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Heliyon 10 (2024) e24127
Available online 12 January 2024
2405-8440/© 2024 Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license
(http://creativecommons.org/licenses/by-nc-nd/4.0/).
Research article
The path to sustainability begins with going paperless:
Antecedents of intention to use electronic wallet using serial
mediation approach
Noorshella Che Nawi
a
,
d
, Husna Sarirah Husin
b
,
*
, Noura Said Al-Jahwari
c
,
Siti Aqah Zainuddin
d
,
e
, Noor Ullah Khan
a
,
f
, Ariezal Afzan Hassan
g
, Wan Suzanna
Aafanii Adeeba Wan Ibrahim
g
, Amaal Fadhlini Mohamed
g
, Nazatul Syima Mohd
Nasir
g
, Md Zaki Muhamad Hasan
d
a
Malaysian Graduate School of Entrepreneurship and Business, Universiti Malaysia Kelantan, Kelantan, Malaysia
b
School of Computer Science, Taylor’s University, Malaysia
c
Faculty of Business, Sohar University, Oman
d
Faculty of Entrepreneurship and Business, Universiti Malaysia Kelantan, Kelantan, Malaysia
e
Department Accounting, Economics and Finance, School of Business Administration, European University Cyprus, Cyprus
f
Department of HRM NUST Business School, National University of Sciences and Technology, Islamabad, Pakistan
g
Faculty of Language Studies and Human Development, Universiti Malaysia Kelantan, Kelantan, Malaysia
ARTICLE INFO
Keywords:
Perceived ease to use
Perceived trust
Perceived risk
Compatibility
Perceived new technology
Intention to E-wallet and Indonesia
ABSTRACT
The expansion of E-wallet service providers in Indonesia is quite encouraging. In its report, Bank
of Indonesia indicated that 48 E-wallet services are lawful. This is consistent with the number of
E-wallet transactions, where USD 1.5 billion were recorded in 2018 and this number is expected
to increase in 2023. This statistic increases the researcher’s motivation to investigate E-wallet
acceptability in Indonesia. The intention to use e-wallets among Indonesian adults must be
studied in order to comprehend adoption factors, identify user preferences, inform marketing
strategies, promote nancial inclusion, and inform policy and regulatory decisions. This cross-
sectional quantitative study conducted in Indonesia aimed to examine the factors inuencing
the formation of an intention to use electronic wallets (E-Wallets). It focused on perceived ease of
use, perceived trust, perceived risk, perceived usefulness, social inuence, compatibility, facili-
tating conditions, and perception of new technology. While previous studies have explored factors
inuencing users’ intention to adopt electronic wallets, few have explicitly focused on mediating
factors in the Indonesian context. This study lls this gap by investigating the mediating factors
that affect Indonesian users’ intention to adopt electronic wallets. It enhances the understanding
of the direct factors inuencing users’ intention and sheds light on the complex relationships of
other factors (mediators) that explain the underlying dynamics of this phenomenon. The study
analyzed data from 384 valid participants using partial least squares and structural equation
modeling with Smart PLS 4.0. The ndings revealed that e-wallet facilitating conditions,
perceived usefulness, perceived trust, compatibility, perception of risk, and perception of new
technology positively and signicantly inuenced users’ intention to use e-wallets in Indonesia.
However, social inuence and ease of use did not have a positive impact on e-wallet adoption
intention among the Indonesian sample. The implications of this study suggest that e-wallet
* Corresponding author.
E-mail address: husna.husin@taylors.edu.my (H.S. Husin).
Contents lists available at ScienceDirect
Heliyon
journal homepage: www.cell.com/heliyon
https://doi.org/10.1016/j.heliyon.2024.e24127
Received 24 August 2023; Received in revised form 13 December 2023; Accepted 3 January 2024
Heliyon 10 (2024) e24127
2
providers should prioritize balancing ease of use and security in their systems. If an e-wallet
system is perceived as too easy to use, it may raise concerns about safety and unauthorized access,
negatively affecting users’ intention to adopt electronic wallets. Therefore, e-wallet providers
should ensure user-friendly systems that address security concerns. Future research should
explore other factors related to e-wallet adoption and assess their long-term effects on users’
intention to use and adopt e-wallets. Despite its limitations, this study provides valuable insights
for e-wallet providers, policymakers, and researchers in understanding electronic wallet adoption
in Indonesia. It offers guidance for developing effective strategies and interventions to promote
widespread adoption and use of electronic wallets.
1. Introduction
Neoliberalism has transformed every aspect of life in modern society. It provides a supportive platform for the adoption of tech-
nology and digitalization. The rapid rise of the digital revolution brings novel technologies that revolutionize our lifestyle, and the
widespread penetration of mobile devices is one of them [1]. The improved reliability and advances in mobile services empower
mobile users to use mobile services consistently [2]. This advancement is a package that comes from the Internet of Things technology
[3]. Smart mobile devices are now arriving at many affordable prices, and 4G & 5G mobile technologies facilitate mobile users to enjoy
internet-enabled services on mobile devices [4]. Mobile devices are becoming a notion of personal identity, and smart phones-based
applications empower mobile users to make and receive payments instantly [5].
Mobile-based payment applications permit users to execute money transactions effortlessly and swiftly in a secure manner [1].
Users increasingly accept electronic wallet (E-wallet) to complete daily online transactions. E-wallet replicates physical wallet offers to
perform different money transactions without cash [2]. An E-wallet enables users to complete the money transaction efciently and
secularly [4]. Using e-wallets enriches the users’ experiences with comfort and ease to secularly transfer the payment or execute daily
purchases [6]. The broad penetration of mobile-run payment systems empowers to reach poor, non-banking customers. It offers the
ability to perform money transactions using mobile applications [7] conveniently. Unfailing mobile connectivity facilitates E-payment
systems around the globe. Furthermore, the countries developed the regulatory framework to manage technology-based mobile
payments [8]. Globally, more than US$ 2 billion in transactions are made in E-payment systems daily, and the global E-payment users
touched 1 billion [9]. The everyday traction can touch the US$ 5 billion mark by the end of 2025 for about 300 mobile wallet service
providers working in 95 countries [9]. Digitalization of economies is the call of the future. In Indonesia, the growth of E-wallet service
providers is quite promising. Bank of Indonesia, in its report, indicated that 48 E-wallet services are legally operated. This is aligned
with the number of transactions of E-wallet, where USD 1.5 billion was recorded in 2018, and this number is predicted to be increased
in the year 2023. This statistic opens more interest for the researcher to investigate the acceptance to use of E-wallet in Indonesia. Many
recent studies by Ref. [10] in Indonesia revealed that most users are in the age group of 20–30 years old (52.3 %), followed by
teenagers (33.3 %), and older adults at the bottom of the list (13 %). Studying the intention to use e-wallets among Indonesian adults is
necessary to understand adoption factors, identify user preferences, inform marketing strategies, promote nancial inclusion, and
guide policy and regulatory decisions.
