E-Money Payment: Customers’ Adopting Factors and the Implication for Open Innovation

Abstract

This investigation was carried out on the adoption of the e-money payment model with the application of a quantitative and qualitative approach (mixed methods). Online questionnaires, which included closed-ended questions on a Likert five-point scale and open-ended questions, were distributed through social media chat groups. Respondent samples were drawn from the population of adolescent customers in Indonesia. The collected questionnaires were verified for accuracy, reliability, and validity before the data were analyzed. Adequate data were used to test the relationship model between latent variables, and the relationship of latent variables in the model was tested using partial least squares by employing Smart-PLS 3.0 software and NVIVO 12 plus. The final analysis shows that the reasons for adopting e-money are practicality and convenience. The main reasons that customers adopt electronic money are its practicality, ease of use, efficient transaction time, faster payment, and the simplicity of the payment process. The final modeling formed good-fit inner and outer models. This model verifies the significant influence of social factors, effort expectancy, and facilitation conditions on e-money attitudes. Additionally, social factors, effort expectancy, and attitudes have a significant influence on e-money behavior.

Factor affecting the use of e-money in millennial generation: Research model UTAUT 2

“…The business expectation variable is the result of the development of three models, such as perceived ease of use (TAM / TAM2), complexity (MPCU), and ease of use (IDT). In the context of electronic money, this variable explains that users will find it easy to operate or use new technology (Widayat et al, 2020). Baptista & Oliveira (2015) demonstrate that ease of using technology increases individual adaptation levels from conventional technology to new technology.…”

The Driving Factors of Public’s Interest in The Use of QRIS to Achieve Cashless Society

“…Research (Widayat et al, 2020) on the factors that influence the adoption of e-money payments, such as time efficiency, practicality, and operational ease driven by supporting facilities from supporting stakeholders, the banking sector, and good internet services . This can be used by entrepreneurs and stakeholders to innovate openly as an indicator to measure the success of e-money payment application innovation.…”

Acceptance of the Bank of Uganda Internet Banking System Framework

“…This has led researchers to resort to the integration of various theories so as to reduce on their limitations. Of all IT adoption models, UTAUT has been proved to be the most comprehensive (Al-Gahtani et al, 2007;Venkatesh et al, 2012;Widayat et al, 2020). The UTAUT model was developed as a result of research constraints of technology acceptance or adoption core models.…”

“…Performance expectancy is the degree to which customers believe that using the BBS Connect Internet banking system will support job performance (Venkatesh et al, 2003). The degree of ease of use associated with the BBS Connect Internet Banking system is referred to as Effort expectancy (Venkatesh et al, 2003;Widayat et al, 2020). The extent to which BOU customers perceive that their important others should use the BBS Connect Internet Banking system is referred to as Social influence (Venkatesh et al, 2003).…”

“…The extent to which BOU customers perceive that their important others should use the BBS Connect Internet Banking system is referred to as Social influence (Venkatesh et al, 2003). Facilitating conditions refers to the degree to which BOU customers believe that technical and organizational infrastructures are in place to support the BBS Connect Internet banking system use (Venkatesh et al, 2003;Widayat et al, 2020).…”