundu and Datta, 2014). Reliability of online payment process – a study of end user’s
psychology Retrieved from:
https://www.academia.edu/download/35271901/euromed2014-book-of-
proceedings-2014-10-13-FINAL.pdf#page=1003

(McCombes, 2019). Descriptive Research Retrieved from:

https://www.coursehero.com/file/p3f5vobu/Descriptive-research-Date-published-
May-15-2019-by-Shona-McCombes-Date-updated/

(Hellevik, 2019). Questionnaire Surveys Retrieved from:

https://www.forskningsetikk.no/en/resources/the-research-ethics
library/methods/questionnaire-surveys/
 POWER SCHOOL OF TECHNOLOGY INC.
516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,
nd

Daang Amaya 1, Tanza, Cavite

PERMISSION LETTER FOR CONDUCTING A SURVEY- QUESTIONNAIRE

DATE:
TO: MS. JONNA F. JOSON
School Director/Accounting Head

SUB: Permission to conduct a survey- questionnaire among College Students of Power

School of Technology

Sir/Ma’am,

In partial fulfilment of our requirements for our subject Thesis or Feasibility Study, we
fourth year students would like to ask for permission to conduct a study entitled
“Acceptance of Electronic Payment Systems of College Students in Power School of
Technology”.

In connection with this, we would like to ask your good office to allow us to conduct
survey- questionnaire in the school vicinity. Rest assured that the data we will gather will
remain absolutely confidential and to be used in academic purpose only.

We believe that you are with us in our enthusiasm to finish the requirement as compliance
of our subject and to develop our well-being. We hope of your positive response on this
humble matter. Your approval to conduct this study will be greatly appreciated.

Thank you very much and God Bless.

Respectfully Yours,

Angelica T. Banta
Researcher

Noted By:

Mr. Ronald James Abad

Thesis or Feasibility Instructor

Approved By:

Ms. Jonna F. Joson

School Director/Accounting Head
 POWER SCHOOL OF TECHNOLOGY INC.
516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,
nd

Daang Amaya 1, Tanza, Cavite

INFORMED CONSENT FOR RESEARCH PARTICIPANTS

PURPOSE OF THE RESEARCH STUDY:

The primary purpose of the study entitled “Acceptance of Electronic Payment Systems
of College Students in Power School of Technology” is to determine the level of
acceptance of e-payment system of College Students in Power School of Technology
during the academic year 2021-2022.

RIGHT TO DECLINE TO PARTICIPATE:

Please be advice that you are free to choose whether to participate or withdraw from the
study. You also have the right to decline to answer any question at any time.

WHAT YOU WILL BE ASKED TO DO IN THE STUDY:

If you agree to participate in the study, you will be asked to complete one set of survey-
questionnaire about/related to Acceptance of e-payment systems in Power School of
Technology. This questionnaire will take approximately 10 minutes to complete.

RISKS AND BENEFITS:

There are no risks associated with this study.

COMPENSATION:
You will not be compensated for participation in this study.

CONFIDENTIALITY:
Your participation in this research is confidential. Rest assured that only the Researchers
will have access to your identity and will not maintain any link between you and your
responses. If any portion of this research is published, no personal identifying information
will be disclosed.

WHOM TO CONTACT IF YOU HAVE QUESTIONS ABOUT THE STUDY:

Researcher’s Name : ANGELICA T. BANTA
Contact Number : 09655080569

I hereby give my permission to the researchers to allow me to respond to a survey

questionnaire. I understand that the Research Title is Acceptance of E-payment Systems
of College Students in Power School of Technology and it has been designed to gathered
information about the topic

Please sign below if you are willing to participate in this research project:

Participant’s Name : ________________________________

Participant’s Signature : ________________________________
Date : ________________________________
 POWER SCHOOL OF TECHNOLOGY INC.
516 2 & 3rd Floor Adrias Bldg., A. Soriano Highway,
nd

Daang Amaya 1, Tanza, Cavite

SURVEY-QUESTIONNAIRE
I. General Information:
AGE: COURSE: SOCIOECONIMIC STATUS (SES)
□ 18-22 □ BSBA in Marketing Management □ 10,000 - 20,000
□ 23-27 □ BSBA in Financial Management □ 20,001 - 30,000
□ 28-32 □ BSBA in HRD Management □ 30,001 - 40,000
□ 33-37 □ BS in Accounting Information System □ 40,001 - 50,000
□ 38-above □ 50,001 - above

II. Acceptance of Electronic Payment System of College Students in Power School

of Technology

1. What types of e-payment systems do respondents prefer?

□ GCash □ Net Banking □ PayPal □ PayMaya

2. What is the level of acceptance of respondents to the e-payment system based on the
following factors?

5 – Strongly Agree This means that there is no need for enhancement.

4 – Agree There is a little enhancement needed.
3 – Neutral This means some enhancement needed.
2 – Disagree There is a significant enhancement needed.
1 – Strongly Disagree This means that large-scale enhancement is needed.

Check the corresponding column.

FACTORS STRONGLY AGREE NEUTRAL DISAGREE STRONGLY

AGREE DISAGREE
CONVENIENCE
It saves time
Fast and Simple way
making payments
Contactless
SECURITY
Enables better recording
and tracking
Provides an up-to-date
information
Provides authentication
and verification
RELIABILITY
Ensures the timely
payment of fees
Maintain transparency of
your transactions
Minimizes the chances of
loses