In Indonesia, the penetration of e-commerce among the population increased from 34 % to 53 % in the last ve years [9]. Indo-
nesian consumers greatly appreciate adopting the digital economy, and ntech adoption has recently increased. Fintech, or nancial
technology, is used to augment, streamline, digitize, or disrupt traditional nancial services. And to date, many businesses nowadays
rely on ntech for payment processing, e-commerce transactions, and accounting. In the wake of the Covid-19 pandemic, more and
more companies are turning to ntech to accept contactless payments or adopt other tech-fueled advancements. Although an
increasing number of ntech services are available, there are also associated risks, including security concerns. Mobile payment in-
struments are particularly vulnerable to fraudulent activities. Despite the signicant surge in mobile wallet users, the factors that shape
people’s intention to use E-wallet are still unknown. Indonesia is increasingly becoming a cashless economy as the size of the e-money
transaction rose by 173 % from 2020 to 2021 [11]. The four top E-wallet platforms are Go-pay, OVO, DANA, and LinkAja are the top
four E-wallet platforms. The e-commerce infrastructure facilitates the growth of E-wallets adoption, and the E-wallet market may
touch the 48.3 billion transactions by the end of 2025 [9]. Furthermore, in many developing nations, the e-wallet sector is still in its
initial stages, and many communities are hesitant to adopt them. In support of this view, according to scholar [12] E-wallet adoption is
still minimal in Indonesia. Increasing the adoption of E-wallet builds a cashless society and facilitates money transactions enabling
efciency and effectiveness in money dealing. Hence, to investigate the intention to use E-wallet in Indonesia, the current study
employs a combination of a technology adoption model (TAM) and a unied theory of acceptance and use of technology (UTAUT)
enhanced with the perception of new technology, trust, and compatibility. Perceived ease of use refers to the subjective perception of
users regarding the simplicity and usability of a technology or system. It represents the extent to which users believe that using the
technology or system will be effortless and free from complexity. A higher perceived ease of use indicates that users perceive the
technology or system as user-friendly and intuitive, making it easier for them to adopt and utilize it. Perceived risk refers to the
perceived uncertainty or potential negative consequences associated with adopting and using a particular technology or system. Risk is
unavoidable in many aspects of human life [96]. It encompasses concerns such as nancial risks, privacy risks, security risks, and
performance risks [97]. Users’ perception of risk inuences their decision-making process and can act as a barrier to technology
adoption. Lower perceived risk indicates a greater sense of condence and trust in the technology, which increases the likelihood of
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Heliyon 10 (2024) e24127
3
adoption. Compatibility refers to the degree of harmony or t between a technology or system and users’ existing beliefs, values, needs,
and prior experiences. It assesses whether the technology aligns with users’ expectations and integrates seamlessly into their current
practices and routines. Higher compatibility suggests that the technology is perceived as compatible with users’ needs and ts well into
their existing context, facilitating adoption. Perceived trust refers to users’ subjective perception of the reliability, credibility, and
integrity of a technology or system. It involves the belief that the technology will function as intended, protect users’ information and
transactions, and fulll its promises. Trust plays a crucial role in inuencing users’ intention to adopt and use a technology, as it
reduces uncertainty and increases users’ condence in relying on the technology. New technology perception represents users’ atti-
tudes and beliefs towards novel or innovative technologies [102]. It captures users’ subjective evaluation of the novelty, usefulness,
and potential benets associated with adopting and using a new technology. Users’ perception of new technology can inuence their
adoption intention, as positive perceptions are more likely to foster acceptance and willingness to try out the technology [98]. Next,
the relevant literature is briey presented in the following sections to design the study model and hypothesis. Then, we offer the
methodology employed in the present study. The ndings were later introduced, along with a discussion and ndings. Finally, the
paper concludes with a debate on the study’s contribution and limitations.
1.1. Research objectives
The research study takes its course of action from key questions that provide bases for formulating objectives that must be
investigated and lead us toward viable conclusions [13]. The research objectives aim to investigate various factors that may inuence
adopting and using E-wallet among Indonesian adults. By examining these factors, the study provides insights that can inform policies
and strategies to enhance adopting and using E-wallets in Indonesia. This research formulates of the following nine objectives.
● To investigate the impact of perceived ease of use (PEU) on the intention to use an E-wallet (INT) among Indonesian adults.
● To investigate the impact of perceived ease of use (PEU) on the perceived risk (PR) of using an E-wallet among Indonesian adults.
● To investigate the impact of perceived risk on the adoption of new technology (NT) among Indonesian adults.
● To investigate the impact of new technology (NT) perception on the intention to use an E-wallet (INT) among Indonesian adults.
● To investigate the impact of perceived ease of use (PEU) on compatibility (CO) among Indonesian adults.
● To investigate the impact of compatibility (CO) on perceived trust (PT) among Indonesian adults.
● To investigate the impact of perceived trust on the intention to use an E-wallet among Indonesian adults.
● To investigate the serial mediating effect of perceived risk (PR) and new technology (NT) on the relationship between perceived
ease of use (PEU) and the E-wallet use intention (INT) among Indonesian adults.
● To investigate the serial mediating effect of compatibility (CO) and perceived trust (PT) on the relationship between perceived ease
of use and the E-wallet use intention (INT) among Indonesian adults.
1.2. Theoretical foundation and research model
The technology acceptance model (TAM) describes why users want to adopt information system technology [14] and how they
come to accept and use it [15]. This model is based on the theory of reasoned action (TRA), which explains attitude and desire to
perform are determined by social behavior [16], and the theory of planned behavior (TPB). These theories were established respec-
tively by Davis [17] and explain how antecedent variables inuence the behavioral intention of technological users [16] and have
characteristics that are felt to be useful and are felt to be easy to use. TAM takes a savvy approach to forecast systems that impact
information technology intention and behavior [18]. The unied theory of acceptance and use of technology (UTAUT) was proposed to
explain the information system behavioral intention and use behavior [19]. TAM theory states that perceived ease of use and perceived
usefulness inuence users’ adoption of information technology [20]. Nevertheless, for better clarity, additional antecedent variables
such as perceived risk, perceived trust, compatibility, and perceived new technology can be incorporated [21,22]. Risk perception is
key to technology adoption and acceptance [23]. Compatibility is a factor that is integrated into the acceptance and use of technology,
and it might assist in explaining why individuals prefer digital transactions [24]. Furthermore, one of the essential elements inu-
encing the use of an e-wallet intention is trust because users with a signicant level of trust are more likely to accept this new
technological payment [25].
Since the late 1980s, Davis has presented the technology adoption model (TAM), a protuberant theory explaining technology
adoption [26]. TAM promotes the intention to use technology by building an attitude based on variables such as simplicity of use and
applicability of the technology. Thus, the perception of usefulness and ease of use remains signicant in describing the desire to adopt
the technology. Venkatesh proposed a unied theory of acceptance and technology use, which extended the TAM and incorporated
social impact and facilitating factors as predictors of behavioral intention. Studies [27] postulate that the UTAUT is a better model to
explain the behavioral intention for accepting novel technologies. Novel technologies are always regarded as risky, and users are
unaware of getting benets and using the technology appropriately [28]. Money matters need security and secrecy to execute the
money-related transaction. E-wallet is highly associated with fraud and lack of user protection, as discussed by scholars [7].
Primarily E-wallet users are dissatised with the security features and misuse of user identity in electronic transactions [29].
Compatibility is also necessary to instigate the adoption of new technology, and the compatibility facilitates the users to perceive the
new technology much resemble the existing technology in use [21]. New technology perception is investigated because it affects users’
attitudes toward new technology. Users are more likely to adopt new technology if they perceive it as useful and easy to use. In the
context of e-wallets, users may be more likely to adopt the technology if they perceive it as a convenient and secure alternative to
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Heliyon 10 (2024) e24127
4
traditional payment methods. This study adopts TAM theory, considered the most reliable, cost-effective, and widely used model of
innovation acceptance [15,23]. Moreover, TAM is one of the most frequently referenced models in the eld of technology acceptance,
and it has been tested in several contexts [16,22,30]. Thus, this study adopts TAM to evaluate the direct and indirect impact of
perceived ease of use on E-wallet usage intention via perceived risk, perceived compatibility, perceived trust, and perceived new
technology in Indonesia.
To reiterate, the study adopts the Technology Acceptance Model (TAM) and the Unied Theory of Acceptance and Use of Tech-
nology (UTAUT) to explain the behavioral intention and use behavior of information system technology, specically e-wallet usage in
Indonesia. TAM explains how antecedent variables inuence the behavioral intention of technological users and is founded on the
theory of reasoned action (TRA) and the theory of planned behavior (TPB). UTAUT extends TAM and incorporates social impact and
facilitating factors as predictors of behavioral intention. The study adopts TAM to evaluate the direct and indirect effects of perceived
ease of use on E-wallet usage intention via perceived risk, perceived compatibility, perceived trust, and perceived new technology.
TAM is chosen because it is considered the most reliable, cost-effective, and widely used model of innovation acceptance and has been
tested in various contexts. Fig. 1 depicts the hypothesized and tested relationships in this study. The gure shows there are 13 hy-
potheses developed for the study. Each of them represents a relationship between independent variables and dependent variables.
Other than the direct relationship to be tested, six (06) hypotheses involve mediating variables (H8–H13).
2. Literature review on E-wallet usage intention
The probability that prospective users would engage in a specic action, such as adopting new technology, is referred to as user
behavioral intention [31]. This intention is the proxy of the performance of actual behavioral adoption. Individual attitude formed
with the availability of multiple technology-related attributes harnesses the exhibition of inclination to use technology like e-wallet
[32]. An E-wallet is a smartphone application that allows users to conduct various mobile nancial transactions [22]. In today’s
technology culture, E–payment is one of the most signicant components of E–commerce because it helps to improve user efcacy and
expand the possibility of using mobile payment [18]. E-wallet systems payment is very convenient and transparent, allowing users to
make payments anytime and anywhere [33]. User behavioral intention refers to the likelihood that potential users will do a particular
activity, such as adopting new technology [19]. This intention is the proxy of the performance of actual behavioral adoption.
