E WALLET ADOPTION: A CASE IN MALAYSIA
In line with the rapid growth in internet access, Fintech, online shopping and cross border trading in recent years, mobile payment transactions are expected to be the most prevalent means to complete sales transactions. A RM30 incentive of the use of E wallet was announced for the Malaysia Budget 2020 to spur the use of E wallet in Malaysia, while the central bank of Malaysia (BNM) has launched the Financial Sector Blueprint 2011 2020 aiming to eliminate the issuance of cheques and to increase e payments, which accelerate the speed of transformation into a cashless society and stimulate the shift towards the electronic payment era. This paper contributes by examining the E wallet adoption behavior of Malaysian smartphone users. The UTAUT model has been used. Data from 210 respondents were collected through an online survey. The findings show that three quarter of Malaysians have tried or started to use E wallet, despite that it is still not a very common payment option. Half are spending less than RM100 per month using E wallet with the average amount per transaction of not more than RM50. Partial least squares structural equation modelling (PLS SEM) is applied. The results reveal performance expectation, effort expectation and social influence have positive impact on the use behavior of E wallet, whilst the perceived risk and perceived costs have no significant influence. Being at the infant stage of E wallet in Malaysia, the regulators and retailers should focus their efforts on promoting the benefits brought by