2.1. Factors affecting E-wallet intention of usage
2.1.1. Perceived ease of use (PEU) and intention to use an E-wallet (INT)
New technology mostly comes with usefulness but often builds the difculty of using the latest technology. Perceived ease of use
indicates that the technology is simple to use and decreases the effort required by users to execute the activity [26]. The justication is
Fig. 1. Research model.
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that the new technology makes users more comfortable and encourages them to use it [34]. Singh and Srivastava [1] posit that ease of
use strongly predicts intention to adopt mobile banking. Nguyen and Huynh [35] empirically conrmed that ease of use impacts the
intention to adopt e-payment. Perception of ease from using the technology varies among the samples based on the cultures and
existing accepted technology or practices [36]. Perceived Ease of Use refers to “the degree to which a person believes that using a
technology will be free from effort” [14]. The perceived ease of use is one of the most signicant factors in user attitude and behavioral
intention to adopt and use technology [15]. Users will be more willing to learn about E-wallet and eventually wish to use them if it is
relatively simple [20]. Several studies have shown that perceived ease of use signicantly impacts behavioral intention [37–39].
Therefore, it is necessary to evaluate the impact of E-wallet on ease of use among the Indonesian sample. Thus, this study formulated
the following proposes hypothesis (H1): Perceived Ease of Use (PEU) has a positive effect on the intention to use E-wallet among adults
in Indonesia.
2.1.2. Perceived ease of use (PEU) and perceived risk (PR)
The psychological belief of suffering a loss in pursuit of a desirable objective is characterized as perceived risk [30]. Risk perception
is a critical factor in technology adoption and acceptance, as users tend to avoid technology that they perceive as risky. Reduced
perceived risk can signicantly impact intentions to use an E-wallet payment, as attitudes and perceived ease of use often lead to
actions [40]. In addition, the less effort necessary to operate a technology, the more likely it is that regular usage of the system will
result in an increase in work performance [14]. Furthermore, with more simplicity in operating a system, there is less risk, which could
lead to E-wallet purpose and behavior. Perceived risk and trust are important antecedents in consumer decision-making, according to
Hansen et al. [41], and risk-taking propensity directly affects behavioral intention [38]. Thus, we propose hypothesis (H2): Perceived
Ease of Use (PEU) has a positive effect on the Perceived Risk (PR) of using E-wallet among adults in Indonesia.
2.1.3. Perceived risk and perceived new technology
Perceived risk is essential in technology adoption and acceptance [23]. It can be understood as a metric that measures customer
apprehension about the potential negative consequences of adopting new technology [18]. The elements of perceived risk can be found
in online transactions, services, or products. Risk is a major factor in employing this new technology in the context of a mobile wallet
and may bring negative impacts [25]. Even though perceived risk is a complex concept involving multiple types of risk [42], the
literature has identied perceived risk as a major factor in technological adoption [23,43]. Based on TAM model in the online
commerce channel, perceived risk is considered as an important antecedent variable [16,41]. We suggest hypothesis (H3): Perceived
risk has a positive effect on new technology to use E-wallet among adults in Indonesia.
2.1.4. Perceived of new technology and intention to use E-wallet
Individuals have different perceptions of innovative technologies and the innate personal willingness to try and engage in new
innovative technology like E-wallet [44]. E-wallet is an upcoming innovative technology and likely to be adopted by the masses around
the globe. Farmers’ intentions and acceptance of novel technologies, such as traditional agriculture techniques, in Pakistan are
facilitated by their afnity towards technology [45]. Li´
ebana-Cabanillas, Ramos de Luna, and Montoro-Ríos [44] have suggested that
personal innovativeness signicantly predicts the intention to use QR code as a novel technology for mobile payment. E-wallet
emerging in the digital payment environment provide businesses and customers with several options to adopt these new technologies,
which are believed to be more benecial than traditional methods [22]. According to TAM theory, user intentions are formed based on
the belief that employing a certain or new technology will improve their job performance and raise the chance of individual intention
[16]. Users can utilize new technology instruments to achieve their personal and governmental goals [46]. Thus, perceived new
technology is predicted to inuence e-wallet usage intention. We suggest the following hypothesis (H4): Perception of new technology
has a positive impact on the E-wallet usage intention among adults in Indonesia.
2.1.5. Perceived ease of use (PEU) and compatibility (CO)
Compatibility relates to the degree to which users’ views, habits, beliefs, needs, or previous experiences are congruent with the
innovation [22]. Compatibility plays an essential role in the acceptance of new technology. If a new technology is perceived as
compatible with the user’s current systems and processes, they are likelier to adopt it. In the context of e-wallets, compatibility refers to
the extent to which the technology is compatible with the user’s existing payment habits and systems. Compatibility testing is critical
to the success of E-wallet services, as the services must conform to the users’ ideas and beliefs to be successfully adopted [30]. Users
will have less difculty learning new technology if it is more compatible with their experience and lifestyle [21]. Thus, perceived ease
of use can inuence compatibility since the simpler the technology, the more efcient and compatible it could be. According to
Ref. [47], perceived similarity has a crucial outcome on the purpose of using E-Marketing through attitude toward adopting E-Mar-
keting. Furthermore, compatibility is the most important aspect in dening and shaping perceived ease of usage [21]. Therefore,
perceived ease of use can have a useful impact and benets on compatibility by proposing hypothesis (H5): Perceived Ease of Use
positively affects the Compatibility to use of E-wallet among adults in Indonesia.
2.1.6. Compatibility (CO) and perceived trust (PT)
When it comes to adopting new technology such as E-wallet, compatibility is crucial [21]. Compatibility is critical for the pro-
liferation of new technologies since it lowers the danger of misusing them [15] and increases user trust. When users believe a product
to be compatible, they may trust it, and it may be practical for their basic needs [48]. High compatibility could lead to trust, increasing
the chance of adopting technology-related applications [30]. Previous studies indicated that perceived ease of use, lifestyle
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Heliyon 10 (2024) e24127
6
compatibility, and perceived trust has a signicant positive impact on both e-wallet usage intentions and adoption [22,48,49].
Perceived trust is a crucial factor in adopting new technological payment methods, such as e-wallets, as users with a high level of trust
are more likely to accept the technology. Therefore, this study propose hypothesis (H6): Compatibility (CO) has a positive impact on
Perceived trust (PT) to use E-wallet among adults in Indonesia.
2.1.7. Perceived trust and intention to use e-wallet (INT)
Perceived trust depicts the individual understanding that the services offered are secure and have no privacy issues for the users
[50]. Perception of trust signicantly inuences the consumer’s positive attitude towards adopting new technologies [51]. Perceived
trust is crucial because it affects the user’s willingness to adopt new technology. Users are more likely to adopt new technology if they
perceive it as trustworthy. In the context of e-wallets, users may be concerned about the security of their personal and nancial in-
formation, and they may need to trust the technology provider and payment intermediaries. Consumers’ condentiality and security
for online payment are crucial for a positive attitude toward using E-payment services [52]. Consumers are generally considered
susceptible as the consumer’s personal information and monetary details may be exposed to other users for a service provider while
making payments and delivering services [50]. [51] establish that trust in E-wallet builds the intention to use e-banking among Indian
banking consumers. In the mobile wallet context, trust refers to how condent consumers are that the service will improve efciency,
performance, and prots [15]. Considering the possibility of being hacked, trust is signicantly more important for payment via mobile
wallets. User’s privacy and security when making electronic payments are critical factors in developing a positive attitude about using
e-payment systems [52]. Consumers are often vulnerable since their personal information and nancial details may be accessible to
other users for a service provider while making payments and delivering services [53]. Since the nature of the transactions is personal,
sensitive, and condential, perceived trust is crucial [15]. Moreover, since a high level of trust leads to greater user acceptance of the
e-wallet usage intention, it is regarded as one of the most signicant antecedents inuencing the decision to use an e-wallet [25].
Therefore, this present study suggests hypothesis (H7): Perceived trust has a signicant positive effect on the intention to use E-wallet
among adults in Indonesia.
2.2. Literature review of mediating variables
Having assessed the direct effect of the independent variables on the purpose of using an E-wallet, this study is based on [54] four
rules of thumb for mediation analysis to determine the indirect effect of the mediating variables. Thus, the mediating or indirect
outcome of perceived risk, compatibility, perceived trust, and perceived new technology on the intention to use an E-wallet.
2.2.1. Perceive risk mediate perceived ease of use and new technology
Perception of risk promotes susceptibility among the users of new technology [35]. Adopting innovation or new technologies is
risky and causes the perception of vulnerability among the users [53]. The perceived risk in the E-wallet is termed as the provision of
sufcient security and privacy for the users to execute the transactions [51]. The susceptibility of E-wallet is based on the internal
malfunctioning of the system and errors related to the system execution making the nal transaction as initiated by the users [53]. The
term perceived risk is a key factor that customers will consider in deciding to adopt or use any technological device, especially for
nancial transactions. This may discourage people from using a new technology once they perceived risk involvement is high [42].
Although the risk is inevitable in any decision or action taken, the customer and business operator should balance the risk with the
opportunity to optimize prot and performance (Zainuddin et al., 2022b). This study believes that customers will be more willing to
use the E-wallet for easier and faster business transactions, which can only be achieved when the perception of risk is less. In other
words, when people perceive a high level of risk, they are less likely to utilize an e-wallet.
Some previous studies have revealed that nancial transactions involving online entail some risk and perceived risk and can be
viewed from various perspectives. Thus, perceived risk may constitute the risks of performance, nancial, time/convenience, and
psychological [42,55]. In line with [54] concept of mediation, where the mediating variable is assumed to have an inuence on the
predictor and outcome variables. Thus, a perceived high risk can unpleasantly affect people’s intention to patronize the use of E-wallet
[56]. Similarly, perceived insignicant risk will play an important role in building perceptions towards the ease of use and desire to use
e-wallets in relation to other studies [37,57]. Risk perception is among the most crucial variables in dening one’s willingness to accept
mobile payments [25]. Providing sufcient safety and privacy for users to complete transactions is referred to as the perceived risk in
the E-wallet [15]. Customers will assess perceived risk when deciding whether or not to embrace any technology tools, particularly for
nancial transactions. This may deter consumers from using new technology if they believe the risk is great [42]. Users are more
willing to utilize and be driven to mobile payment if they perceive it is safe, reliable, and less risky to use daily. When the supposed risk
is substantial, users will use more traditional channels than an e-wallet [21]. If risk perception is low, users will be more motivated to
use an e-wallet for more accessible and efcient business transactions [37]. Thus, their perception of risk may be mediated by
perceived ease usage on individual purpose to be familiar with E-wallet. This study anticipates that perceived risk will mediate the
perceived ease of use and intention to use E-wallet. Thus, this study has the hypothesis (H8): Perceived risk has a signicant mediating
effect on perceived ease of use and new technology.
2.2.2. Perceived new technology mediates perceived risk and the intention to use E-wallet
Electronic or E-wallet being an alternate form of traditional nancial transaction, consumers will not only consider perceived risk
in using the online transaction or switching to implementing an E-wallet as per this current study. Because the technology is new with
less assumed risk, customers will be willing to adopt it once it meets an urgent need, like online nancial transactions via E-wallet at
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7
any convenient time [11]. Though other studies revealed that a high likelihood of risk involved in using a new technology might cause
a decline in the adoption of the use of an online facility, other recent studies suggest that perceived risk may not hinder people from
using e-wallet once the system or technology is new and is meeting their needs [11,58]. Thus, perceived new technology, along with
low perceived risk, will show an important mediating part in inducing customers’ aim and purpose to use E-wallet [11,59]. Hence, this
study measured the mediating role of perceived new technology in the presence of perceived risk and the intended purpose of utilizing
an E-wallet. When new technologies are comfortable with consumers’ experiences and lifestyles, they are more likely to adopt them
[21]. Users are more likely to accept a new technological application if they believe it is benecial, convenient, and less risky for daily
activities [48]. Technology is a type of risk (Zainuddin et al., 2022c). However, since the technology is new and it has not shown any
negative implications, it is perceived to have a lower risk. Hence, individuals will be eager to embrace it, especially if it meets an
immediate demand, such as online nancial transactions via e-wallet [11]. As a result, customers’ purposes of getting familiar with an
e-wallet will be swayed by their awareness of new technology combined with low perceived risk. Thus, perceived new technology is
expected to mediate the relationship between perceived risk and the intention to use the E-wallet with the hypothesis (H9): Perceived
new technology has a signicant mediating effect on perceived risk and the intention to use E-wallet.
2.2.3. Compatibility mediates relationships between perceived ease of use and perceived trust
According to recent research, compatibility is a key concern when deciding whether or not to get used to E-wallet, and it has a
strong mediation outcome of perceived ease of use and the decision to use an e-wallet [60]. Compatibility is generated when people
can make even their aspirations with technology or when the technology can fulll their lifestyle and needs [15]. This contributes to
developing a good attitude toward technology, which promotes the desire to adopt it. Users regard technology services such as
e-wallets as essential and expect them to be compatible and simple to use [22]. As users of any electronic payment system become more
compatible, the perceived ease of using an e-wallet will increase [48,61]. Thus, the study proposes to assess the mediating inuence of
compatibility on the link between perceived ease of use and intention to use an E-wallet.
Compatibility relates perception that new technology is closely associated with the old technology or practice [62]. The similarities
and resemblance of new technology with the technology in use simplify the users to use the latest technology [63] effortlessly.
Consumers’ perception that new technology matches the consumers’ existing values, needs, and attitudes facilitates new technology
adoption [64]. The perception of technology compatibility inuences the intention to adopt novel technologies [63]. Compatibility
promotes the perception that the new technology is similar to the existing technology or practice and promotes the intention to use
some technology [64]. Compatibility plays a vital role in terms of the information system and the use of mobile communication
systems. As users of any electronic payment system to be compatible, the higher it will affect the perceived ease of use and the overall
intention to use the mobile payment system or e-wallet [61,65,66]. Recent studies show compatibility is an important consideration
concerning the intention to use an E-wallet. It mediates the relationship between perceived ease of use and the intention to use an
E-wallet [67]. The technology acceptance model (TAM) application in mobile communication or payment systems indicates that
compatibility constitutes a prime variable in any mobile payment system using an E-wallet [65]. This extant study predicts
compatibility to facilitate the correlation between perceived ease of use and intention to use an E-wallet and propose hypothesis (H10):
Compatibility has a mediating effect on the relationship between perceived ease of use and perceived trust.
2.2.4. Perceived trust mediate relationships between compatibility and the intention to use E-wallet
One of the most essential aspects of embracing any technological advancements is for creators to ensure that service users can trust
their endeavors rst. Users who rely on a service provider, such as using an e-wallet for online transactions, will have a strong sense of
loyalty and connection [49]. Users with a low level of trust in their mobile wallet may regard it as less compatible and hence be less
likely to use it [22]. Thus, technology providers should strive to provide distinctive ways to develop trust, condence, and compat-
ibility to meet consumers’ diverse requirements and aspirations [61,68]. Prior research has suggested that perceived trust is signicant
in assessing the link between compatibility and the desire to use a mobile or e-wallet [39]. In adopting any technological innovations, it
is essential for developers to ensure that customers can rst trust their initiatives. This is a determining factor in creating and providing
a continuous link with customers [22]. Once customers trust a service provider, for that matter, the use of an E-wallet for the online
payment system, there will be a high sense of feeling from loyal customers and referrals [49]. This can be assured if the technology
providers continue to deliver in unique ways that seek to build trust and condence in meeting customers’ varied needs and expec-
tations [61,68]. This intertwines compatibility and trust and inuences the intention to use an E-wallet. In terms of the mediating effect
of perceived trust between compatibility and the intention to use an E-wallet, some related prior studies alluded that perceived trust
plays a vital part in explaining the connection between similarity and the purpose of using mobile or e-wallet [22,69–71]. Because of
this, and with trust mediating compatibility, there will be high facilitating adoption usage behavior of E-wallet. This study, therefore,
posited hypothesis (H11): Perceived trust positively mediates the relationships between compatibility and the intention to use an
E-wallet.
2.2.5. Perceived risk (PR) and new technology (NT) as serial mediation the relationship between perceived ease of use and the intention to use
an E-wallet
Perceived risk relates to how concerned a user is about the unknowns and negative impacts of using an online application service
such as new technology [42]. Users tend to embrace an internet transaction if the operation/process is easy to use, which can aid in
adopting new technologies and benet the user by lowering transfer costs and risks and boosting work performance [40]. Users are
more willing to accept new technologies if they are familiar with their attitudes and behaviors and are viewed as less dangerous [21].
Users are more motivated to adopt a new technological application if they perceive it would make their daily lives more accessible,
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8
comfortable, and less risky [48]. The literature has demonstrated a strong link between perceived risk and intention to use online
transactions [37,38]. Thus, this study established hypothesis (H12): Perceived risk and new technology mediate the relationship
between perceived ease of use and the intention to use an E-wallet.
2.2.6. Compatibility (CO) and perceived trust (PT) as serial mediation on the relationship between perceived ease of use and the intention to
use an E-wallet
The easier accessibility and compatibility of mobile payment can increase the perceived trust of the customer, which leads to the
intention to adopt and use [21]. Perceived compatibility contributes to a technology’s user satisfaction, perceived ease of use, and
behavioral desire to embrace it [22]. It is reasonable to assume that if a digital platform is simple to use and compatible, users will
increase trust and condence in it [15]. Consumers may appreciate E-wallet as a useful tool since it is easier to use, understand,
reliable, and compatible with their lifestyle and previous experiences [21]. Thus, compatibility and perceived trust are critical factors
in E-wallet acceptance. Previous studies have shown that perceived trust and compatibility can inuence the purpose of using online
transactions [22,43,72]. Thus, this study aims to determine the mediating role of compatibility and perceived trust in the relationship
between perceived ease of use and intention to use an E-wallet and to explore hypothesis (H13): Compatibility and Perceived trust
mediate the relationship between perceived ease of use and the intention to use an E-wallet.
3. Research methods
To achieve the aims of this study, a quantitative survey design using an online questionnaire was employed. The questionnaire was
then translated into Indonesian language by a professional translator. The survey dissemination was preceded by obtaining approval
from the Research and Ethics Unit of Universiti Malaysia Kelantan. Nevertheless, the research unit reached a consensus that human
subjects were not involved in the experiment. The data collected solely relied on their perspectives, therefore rendering an in-depth
examination of ethics unnecessary for this study. Furthermore, within the context of the questionnaire survey, it is imperative to
adhere to the guidance provided by the ethics unit. The researcher explicitly communicates that participation in the survey is
voluntary, and respondents have the option to withdraw if they do not agree with the statements presented in the questionnaire. In
other words, data obtained from this survey already agreed by all participants for the use of the research. Moreover, it is explicitly
mentioned that the data will be handled with condentiality and primarily utilized for the purpose of this research, ensuring that it will
not be disclosed to any external entities.
. This research can support the sustainable growth and development of the e-wallet industry in Indonesia while ensuring that the
needs and interests of Indonesian adults are adequately addressed. Online surveys are designed using Google’s forms platform. The
data collection took place for three months, from 01 March to May 31, 2022. The survey link is distributed among 800 participants
using social media platforms such as Facebook to reach users in Indonesia who have used an account at least once an E-wallet to
perform any transaction. The study received 400 completed questionnaire with the response rate of 50 %, later on 16 questionnaires
were found incomplete and removed and the nal analysis was done using 384 responses.
3.1. Survey measures
The items in the survey were assumed from the earlier validated and conrmed instruments. Perceived usefulness adopted from
Lwoga and Lwoga [52] work, having ve items. Perceived ease of usage for the E-wallet was measured with six items and items
adopted from the work of Karjaluoto, Shaikh, Lepp¨
aniemi, and Luomala [5,51]. Social inuence was assessed with the ve items taken
from Refs. [52,73]. E-wallet facilitating conditions were measured with the ve items adapted from the work of [73]. The compati-
bility of the E-wallet was assessed with ve items taken from Refs. [51,52]. The Perceived trust was evaluated with six items adapted
from Refs. [51,74]. Intention to apply the use of an E-wallet measured with six items, the items adopted from the work of [74,75].
Lastly, personal innovativeness related to information technology was adopted from Agarwal and Prasad [76]and Lu et al. [77].
3.2. Assessment of common method variance
Harman’s (1976) one-factor test was utilized to estimate the issue of common method variance [78]. Results of the one-factor
Harman’s test approve that CMV is not a severe matter to study as the uppermost factor account for 37.40 % variance and less
than the suggested limit of 50 % [78].
3.3. Multivariate normality
It is unnecessary for non-parametric analysis tools such as SEM-PLS 4.0 to exhibit multivariate normality in the data [79]. However,
data with multivariate normality tested using Peng and Lai [80] commendation, a web-powered online tool ((https://webpower.
psychstat.org/wiki/tools/index), is used to establish the normality of the data. The results prove that the data is not as normal as
the multivariate gure of Mardia’s p-values coefcient, which is less than 0.05 [81].
3.4. Data analysis method
Partial least squares structural equation modeling (PLS-SEM) was exploited with Smart-PLS 4.0 software for the analysis of study
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data. PLS-SEM is a multivariate analysis tool that assesses latent construction study path models [79]. PLS-SEM allows researchers to
deal with abnormal and small data sets. Moreover, the common predictive nature of the benets of PLS-SEM works with models with a
certain level of complexity that are composite and functional minus the assumption on benet-suitability, estimated from
covariance-based SEM [82]. Moreover, using a two-step analysis scheme in this study for data analysis in PLS-SEM 4.0 has been
suggested. At the preliminary stage, measurements were achieved on the model to see the validity and reliability [79]. The next stage
achieves the association of structural models and studies the hypotheses with a level of signicance [83]. Model estimates with r
2
, Q
2
,
and effect size f
2
describe path effects from exogenous constructs to endogenous constructs [79]. Importance performance map
analysis (IPMA) states the constructs in the present study as relatively high to low in terms of importance and presentation for
endogenous constructs [83]. IPMA supports recognizing areas of potential improvement that require reection from policymakers and
researchers.
The IPMA analysis proled the total effect of the scaled variable scores in a non-standard procedure [84]. A re-scaling was
developed for each latent variable score between 0 and 100. The mean value of the latent variable score indicates the performance of
the latent variable, where 0 represents the least, and 100 represents the most signicant in endogenous construct performance [79].
PLS prediction was recommended by Shmueli et al. [85] to conrm the critical endogenous constructs of the model and check for
prediction errors. Predictive performance was assessed with the Q
2
predict statistical mean for validation with a naive measuring stick
designed by the PLS predict method [85]. PLS predict estimates naive benchmarks in a linear regression (LM) model. A comparison
between the RMSE or MAE values for the LM and PLS models conrms the explanatory power of both methods [86]. suggested that the
PLS-SEM model has no predictive power if the PLS-SEM model produces a higher prediction error than the LM benchmark. If most
PLS-SEM 4.0 analyses produce higher prediction errors than the LM benchmark, it illustrates the low predictive power of the PLS-SEM
model. If only a small fraction of the PLS-SEM analysis produces a prediction error higher than the LM benchmark, it indicates the
moderate power of the PLS-SEM model. If there is no indicator in the PLS-SEM model with more mistakes than the LM benchmark, the
PLS-SEM model has a higher predictive power [86].
4. Missing data and outliers assessment
In summary, Table 1 presents the details of data collection response rate, screening, missing values, and outliers. Initially, the
researcher distributed 800 online survey questionnaires among Indonesian adults. In response, 400 questionnaires were returned,
indicating a 50 % response rate considered sufcient in online survey for the generalization of results. Besides, normality tests
conrmed that 16 cases have normality issues. Thus, after removing 16 cases that are not useable the cleaned data of 384 was used for
further SEM analysis (78). The details of data collection, response rate and outlier cases management are highlighted below.
5. Data analysis
5.1. Demographic characteristics
For the current study, data collected from young and educated Indonesians are female, with 72.2 % of the total respondents. Most of
the study respondents were between 24 and 27 years of age, with 36.9 % of the total respondents. Respondents 28–31 years of age are
10.5 %, and 36.4 % of the respondents have aged less than 24 years of age. Only 6.2 % have respondents have aged between 32 and 35
years of age. 3.4 % of the study respondents are between 36 and 39 years; 6.6 % of the respondents have an age above 40 years. 62 % of
the respondents use the E-wallet daily. The respondents using the E-wallet monthly 1–5 times were 45 %, using 6–10 times monthly
were 31 %, respondents using the E-wallet more than ten times in a month were 19.5 %, and the remaining were not using the E-
wallets. The details of demographic characteristics are highlighted in Table 2.
5.2. Measurement model
Using validation [79], we achieved and documented the results of Smart PLS. The reliability of the study constructs was evaluated
with items loading, Composite Reliability (CR) and average variance extracted (AVE) for each construct. The results showed that all
study constructs had acceptable reliability values, and the lowest scores were 0.760, 0.751, and 0.849, respectively. For all constructs
items loading and CR above the 0.70 benchmarks [79]. The extracted mean value (AVE) for each construct must exceed a score of 0.50
to establish convergence validity as an indicator of the single order reective constructs [79].
The study items indicate that the construct has reasonable convergence validity (see Table 3). Next to validate discriminatory
Table 1
Response rate and data cleaning summary.
Survey Method Questionnaires Quantity P %
Total Distributed Questionnaire Number 800 100 %
online-Survey Returned 400 50 %
unreturned 400 50 %
Unusable missing Cases and Outliers Removed 16 4 %
Clean Data 384 Out of 400 Used for (SEM) Analysis 384 96 %
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validity for each construct three criteria were used.g., fornell-larcker criterion, cross loadings and heterotrait-monotrait ratio (HTMT)
to justify the validity of construct discrimination [87]. The result of the fronell-larcker criterion the diagonal should be greater than the
inter-construct correlation value below and above for each construct (see Table 4) [79]. The HTMT ratio was essentially less than 0.900
to provide evidence for the validity of discrimination for the study construct [88]. In the cross loading Table 5, the items loading for
each construct should load higher than other. The fornell-lacker criterion is a well-established method for assessing the discriminant
validity of latent variables in CB-SEM models. It involves comparing the square root of the AVE of each latent variable with the
correlation coefcients between variables in the model [10]. If the square root of the AVE is greater than the highest correlation
coefcient, then the variable is said to have discriminant validity. However, PLS-SEM models have different requirements for assessing
discriminant validity. One widely used method in PLS-SEM is the HTMT ratio of correlations, which compares the correlation between
two constructs to the correlations of each construct with all other constructs in the model. If the HTMT ratio is less than a certain
threshold (usually 0.9), then discriminant validity is assumed to be present [95]. Details values of each construct for HTMT are
highlighted in Table 6. Fig. 2 displays the measurement model for the present study.
5.3. Structural model assessment
After the measurement model has been assessed by using CV and DV, subsequently structural model validation is also vital. The
process entails six key steps: (1) collinearity assessment, (2) path coefcient (β) indicating the strength of the relationships between
constructs, (3) a percentage of variance explained or R square (R2), which is traditionally called regression score, (4) assessment of
Table 2
Demographic characteristics.
Demographic Variables N % N %
Gender Using E-wallet Daily
Male 107 27.8 Yes 235 62.0
Female 277 72.2 No 149 38.0
Total 384 100.0 Total 384 100
Age Group Monthly use
Below 24 years 140 36.4 1-5 Times 173 45.0
24–27 years 142 36.9 6-10 times 119 31.0
28–31 years 40 10.5 10 plus times 75 19.5
32–35 years 24 6.2 Never 17 4.5
36–39 years 13 3.4 Total 384 100
40& above 25 6.6
Total 384 100
Table 3
Convergent validity.
Variables Items loading Composite Reliability (CR) Average Variance Extracted (AVE)
Compatibility (CO) CO1 0.844 0.927 0.719
CO2 0.906
CO3 0.865
CO4 0.776
CO5 0.842
Intention to use E-Wallet (INT) INT1 0.780 0.914 0.679
INT3 0.778
INT4 0.882
INT5 0.856
INT6 0.820
Perceived Ease of Use (PEU) PEU1 0.850 0.943 0.769
PEU2 0.872
PEU3 0.869
PEU4 0.893
PEU5 0.899
Perceived new technology (NT) PNT1 0.819 0.867 0.685
PNT2 0.837
PNT4 0.827
Perceived trust (PT) PT1 0.860 0.939 0.721
PT2 0.871
PT3 0.845
PT4 0.866
PT5 0.802
PT6 0.848
Perceived risk (PR) PR1 0.835 0.914 0.780
PR2 0.929
PR4 0.882
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effect size f2, (5) predictive relevance Q2 and (6) q2 effect size.
5.3.1. Collinearity assessment
Variance ination factor (VIF) values were used to assess multicollinearity using Smart PLS output. The VIF value is much higher
Table 4
Fornell-larcker criterion.
Variables Compatibility
(CO)
Intention to use E-
Wallet (INT)
Perceived Ease of
Use (PEU)
Perceived new
technology (NT)
Perceived trust
(PT)
Perceived risk
(PR)
Compatibility (CO) 0.848
Intention to use E-
Wallet (INT)
0.674 0.824
Perceived Ease of Use
(PEU)
0.519 0.517 0.877
Perceived new
technology (NT)
0.477 0.537 0.436 0.828
Perceived trust (PT) 0.561 0.672 0.483 0.487 0.849
Perceived risk (PR) 0.328 0.338 0.192 0.312 0.471 0.883
Table 5
Cross loadings.
Items Compatibility
(CO)
Intention to use E-Wallet
(INT)
Perceived Ease of Use
(PEU)
Perceived new technology
(NT)
Perceived trust
(PT)
Perceived risk
(PR)
CO1 0.844 0.584 0.422 0.409 0.475 0.245
CO2 0.906 0.589 0.439 0.386 0.498 0.305
CO3 0.865 0.588 0.474 0.437 0.480 0.285
CO4 0.776 0.529 0.380 0.367 0.437 0.241
CO5 0.842 0.563 0.476 0.419 0.485 0.309
INT1 0.579 0.780 0.519 0.466 0.624 0.294
INT3 0.474 0.778 0.405 0.371 0.508 0.239
INT4 0.533 0.882 0.402 0.475 0.560 0.304
INT5 0.594 0.856 0.382 0.443 0.545 0.280
INT6 0.584 0.820 0.400 0.443 0.510 0.270
PEU1 0.409 0.420 0.850 0.353 0.389 0.091
PEU2 0.463 0.474 0.872 0.365 0.456 0.191
PEU3 0.463 0.460 0.869 0.371 0.449 0.195
PEU4 0.464 0.427 0.893 0.372 0.369 0.161
PEU5 0.470 0.478 0.899 0.448 0.449 0.194
PNT1 0.393 0.485 0.376 0.819 0.390 0.210
PNT2 0.447 0.424 0.321 0.837 0.415 0.304
PNT4 0.341 0.422 0.387 0.827 0.404 0.260
PR1 0.244 0.267 0.161 0.269 0.355 0.835
PR2 0.304 0.308 0.179 0.286 0.435 0.929
PR3 0.319 0.320 0.168 0.270 0.456 0.882
PT1 0.486 0.582 0.389 0.402 0.860 0.442
PT2 0.508 0.606 0.512 0.450 0.871 0.375
PT3 0.448 0.533 0.352 0.402 0.845 0.425
PT4 0.509 0.564 0.386 0.390 0.866 0.414
PT5 0.434 0.518 0.419 0.417 0.802 0.360
PT6 0.467 0.611 0.397 0.419 0.848 0.382
Table 6
Heterotrait-monotrait ratio (HTMT).
Compatibility
(CO)
Intention to use E-
Wallet (INT)
Perceived Ease of
Use (PEU)
Perceived new
technology (NT)
Perceived trust
(PT)
Perceived risk
(PR)
Compatibility (CO)
Intention to use E-
Wallet (INT)
0.753
Perceived Ease of Use
(PEU)
0.566 0.566
Perceived new
technology (NT)
0.571 0.647 0.516
Perceived trust (PT) 0.614 0.738 0.521 0.578
Perceived risk (PR) 0.372 0.387 0.213 0.384 0.529
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than the 5.0 or 3.3 show signs of a signicant level of collinearity. The ination factor of variance (VIF) for each construct. Table 7
presents all variables’ VIF values in the necessary range, subsequently conrming no collinearity issue existed in the model.
5.3.2. Direct effects
Consequently, the study model measurement was studied after realizing the study’s model validity and reliability. The objective of
the present study is to evaluate the effect of the perceived ease of use, perceived risk, compatibility, perceived trust, and perceived new
technology on the intention to use an E-wallet. Based on the direct effects of Table 8, the path coefcient for perceived ease of use (β =
0.192, p =0.000), perceived new technology (β =0.225, p =0.000), and perceived trust (β =0.470, p =0.000) indicated a positive
and signicant effect on the intention to use E-wallet, supporting H1, H4, and H7 respectively. Similarly, the path value for perceived
ease of use on perceived risk (β =0.192, p =0.000) showed a positive and signicant effect of perceived ease of use on perceived risk,
supporting H2. In the same way, the path coefcient for perceived risk on perceived new technology (β =0.312, p =0.000) revealed a
signicant and positive inuence on perceived new technology, supporting H3. Also, the effect of perceived ease of use on
Fig. 2. Adjusted measurement model.
Table 7
Collinearity assessment.
Variables Compatibility
(CO)
Intention to use E-
Wallet (INT)
Perceived Ease of
Use (PEU)
Perceived new
technology (NT)
Perceived trust
(PT)
Perceived risk
(PR)
Compatibility (CO) – – – – 1.000 –
Intention to use E-
Wallet (INT)
– – – – – –
Perceived Ease of Use
(PEU)
1.000 1.402 – – – 1.000
Perceived new
technology (NT)
– 1.408 – – – –
Perceived trust (PT) – 1.487 – – – –
Perceived risk (PR) – – – 1.000 – –
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compatibility (β =0.519, p =0.000) indicated a positive and signicant impact of perceived ease of use on compatibility, supporting
H5. The effect of compatibility on perceived trust (β =0.561, p =0.000) illustrated a positive and signicant impact of compatibility
on perceived trust, supporting H6. The study’s path coefcients are presented in Table 8 and Fig. 3.
5.3.3. Indirect effects
Table 9 presents the indirect and serial mediation effects in current study. The hypothesis H8 conrmed the mediating effects of
perceived risk on the relationship between perceived ease of use and new technology with (β =0.060, p =0.013). The structural model
results also supported that perceived new technology also mediates the relationship between perceived risk and intention to use an E-
wallet in Indonesia. Similarly, in the presence of perceived new technology, perceived risk considerably and positively affects the
intention to use E-wallet, with (β =0.070, p =0.000), thus, supporting H9. In addition, in the presence of compatibility as mediator,
perceived ease of use positively affects perceived trust, with (β =0.291, p =0.000), supporting H10. Likewise, perceived trust and
compatibility have a signicant and positive outcome on the intention to apply E-wallet usage, with (β =0.263, p =0.000) supporting
H11. As a result, perceived trust mediates the relationship between compatibility and intention to use an E-wallet in Indonesia.
Moreover, in the serial mediation analysis perceived risk and new technology serially mediate the relationship between perceived
ease of use and the intention to use an E-wallet. the indirect path (PEU→PR→NT→INT) was positively signicant with (β =0.013, p =
0.018),conrming role of perceived risk and perceived new technology as a serial mediator, supporting H12. Similarly, the indirect
effect of perceived ease of use with mediation path (PEU→CO→PT→INT) on E-wallet use intention was signicantly positive with (β =
0.137, p =0.000), indicating that compatibility and perceived trust serially mediate the relationship between E-wallet use intention
and perceived ease of use, supporting H13 (See Fig. 3 and Table 9).
5.4. Importance performance matrix
IPMA compares the total effect (importance) and the values of the latent variable scores (performance) of endogenous constructs to
highlight areas for improving management activities [79]. Refer to Table 10, the nding of the IPMA showed that perceived ease of use
Table 8
Direct effects.
S⋅NO Hypotheses Direct β T-value P-value Decision
H1 PEU→INT 0.192 3.620 0.000 Supported
H2 PEU→PR 0.192 3.512 0.000 Supported
H3 PR→NT 0.312 5.924 0.000 Supported
H4 NT→INT 0.225 5.183 0.000 Supported
H5 PEU→CO 0.519 11.705 0.000 Supported
H6 CO→PT 0.561 12.100 0.000 Supported
H7 PT→INT 0.470 10.879 0.000 Supported
Source: The author’s analysis of data
Fig. 3. Structural model.
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is the most important factor for the performance of intention to use an E-wallet with a score of (0.342; 82.748), followed by the
perceived trust with a score of (0.470; 74.717), compatibility (0.263; 73.864), perceived new technology (0.225; 73.784), and
perceived risk (0.070; 64.526).
6. Discussion and ndings
Mobile use increased in the last decade, and mobile has become a personal device to execute multiple activities and perform
nancial transactions with mobile. Mobile-based E-wallet applications attracted the user’s attention, and effective services replace the
traditional use of cash to complete daily nancial transactions [50]. Using an E-wallet empowers users to perform nancial trans-
actions conveniently [44]. The current study results advocate that the Indonesian samples consider that the E-wallet ease of use,
facilitating conditions, perception of new technology, perceived trust, and perceived risk signicantly inuence E-wallet use intention
[89,90]. The study’s model integrates the E-wallet’s ease of use, the usefulness of E-wallet, compatibility, social inuence, perception,
facilitating conditions, perception of trust, and risk of new technology for the use of E-wallet service providers, inuencing the E-wallet
usage of intention as well as the acceptance of using E-wallet.
The E-wallet usefulness signicantly inuences young Indonesians’ E-wallet use intensive purpose. The present outcomes extend
the support for Aji, Berakon, and Husin’s [11] work that the usefulness promotes the user’s intention to use the E-wallets among
Malaysian and Indonesian consumers. Moreover, among the Indonesian samples, the perception of enabling conditions for using this
E-wallet inuences the intention to utilize this e-wallet. The study shows the outcome postulated by Baishya and Samalia Baishya and
Samalia [91] that the perceived facilitating circumstances encourage the intention to use the E-wallet among the consumer from
developing countries. Next, consumers’ level perception of compatibility is linked to the intended use of the E-wallets among con-
sumers. Our study results support the argument suggested by Lwoga and Lwoga [64] that the compatibility perception improved the
consumer intention to use the technology. Similar results were reported by Chawla and Joshi [62] that lifestyle compatibility promotes
the intention and purpose of getting used to mobile wallets among customers. Perception of trust and risk also signicantly triggers the
Indonesian sample’s intention to use the E-wallets and supports the results postulated by Senyo and Osabutey [92]. The perception of
trust and risk reduced the risk and improved the intention to use the E-payment systems [93].
Furthermore, ease of use insignicantly inuences the intention to use the E-wallet among the study samples. The E-wallet users
consider the E-wallet challenging to use and need to revamp in such a manner that using E-wallet becomes convenient for the users.
Our study results match the outcome posited by Pandey and Chawla [36]. The technology users at the bottom of the pyramid or less
educated nd it more problematic to use the mobile phone-based application and think not to use it. The E-wallet management needs
to address the issue and simplify the E-wallet use. The social inuence of the E-wallet also has a signicant negative impact on the
intention to use the E-wallet. The social community is not much inclined to use the E-wallet or recommend it to each other. The general
sense prevails that E-wallet is challenging to use, and many risks are associated with making a wrong transaction. Our study coincides
with the result postulated by Chopdar et al. [94]. The users vary based on their perception of E-wallets; for the current study results, the
perception of E-wallet suggestively affects the intention to use the E-wallets. Our study nding coincides with the result prescribed by
Li´
ebana-Cabanillas, Ramos de Luna, and Montoro-Ríos [44] that the individual inclination towards technology signicantly predicts
the intention to use mobile payment via QR code. The study results support the study model’s robustness in explaining the intention to
use E-wallet and later adoption of E-wallet among the Indonesian samples as well as for the outcome of sample prediction.
The present study aims to explore the reasons that inuence a user’s decision to use an e-wallet. This study suggests that perceived
ease of use has a considerable direct and indirect impact on the intention to use an E-wallet payment in Indonesia. The study’s results
showed that perceived compatibility and perceived trust play a serial mediating role in the relationship between perceived ease of use
and intention to use an E-wallet. The nding of this study is consistent with that reported by Ref. [15], who asserted that perceived
trust, usefulness, and attitude mediate the connection between various antecedents and the behavioral purpose of using mobile wallets.
Similarly [22], showed that perceived trust positively and signicantly mediates the relationship between perceived compatibility and
intention to use mobile wallet technology. In addition, this study revealed that perceived risk and perceived new technology also play a
serial mediating effect in the relationship between perceived ease of use and intention to use E-wallet. However, as perceived risk
positively impacts both perceived new technology and intention to use E-wallet, it creates uncertainty in e-wallet adoption. Thus,
regarding e-wallet usage, managers must consider perceived risk a severe issue.
Perceived ease of usage is the most important antecedent of E-wallet payment usage in Indonesia. Thus, users should be informed
that utilizing an E-wallet can serve monetary transactions as simply and quickly as possible. Furthermore, users may feel that using an
E-wallet will help them execute nancial activities. Higher perceived ease of use can lead to greater compatibility, increasing trust and
Table 9
Indirect effects and serial mediation.
S⋅NO Hypotheses Indirect β T-value P-value Decision
H8 PEU→PR→NT 0.060 2.483 0.013 Supported
H9 PR→NT→INT 0.070 4.117 0.000 Supported
H10 PEU→CO→PT 0.291 7.164 0.000 Supported
H11 CO→PT→INT 0.263 7.164 0.000 Supported
H12 PEU→PR→NT→INT 0.013 2.365 0.018 Supported
H13 PEU→CO→PT→INT 0.137 5.502 0.000 Supported
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15
desire to use mobile wallet. As a result, mobile wallet providers and E-wallet managers should concentrate on the most up-to-date
technology that allows users to conduct transactions quickly, easily, compatibly, trustily, and efciently. These time, cost, and
effort reductions will aid in improving user perceptions of benets.
In addition, even though perceived ease of use is the essential factor in the E-wallet environment, the ndings of this study revealed
that perceived compatibility and trust play a crucial role in e-wallet adoption. Compatibility and trust perception signicantly improve
users’ intention to adopt e-wallet [21,48]. Mobile wallet providers should emphasize application architecture and deliver compatible
and useable technologies to acquire user trust and increase behavior intention. To boost users’ intention to accept the e-wallet service,
system providers, including banks, must raise the helpful features of the technology and develop their corresponding brand personality
to show a high level of compatibility with customers. Regarding management implications, the results offer feedback and suggestions
for e-wallet users to develop various managerial techniques to increase E-wallet usage intentions. Operators must devise several tactics
for boosting perceived ease of use, perceived trust, and compatibility and decreasing perceived risk to enhance the potential of E-wallet
adoption. This study suggests that increasing trust and lowering perceived risk are vital for E-wallet acceptance, as Indonesian users
feel a high risk when utilizing E-wallet services. In addition, compatibility is a key aspect in deciding whether to use E-wallet. Hence,
banks should design their mobile banking systems with their client’s lifestyles and preferences in mind. Moreover, a public awareness
campaign demonstrating how simple and trust it is to use an E-wallet must be conducted to attract all categorical individuals to adopt
E-wallet mobile payment.
7. Conclusion
The current work aimed to explore the intention to use the E-wallet among the Indonesian samples with the attributes of E-wallet
usefulness, social inuence, usage ease, facilitating conditions, risk, trust, new technology, and compatibility perceptions. The present
study affords to offer the current scholarship relating to consumer E-wallet adoption in three varied ways. This research promotes the
principal scholarship about the choice of E-wallet utilization that the E-wallet attributes of usefulness, facilitating conditions,
compatibility, perception of trust, risk, and perception of new technology for E-wallet positively inuence the formation of an
intentional aim to use the E-wallet. However, the social inuence and ease of usage for E-wallet are not affecting the advance of the
intention to use E-wallet. Moreover, most studies reconnoitered the intention of using E-wallet in advanced Western nations [5]. The
current research backs the existing efforts to study the intention to use E-wallet in an emerging economy like Indonesia. Presently, the
perceived usefulness and social inuence of using the E-wallet are unfavorable in developing countries. Users from developing
countries are always looking for Government encouragement or incentives to develop the intention to adopt technologies like E-wallet
or e-payments [8].
The current study adds to consumers’ perceptions of adopting E-wallet in two ways. The study result postulates that E-wallet
usefulness is not available to the study users. More promotion and usability require to promote the perception of usefulness among the
Indonesian population. From the current user perspective, the social inuence needs improvements as a user cannot support the social
community to use the E-wallet. Nevertheless, the current study postulates that the users nd the trust, compatibility, and risk
perception at an appropriate level to inuence the formation of an intention to use E-wallet signicantly. The current study has three
associated limits, the data collected in a specic cross-section manner and having general limitations. Therefore, the upcoming studies
should investigate the intention to use E-wallet longitudinally where data collected over a long time to access the adoption or non-
adoption of E-wallets. The user intention developed based on the E-wallet features of usage ease, practicality, trust, facilitating
condition, and compatibility varies over time. Moreover, estimating users’ intention and consistent use of E-wallet based on their
income, job, business, location, and education. Further study should include more relevant E-wallet characteristics that can contribute
to the user’s intention to use E-wallet.
The aim of the current research is to determine possible factors that inuence a user’s willingness to utilize an electronic wallet.
According to the results of this study, perceived ease of use has signicant direct and indirect effects on the intention to use an E-wallet
in Indonesia. The outcome of the current research reveals that perceived trust, perceived ease of use, and perceived new technology
displayed a signicant and positive direct impact on the intention to use E-wallet. The research outcomes support that perceived
compatibility and trust are a serial mediator in the relationship between perceived ease of use and intention to use E-wallet. Similarly,
perceived risk and perceived new technology are serial mediators in the relationship between perceived ease of use and intention to use
an E-wallet. The IPMA signied that E-wallet management should focus on perceived ease of use, perceived trust, perceived
compatibility, perceived new technology, and perceived risk to improve and achieve E-wallet adoption in the Indonesian population.
Even though this study is incredibly benecial, it does have certain shortcomings. To begin with, E-wallet services are not widely
Table 10
IMP Map INT constructs, standardized effects, and Index Value Performances.
Variables Construct Total Effects for Intention to use E-Wallet (INT) Index Value Performances
Compatibility (CO) 0.263 73.864
Perceived Ease of Use (PEU) 0.342 82.748
Perceived new technology (NT) 0.225 73.784
Perceived trust (PT) 0.470 74.717
Perceived risk (PR) 0.070 64.526
Source: Author’s data analysis
N. Che Nawi et al.
Heliyon 10 (2024) e24127
16
used worldwide, particularly in Indonesia. Thus, the ndings of this study may not be generalizable. In addition, the data used in this
research was cross-sectional, and users’ intentions to use E-wallet services may alter over time. Thus, longitudinal data may be
employed in future studies. This study has focused on general risk. Thus, future studies may uncover other categories of risk associated
with technology use, such as personal and social risk, performance risk and psychological risk, and nancial and functional risk.
Moreover, future research into the inuence of demographic variables such as age, gender, education, and income on behavioral
intention to use E-wallets might provide greater insight into E-wallet acceptance and understanding. The present study aimed to assess
user intention for the E-wallet. It would be exciting to explore the adoption of an E-wallet with a qualitative research strategy.
Additional research will be able to create an assessment of the role of government or E-wallet service provider campaigns that promote
consumer behavior toward E-wallets. In addition, it will stimulate to acceptance of more cognitive-social variables that can ultimately
foster consumers ’propensity to use E-wallets in different geographical contexts. Furthermore, previous user familiarity or experience
with E-wallets may ignore the low impact of social inuence for the intended purpose of using E-wallets.
Data availability statement
The original contributions presented in the study are included in the article/supplementary material. Further inquiries can be
directed to the corresponding author/s.
Funding
This Research study was funded by Universiti Malaysia Kelantan under Fundamental Research Grant Scheme (FRGS) (Ref: FRGS/1/
2019/SS01/UMK/02/2); and Taylor’s University, Malaysia.
Ethical statement
Ethical Statement/Approval is not applicable because the research paper does not include animals and humans as subjects.
CRediT authorship contribution statement
Noorshella Che Nawi: Data curation, Conceptualization. Husna Sarirah Husin: Data curation, Conceptualization. Noura Said
Al-Jahwari: Writing - review & editing, Writing - original draft. Siti Aqah Zainuddin: Software, Methodology, Formal analysis.
Noor Ullah Khan: Software, Methodology, Formal analysis, Data curation. Ariezal Afzan Hassan: Writing - review & editing, Writing
- original draft. Wan Suzanna Aafanii Adeeba Wan Ibrahim: Writing - review & editing, Writing - original draft, Resources. Amaal
Fadhlini Mohamed: Writing - review & editing, Writing - original draft. Nazatul Syima Mohd Nasir: Writing - review & editing,
Writing - original draft, Project administration. Md Zaki Muhamad Hasan: Resources, Project administration, Investigation.
Declaration of competing interest
The authors declare that the research was conducted in the absence of any commercial or nancial relationships that could be
construed as a potential conict of interest.
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